Dresdner Bank Aktiengesellschaft Dresdner Finance B.V. - Xetra

4 May 2004 

Tokyo-Mitsubishi 

International plc 

Information Memorandum 

Dresdner Bank Aktiengesellschaft 

Dresdner Finance B.V. 

3 20,000,000,000 

Euro Medium Term Note Programme 

guaranteed by 


Barclays Capital BNP PARIBAS 

Credit Suisse First Boston 

Dresdner Kleinwort Wasserstein JPMorgan Lehman Brothers 

Merrill Lynch International Mizuho International plc 

Börsenzulassungsprospekt gemäß § 44 BörsZulV vom Mai 2004 für die 

Zulassung von unter dem Programm innerhalb der nächsten 12 Monate zu 

begebenden Schuldverschreibungen mit Bedingungen gemäß Fassung (A) 

oder (B) – mit Ausnahme von Namensschuldverschreibungen nach 

deutschem Recht – zum Zeitpunkt ihrer Begebung an der Frankfurter 

Wertpapierbörse zum Börsenhandel im amtlichen Markt. 

Programme Arranger 

Dresdner Kleinwort Wasserstein 

Dealers 

UBS Investment Bank 

Teil 1 von 2 (Hauptdokument) 

Morgan Stanley 

Dresdner Kleinwort Wasserstein

Dresdner Bank Aktiengesellschaft (“Dresdner Bank AG”, “Dresdner Bank”, the “Bank” or the “Issuer”, together 

with its subsidiaries the “Dresdner Bank Group” or the “Group”) and Dresdner Finance B.V. have established 

a programme (the “Programme”) to facilitate the issuance of medium term notes and other debt securities (the 

“Notes”). Any reference to the “Information Memorandum” shall be construed as a reference to this document 

together with the Information Memorandum Supplement dated 4 May 2004 (the “Information Memorandum 

Supplement”) and for the purposes of listing Notes to be issued under the programme on the Luxembourg Stock 

Exchange the documents incorporated by reference herein. For the purpose of listing Notes to be issued under 

the Programme on the Frankfurt Stock Exchange this Information Memorandum has been accepted as the Listing 

Prospectus (Börsenzulassungsprospekt) according to § 44 of the German Stock Exchange Admission Regulation 

(Börsenzulassungsverordnung). Notes of Set (A) or Set (B) under “Terms and Conditions of the Notes” to be 

issued under the Programme are admitted for trading in the official market (Zulassung zum amtlichen Markt) on 

the Frankfurt Stock Exchange. This Information Memorandum supersedes the previous Information Memorandum 

dated 25 June 2003, including the Information Memorandum Supplement dated 25 June 2003, and all previous 

information memoranda including their supplements. 

There are three sets of Terms and Conditions (Set (A), Set (B) and Set (C)). The usage of the different sets of the 

Terms and Conditions is described in section “Terms and Conditions of the Notes” in this Information Memorandum. 

Dresdner Bank AG and Dresdner Finance B.V. in their capacities as issuers (together the “Issuers”) and 

Dresdner Bank AG in its capacity as guarantor (the “Guarantor”) jointly and severally accepts responsibility for 

the information contained in the Information Memorandum. To the best of the knowledge and belief of the Issuers 

and the Guarantor (each of which has taken all reasonable care to ensure that such is the case), the information 

contained in the Information Memorandum is in accordance with the facts and does not omit anything likely to 

affect the import of such information. 

None of the Issuers nor the Guarantor has authorised the making of any representation, or the provision of information, 

regarding the Issuers, the Guarantor or the Notes other than as contained in the Information Memorandum 

or the relevant Pricing Supplement or as approved for such purpose by the relevant Issuer or (where appropriate) 

the Guarantor. Any such representation or information should not be relied upon as having been authorised by 

the relevant Issuer, the Guarantor, the Dealers or any of them. 

No representation or warranty is made or implied by the Dealers or any of their respective affiliates, and neither 

the Dealers nor any of their respective affiliates makes any representation or warranty or accepts any responsibility, 

as to the accuracy or completeness of the information contained in the Information Memorandum or the 

relevant Pricing Supplement. Neither the delivery of the Information Memorandum or any Pricing Supplement nor 

the offering, sale or delivery of any Notes shall in any circumstances create any implication that there has been 

no adverse change in the financial situation of the Issuers or the Guarantor since the date of the Information 

Memorandum as supplemented or updated from time to time. 

The distribution of the Information Memorandum and any Pricing Supplement and the offering, sale and delivery 

of the Notes in certain jurisdictions may be restricted by law. Persons into whose possession the Information 

Memorandum comes are required by the Issuers, the Guarantor and the Dealers to inform themselves about and 

to observe any such restrictions. For a description of certain restrictions on offers, sales and deliveries of Notes 

and on the distribution of the Information Memorandum or any Pricing Supplement and other offering material 

relating to the Notes, see the “Subscription and Sale” section of the Information Memorandum and the relevant 

Pricing Supplement. Notes may not be offered, sold or delivered within the United States or to U.S. persons. 

Neither the Information Memorandum nor any Pricing Supplement may be used for the purpose of making any 

offer or solicitation in respect of any Notes to any person to whom it is unlawful to make such an offer or solicitation. 

Neither the Notes nor any guarantee therof have been, or will be, registered under the United States 

Securities Act of 1933, as amended (the “Securities Act”), and may include Notes in bearer form that are 

subject to US tax law requirements. Accordingly, the Notes are being offered and sold only in registered 

or bearer form outside the United States (as such term is defined in Regulation S under the Securities Act 

(“Regulation S”)) to non-US persons in reliance on Regulation S. See “Subscription and Sale”. 

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The Luxembourg Stock Exchange registration number is 10521. 

With reference to the application made to the Luxembourg Stock Exchange, the Issuers severally undertake, for 

as long as they will offer Notes under the Programme: 

1. to advise the Luxembourg Stock Exchange of any material adverse change in their business, financial condition 

or otherwise which is not reflected in the Information Memorandum Supplement as then amended or 

supplemented; 

2. in the event of any such material adverse change or in the case of an amendment of the Terms and Conditions, 

to prepare an amendment or supplement to the Information Memorandum Supplement or publish a new 

Information Memorandum Supplement for use in connection with any subsequent offering by the Issuers of 

Notes to be listed on the Luxembourg Stock Exchange; and 

3. to provide annually for the maintenance of the Programme an update of the Information Memorandum on the 

Luxembourg Stock Exchange. For the purpose of listing Notes issued under the Programme, this Information 

Memorandum shall be valid for the period of one year from the date hereof. 

With reference to the application made to the Luxembourg Stock Exchange, the following documents, copies of 

which may be obtained without charge at the office of the Listing Agent in Luxembourg, shall be deemed to be 

incorporated in, and form part of, the Information Memorandum 

(1) the most recently published annual report of Dresdner Bank AG and its interim reports and the most recently 

published annual report of Dresdner Finance B.V., 

(2) all amendments and supplements to the Information Memorandum prepared by each of the Issuers from time 

to time, 

save that any statement contained in the Information Memorandum or in any of the documents incorporated by 

reference in, and forming part of, the Information Memorandum shall be deemed to be modified or superseded 

for the purpose of the Information Memorandum to the extent that a statement contained in any documents subsequently 

incoporated by reference modifies or supersedes such statement. 

The most recently published annual report and balance sheet and profit and loss account of each Issuer and the 

Guarantor from time to time, when available; and all amendments and supplements to this Information Memorandum 

circulated by the Issuers and the Guarantor from time to time in accordance with the rules of the Frankfurt 

Stock Exchange and/or the Luxemburg Stock Exchange (including, without limitation, the Information Memorandum 

Supplement and each Pricing Supplement); and copies of the Deeds of Covenant referred to in the 

section “Summary of the Programme” (see “Enforcement of Notes in Global Form”) as well as the documents 

listed in the section “General Information” under no. 9 therein will be provided by each of the Fiscal Agents, Principal 

Paying Agents and the Listing Agents, referred to at the end of this Information Memorandum, without 

charge, to each person to whom a copy ot this Information Memorandum has been delivered, upon the oral or 

written request of such person. Written or oral requests for such documents should be directed to the offices of 

Fiscal Agents set out at the end of this Information Memorandum. 

If at any time after the date of this Information Memorandum any other consolidated subsidiary of Dresdner Bank 

Aktiengesellschaft is nominated to be an Issuer under the Programme, the Information Memorandum Supplement 

will be amended to include also the necessary details of that issuer and a separate listing for that issuer will be 

applied for on the Frankfurt Stock Exchange. 

Neither the Information Memorandum nor any Pricing Supplement constitutes an offer or an invitation to 

subscribe for or purchase any Notes and should not be considered as a recommendation by the Issuers, the 

Guarantor, the Dealers or any of them that any recipient of the Information Memorandum should subscribe for or 

purchase any Notes. Each recipient of the Information Memorandum or any Pricing Supplement shall be taken 

to have made its own investigation and appraisal of the condition (financial or otherwise) of the Issuers and the 

Guarantor. 

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In this Information Memorandum, unless otherwise specified or the context otherwise requires, references to 

‘‘CHF’’ and ‘‘Swiss francs’’ references to are to the currency of Switzerland, ‘‘EUR’’, ‘‘Euro’’ and ‘‘euro’’ are to 

the currency introduced at the third stage of European economic and monetary union pursuant to the Treaty 

establishing the European Community as amended by the Treaty on European Union, references to ‘‘Sterling’’ 

and ‘‘£’’ are to the currency of the United Kingdom, ‘‘Y’’, “Yen’’ or ‘‘Japanese yen’’ the currency of Japan, and 

references to ‘‘US$’’, ‘‘USD’’ and ‘‘U.S. dollars’’ are to the currency of the United States. 

IN CONNECTION WITH THE ISSUE OF ANY TRANCHE OF NOTES UNDER THE PROGRAMME, THE DEALER (IF 

ANY) WHO IS SPECIFIED IN THE RELEVANT PRICING SUPPLEMENT AS THE STABILISING MANAGER (OR ANY 

PERSON ACTING FOR THE STABILISING MANAGER) MAY OVER-ALLOT OR EFFECT TRANSACTIONS WITH A 

VIEW TO SUPPORTING THE MARKET PRICE OF THE NOTES OF SUCH TRANCHE AT A LEVEL HIGHER THAN 

THAT WHICH MIGHT OTHERWISE PREVAIL FOR A LIMITED PERIOD. HOWEVER, THERE MAY BE NO OBLIGATION 

ON THE STABILISING MANAGER (OR ANY AGENT OF THE STABILISING MANAGER) TO DO THIS. SUCH STABIL- 

ISING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME AND MUST BE BROUGHT TO AN END AFTER A 

LIMITED PERIOD. SUCH STABILISING MUST BE CARRIED OUT IN ACCORDANCE WITH ALL APPLICABLE LAWS, 

REGULATIONS AND RULES. 

5

Table of Contents 

Summary of the Programme 

Page 

7 

Form of the Notes 14 

Terms and Conditions of the Notes 16 

Guarantee 105 

Pro Forma Pricing Supplements 108 

Use of Proceeds 144 

Subscription and Sale 144 

Clearing and Settlement 150 

Forms of Notes 151 

Taxation 152 

General Information 155 

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Summary of the Programme 

The following is a brief summary of the Programme and must be read, in relation to any Issue (as defined below) 

of Notes, in conjunction with the relevant Pricing Supplement(s) containing the specific terms of issue of each 

Issue of Notes and, to the extent applicable, the Terms and Conditions of the Notes contained in this Information 

Memorandum. It should be noted that specific Terms and Conditions may be applicable to individual Issues of 

Notes, in which event such Terms and Conditions will be set forth in the relevant Pricing Supplement and, where 

relevant, in a supplement to this Information Memorandum. 

Issuers: Dresdner Bank AG 


Guarantor: Dresdner Bank AG 

Programme Arranger: Dresdner Bank AG 

Dresdner Bank AG may issue Notes through its head 

office or through any branch outside the Federal 

Republic of Germany, and may by notification to the 

Dealers, Agents and Registrars and the publication of 

an additional supplement to the Information Memorandum, 

from time to time nominate other consolidated 

subsidiaries to be issuers under the 

Programme and a separate listing for that issuer will 

be applied for on the Frankfurt Stock Exchange. 

Dealers: Barclays Bank PLC 

BNP PARIBAS 

Credit Suisse First Boston (Europe) Limited 


J.P. Morgan Securities Ltd. 

Lehman Brothers International (Europe) 

Merrill Lynch International 

Mizuho International plc 

Morgan Stanley & Co. International Limited 

Tokyo-Mitsubishi International plc 

UBS Limited 

and any other dealer appointed from time to time by 

the Issuers and the Guarantor either generally in 

respect of the Programme or in relation to a particular 

Tranche or Issue (as defined below) of Notes. 

Fiscal Agents, Principal Paying Agents and Registrars: Dresdner Bank AG 

JPMorgan Chase Bank 

Such Dealers may include institutions in such jurisdictions 

in which a local Dealer is required for 

compliance with applicable legal or regulatory 

requirements for Notes denominated or payable in, 

or linked to, the currency of that jurisdiction. 

Paying Agents: BNP PARIBAS SECURITIES SERVICES 

J.P. Morgan Bank Luxembourg S.A. 

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Dresdner Bank (Schweiz) AG 

Dresdner Bank Luxembourg S. A. 

The Issuers and the Guarantor may from time to time 

appoint substitute or additional paying agents either 

generally in respect of the Programme or in relation 

to a particular Issue of Notes. 

The Fiscal Agent, Registrar, Principal Paying Agent and 

Paying Agents (as applicable) for each Issue of Notes 

will be specified in the relevant Pricing Supplement. 

Programme Amount: The aggregate principal amount outstanding under 

the Programme at any time shall not exceed 

EUR 20,000,000,000. For this purpose, the principal 

or nominal amount of any Notes denominated in 

another currency shall be converted into Euros at the 

date of the agreement to issue the relevant Notes. 

The aggregate principal or nominal amount of Notes 

which may be outstanding under the Programme 

may be increased from time to time, subject to 

compliance with the relevant provisions of the Dealer 

Agreement referred to under “Subscription and 

Sale” below. 

Issuance in Series: Notes will be issued in series (each an “Issue”). 

Each Issue may comprise one or more tranches 

(“Tranches” and each a “Tranche”) issued on 

different issue dates. The Notes of each Issue will all 

be subject to identical terms, except that (i) the issue 

date, the issue price and the amount of the first 

payment of interest may be different in respect of 

different Tranches and (ii) an Issue may comprise 

Notes in bearer form (“Bearer Notes”) and Notes in 

registered form (“Registered Notes”) and Notes in 

more than one denomination. The Notes of each 

Tranche will be subject to identical terms in all 

respects save that a Tranche may comprise Bearer 

Notes and Registered Notes and may comprise 

Notes of different denominations. 

Each Issue may be issued as a syndicated or underwritten 

issue, or as an issue placed through an individual 

Dealer, or as otherwise agreed by the relevant 

Issuer from time to time. 

Currencies: Notes may be denominated and/or payable in or by 

reference to any currency (including, without limitation, 

Euro, U.S. Dollars, Swiss Francs, Pounds Sterling, 

and Japanese Yen) agreed between the relevant 

Issuer and the relevant Dealer(s) from time to time, 

subject in each case to compliance with any applicable 

legal and regulatory requirements. 

Legal and Regulatory Requirements: Issues of Notes denominated in Swiss francs or 

carrying a Swiss franc related element with a maturity

of more than one year (other than Notes privately 

placed with a single investor with no publicity) 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 8 

November 1934 (as amended) and article 15 of the 

Federal Law on Stock Exchanges and Securities 

Trading of 24 March 1995 in connection with article 

2, paragraph 2 of the Ordinance of the Federal 

Banking Corporation on Stock Exchanges and Securities 

Trading of 15 February 1999. Under the said 

regulations, the relevant Dealer or, in the case of a 

syndicated issue the lead manager (the “Swiss 

Dealer”), must be a bank domiciled in Switzerland 

(which includes branches or subsidiaries of a foreign 

bank located in Switzerland) or a securities dealer 

duly licensed by the Swiss Federal Banking Commission 

as per the Federal Law on Stock Exchanges and 

Securities Trading of 24 March 1995. 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 relevant Issuer will ensure that Notes denominated 

or payable in Japanese Yen (“Yen Notes”) will 

only be issued in compliance with applicable Japanese 

laws, regulations, guidelines and policies. The 

relevant Issuer or its designated agent shall submit 

such reports or information as may be required from 

time to time by applicable laws, regulations, restrictions 

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 relevant Issuer (which shall not 

include the names of clients) so that the relevant 

Issuer may make any required reports to the competent 

authority of Japan for itself or through its designated 

agent. 

Index-Linked Notes*: Notes may be issued on the basis that payments 

(whether in respect of principal or interest and 

whether at maturity or otherwise) in respect of such 

Notes will be calculated by reference to such stock 

or commodity or other index, currency exchange rate 

and/or formula as the relevant Issuer and the relevant 

Dealer may agree, all as indicated in the relevant 

Pricing Supplement. 

Equity-Linked Notes*: An “Equity Linked Note” is a Note in respect of 

which the amount payable on redemption is calculated 

by reference to the price of one or more shares 

or indices and/or where, in lieu of payment on 

* Applicable to any Notes except for Notes to be listed on the Frankfurt Stock Exchange. 

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redemption, the Issuer may deliver one ore more 

shares. 

Notes may be issued on the basis that payments for 

redemption in respect of such Notes will be made (a) 

either in cash at its principal amount, or (b) by 

delivery to the Noteholder of a quantity of Shares 

calculated by reference to such stock or index as the 

Issuer and the relevant Dealer may agree, all as indicated 

in the relevant Pricing Supplement. 

Form of Notes: The Issuers may issue Bearer Notes or Registered 

Notes. Registered Notes may not be exchanged for 

Bearer Notes and vice versa. 

Bearer Notes: In respect of an issue of Bearer Notes, the relevant 

Issuer will issue a global Note. Such global Note will 

be deposited on or before the relevant issue date 

with Clearstream Banking AG, Frankfurt am Main, 

(“Clearstream Frankfurt”) or with a depositary or a 

common depositary for Euroclear Bank S.A./N.V. as 

operator of the Euroclear System (“Euroclear”) and/ 

or Clearstream Banking, société anonyme, Luxembourg, 

(“Clearstream Luxembourg”), and/or any 

other relevant clearing system. Each such global 

Note may be exchanged for a permanent global Note 

or for Notes in definitive bearer form in accordance 

with its terms and conditions. A permanent global 

Note will not be exchangeable for Notes in definitive 

bearer form unless so specified in the relevant 

Pricing Supplement, and then only in certain circumstances 

and in accordance with its terms and conditions. 

Notes in definitive bearer form will, if interest 

bearing, either have interest coupons attached or 

have a grid for recording the payment of interest 

endorsed thereon. 

Registered Notes*: Registered Notes which are sold outside the United 

States may initially be represented by either one or 

more global unrestricted registered notes (each a 

“Global Registered Note”), one or more definitive 

notes, or a combination of both. Holders of Registered 

Notes represented by a global note may apply 

for definitive notes in registered form in accordance 

with the provisions set out in the relevant global note. 

Maturity of Notes: The Notes may have any maturity, subject to a 

minimum maturity of one month and, in relation to 

specific currencies, subject to compliance with all 

applicable legal and/or regulatory and/or central 

bank requirements. Where Notes which are issued by 

Dresdner Finance B.V. have a maturity of less than 

one year and either (a) the issue proceeds are 

* Registered Notes (Namensschuldverschreibungen) governed by German law are not listed on the Frankfurt Stock Exchange.

eceived by Dresdner Finance B.V. in the United 

Kingdom or (b) the activity of issuing the Notes is 

carried on from an establishment maintained by 

Dresdner Finance B.V. in the United Kingdom, such 

Notes must: (i) have a minimum redemption value of 

£ 100,000 (or its equivalent in other currencies) and 

be issued only to persons whose ordinary activities 

involve them in acquiring, holding, managing or 

disposing of investments (as principal or agent) for 

the purposes of their businesses or who it is reasonable 

to expect will acquire, hold, manage or dispose 

of investments (as principal or agent) for the purposes 

of their businesses; or (ii) be issued in other circumstances 

which do not constitute a contravention of 

section 19 of the Financial Services and Markets Act 

2000 (the “FSMA”) by Dresdner Finance B.V. 

Status of Notes: Notes issued by Dresdner Bank AG may be issued on 

a subordinated or an unsubordinated basis. Notes 

issued by an Issuer other than Dresdner Bank AG will 

be issued on an unsubordinated basis only. 

Notes issued on an unsubordinated basis will rank 

pari passu without any preference among themselves 

and at least pari passu with all other unsubordinated 

and unsecured obligations, present and future, of the 

relevant Issuer (save for certain exeptions provided 

by law). 

Claims arising out of Notes issued by Dresdner Bank 

AG on a subordinated basis will be subordinated to 

all claims of creditors of Dresdner Bank AG which are 

not also subordinated and will rank pari passu with 

all other subordinated bonds or notes of Dresdner 

Bank AG and otherwise as specified in the Terms and 

Conditions of the relevant Notes. 

Guarantee: Dresdner Bank AG has unconditionally and irrevocably 

guaranteed the due payment of the amount 

corresponding to the principal, interest and any additional 

amounts payable pursuant to the Terms and 

Conditions of the relevant Notes issued by Dresdner 

Finance B.V. under the programme. For the text of 

this Guarantee, see “Guarantee” below. 

Issue Price: Notes may be issued at any price and either on a fully 

or on a partly paid basis, all as specified in the relevant 


Redemption: Notes may be redeemable at par or at such other 

redemption amount (detailed in a formula or otherwise) 

as may be specified in the relevant Pricing 

Supplement. 

Early Redemption: Early redemption will be permitted only to the extent 

specified in the relevant Pricing Supplement. In 

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particular, redemption for taxation reasons may or 

may not be so permitted, and then only as set out in 

“Terms and Conditions of the Notes” below. 

Interest: Notes may be interest-bearing or non-interest 

bearing. Interest (if any) may be at a fixed or floating 

rate and may vary during the tenor of the relevant 

Notes. 

Denominations: Notes will be issued in such denominations as may 

be specified in the relevant Pricing Supplement, 

subject to compliance with all applicable legal and/ 

or regulatory and/or central bank requirements. 

Unless permitted by then current laws and regulations 

where Notes issued by Dresdner Finance B.V. 

have a maturity of less than one year and either (a) 

the issue proceeds are received by Dresdner Finance 

B.V. in the United Kingdom or (b) the activity of 

issuing the Notes is carried on from an establishment 

maintained by Dresdner Finance B.V. in the United 

Kingdom, such Notes must: (i) have a minimum 

redemption value of £ 100,000 (or its equivalent in 

other currencies) and be issued only to persons 

whose ordinary activities involve than in acquiring, 

holding, managing or disposing of investments (as 

principal or agent) for the purposes of their businesses 

or who it is reasonable to expect will acquire, 

hold, manage or dispose of investments (as principal 

or agent) for the purposes of their businesses, or (ii) 

be issued in other circumstances which do not 

constitute a contravention of section 19 of the FSMA 

by Dresdner Finance B.V. 

Taxation: Payments of principal and interest on the Notes 

issued by any Issuer will, if so specified in the relevant 

Pricing Supplement (but not otherwise), be 

made without withholding or deduction for or on 

account of withholding taxes of the jurisdiction of 

incorporation of such Issuer or of the Guarantor, 

except as provided under “Terms and Conditions of 

the Notes”. 

Governing Law: The Notes will be governed by German law or English 

law, or the laws of such other jurisdiction as may be 

agreed from time to time in respect of an individual 

Issue of Notes, all as specified in the relevant Pricing 

Supplement. Investors should ensure that they have 

read and understood the Terms and Conditions as 

they apply to the relevant governing law of the Notes. 

All other contractual documents relating to the 

Programme, including the Guarantee, will be 

governed by German law, except for the Deeds of 

Covenant referred to below, which will be governed 

by English law.

Listing: Each issue of Set (A) or Set (B) under “Terms and 

Conditions of the Notes” may be unlisted or listed on 

the Luxembourg Stock Exchange, the Frankfurt Stock 

Exchange and/or any other stock exchange(s) as 

may be agreed between the relevant Issuer and the 

relevant Dealer and specified in the relevant Pricing 

Supplement. Each issue of Set (C) under “Terms and 

Conditions of the Notes” may be unlisted or listed on 

the Luxembourg Stock Exchange and/or any other 

stock exchange(s) (except the Frankfurt Stock 

Exchange) as may be agreed between the relevant 

Issuer and the relevant Dealer and specified in the 

relevant Pricing Supplement. 

Terms and Conditions: The Notes of each Tranche are subject to the terms 

and conditions agreed between the relevant Issuer, 

the Guarantor and the relevant Dealer at or prior to 

the time of issue of such Tranche and will be specified 

in the relevant Pricing Supplement. A Pricing 

Supplement will be prepared in respect of each 

Tranche of Notes including syndicated issues of 

Notes. The terms and conditions applicable to each 

Tranche will therefore be those set out herein, either 

edited and completed as appropriate (in the case of 

terms and conditions using Set A under “Terms and 

Conditions of the Notes” below) or as supplemented, 

modified* or replaced* by the relevant Pricing 

Supplement (in the case of terms and conditions 

using Set B or C thereunder). 

Enforcement of Notes in Global Form: In the case of Notes in global form which are 

governed by English law, individual investors will 

have certain direct rights of enforcement against the 

relevant Issuer. Such rights are contained in Deeds 

of Covenant dated 4 May 2004 as amended or 

supplemented from time to time, copies of which will 

be available for inspection at the specified office of 

the Fiscal Agents during normal business hours. 

Clearing Systems: Clearstream Frankfurt, Euroclear, Clearstream 

Luxembourg and/or, in relation to any Notes, any 

other clearing system as may be specified in the relevant 


Selling Restrictions: For a description of certain restrictions on offers, 

sales and deliveries of Notes and the distribution of 

offering material in the United States of America, The 

United Kingdom, Japan, the Republic of France, The 

Netherlands and the Federal Republic of Germany 

see “Subscription and Sale” below. Further restrictions 

may be required in connection with any particular 

Tranche of Notes. Any such further restrictions 


* Applicable to any Notes except for Notes to be listed on the Frankfurt Stock Exchange. 

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Form of the Notes 

The Notes shall be issued in series as an Issue, and each Issue may comprise one or more Tranches of Notes. 

Each Tranche will be the subject of a Pricing Supplement and each Pricing Supplement shall form part of the 

terms and conditions of the Notes (the “Terms and Conditions”). 

The relevant Pricing Supplement shall specify, among other things, whether U.S. Treasury Regulation § 1.163 

5(c)(2)(i)(D) (the “TEFRA D Rules”) or U.S. Treasury Regulations § 1.163–5(c)(2)(i)(C) (the “TEFRA C Rules”) 

shall apply. 

Where the relevant Pricing Supplement states that the TEFRA D Rules apply, each Issue of Notes shall initially 

be represented upon issue by a temporary global note (“Temporary Global Note”). In the cases where the 

Pricing Supplement states that the TEFRA C Rules apply, each Issue of Notes shall be represented, upon issue, 

by a global note (“Global Note”). 

The following legend will appear on all global Notes, definitive Notes, receipts, interest coupons and talons which 

are in bearer form: 

“Any United States person 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”. 

Each Temporary Global Note may be exchanged, following the date at least 40 days after the issue of the Temporary 

Global Note (the “Exchange Date”) for: 

(i) interests in a permanent global note (“Permanent Global Note”); or 

(ii) interests in bearer Notes in definitive form with or without Coupons attached (“Definitive Notes”) and/or 

Registered Notes, where so specified in the Pricing Supplement. 

Exchange of interests in Temporary Global Notes for Definitive Notes or for a Permanent Global Note may only 

be made after the Exchange Date and only upon receipt by Euroclear or Clearstream Luxembourg or Clearstream 

Frankfurt or such other clearing system as may be relevant, of the certification as to the beneficial ownership 

thereof as required by U.S. Treasury Regulations (substantially in the form set out in the Temporary Global Note). 

Where any payments of principal or interest fall due whilst the Notes are still represented by a Temporary Global 

Note, no such payments may be made however, until Euroclear, Clearstream Luxembourg or Clearstream Frankfurt 

or such other clearing system as may be relevant have received certification as to beneficial ownership as 

required under the U.S. Treasury Regulations (substantially in the form set out in the Temporary Global Note). 

Payments due in respect of Permanent Global Notes, or a Global Note, the subject of TEFRA C Rules, will be 

made through Euroclear and/or Clearstream Luxembourg or Clearstream Frankfurt or such other clearing system 

as may be relevant upon presentation of the Note and without the need for certification. 

Interests in a Permanent Global Note will be exchanged by the Issuers in whole but not in part only at the option 

of the holder of such Permanent Global Note, for Definitive Notes and/or (in the case of a Series comprising both 

Bearer and Registered Notes and if so specified in the Pricing Supplement) Registered Notes, (a) if an Event of 

Default occurs in respect of any Notes of the relevant Series; or (b) if either Euroclear or Clearstream Luxembourg 

or Clearstream Frankfurt or any other relevant clearing system is closed for business for a continuous period of 

fourteen days (other than by reason of public holidays) or announces an intention to cease business permanently 

or in fact does so; or (c) if so specified in the Pricing Supplement, at the option of the holder of such Permanent 

Global Notes upon such holder’s request. In order to exercise the option contained in paragraph (c) of the 

preceding sentence, the holder must, not less than forty-five days before the date upon which the delivery of such 

Definitive Notes and/or Registered Notes is required, deposit the relevant Permanent Global Notes with the relevant 

Fiscal Agent at its specified office with the form of exchange notice endorsed therein duly completed. If the 

Issuers do not make the required delivery of Definitive Notes and/or Registered Notes by 6.00 p.m. (London time) 

14

on the day on which the relevant notice period expires or, as the case may be, the thirtieth day after the day on 

which such Permanent Global Notes become due to be exchanged and, in the case of (a) above, such Notes are 

not duly redeemed (or the funds required for such redemption are not available to the relevant Fiscal Agent for 

the purposes of effecting such redemption and remain available for such purpose) by 6.00 p.m. (London time) 

on the thirtieth day after the day at which such Notes became immediately redeemable such Permanent Global 

Note will become void in accordance with its terms. 

Registered Notes which are sold outside the United States (as such term is defined in Regulation S under the 

Securities Act of 1993) to non-US persons, may initially be represented by either one or more global unrestricted 

registered notes (each a “Global Registered Note”), one or more definitive notes, or a combination of both. 

Holders of interests in a global Note representing Registered Notes may apply for definitive Registered Notes 

only in the limited circumstances set out in the relevant global Note. 

15

For the purposes of the terms and conditions and the text of the Guarantee set out herein, the Issuers and the Arranger have satisfied 

themselves that the English version, and the translation in respect of the Guarantee, accurately reflect the German versions in all material 

respects. The terms and conditions set out herein may, in the case of an individual issue of Notes, be used independently in the German 

or English language. It will be agreed at the time of each relevant issue which language will be binding. In the event that the German 

language is binding the Issuer and the relevant Dealer in respect of each specific issue, will satisfy themselves that the English version 

accurately reflects the corresponding binding version in all material respects. 

Emissionsbedingungen 

Nachfolgend sind drei Fassungen von Emissionsbedingungen 

abgedruckt. 

Fassung (A) gilt für syndizierte Emissionen von Schuldverschreibungen 

unter deutschem Recht, die – überarbeitet und 

ergänzt – die gültigen Emissionsbedingungen für die jeweilige 

Serie von Schuldverschreibungen darstellen und als solche 

auf die Rückseite von effektiven Urkunden, sofern 

vorgesehen, gedruckt werden. Fassung (A) kann vorbehaltlich 

der Anpassung und Ergänzung auch für syndizierte Emissionen 

von Schuldverschreibungen unter einem anderen als 

dem deutschen Recht angewandt werden. 

Fassung (B) ist hauptsächlich für nicht-syndizierte Emissionen 

von Schuldverschreibungen die nicht aktienbezogen 

sind nach englischem oder deutschem Recht vorgesehen. 

Fassung (B) wird jeweils durch ein Konditionenblatt (Pricing 

Supplement) ergänzt oder geändert und bildet mit diesem 

eine Einheit. Für jede einzelne Tranche von Schuldverschreibungen 

kann dieses Konditionenblatt eigene Bedingungen 

vorsehen. Werden im Konditionenblatt Bedingungen festgelegt, 

die von den Emissionsbedingungen der Fassung (B) 

1 

1 

abweichen, so ersetzen ), ergänzen oder modifizieren ) die 

im Konditionenblatt festgelegten Emissionsbedingungen die 

Bedingungen der Fassung (B) für die einzelne Tranche. Darüber 

hinaus können diese Emissionsbedingungen auch für 

Emissionen angewandt werden, die syndiziert werden und/ 

oder die einem anderen als dem deutschen oder englischen 

Recht unterliegen. 

Fassung (C) ist hauptsächlich für nicht-syndizierte aktienbezogene 

Schuldverschreibungen nach englischem oder deutschem 

Recht vorgesehen. Fassung (C) wird jeweils durch ein 

Konditionenblatt (Pricing Supplement) ergänzt oder geändert 

und bildet mit diesem eine Einheit. Das Konditionenblatt enthält 

eine Beschreibung der Aktie, des Indexes oder gegebenenfalls 

des Aktien- oder Indexkorbes („Underlying“), auf die/ 

den in den Schuldverschreibungen Bezug genommen wird, 

sowie diejenigen zusätzlichen Angaben zum Underlying, die 

für die Zulassung der betreffenden Emission von Schuldverschreibungen 

an der dafür vorgesehenen Wertpapierbörse 

notwendig sind. Für jede einzelne Tranche von Schuldverschreibungen 

kann dieses Konditionenblatt eigene Bedingungen 

vorsehen. Werden im Konditionenblatt Bedingungen 

festgelegt, die von den Emissions-bedingungen der Fassung 

(C) abweichen, so ersetzen1 

1 

), ergänzen oder modifizieren ) 

die im Konditionenblatt festgelegten Emissionsbedingungen 

die Bedingungen der Fassung (C) für die einzelne Tranche. 

Darüber hinaus können diese Emissionsbedingungen auch 

für Emissionen angewandt werden, die syndiziert werden und/ 

oder die einem anderen als dem deutschen oder englischen 

Recht unterliegen. 

1 

) Anwendbar auf alle Schuldverschreibungen mit Ausnahme der Schuldverschreibungen, 

die an der Frankfurter Wertpapierbörse gelistet sind. 

16 

Terms and Conditions of the Notes 

Set out below are three sets of terms and conditions for the 

Notes. 

Set (A) represents terms and conditions for a syndicated 

issue of Notes under German law, which will be edited and 

completed so as to constitute specific terms and conditions 

relating to the relevant Issue of Notes, and which will be 

printed on the reverse of such Notes in definitive form, if any. 

Set (A) may also be used, subject to amendment and 

completion, for syndicated issues of Notes governed by laws 

other than German law. 

Set (B) represents terms and conditions which are primarily 

intended for non-syndicated placed issues of Notes which 

are not Equity-Linked Notes under either German or English 

law, being subject to completion and amendment by, and are 

to be read together with, a Pricing Supplement. In relation to 

each tranche of Notes, such Pricing Supplement may specify 

other terms and conditions. To the extent so specified, and to 

the extent of any inconsistency therewith, such other terms 

and conditions shall replace2 

2 

), supplement, or modify ) these 

terms and conditions for the purposes of such tranche of 

Notes. In addition, however, such terms and conditions may 

be used for issues which are syndicated and/or which are 

governed by laws other than German or English law. 

Set (C) represents terms and conditions which are primarily 

intended for non-syndicated placed issues of Equity-Linked 

Notes under either German or English law, being subject to 

completion and amendment by, and are to be read together 

with, a Pricing Supplement. The Pricing Supplement will 

include a description of the Share, Index, or Basket of Shares 

or Indices (“Underlying”) to which the Notes are linked, and 

such additional information about the Underlying of the Notes 

as are required for a listing of such Issue of Notes by the 

relevant stock exchange. In relation to each tranche of Equity- 

Linked Notes, such Pricing Supplement may specify other 

terms and conditions. To the extent so specified, and to the 

extent of any inconsistency therewith, such other terms and 

conditions shall replace2 

2 

), supplement, or modify ) these 

terms and conditions for the purposes of such tranche of 

Equity-Linked Notes. In addition, however, such terms and 

conditions may be used for issues which are syndicated and/ 

or which are governed by laws other than German or English 

law. 

2 ) Applicable to any Notes except for Notes to be listed on the Frankfurt Stock 

Exchange.

(A) Bedingungen für syndizierte Emissionen von Schuldverschreibungen 

nach [deutschem] [ anderem] 

Recht 

(„Bedingungen“) 

§ 1 Form und Nennbetrag 

(a) Die � ( „Anleiheschuldnerin“ ) begibt [unter der 

Garantie der Dresdner Bank Aktiengesellschaft, 

Frankfurt am Main ( „Garantin“ )] auf den Inhaber 

lautende Schuldverschreibungen im Gesamtnennbetrag 

von [ �] 

[ Währung] 

eingeteilt in � Teilschuldverschreibungen 

im Nennbetrag [in Nennbeträgen] 

von � mit fortlaufenden Nummern 00 001 – � 

( „Teilschuldverschreibungen“ ). 

(b) [ Teilschuldverschreibungen in Form einer Sammelschuldverschreibung: 

Die Teilschuldverschreibungen sind für ihre 

gesamte Laufzeit in einer Inhaber-Sammelschuldverschreibung 

( „Sammelschuldverschreibung“ ) 

verbrieft, die bei [Clearstream Banking AG, Frankfurt 

am Main ( „Clearstream Frankfurt“ ) oder einer Verwahrstelle 

für Clearstream Banking, société anonyme, 

Luxembourg ( „Clearstream Luxembourg“ ) 

und Euroclear Bank S.A./N.V., als Betreiberin des 

Euroclear Systems ( „Euroclear“ )], hinterlegt ist. 

Etwaige Zinsansprüche sind nicht gesondert verbrieft. 

Die Sammelschuldverschreibung trägt die 

eigenhändigen oder faksimilierten Unterschriften 

von zwei Vertretungsberechtigten der Anleiheschuldnerin 

sowie die eigenhändige Unterschrift 

eines Kontrollbeauftragten des Fiscal Agent ( „Fiscal 

Agent“ gemäß § 10). Teilschuldverschreibungen in 

effektiven Urkunden werden nicht ausgegeben. Ein 

Anspruch auf Ausdruck und Auslieferung von Teilschuldverschreibungen 

in effektiven Urkunden ist 

ausgeschlossen. Den Inhabern von Teilschuldverschreibungen 

( „Anleihegläubiger“ ) stehen Miteigentumsanteile 

an der Sammelschuldverschreibung 

zu, die gemäß den Bestimmungen und Regeln der 

[Clearstream Frankfurt und/oder, außerhalb der 

Bundesrepublik Deutschland, von Clearstream Luxembourg 

und Euroclear] übertragen werden können.] 

[ Teilschuldverschreibungen in Form einer vorläufigen 

Sammelschuldverschreibung mit Austausch gegen 

Teilschuldverschreibungen in Form einer dauerhaften 

Sammelschuldverschreibung: 

Die Teilschuldverschreibungen sind anfänglich in 

einer vorläufigen Sammelschuldverschreibung 

( „vorläufige Sammelschuldverschreibung“ ) verbrieft, 

die bei der [Clearstream Banking AG, Frankfurt 

am Main ( „Clearstream Frankfurt“ )/bei einem 

gemeinsamen Verwahrer für Euroclear Bank S.A./ 

N.V., als Betreiberin des Euroclear Systems ( „Euroclear“ 

) und Clearstream Banking, société anonyme 

( „Clearstream Luxemburg“ )] hinterlegt ist. Die vorläufige 

Sammelschuldverschreibung wird bei Vorlegung 

einer Bescheinigung, dass der bzw. die 

rechtliche(n) oder wirtschaftliche(n) Eigentümer 

keine U.S.-Person(en) entsprechend dem U.S.- 

Steuerrecht sind, frühestens jedoch 40 Tage nach 

Ausstellung der vorläufigen Sammelschuldverschreibung, 

gegen eine dauerhafte Sammelschuldverschreibung 

( „dauerhafte Sammelschuldverschreibung“ 

und, zusammen mit der vorläufigen 

Sammelschuldverschreibung, „Sammelschuldverschreibung“ 

) ausgetauscht. Etwaige Zinsansprüche 

sind nicht gesondert verbrieft. Die vorläufige und die 

dauerhafte Sammelschuldverschreibung tragen die 

(A) Form of Terms and Conditions for a syndicated issue 

of Notes under [German] [ other] 

Law (the “Conditions”) 

1. Form and Denomination 

(a) Notes are issued in bearer form by [ �] 

( “Issuer” ) in 

the aggregate principal amount of [ currency] 

[ �] 

[,guaranteed by Dresdner Bank Aktiengesellschaft, 

Frankfurt am Main ( “Guarantor” ),] divided into � 

notes in the denomination(s) of [ �] 

being consecutively 

numbered from [ �] 

to [ �] 

( “Notes” ). 

(b) [ Notes in global form: 

The Notes are represented for the whole life of the 

Notes by a global bearer Note ( “Global Note” ) 

which is deposited with [Clearstream Banking AG, 

Frankfurt am Main ( “Clearstream Frankfurt” ) or a 

depositary common to Clearstream Banking, société 

anonyme, Luxembourg ( “Clearstream Luxembourg” 

) and Euroclear Bank S.A./N.V., as operator of 

the Euroclear System ( “Euroclear” )]. The rights to 

demand payment of interest (if any) are not 

evidenced by a separate document. The Global Note 

bears the manual or facsimile signatures of two duly 

authorised officers of the Issuer as well as the 

manual signature of an authentication officer of the 

fiscal agent ( “Fiscal Agent” , as specified in 

Condition 10). No definitive Notes shall be issued. 

The right to demand the printing and delivery of 

definitive Notes shall be excluded. The holders of 

Notes ( “Noteholders” ) are entitled to co-ownership 

participations in the Global Note, which are transferable 

in accordance with the rules and regulations 

of [Clearstream Frankfurt and/or, outside the Federal 

Republic of Germany, of Clearstream Luxembourg 

and Euroclear].] 

[ Notes represented by temporary global note 

exchangeable for permanent global note: 

The Notes are initially represented by a temporary 

global bearer Note (the “Temporary Global Note” ) 

which is deposited with [Clearstream Banking AG, 

Frankfurt am Main ( “Clearstream Frankfurt” )/a 

common depositary for Euroclear Bank S.A./N.V., as 

operator of the Euroclear System ( “Euroclear” ) and 

Clearstream Banking, société anonyme ( “Clearstream 

Luxembourg” )]. The Temporary Global Note 

will be exchangeable for a permanent global note 

(the “Permanent Global Note” and, together with the 

Temporary Global Note, the “Global Note” ) against 

certification of non-U.S. beneficial ownership in 

accordance with U.S. tax regulations no earlier 

than 40 days after the issue of the Temporary Global 

Note. The rights to demand payment of interest 

(if any) are not evidenced by a separate document. 

The Temporary Global Note and the Permanent 

Global Note bear the manual signatures of two 

duly authorised officers of the Issuer as well as the 


Fiscal Agent (as specified in Condition 10). No 

definitive Notes will be issued. The right to demand 

17

18 

eigenhändigen Unterschriften von zwei Vertretungsberechtigten 

der Anleiheschuldnerin sowie die 

eigenhändige Unterschrift eines Kontrollbeauftragten 

des Fiscal Agent (gemäß Bedingung § 10). Teilschuldverschreibungen 

in effektiven Urkunden 

werden nicht ausgegeben. Ein Anspruch auf Ausdruck 

und Auslieferung von Teilschuldverschreibungen 

in effektiven Urkunden ist ausgeschlossen.] 

[ Teilschuldverschreibungen 

in Form effektiver Urkunden: 

Die Teilschuldverschreibungen werden in effektiven 

Urkunden verbrieft. Diese tragen die faksimilierten 

Unterschriften von zwei Vertretungsberechtigten der 

Anleiheschuldnerin, die eigenhändige Unterschrift 

eines Kontrollbeauftragten des Fiscal Agent ( „Fiscal 

Agent“ gemäß § 10) sowie einen Prägestempel der 

Anleiheschuldnerin. Den Teilschuldverschreibungen 

sind bei der ersten Auslieferung an Inhaber von 

Teilschuldverschreibungen ( „Anleihegläubiger“ ) 

jeweils [ �] 

Inhaber-Zinsscheine beigefügt, die die 

faksimilierten Unterschriften von zwei Vertretungsberechtigten 

der Anleiheschuldnerin sowie einen 

Prägestempel der Anleiheschuldnerin tragen ( „Zinsscheine“ 

).] 

§ 2 Status [, Garantie] 

[(a)]Die Teilschuldverschreibungen begründen direkte, 

unbedingte [und] unbesicherte [und nachrangige] 

Verbindlichkeiten der Anleiheschuldnerin und 

haben, soweit nicht zwingende gesetzliche Regeln 

entgegenstehen, mindestens den gleichen Rang wie 

alle anderen gegenwärtigen oder zukünftigen unbesicherten 

[und nachrangigen] Verbindlichkeiten der 

Anleiheschuldnerin. Die Teilschuldverschreibungen 

sind untereinander gleichberechtigt. 

[Nachrangige Teilschuldverschreibungen der Dresdner 

Bank Aktiengesellschaft: 

(i) Die Forderungen aus den Teilschuldverschreibungen 

und die Zinsansprüche ( „Anleiheforderungen“ 

) gehen den Forderungen aller 

Gläubiger der Anleiheschuldnerin, die nicht 

ebenfalls nachrangig sind, im Range nach. Der 

Nachrang ist auf die Fälle der Liquidation, der 

Insolvenz sowie des Vergleichs oder eines 

sonstigen Verfahrens zur Vermeidung der Insolvenz 

beschränkt. Zahlungen auf die Anleiheforderungen 

erfolgen in einem solchen Fall erst 

nach Befriedigung aller gegen die Anleiheschuldnerin 

bestehenden nicht nachrangigen 

Forderungen. Die Aufrechnung von Anleiheforderungen 

der Anleihegläubiger gegen 

Forderungen der Anleiheschuldnerin ist ausgeschlossen, 

und es sind oder werden keine 

vertraglichen Sicherheiten von der Anleiheschuldnerin 

oder von Dritten gestellt. 

(ii) Gemäß § 10 Abs. 5 a Kreditwesengesetz können 

der in Absatz (i) geregelte Nachrang nicht 

nachträglich beschränkt und weder die Laufzeit 

der Teilschuldverschreibungen noch die Kündigungsfrist 

verkürzt werden. Der Anleiheschuldnerin 

ist eine vorzeitige Rückerstattung 

an Anleihegläubiger ohne Rücksicht auf entgegenstehende 

Vereinbarungen zurückzuzahlen, 

sofern nicht der ausgezahlte Betrag von der 

Anleiheschuldnerin durch die Einzahlung 

the printing and delivery of definitive Notes is 

excluded.] 

[ Notes in definitive form: 

The Notes are represented in the form of definitive 

notes that bear the facsimile signatures of two duly 

authorised officers of the Issuer, the manual 

signature of an authentication officer of the fiscal 

agent ( “Fiscal Agent” ) (as specified in Condition 

10) and an embossed stamp of the Issuer and have 

attached thereto at the time of their initial delivery to 

the holders of Notes ( “Noteholders” ) [ �] 

interest 

coupons bearing the facsimile signatures of two duly 

authorised officers and an embossed stamp of the 

Issuer ( “Coupons” ).] 

2. Status [, Guarantee] 

[(a)]The Notes constitute direct, unconditional, [and] 

unsecured [and subordinated] obligations of the 

Issuer and rank pari passu without any preference 

among themselves and at least pari passu with all 

other unsecured [and subordinated] obligations of 

the Issuer, present and future (save for certain 

exceptions provided by law). 

[Subordinated Notes issued by Dresdner Bank 

Aktiengesellschaft: 

(i) The claims arising out of the Notes and the 

claims for interest (“Issue Claims”) are subordinated 

to all claims of creditors of the Issuer 

which are not also subordinated. The subordination 

is limited to events of liquidation, 

bankruptcy, composition or other procedures to 

avoid bankruptcy. In such an event payments on 

Issue Claims will only be made after all existing 

unsubordinated claims of creditors of the Issuer 

have been satisfied. The right to set-off Issue 

Claims against claims of the Issuer is excluded 

and no contractual security is or will be 

provided by the Issuer or by a third party. 

(ii) In accordance with the provisions of Section 10 

Paragraph 5 a of the KWG (German Banking 

Supervisory Act), the subordination provided for 

in sub-paragraph (i) cannot be limited subsequently 

and neither the term of the Notes nor the 

term of notice of a call can be shortened. An 

early repayment of principal must be repaid to 

the Issuer despite agreement to the contrary 

unless the repaid amount will be replaced by 

the Issuer by other at least equivalent liable own

anderen, zumindest gleichwertigen haftenden 

Eigenkapitals ersetzt wird.] 

[Garantierte, nicht-nachrangige 

Teilschuldverschreibungen der Dresdner Finance B.V.: 

(b) Die Zahlungsverpflichtungen der Anleiheschuldnerin 

aus den Teilschuldverschreibungen sind von der 

Dresdner Bank Aktiengesellschaft, Frankfurt am 

Main, mit einer Garantie vom 4. Mai 2004 ( „Garantie“ 

) unbedingt und unwiderruflich garantiert. 

(i) Die Garantie stellt einen Vertrag zugunsten 

eines jeden Gläubigers als begünstigten Dritten 

gemäß § 328 Absatz 1 BGB dar, welcher das 

Recht eines jeden Gläubigers begründet, Erfüllung 

aus der Garantie zu verlangen und die 

Garantie gegenüber der Garantin durchzusetzen. 

Kopien der Garantie können kostenlos an 

der Hauptniederlassung der Garantin in Frankfurt 

am Main bezogen werden. 

(ii) Die Garantie sowie alle sich daraus ergebenden 

Rechte und Pflichten bestimmen sich ausschließlich 

nach dem Recht der Bundesrepublik 

Deutschland.] 

§ 3 Verzinsung [Rendite] 

[Teilschuldverschreibungen können entweder festverzinslich, 

variabel verzinslich, oder mit einer Kombination von 

fester und variabler Verzinsung, oder unverzinslich oder in 

einer anderen Art und Weise ausgestattet sein.] 

Festverzinsliche Teilschuldverschreibungen: 

(a) Die Teilschuldverschreibungen sind vom [Tag, 

Monat, Jahr] ( „Begebungstag“ ) (einschließlich) an 

mit � % jährlich bis zum [Tag, Monat, Jahr] ( „Endfälligkeitstag“ 

) (ausschließlich) zu verzinsen. Zinsen 

sind jährlich jeweils nachträglich am [Tag, 

Monat], beginnend im Jahr [Jahr], und am Endfälligkeitstag 

[gegen Einreichung der Zinsscheine] zahlbar. 

(b) Zinsen werden auf der Grundlage von [360 Tagen 

für ein Jahr mit 12 Monaten zu jeweils 30 Tagen 

berechnet, und im Fall eines Zeitraums von weniger 

als einem Monat auf der Grundlage der Anzahl der 

verstrichenen Tage.][andere zu bestimmende Zinsbasis.] 

(c) Die Verzinsung der Teilschuldverschreibungen 

endet mit Ablauf des Tages, der dem Fälligkeitstag 

zur Rückzahlung vorausgeht, es sei denn, die Zahlung 

des Kapitalbetrags wird bei ordnungsgemäßer 

Vorlage oder Einreichung der Teilschuldverschreibungen 

am Fälligkeitstag unberechtigt zurückgehalten 

oder verweigert. In diesem Fall endet die 

Verzinsung des nicht zurückgezahlten Kapitalbetrages 

mit Ablauf des Tages, der der Einlösung vorausgeht, 

spätestens jedoch 14 Tage nach dem Tag, an 

dem gemäß § 12 bekannt gemacht wird, dass die 

erforderlichen Beträge bei der Hauptzahlstelle (wie 

in § 10 genannt) bereitgestellt worden sind. 

Variabel verzinsliche Teilschuldverschreibungen: 

(a) Die Teilschuldverschreibungen sind vom [Tag, 

Monat, Jahr] ( „Begebungstag“ ) (einschließlich) bis 

zum letzten Zinszahlungstag (wie nachstehend definiert) 

im [Monat, Jahr] (ausschließlich) mit einem 

Satz ( „Zinssatz“ ) zu verzinsen, der gemäß nachfolgender 

Regelung bestimmt wird. 

funds for banking supervisory purposes.] 

[Guaranteed unsubordinated Notes 

(issued by Dresdner Finance B.V. only): 

(b) The payment obligations of the Issuer under the 

Notes have been guaranteed unconditionally and 

irrevocably by Dresdner Bank Aktiengesellschaft, 

Frankfurt am Main pursuant to a guarantee dated 

4 May 2004 (the “Guarantee” ). 

(i) This Guarantee constitutes a contract in favour 

of the Noteholders from time to time as third 

party beneficiaries pursuant to § 328 (1) of the 

German Civil Code giving rise to the right of 

each Noteholder to require performance of the 

obligations undertaken herein from the 

Guarantor and to enforce such obligation 

against the Guarantor. 

(ii) The Guarantee as well as all rights, duties and 

obligations arising therefrom, are governed 

exclusively by the laws of the Federal Republic 

of Germany.] 

3. Interest [Yield] 

[Notes may either be interest-bearing at a fixed rate, 

interest-bearing at a floating rate or at a combination of fixed 

and floating rates or non-interest bearing or any other type of 

Note]. 

Provisions for fixed rate interest bearing Notes: 

(a) The Notes shall bear interest from and including 

[day, month, year] ( “Issue Date” ) up to but 

excluding [day, month, year] ( “Maturity Date” ) at the 

rate of [ �] 

per cent. per annum. Such interest will be 

payable in arrear on [day, month] each year, 

beginning in [year], and on the Maturity Date 

[against surrender of the Coupons]. 

(b) Interest will be calculated on the basis of [a 360-day 

year consisting of 12 months of 30 days each and, 

in the case of an incomplete month, the actual 

number of days elapsed.][Set out any other basis.] 

(c) Interest will cease to accrue as from the due date for 

redemption of the Notes, unless upon due presentation 

or surrender thereof on such date, payment in 

full of the principal amount is improperly withheld or 

refused. In that case, interest shall continue to 

accrue on the unpaid amount until the end of the day 

preceding the day of redemption. Interest will, 

however, cease to accrue at the latest 14 days after 

the date on which it is notified in accordance with 

Condition 12 that the necessary funds have been 

placed at the disposal of the Principal Paying Agent 

(as specified in Condition 10). 

Provisions for floating rate interest bearing Notes: 

(a) The Notes shall bear interest at the rate (the “Rate 

of Interest” ) determined in accordance with the 

provisions set forth below, from and including [day, 

month, year] ( “Issue Date” ) up to but excluding the 

final Interest Payment Date (as defined below) falling 

in [month, year]. 

19

20 

(b) Zinsen werden [nachträglich am [Tag, Monate] eines 

jeden Jahres] [[vierteljährlich, halbjährlich, jährlich] 

nachträglich am [Tag, Monate] eines jeden Jahres] 

(jeweils ein „Zinszahlungstag“ ) gezahlt. Ist ein 

Zinszahlungstag kein Geschäftstag, so ist der 

maßgebliche Zinszahlungstag der nächstfolgende 

Geschäftstag, sofern dieser Tag nicht in den nächsten 

Monat fällt. In diesem Fall ist der maßgebliche 

Zinszahlungstag der letzte dem ursprünglichen Zinszahlungstag 

vorhergehende Geschäftstag. In diesen 

Bedingungen gilt als „Geschäftstag“ ein Tag, an 

dem [Geschäftsbanken und Devisenmärkte in 

[Frankfurt am Main/London/anderes Finanzzentrum] 

und in [Finanzzentrum des Landes, auf dessen 

Währung die Teilschuldverschreibungen lauten] 

Zahlungen abwickeln / das „Trans-European Automated 

Real-Time Gross Settlement Express Transfer 

(„TARGET“) System“ 

zur Verfügung steht]]. 

„Zinsperiode“ in diesen Bedingungen ist jeder Zeitraum 

vom Begebungstag (einschließlich) bis zum 

ersten Zinszahlungstag (ausschließlich) sowie jeder 

Zeitraum von einem Zinszahlungstag (einschließlich) 

bis zum darauffolgenden Zinszahlungstag (ausschließlich). 

(c) Der Zinssatz für jede Zinsperiode wird von der 

Dresdner Bank Aktiengesellschaft, Frankfurt am 

Main, oder einer anderen Berechnungsstelle 

( „Berechnungsstelle“ gemäß § 10) durch Bezugnahme 

auf Bildschirmseite � [ Referenzseite angeben] 

oder eine Ersatzseite bei [Reuters Money 

Market Rates Services oder dem Moneyline Telerate 

Services oder einem anderen festgelegten Informationsanbieter] 

[oder einem Nachfolger] ( „Maßgebliche 

Bildschirmseite“ ) wie folgt bestimmt: 

(i) die Berechnungsstelle wird den Einlagenangebotssatz 

(oder sofern erforderlich, das arithmetische 

Mittel, gerundet auf die vierte Stelle, 

wobei ab 0,00005 aufzurunden ist, der 

Einlagenangebotssätze) ermitteln, zu dem Einlagen 

in der betreffenden Währung mit einer der 

Zinsperiode entsprechenden Laufzeit angeboten 

werden, und zwar gemäß dem Satz (den 

Sätzen), welcher (welche) auf der Maßgeblichen 

Bildschirmseite um 11.00 Uhr [Londoner Zeit/ 

Brüsseler Zeit] am Zinsfeststellungstag angezeigt 

wird (werden). „Zinsfeststellungstag“ ist 

der [[zweite] Bankarbeitstag vor Beginn] [erste 

Tag] der betreffenden Zinsperiode. In diesem 

Zusammenhang ist ein „Bankarbeitstag“ ein 

Tag, an dem [Banken am Ort der Berechnungsstelle 

für Bankgeschäfte geöffnet sind und der 

internationale Devisenhandel Zahlungen 

abwickelt] [das „Trans-European Automated 

Real-Time Gross Settlement Express Transfer 

(„TARGET“) System“ zur Verfügung steht] 

( „Maßgebliches Finanzzentrum“ ); 

(ii) sofern am Zinsfeststellungstag ein solcher Einlagensatz 

nicht angezeigt wird, (oder sofern 

weniger als drei solcher Sätze angezeigt 

werden) oder sofern die Maßgebliche Bildschirmseite 

nicht zur Verfügung steht, wird die 

Berechnungsstelle vier führende Kreditinstitute 

im Maßgeblichen Finanzzentrum zur Nennung 

solcher Sätze auffordern, zu denen diese Einlagen 

für die Dauer der entsprechenden Zins- 

(b) Interest shall be payable [in arrear on [day, months] 

of each year] [[quarterly/semi-annually/annually] in 

arrear on [day, months] of each year] (each an 

“Interest Payment Date” ). If any Interest Payment 

Date would otherwise fall on a date which is not a 

Business Day as defined below, the relevant Interest 

Payment Date will be the first following day which is 

a Business Day unless that day falls in the next 

calendar month, in which case the relevant Interest 

Payment Date will be the immediately preceding day 

which is a Business Day. For the purposes of these 

Conditions a “Business Day” is a day on which 

[commercial banks and foreign exchange markets 

settle payments in [London/Frankfurt am Main/ 

Other] and in [ insert the principal financial centre of 

the country of the currency of the Notes / the Trans- 

European Automated Real-Time Gross Settlement 

Express Transfer (TARGET) System is operating] ]. 

Each period beginning on (and including) the Issue 

Date and ending on (but excluding) the first Interest 

Payment Date, and each period beginning on (and 

including) an Interest Payment Date and ending on 

(but excluding) the next Interest Payment Date is 

herein called an “Interest Period” . 

(c) [Dresdner Bank Aktiengesellschaft, Frankfurt am 

Main or another Agent specified in Condition 10 

below] ( “Calculation Agent” ) will determine the 

Rate of Interest for each Interest Period from [ insert 

page reference], 

or any replacement page, on [the 

Reuters Money Market Rates Services, or the 

Moneyline Telerate Services or any other information 

vending service, specified], or any successor 

thereto, (the “Relevant Screen Page” ) as follows: 

(i) the Calculation Agent will determine the rate at 

which deposits are offered (or, as the case may 

require, the arithmetic mean of the rates for 

deposits rounded (if necessary) to the fourth 

decimal place, with 0.00005 being rounded 

upwards) in the relevant currency for a period of 

the duration of the relevant Interest Period 

according to the rate (or rates) appearing on the 

Relevant Screen Page as at 11.00 a.m. [London/ 

Brussels] time on the interest determination 

date (the “Interest Determination Date” ) which 

is [[the last] [the second] Banking day before 

the first day of the relevant Interest Period] [the 

first day of the relevant Interest Period]. For the 

purposes of this Condition 3, a “Banking Day” 

is [a day on which banks are open for business 

(including dealings in foreign exchange and 

foreign currency deposits) in the place of the 

Calculation Agent] [a day on which the Trans- 

European Automated Real-Time Gross 

Settlement Express Transfer (TARGET) system 

is operating] (the “Relevant Financial 

Centre” ); 

(ii) if, on any Interest Determination Date, no such 

rate for deposits so appears (or, as the case 

may require, if fewer than three such rates for 

deposits so appear) or if the Relevant Screen 

Page is unavailable, the Calculation Agent will 

request appropriate quotations and will 

determine the arithmetic mean of the rates at 

which deposits in the relevant currency are 

offered by four major banks in the interbank

periode und in einer für diesen Markt zu diesem 

Zeitpunkt üblichen Größenordnung für Einzeltransaktionen 

anbieten, und das arithmetische 

Mittel dieser Sätze ermitteln. 

(iii) Der Zinssatz für die Teilschuldverschreibungen 

für die jeweilige Zinsperiode entspricht dem 

gemäß (i) oder (ii) ermittelten Referenzzinssatz 

[zuzüglich/abzüglich einer Marge von � %] 

(vorbehaltlich eines Mindest-/Höchstzinssatzes 

von � % p.a.). 

(d) Die Berechnungsstelle errechnet umgehend nach 

Bestimmung des für die jeweilige Zinsperiode anzuwendenden 

Zinssatzes den für diese Zinsperiode auf 

den jeweiligen Nennbetrag entfallenden Zinsbetrag 

( „Zinsbetrag“ ). Der Zinsbetrag wird ermittelt durch 

Multiplikation des auf eine Zinsperiode anzuwendenden 

Zinssatzes mit dem jeweiligen Nennbetrag, 

wobei dieses Produkt mit einem Quotienten 

( „Quotient“ ) multipliziert wird. Der Zähler des 

Quotienten ist die tatsächliche Anzahl von Tagen 

dieser Zinsperiode, und der Nenner ist 360 (oder im 

Fall von auf Pfund Sterling lautenden Schuldverschreibungen 

365 bzw. 366 im Fall einer Zinsperiode, 

die in ein Schaltjahr fällt). Der so errechnete 

Betrag wird auf die kleinste Einheit der Währung, auf 

die die Teilschuldverschreibungen lauten oder in 

der Zinsen zu zahlen sind, auf- oder abgerundet (ab 

0,5 einer solchen Einheit wird aufgerundet). 

(e) Die Anleiheschuldnerin wird jeden von der Berechnungsstelle 

bestimmten oder errechneten Zinssatz, 

Zinszahlungstag, Zinsbetrag und jede weitere 

Information, [der Garantin,] dem Fiscal Agent, den 

Zahlstellen (bei den bei deren hierfür benannten 

Geschäftsstellen die entsprechenden Informationen 

erhältlich sind) und allen Börsen, an denen die Teilschuldverschreibungen 

notiert sind, sobald wie 

möglich nach der Bestimmung oder Berechnung, 

jedoch spätestens am vierten Tag, an dem Banken 

im Maßgeblichen Finanzzentrum für Bankgeschäfte 

geöffnet sind, bekannt machen. 

(f) Die Bestimmung oder Berechnung aller Zinssätze, 

Zinsbeträge, Zinszahlungstage und anderer Informationen, 

die gemäß § 3 von der Berechnungsstelle 

vorzunehmen ist, ist für alle Beteiligten außer bei 

offensichtlichem Irrtum endgültig und bindend. 

(g) Die Verzinsung der Teilschuldverschreibungen 

endet mit Ablauf des Tages, der dem Fälligkeitstag 

zur Rückzahlung vorausgeht, es sei denn, die Zahlung 


Vorlage oder Einreichung der Teilschuldverschreibungen 


oder verweigert. In diesem Fall endet die 

Verzinsung des nicht zurückgezahlten Kapitalbetrages 

zu dem für die letzte der Vorlage oder Einreichung 

vorangehende Zinsperiode ermittelten 

Zinssatz mit Ablauf des Tages, der der Einlösung 

vorausgeht, spätestens jedoch 14 Tage nach dem 

Tag, an dem gemäß § 12 bekannt gemacht wird, 

dass die erforderlichen Beträge bei der Hauptzahlstelle 

(wie in § 10 genannt) bereitgestellt worden 

sind. 

market of the Relevant Financial Centre for a 

period of the duration of the relevant Interest 

Period and in an amount that is representative 

for a single transaction in the relevant market at 

the relevant time. 

(iii) The Rate of Interest applicable to the Notes 

during each Interest Period will be the rate 

which is [equal to] [ � per cent. above/below] 

the rate determined in accordance with (i) or (ii) 

above; [subject to a minimum/maximum rate of 

� per cent. per annum]. 

(d) The Calculation Agent will, as soon as practicable 

after determining the Rate of Interest in relation to 

each Interest Period, calculate the amount of interest 

(the “Interest Amount” ) payable in respect of the 

principal amount of each denomination of the Notes 

for the relevant Interest Period. The Interest Amount 

will be calculated by applying the Rate of Interest for 

such Interest Period to such principal amount, multiplying 

the product by a fraction ( “day count 

fraction” ) the numerator of which is the actual 

number of days in the Interest Period concerned and 

the denominator for which is 360 (or, in the case of 

Notes denominated in Pounds Sterling, 365 or 366 

in the case of an Interest Period falling in a leap 

year) and rounding the resulting figure to the nearest 

sub-unit of the currency in which the Notes are 

denominated or, as the case may be, in which such 

interest is payable (one half of any such sub-unit 

being rounded upwards). 

(e) The Issuer will cause each Rate of Interest, Interest 

Payment Date, Interest Amount, or other item, as the 

case may be, determined or calculated by the Calculation 

Agent to be notified to [the Guarantor,] the 

Fiscal Agent, any Paying Agent (from whose 

respective specified offices such information will be 

available), and to each stock exchange where the 

Notes are listed, as soon as practicable after such 

determination or calculation but in any event not 

later than the fourth day thereafter upon which banks 

are open for business in the Relevant Financial 

Centre. 

(f) The determination or calculation by the Calculation 

Agent of all Rates of Interest, Interest Amounts, 

Interest Payment Dates, and other items falling to be 

determined or calculated by it for the purposes of 

this Condition 3 shall, in the absence of manifest 

error, be final and binding on all parties. 

(g) Interest will cease to accrue from the due date for 

redemption of the Notes unless, upon due presentation 





preceding the day of redemption at the rate of 

interest applicable to the Notes for the Interest 

Period immediately preceding such presentation or 

surrender. Interest will, however, cease to accrue at 

the latest 14 days after the day on which it is notified 

in accordance with Condition 12, that the necessary 

funds have been placed at the disposal of the 

Principal Paying Agent (as specified in Condition 10 

below). 

21

Nullkupon-Teilschuldverschreibungen: 

22 

(a) Vorbehaltlich Absatz (b) werden auf die Teilschuldverschreibungen 

keine Zinsen gezahlt. Die auf die 

Endfälligkeit bezogene Rendite ( „Rendite“ ) beträgt 

für die Teilschuldverschreibungen � % p.a. 

(b) Sofern bei ordnungsgemäßer Vorlage oder Einreichung 

der Teilschuldverschreibungen am Fälligkeitstag 

die Zahlung des Kapitalbetrages oder gegebenenfalls 

des Amortisierungsnennbetrags (wie in 

§ 4(b) bestimmt) unberechtigt zurückgehalten oder 

verweigert wird, fallen darauf Zinsen in Höhe der 

Rendite bis zum Ablauf des Tages an, der dem 

Rückzahlungstag vorausgeht. Die Verzinsung endet 

jedoch spätestens 14 Tage nach dem Tag, an dem 

gemäß § 12 bekannt gemacht wird, dass die erforderlichen 

Beträge bei der Hauptzahlstelle (wie in 

§ 10 genannt) bereitgestellt worden sind. 

§ 4 Rückzahlung und Rückkauf 

(a) Die Anleiheschuldnerin verpflichtet sich, jede Teilschuldverschreibung 

zum Nennbetrag am [Endfälligkeitstag] 

[Tag, Monat, Jahr] [Zinszahlungstag im 

[Monat, Jahr]], sofern nicht vorher zurückgezahlt, 

zurückzuzahlen. 

Nullkupon-Teilschuldverschreibungen: 

[(b) Sofern die Teilschuldverschreibungen vor ihrer Endfälligkeit 

gemäß § 6 oder § 9 zurückgezahlt werden 

müssen, werden sie zum „Amortisierungsnennbetrag“ 

zurückgezahlt, der sich zusammensetzt aus: 

(i) dem Ausgabepreis in Höhe von � % des Nennbetrages 

der Teilschuldverschreibungen; und 

(ii) dem Betrag, der sich aus der Aufzinsung des 

Ausgabepreises mit der Rendite (auf Jahresbasis 

oder jeweils wie festgelegt) vom Begebungstag 

(einschließlich) bis zum festgelegten 

Rückzahlungstag (ausschließlich) ergibt oder 

gegebenenfalls bis zu dem Tag (ausschließlich), 

zu dem die Teilschuldverschreibungen fällig 

und zahlbar werden.] 

[(c) Eventuelle Kündigungsrechte der Anleiheschuldnerin 

und/oder der Anleihegläubiger hier einfügen] 

(d) Die Anleiheschuldnerin [, die Garantin] [oder jede 

Tochtergesellschaft der Garantin] kann [ bei nachrangigen 

Teilschuldverschreibungen (vorbehaltlich 

den Vorschriften des Kreditwesengesetzes)] jederzeit 

Teilschuldverschreibungen am Markt oder auf 

sonstige Weise erwerben. [Derartig erworbene Teilschuldverschreibungen 

können gehalten, wieder 

veräußert oder entwertet werden.] 

§ 5 Zahlungen 

(a) Die Anleiheschuldnerin verpflichtet sich unwiderruflich, 

bei Fälligkeit gegen Vorlage und Einreichung 

der Teilschuldverschreibungen [und Zinsscheine] 

Kapital [, Zinsen] sowie etwa gemäß § 6 zu zahlende 

zusätzliche Beträge in der Währung, in der ein solcher 

Betrag fällig wird, zu zahlen. Die bezüglich der 

Teilschuldverschreibungen zahlbaren Beträge werden 

dem Anleihegläubiger unter Beachtung etwaiger 

Steuer-, Devisen- und sonstiger Gesetze und 

Vorschriften des Landes (außerhalb der Vereinigten 

Staaten) der betreffenden Zahlstelle gezahlt, ohne 

dass die Ausfertigung eines Affidavits oder die Erfüllung 

irgendeiner sonstigen Förmlichkeit verlangt 

werden darf, es sei denn, dass das Recht des Lan- 

Provisions for Non-interest bearing Notes: 

(a) Interest will not be payable on the Notes, otherwise 

than as contemplated in Condition 3(b) below. The 

yield to maturity ( “Amortisation Yield” ) for the 

Notes will be � per cent. per annum. 

(b) If upon due presentation or surrender of the Notes 

upon the due date for redemption, payment in full of 

the principal amount or, if applicable, the Amortised 

Face Amount (as defined in Condition 4(b)) is 

improperly withheld or refused , interest shall accrue 

thereon at the Amortisation Yield until the end of the 

day preceding the day of redemption. Interest will, 

however, cease to accrue at the latest 14 days after 

the date on which it is announced in accordance 

with Condition 12 that the necessary funds have 

been placed at the disposal of the Principal Paying 

Agent (as specified in Condition 10 below). 

4. Redemption and Purchase 

(a) The Issuer undertakes to redeem each Note at its 

principal amount on [the Maturity Date] [day, month, 

year] [the Interest Payment Date falling in [month, 

year]], unless previously redeemed. 

Non-interest bearing Notes: 

[(b) If the Notes are required to be redeemed prior to 

their maturity date pursuant to Condition 6 or 

Condition 9, the Notes will be redeemed at the 

“Amortised Face Amount” , being an amount equal 

to the sum of: 

(i) the issue price of � per cent. of the principal 

amount of the Notes; and 

(ii) the product of the Amortisation Yield 

[compounded annually or otherwise, as 

specified] being applied to the issue 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 such Note 

becomes due and repayable.] 

[(c) Any applicable put or call provisions to be inserted 

here] 

(d) The Issuer [, the Guarantor] [or any subsidiary of the 

Guarantor] may [ but, in the case of subordinated 

Notes (, subject to the KWG (German Banking 

Supervisory Act))] at any time purchase or otherwise 

acquire Notes at any price in the open market or 

otherwise. [Notes so purchased may be held or 

resold or may be cancelled.] 

5. Payments 

(a) The Issuer irrevocably undertakes to pay, when due 

against presentation and surrender of the Notes [and 

Coupons] principal [, interest] and additional 

amounts which may have to be paid according to 

Condition 6 below in respect of the Notes in the 

currency in which such amount is due. The amounts 

due in respect of the Notes shall be paid to the 

Noteholder with due observance of any tax, foreign 

exchange or other laws and regulations of the 

country (outside the US) where the relevant Paying 

Agent is located without it being permissible to 

require the execution of an affidavit or compliance 

with any other formality whatsoever, unless such 

affidavit or formality is prescribed by the laws of the

des der betreffenden Zahlstelle dies zwingend vorschreibt. 

Die Zahlung erfolgt durch die festgelegte 

Zahlstelle (i) per [ Währung-] 

Scheck gezogen auf ein 

Kreditinstitut in [ Land] 

oder (ii) [nach Wahl des Zahlungsempfängers 

entweder] durch Überweisung auf 

ein vom Zahlungsempfänger benanntes Konto in 

[ Währung] 

[oder, ( bei Zahlung innerhalb der Bundesrepublik 

Deutschland), 

in frei verfügbarer und 

konvertierbarer gesetzlicher Währung der Bundesrepublik 

Deutschland bei der von der maßgeblichen 

Zahlstelle benannten Geschäftsstelle]. 

(b) Ist der Fälligkeitstag für die Zahlung eines Betrages 

im Zusammenhang mit den Teilschuldverschreibungen 

kein Bankarbeitstag (wie unten definiert), hat 

der Anleihegläubiger einen Anspruch auf Auszahlung 

erst am nächstfolgenden Bankarbeitstag nach 

dem Fälligkeitstag. Der Anspruch auf Zahlung 

zusätzlicher Zins- oder anderer Beträge aufgrund 

einer solchen späteren Auszahlung ist ausgeschlossen, 

es sei denn, die Zahlung wird nicht am 

nächstfolgenden Bankarbeitstag geleistet; in einem 

solchen Fall läuft die Verzinsung gemäß § 3 weiter. 

In diesem Zusammenhang ist ein „Bankarbeitstag“ 

ein Tag (außer einem Samstag oder Sonntag), an 

dem (i) [Clearstream Frankfurt, Clearstream Luxembourg, 

Euroclear] Zahlungen abwickel[t][n] sowie (ii) 

[Banken am Ort der betreffenden Zahlstelle für 

Bankgeschäfte geöffnet sind und der internationale 

Devisenhandel Zahlungen abwickelt] [das „Trans- 


Express Transfer („TARGET“) System“ zur Verfügung 

steht]. 

(c) Die Anleiheschuldnerin kann mit Zustimmung des 

Fiscal Agent gemäß § 10 zusätzliche Zahlstellen 

bestellen oder die Bestellung einzelner Zahlstellen 

widerrufen. 

(d) Der Fiscal Agent und die Zahlstellen handeln in ihrer 

Eigenschaft als solche ausschließlich als Beauftragte 

der Anleiheschuldnerin, sie übernehmen 

keine Verpflichtungen gegenüber und stehen nicht 

in einem Auftrags- oder Treuhandverhältnis zu den 

Anleihegläubigern. 

(e) Die Zahlstellen sind bei der Einlösung der Teilschuldverschreibungen 

und der Zinsscheine 

berechtigt, aber nicht verpflichtet, die Berechtigung 

des Einreichers zu prüfen. 

§ 6 Steuern [und Steuerkündigung] 

[(a)]Alle in Bezug auf die Teilschuldverschreibungen zu 

zahlenden Beträge (Kapital, Zinsen und zusätzliche 

Beträge) sind ohne Einbehalt an der Quelle oder 

Abzug an der Quelle von irgendwelchen gegenwärtigen 

oder zukünftigen Steuern, Gebühren oder 

Abgaben, die von oder in dem Land, in dem die 

Anleiheschuldnerin ihren Sitz hat (oder als 

Steuerinländerin gilt), oder von oder in der Bundesrepublik 

Deutschland oder irgendeiner ihrer 

Gebietskörperschaften oder Behörden mit Steuerhoheit 

erhoben werden ( „Quellensteuer“ ), zu zahlen, 

es sei denn, die Quellensteuer ist gesetzlich vorgeschrieben. 

[In diesem Fall trägt die Anleiheschuldnerin 

[oder, falls anwendbar, die Garantin] 

vorbehaltlich § 6(b) diejenigen zusätzlichen Beträge, 

die erforderlich sind, damit die von jedem 

Anleihegläubiger zu empfangenden Nettobeträge 

nach einem solchen Abzug oder Einbehalt den 

Beträgen entsprechen, die der Anleihegläubiger 

country in which the Paying Agent is resident. 

Payment shall be made through the specified Paying 

Agent: (i) by [ currency] 

cheque drawn on a bank in 

[ country]; 

or (ii) [at the option of the payee], by 

transfer to an account denominated in [ currency] 

specified by the payee [or, ( in the case of payments 

within the Federal Republic of Germany only) 

in 

freely disposable and convertible legal currency of 

the Federal Republic of Germany at the specified 

office of the relevant Paying Agent.] 

(b) If the due date for payment of any amount due in 

respect of the Notes is not a Banking Day (as defined 

below), the Noteholder will not be entitled to 

payment thereof until the next following day which is 

a Banking Day, and no further interest or other 

payment shall be due in respect of such postponed 

payment unless there is a subsequent failure to pay, 

in which event interest shall accrue in accordance 

with Condition 3. For this purpose, a “Banking Day” 

means a day (other than a Saturday or Sunday) on 

which (i) [Clearstream Frankfurt, Clearstream 

Luxembourg, Euroclear] settle[s] payments and (ii) 

[commercial banks are open for business and 

foreign exchange markets settle payments in the 

place of the relevant Paying Agent] [the Trans- 


Express Transfer (TARGET) System is operating]. 

(c) The Issuer may, with the consent of the Fiscal Agent 

appoint additional paying agents or terminate the 

appointment of Paying Agents as provided in 

Condition 10. 

(d) The Fiscal Agent and the Paying Agents, in their 

respective capacities as such, act solely as agents of 

the Issuer and do not assume any obligations 

towards, nor have any relationship of agency or trust 

with, any Noteholders. 

(e) When redeeming Notes and making payments in 

respect of Coupons, the Paying Agents are 

authorised, but not obliged, to verify the right thereto 

of the person presenting such Note and/or Coupon. 

6. Taxation [and Call Rights for Tax Reasons] 

[(a)]All amounts payable (whether in respect of principal, 

interest or otherwise) in respect of the Notes will be 

made free and clear of and without withholding at 

source or deduction at source for or on account of 

any present or future taxes, fees, duties, assessments 

or governmental charges of whatever nature 

which are imposed or levied by or on behalf of the 

country of domicile (or residence for tax purposes) 

of the Issuer or the Federal Republic of Germany or 

any political subdivision thereof or any authority or 

agency therein or thereof having power to tax 

( “Withholding Tax” ), unless Withholding Tax is 

required by law. [In such event, the Issuer [or the 

Guarantor, as the case may be], will pay such 

additional amounts as may be necessary subject to 

Condition 6(b) in order that the net amounts 

receivable by the Noteholder after the withholding or 

deduction of such Withholding Tax shall equal the 

respective amounts which would have been 

23

24 

ohne einen solchen Abzug oder Einbehalt von Quellensteuer 

erhalten hätte. Die seit dem 1. Januar 1993 

in der Bundesrepublik Deutschland geltende Zinsabschlagsteuer 

und der seit dem 1. Januar 1995 

darauf erhobene Solidaritätszuschlag sind keine 

Quellensteuer im oben genannten Sinn.] 

[(b) Die Anleiheschuldnerin [oder gegebenenfalls die 

Garantin] ist jedoch nicht verpflichtet, solche 

zusätzlichen Beträge auf Teilschuldverschreibungen 

[oder Zinsscheine] zu zahlen, 

(i) die auf andere Weise als durch Abzug an der 

Quelle oder Einbehalt an der Quelle aus Zahlungen 

von Kapital oder Zinsen zu entrichten 

sind, oder 

(ii) wenn ein Anleihegläubiger oder ein in seinem 

Auftrag handelnder Dritter solchen Steuern, 

Gebühren oder Abgaben auf Teilschuldverschreibungen 

[oder Zinsscheine] wegen 

irgendeiner anderen Verbindung [zu dem Land, 

in dem die Anleiheschuldnerin ihren Sitz hat, 

oder, sofern die Zahlung durch die Garantin 

erfolgt] zur Bundesrepublik Deutschland als 

allein der Tatsache unterliegt, dass er Inhaber 

von Teilschuldverschreibungen [oder Zinsscheinen] 

ist, oder 

(iii) denen der Anleihegläubiger nicht unterläge, 

wenn er seine Teilschuldverschreibungen [oder 

Zinsscheine] innerhalb von 30 Tagen nach dem 

Maßgeblichen Tag gemäß Absatz (d) eingereicht 

hätte, oder 

(iv) die bei Vorlage bei einer Zahlstelle durch diese 

von Zahlungen abgezogen oder einbehalten 

werden, wenn eine andere Zahlstelle bei Vorlage 

die Zahlung ohne einen solchen Abzug 

oder Einbehalt geleistet hätte oder die nur zu 

zahlen sind, weil die Teilschuldverschreibungen 

[oder Zinsscheine] effektiv zur Einlösung am 

Schalter einer Zahlstelle vorgelegt werden, oder 

(v) die aufgrund oder in Auswirkung oder als 

Ergebnis eines internationalen Vertrages, dem 

[die Niederlande] [und] [die Bundesrepublik 

Deutschland] beigetreten [sind/ist], oder einer 

aufgrund eines solchen Vertrages ergangenen 

Direktive oder Ausführungsbestimmung zahlbar 

sind, oder 

(vi) wenn ein solcher Abzug an der Quelle oder Einbehalt 

an der Quelle hinsichtlich einer Auszahlung 

an eine Person und auf Grund der 

Richtlinie des Europäischen Rats 2003/48/EC 

oder jeder anderen Richtlinie erfolgt, die die 

Ergebnisse des Ministerrattreffens der Finanzminister 

der Europäischen Union vom 26.–27. 

November 2000 bezüglich der Besteuerung von 

Kapitaleinkünften umsetzt oder auf Grund eines 

jeden anderen Gesetzes, das die Umsetzung 

einer solchen Richtlinie bezweckt oder erlassen 

wurde, um den Anforderungen einer solchen 

Richtlinie zu genügen, oder 

(vii) die ein Anleihegläubiger hätte vermeiden können, 

wenn er seine Teilschuldverschreibungen 

oder seinen Zinsschein bei einer anderen in 

receivable by such Noteholder had no such 

Withholding Tax been required. The tax on interest 

payments ( “Zinsabschlagsteuer” ) which has been in 

effect in the Federal Republic of Germany since 

1 January 1993 and the solidarity surcharge 

(“Solidaritätszuschlag”) imposed thereon as from 

1 January 1995 do not constitute such a Withholding 

Tax on interest payments as described above.] 

[(b) However, the Issuer [or the Guarantor, as the case 

may be] shall not be obliged to pay any such 

additional amounts in relation to any payment in 

respect of any Note [or Coupon]: 

(i) which are to be paid on payments of principal 

or interest by any means other than withholding 

at source or deduction at source; or 

(ii) to, or to a third party on behalf of, a Noteholder 

who is liable to such taxes, duties, assessments 

or governmental charges in respect of such 

Note [or Coupon] by reason of his having some 

connection with [the country of domicile of the 

Issuer or, in the case of payments being made 

by the Guarantor], the Federal Republic of 

Germany other than the mere holding of such 

Note [or Coupon]; or 

(iii) to which the relevant Noteholder would not be 

liable to if he had presented for payment any 

Note [or Coupon] within thirty days after the 

Relevant Date as defined in Condition 6(d); or 

(iv) presented for payment to a Paying Agent where 

presentation to another Paying Agent would not 

have resulted in such withholding or deduction 

or where additional amounts are payable only 

because Notes [or Coupons] are being 

presented for payment effectively at the counter 

of a Paying Agent; or 

(v) which is payable pursuant to, or in consequence 

of or as a result of, an international 

agreement to which [the Netherlands] [and] [the 

Federal Republic of Germany] is a party, or a 

directive or regulation passed pursuant to or in 

consequence of such agreement; or 

(vi) where such withholding or deduction is 

imposed on a payment to an individual and is 

required to be made pursuant to the European 

Council Directive 2003/48/EC or any other 

Directive implementing the conclusions of the 

ECOFIN Council meeting of 26–27 November 

2000 on the taxation of savings income or any 

law implementing or complying with, or introduced 

in order to conform to, such Directive; or 

(vii) presented for payment by or on behalf of a 

Noteholder who would have been able to avoid 

such withholding or deduction by presenting

einem Mitgliedsstaat der Europäischen Union 

ansässigen Zahlstelle eingereicht hätte, oder 

(viii) wenn eine Wandelanleihe durch die Dresdner 

Bank AG begeben wird und im Zusammenhang 

mit der Wandelanleihe Quellensteuern einzubehalten 

sind, oder 

(ix) die im Fall einer Kombination der in den Absätzen 

(i) bis (viii) beschriebenen Fälle zahlbar 

werden. 

[(c) Sofern die Anleiheschuldnerin [oder gegebenenfalls 

die Garantin] zu irgendeinem Zeitpunkt nach der 

Begebung der Teilschuldverschreibungen infolge 

einer Rechtsänderung in [Land, in dem die Anleiheschuldnerin 

ihren Sitz hat (oder als Steuerinländerin 

gilt), oder in] der Bundesrepublik Deutschland 

zusätzliche Beträge gemäß § 6 zu zahlen hätte [oder 

wenn bei der Garantin ein Abzug an der Quelle oder 

ein Einbehalt an der Quelle von irgendwelchen Steuern, 

Gebühren oder Abgaben auf die Einlage, die die 

Anleiheschuldnerin bei der Garantin in Zusammenhang 

mit den Teilschuldverschreibungen geleistet 

hat, erforderlich wäre,] und falls die Anleiheschuldnerin 

[oder gegebenenfalls die Garantin] diese Verpflichtung 

nicht durch nach eigenem Ermessen 

zumutbare Maßnahmen vermeiden kann, ist die 

Anleiheschuldnerin berechtigt [(im Fall von nachrangigen 

Teilschuldverschreibungen unter Beachtung 

anwendbarer Bestimmungen des Kreditwesengesetzes)], 

sämtliche (aber nicht nur einige) Teilschuldverschreibungen 

durch Bekanntmachung gemäß 

§ 12 mit einer Frist von nicht weniger als 60 Tagen 

zur vorzeitigen Rückzahlung zum [Nennbetrag] 

[Amortisierungsnennbetrag, wie in § 4(b) bestimmt,] 

einschließlich gegebenenfalls aufgelaufener Zinsen 

zu kündigen. Eine solche Kündigung darf nicht früher 

als 90 Tage vor dem Termin erfolgen, an dem 

die Anleiheschuldnerin [oder gegebenenfalls die 

Garantin] erstmals zusätzliche Beträge auf fällige 

Teilschuldverschreibungen oder Zinsscheine zu 

zahlen hätte.] 

[(d) „Maßgeblicher Tag“ im Sinne dieser Bedingungen 

ist der Tag, an dem eine Zahlung fällig wird. Sofern 

aber der zu zahlende Betrag nicht vollständig bei 

der Hauptzahlstelle vor oder an diesem Tag eingegangen 

ist, ist der Maßgebliche Tag der Tag, an dem 

der zu zahlende Betrag vollständig bei der Hauptzahlstelle 

eingegangen ist, zur Auszahlung an die 

Anleihegläubiger zur Verfügung steht und eine entsprechende 

Bekanntmachung hierüber gemäß § 12 

erfolgt ist.] 

[(e) In diesen Bedingungen gilt jede Bezugnahme auf 

„Kapital“ und/oder „Zinsen“ auch für etwaige 

gemäß § 6 zusätzlich zahlbare Beträge. Soweit sich 

aus dem Zusammenhang nichts anderes ergibt, 

umfasst eine Bezugnahme auf „Kapital“ auch ein für 

die jeweilige Teilschuldverschreibung zu zahlendes 

Aufgeld, den Rückzahlungsbetrag und alle anderen 

gemäß diesen Bedingungen zahlbaren Beträge mit 

Kapitalcharakter, und jede Bezugnahme auf „Zinsen“ 

umfasst alle gemäß § 3 zu zahlenden Beträge 

sowie alle anderen gemäß diesen Bedingungen zu 

zahlenden Beträge mit Zinscharakter.] 

the relevant Note or Coupon to another Paying 

Agent in a Member State of the EU; or 

(viii) if a convertible bond is issued by Dresdner 

Bank AG and in connection with the convertible 

bond withholding tax is imposed; or 

(ix) any combination of (i) to (viii) above. 

[(c) If as a result of any change in the laws or regulations 

prevailing in [country of domicile (or residence for 

tax purposes) of the Issuer or in] the Federal 

Republic of Germany which becomes effective on or 

after the date of issue of such Notes, the Issuer [(or, 

as the case may be, the Guarantor)] would be 

required to pay additional amounts as provided in 

the foregoing provisions of this Condition 6 [, or if 

the Guarantor would be required to withhold or 

deduct at source any taxes, fees or duties on the 

deposit which the Issuer has placed with the 

Guarantor in connection with the Notes,] and such 

obligation cannot be avoided by the Issuer [(or, as 

the case may be, the Guarantor)] taking reasonable 

measures which are in its sole discretion available to 

it, the Issuer may, at its option [(but, in the case of 

Subordinated Notes, subject to the applicable provisions 

of the KWG (German Banking Supervisory 

Act)] and having given no less than sixty days’ notice 

to the Noteholders in accordance with Condition 12, 

call all (but not some only) of the outstanding Notes 

at their [principal amount] [Amortised Face Amount 

provided for in Condition 4(b)], together with 

accrued interest (if any) thereon Provided, however, 

that no such notice of redemption may be given 

earlier than 90 days prior to the earliest date on 

which the Issuer [(or, as the case may be, the 

Guarantor)] would be obliged to pay such additional 

amounts were a payment in respect of the Notes or 

Coupons then due.] 

[(d) For the purposes of these Conditions, the “Relevant 

Date” means, in respect of any payment, the date on 

which such payment first becomes due and payable, 

but if the full amount of the moneys payable has not 

been received by the Principal Paying Agent on or 

prior to such due date, it means the first date on 

which, the full amount of such moneys having been 

so received and being available for payment to the 

Noteholders, notice to that effect shall have been 

duly given to the Noteholders in accordance with 

Condition 12.] 

[(e) Any reference in these Conditions to “principal” 

and/or “interest” in respect of the Notes shall be 

deemed also to refer to any additional amounts 

which may be payable under this Condition 6. 

Unless the context otherwise requires, any reference 

in these Conditions to “principal” shall include any 

premium payable in respect of any Note or the 

redemption amount and any other amounts in the 

nature of principal payable pursuant to these Conditions 

and “interest” shall include all amounts 

payable pursuant to Condition 3 and any other 

amounts in the nature of interest payable pursuant to 

these Conditions.] 

25

§ 7 Transfer 

Die Anleiheschuldnerin verpflichtet sich, alle Beträge, die zur 

Erfüllung der sich aus diesen Bedingungen ergebenden Zahlungsverpflichtungen 

erforderlich sind, in frei verfügbarer und 

konvertierbarer gesetzlicher Währung von [Land] an die 

Hauptzahlstelle zu transferieren. Der Transfer an die Hauptzahlstelle 

muss rechtzeitig, unter allen Umständen und unabhängig 

von allen derzeitigen oder zukünftigen Zahlungs- und 

Clearingabkommen und ohne Rücksicht auf die Staatsangehörigkeit, 

den Sitz oder Wohnsitz oder Aufenthaltsort des 

Anleihegläubigers und ohne dass die Ausfertigung eines Affidavits 

oder die Erfüllung irgendeiner sonstigen Förmlichkeit 

verlangt werden darf, vorgenommen werden. 

§ 8 Vorlegung, Verjährung 

(a) Die Vorlegungsfrist gemäß § 801 Absatz 1 Satz 1 

BGB für fällige Teilschuldverschreibungen wird auf 

zehn Jahre verkürzt. [Die Vorlegungsfrist für Zinsscheine 

beträgt vier Jahre von dem Ende des Kalenderjahres 

an, in dem der betreffende Zinsschein 

fällig wird.] 

(b) Die Verjährungsfrist für innerhalb der Vorlegungsfrist 

zur Zahlung vorgelegte Teilschuldverschreibungen 

[und Zinsscheine] beträgt zwei Jahre von dem Ende 

der betreffenden Vorlegungsfrist an. 

(c) Die Anleiheschuldnerin [oder gegebenenfalls die 

Garantin] kann die von Anleihegläubigern innerhalb 

von zwölf Monaten nach dem Maßgeblichen Tag 

nicht erhobenen Beträge an Kapital und Zinsen auf 

Gefahr und Kosten dieser Anleihegläubiger beim 

Amtsgericht Frankfurt am Main unter Verzicht auf 

das Recht der Rücknahme hinterlegen. Mit der Hinterlegung 

erlischt jeglicher Anspruch dieser 

Anleihegläubiger gegen die Anleiheschuldnerin 

[und/oder gegebenenfalls die Garantin]. 

[(d) Für den Fall, dass zum Zeitpunkt der Vorlage von 

Teilschuldverschreibungen noch nicht fällige Zinsscheine 

nicht eingereicht werden, 

[bei festverzinslichen Teilschuldverschreibungen] 

wird der zur Rückzahlung fällige Betrag um den 

Betrag der fehlenden Zinsscheine gekürzt, wobei 

dieser einbehaltene Betrag gegen Einreichung der 

entsprechenden Zinsscheine bei der benannten 

Geschäftsstelle einer jeden Zahlstelle jederzeit 

innerhalb von zehn Jahren nach dem Maßgeblichen 

Tag hinsichtlich einer solchen Rückzahlung des 

Betrags zahlbar ist. 

[bei variabel verzinslichen 

Teilschuldverschreibungen] 

verfallen alle noch nicht fälligen Zinsscheine und es 

erfolgen keine Zahlungen mehr auf diese Zinsscheine. 

(e) Der Anspruch gemäß § 804 Absatz 1 Satz 1 BGB 

wegen abhanden gekommener oder vernichteter 

Zinsscheine ist ausgeschlossen (§ 804 Absatz 2 

BGB).] 

§ 9 Kündigungsgründe für die Anleihegläubiger 

[nicht anwendbar bei nachrangigen Teilschuldverschreibungen] 

(a) Jeder Anleihegläubiger ist berechtigt, seine sämtlichen 

Forderungen aus den von ihm gehaltenen 

Teilschuldverschreibungen durch Kündigung fällig 

zu stellen und Rückzahlung des Kapitalbetrages, 

einschließlich etwaiger aufgelaufener Zinsen] 

[Amortisierungsnennbetrages (wie in § 4(b) 

26 

7. Transfer 

The Issuer undertakes to transfer to the Principal Paying Agent 

in freely disposable and convertible legal currency of 

[country] all sums required for the performance of the 

financial obligations arising from these Conditions. Such 

transfer to the Principal Paying Agent is to be made in a timely 

manner, under any and all circumstances and irrespective of 

any present or future payment and clearing agreements and 

regardless of the nationality, domicile or residence of the 

Noteholder and without any requirement to execute an 

affidavit or to comply with any other formality whatsoever. 

8. Presentation, Prescription 

(a) The period for presentation of Notes due, as established 

in Section 801 paragraph 1 sentence 1 of the 

German Civil Code, is reduced to ten years. [The 

period for presentation of Coupons shall be four 

years beginning at the end of the calendar year in 

which the respective Coupon falls due.] 

(b) The period for prescription for Notes [and Coupons] 

presented for payment during the presentation 

period shall be two years beginning at the end of the 

relevant presentation period. 

(c) The Issuer [or the Guarantor, as the case may be,] 

may deposit with the “Amtsgericht” (lower court) of 

Frankfurt am Main, principal and interest not claimed 

by Noteholders within twelve months after the 

Relevant Date with the waiver of the right to withdraw 

such deposit. Such deposit will be at the risk and 

cost of such Noteholders. Upon such deposit all 

claims of such Noteholders against the Issuer [and/ 

or, as the case may be, the Guarantor] shall cease. 

[(d) If unmatured Coupons are not surrendered at the 

time when the Notes are presented for payment 

[In the case of Notes which bear fixed rate interest] 

the amount of any missing unmatured Coupons will 

be deducted from the amount otherwise payable on 

such final redemption, the amount so deducted 

being payable against surrender of the relevant 

Coupons at the specified office of any of the Paying 

Agents at any time within ten years of the Relevant 

Date applicable to payment of such redemption 

amount. 

[In the case of Notes which bear floating rate 

interest] 

all unmatured Coupons will become void and no 

payment shall be made thereafter in respect of such 

Coupons. 

(e) The right under Section 804 paragraph 1 sentence 1 

of the German Civil Code in respect of lost or 

destroyed Coupons is excluded (Section 804 

paragraph 2 of the German Civil Code).] 

9. Events of Default 

[not applicable for Subordinated Notes] 

(a) Any Noteholder may give notice to the Issuer that 

any Note held by such Holder is, and it shall accordingly 

become, due and payable at [its principal 

amount together with accrued interest, if any] [the 

Amortised Face Amount as defined in Condition 

4(b)] if any of the following events (each an “Event

estimmt)] zu verlangen, wenn einer der folgenden 

Kündigungsgründe (jeweils ein „Kündigungsgrund“) 

vorliegt: 

(i) die Anleiheschuldnerin [oder gegebenenfalls 

die Garantin], gleichgültig aus welchen Gründen, 

Kapital oder Zinsen aus den Teilschuldverschreibungen, 

[einschließlich etwaiger gemäß 

§ 6(a) zu zahlender zusätzlicher Beträge,] innerhalb 

von 30 Tagen nach dem betreffenden 

Fälligkeitstag nicht zahlt, oder 

(ii) die Anleiheschuldnerin [oder gegebenenfalls 

die Garantin], gleichgültig aus welchen Gründen, 

eine sonstige wesentliche Verpflichtung 

aus diesen Bedingungen nicht erfüllt, und die 

Unterlassung länger als 30 Tage andauert, 

nachdem die Anleiheschuldnerin hierüber eine 

schriftliche Mitteilung von dem betreffenden 

Anleihegläubiger erhalten hat, oder 

(iii) gegen die Anleiheschuldnerin [oder gegebenenfalls 

die Garantin] ein Insolvenzverfahren 

oder ein dem Insolvenzverfahren vergleichbares 

Verfahren in den Niederlanden gerichtlich 

eröffnet wird, das nicht innerhalb von 60 Tagen 

nach dessen Eröffnung aufgehoben oder ausgesetzt 

worden ist, oder die Anleiheschuldnerin 

[oder gegebenenfalls die Garantin] ein solches 

Verfahren beantragt oder ihre Zahlungen einstellt 

oder einen generellen Vergleich mit der 

Gesamtheit ihrer Gläubiger anbietet oder 

durchführt, oder 

(iv) die Anleiheschuldnerin [oder gegebenenfalls 

die Garantin] in Liquidation tritt, es sei denn, 

eine solche Liquidation wird im Zusammenhang 

mit einer Verschmelzung, Konsolidierung oder 

einer anderen Form des Zusammenschlusses 

mit einer anderen Gesellschaft vorgenommen, 

und diese Gesellschaft übernimmt anstelle der 

Anleiheschuldnerin alle Verpflichtungen aus 

den Teilschuldverschreibungen [oder im Falle 

der Garantin alle Verpflichtungen aus der 

Garantie], [oder 

(v) die Garantie nicht mehr uneingeschränkt wirksam 

ist.] 

(b) Eine derartige Kündigung zur Rückzahlung ist von 

den Anleihegläubigern durch eingeschriebenen 

Brief an die benannte Geschäftsstelle des Fiscal 

Agent zu richten und wird mit Zugang bei diesem 

wirksam. Die Fälligkeit tritt am 30. Tag nach Zugang 

der Kündigung ein, es sei denn, dass im Falle der 

Absätze (a) (i) oder (ii) die Verpflichtung vorher 

erfüllt oder mit Zustimmung der entsprechenden 

Anleihegläubiger auf die Erfüllung verzichtet oder 

die Erfüllung aufgeschoben worden ist. 

§ 10 Fiscal Agent [, Berechnungsstelle] und Zahlstellen 

(a) Der Fiscal Agent, [die Berechnungsstelle,] die 

Hauptzahlstelle und die Zahlstellen sind 

nachstehend mit den benannten Geschäftsstellen 

aufgeführt: 

Fiscal Agent: 

[Name und Adresse] 

[Berechnungsstelle: 

Name und Adresse] 

[Hauptzahlstelle: 

Name und Adresse] 

of Default”) occurs and is subsisting: 

(i) the Issuer [or the Guarantor, as the case may 

be], for any reason whatsoever, fails to pay 

within 30 days after the relevant due date 

principal or interest on the Notes, [including 

additional amounts which may have to be paid 

according to Condition 6(a),] or 

(ii) the Issuer [or the Guarantor, as the case may 

be], for any reason whatsoever, fails to duly 

perform any other essential obligation under 

these Conditions and this failure lasts more than 

30 days after the Issuer has received a written 

notice to this effect from the Noteholder, or 

(iii) Insolvenzverfahren (German insolvency 

proceedings) or similar proceedings in The 

Netherlands are commenced by court against 

the Issuer [or the Guarantor, as the case may 

be] which shall not have been dismissed or 

stayed within 60 days after the commencement 

thereof, or the Issuer [or the Guarantor, as the 

case may be] institutes such proceedings or 

suspends payments, or offers or makes a 

general arrangement for the benefit of all its 

creditors, or 

(iv) the Issuer [or the Guarantor, as the case may 

be] enters into liquidation, unless such liquidation 

is to take place in connection with a 

merger, consolidation or any other form of 

combination with another company and such 

company assumes all obligations arising from 

the Notes [and, in the case of the Guarantor, 

assumes all obligations arising from the 

Guarantee] [, or 

(v) the Guarantee ceases to be in full force and 

effect.] 

(b) Such notice for repayment shall be addressed by the 

Noteholder to the specified office of the Fiscal Agent 

by registered letter; such notice will become 

effective upon receipt by the Fiscal Agent. Claims fall 

due 30 days after receipt of such notice unless, in 

the case of paragraph (a) (i) or (ii) above, the 

obligation has been fulfilled or waived or the 

fulfilment has been postponed with the agreement of 

the relevant Noteholder. 

10. Fiscal Agent [, Calculation Agent] and Paying Agents 

(a) The Fiscal Agent, [Calculation Agent,] Principal 

Paying Agent and other Paying Agents and their 

respective specified offices are as follows: 

Fiscal Agent: 

[Name and address] 

[Calculation Agent: 

Name and address] 

[Principal Paying Agent: 

Name and address] 

[Paying Agent(s): 

27

28 

[Zahlstelle(n): 

Name(n) und Adresse(n)] 

(b) Die Anleiheschuldnerin behält sich das Recht vor, 

die Ernennung des Fiscal Agent, [der Berechnungsstelle,] 

der Hauptzahlstelle und der Zahlstellen 

jederzeit anders zu regeln oder zu beenden und 

zusätzliche oder andere Zahlstellen oder einen 

anderen Fiscal Agent zu ernennen. Sie wird sicherstellen, 

dass jederzeit (i) ein Fiscal Agent [und eine 

Berechnungsstelle], (ii) eine Zahlstelle (die die 

Hauptzahlstelle sein kann) mit einer Geschäftsstelle 

in einer Stadt auf dem europäischen Festland, (iii) 

eine Zahlstelle mit einer Geschäftsstelle außerhalb 

der Europäischen Gemeinschaft, (iv) falls die Ergebnisse 

des Ministerrattreffens der Finanzminister der 

Europäischen Union vom 26.–27. November 2000 

bezüglich der Besteuerung von Kapitaleinkünften 

rechtlich umgesetzt werden, eine Zahlstelle in einem 

Mitgliedsstaat der Europäischen Union, die nicht 

gemäß der diese Ergebnisse umsetzenden Richtlinie 

des Europäischen Rats 2003/48/EC oder jeder 

anderen Richtlinie oder gemäß eines Gesetzes, das 

eine solche Umsetzung bezweckt, zur Einbehaltung 

oder zum Abzug von Quellensteuern oder sonstigen 

Abzügen verpflichtet ist, sofern dies in irgendeinem 

Mitgliedsstaat der Europäischen Union möglich ist, 

und (v) so lange die Teilschuldverschreibungen an 

einer Börse notiert werden, eine Zahlstelle (die die 

Hauptzahlstelle sein kann) mit einer benannten 

Geschäftsstelle an dem von der betreffenden Börse 

vorgeschriebenen Ort bestimmt ist. Der Fiscal Agent, 

[die Berechnungsstelle,] die Hauptzahlstelle und die 

Zahlstellen behalten sich das Recht vor, jederzeit 

anstelle ihrer jeweils benannten Geschäftsstelle eine 

andere Geschäftsstelle in derselben Stadt zu bestimmen. 

Bekanntmachungen hinsichtlich aller Veränderungen 

im Hinblick auf den Fiscal Agent, [die 

Berechnungsstelle,] die Hauptzahlstelle und die 

Zahlstellen erfolgen unverzüglich durch die Anleiheschuldnerin 

gemäß § 12. 

§ 11 Schuldnerersetzung 

[nicht anwendbar bei nachrangigen Teilschuldverschreibungen] 

(a) Die Anleiheschuldnerin [Garantin] ist jederzeit 

berechtigt, ohne Zustimmung der Anleihegläubiger 

[sich selbst oder] eine andere Gesellschaft als 

Schuldnerin (die „Neue Anleiheschuldnerin“) hinsichtlich 

aller Verpflichtungen aus oder in Verbindung 

mit den Teilschuldverschreibungen an die 

Stelle der Anleiheschuldnerin zu setzen, sofern 

(i) die Neue Anleiheschuldnerin alle Verpflichtungen 

der Anleiheschuldnerin aus oder in Verbindung 

mit den Teilschuldverschreibungen 

übernimmt, 

(ii) die Neue Anleiheschuldnerin alle etwa notwendigen 

Genehmigungen und Erlaubnisse von 

den zuständigen Behörden erhalten hat, so 

dass die Neue Anleiheschuldnerin alle Beträge, 

die zur Erfüllung der aus oder in Verbindung mit 

den Teilschuldverschreibungen entstehenden 

Zahlungsverpflichtungen erforderlich sind, in 

frei verfügbarer und konvertierbarer gesetzlicher 

Währung von [Land] ohne Einbehalt an der 

Quelle oder Abzug an der Quelle von irgendwelchen 

Steuern, Gebühren oder Abgaben an 

die Hauptzahlstelle transferieren darf, 

Name(s) and address(es)] 

(b) The Issuer reserves the right at any time to vary or 

terminate the appointment of the Fiscal Agent [, the 

Calculation Agent] and any Paying Agent including 

the Principal Paying Agent and to appoint additional 

or other Paying Agents or another Fiscal Agent 

provided that it will at all times maintain (i) a Fiscal 

Agent [and a Calculation Agent], (ii) a Paying Agent 

(which may be the Principal Paying Agent) with a 

specified office in a continental European city, (iii) a 

Paying Agent with a specified office outside the 

European Union, (iv) if the conclusions of the 

ECOFIN Council meeting of 26–27 November 2000 

on the taxation of savings income are implemented, 

a Paying Agent in an EU member state, if any, that 

will not be obliged to withhold or deduct tax 

pursuant to the European Council Directive 2003/ 

48/EC or any other Directive implementing such 

conclusions or any law implementing or complying 

with, or introduced to conform to, such Directive, and 

(v) so long as the Notes are listed on a stock 

exchange, a Paying Agent (which may be the 

Principal Paying Agent) with a specified office in 

such city as may be required by the rules of the 

relevant stock exchange. The Fiscal Agent [,the 

Calculation Agent], the Principal Paying Agent and 

the Paying Agents reserve the right at any time to 

change their respective specified offices to some 

other specified office in the same city. Notice of all 

changes in the identities or specified offices of the 

Fiscal Agent [,the Calculation Agent], the Principal 

Paying Agent or any Paying Agent will be given 

promptly by the Issuer to the Noteholders in 

accordance with Condition 12. 

11. Substitution 

[not applicable for Subordinated Notes] 

(a) The Issuer [Guarantor], shall be entitled at any time 

without the consent of the Noteholders to substitute 

for the Issuer [itself or] any other company as debtor 

(the “New Issuer”) in respect of all obligations 

arising from or in connection with the Notes, if: 

(i) the New Issuer assumes all obligations of the 

Issuer arising from or in connection with the 

Notes; 

(ii) the New Issuer has obtained any necessary 

authorisation from the competent authorities to 

the effect that the New Issuer may transfer to the 

Principal Paying Agent in freely disposable and 

convertible legal currency of [country] without 

withholding at source or deduction at source of 

any taxes, fees or duties, all amounts required 

for the performance of the payment obligations 

arising from or in connection with the Notes;

[(iii) die Garantin (außer in dem Fall, dass sie selbst 

die Neue Anleiheschuldnerin ist) unbedingt und 

unwiderruflich die Verpflichtungen der Neuen 

Anleiheschuldnerin garantiert.] 

(b) Im Falle einer solchen Schuldnerersetzung gilt jede 

in diesen Bedingungen enthaltene Bezugnahme auf 

die Anleiheschuldnerin fortan als auf die Neue Anleiheschuldnerin 

bezogen, und jede Bezugnahme auf 

das Land der Anleiheschuldnerin gilt als Bezugnahme 

auf das Land, in dem die Neue Anleiheschuldnerin 

ihren Sitz hat oder, falls abweichend, als 

Steuerinländerin gilt. 

(c) Eine gemäß Absatz (a) bewirkte Schuldnerersetzung 

ist für die Anleihegläubiger bindend und ist unverzüglich 

gemäß § 12 bekannt zu machen. 

§ 12 Bekanntmachungen 

Alle diese Teilschuldverschreibungen betreffenden Bekanntmachungen 

gelten als wirksam erfolgt, sofern sie (i) im Fall 

von Teilschuldverschreibungen, die an einer deutschen Wertpapierbörse 

notiert sind, in mindestens einem überregionalen 

Börsenpflichtblatt der entsprechenden deutschen Wertpapierbörse 

bekannt gemacht (im Fall der Frankfurter Wertpapierbörse 

voraussichtlich in der „Börsen-Zeitung“), und (ii) im Fall 

von Teilschuldverschreibungen, die an der Luxemburger 

Börse notiert sind (für die Dauer ihrer Notierung und soweit 

es die Bestimmungen dieser Börse verlangen), in einer führenden 

Tageszeitung mit allgemeiner Verbreitung in Luxemburg 

(voraussichtlich im „Luxemburger Wort“) erfolgen. Die 

Anleiheschuldnerin wird sicherstellen, dass alle Bekanntmachungen 

ordnungsgemäß in Übereinstimmung mit den 

Erfordernissen der zuständigen Stellen der jeweiligen Börsen, 

an denen die Teilschuldverschreibungen notiert sind, erfolgen. 

Jede derartige Bekanntmachung gilt mit dem Tage der 

ersten Veröffentlichung (oder, soweit eine Veröffentlichung in 

mehreren Zeitungen vorgeschrieben ist, an dem Tag, an dem 

die Veröffentlichung in allen vorgeschriebenen Zeitungen 

erfolgt ist) als wirksam erfolgt. [Inhaber von Zinsscheinen gelten 

als in gleicher Weise unterrichtet wie gemäß diesem § 12 

unterrichtete Anleihegläubiger.] 

§ 13 Begebung weiterer Schuldverschreibungen 

Die Anleiheschuldnerin behält sich das Recht vor, ohne 

Zustimmung der Anleihegläubiger weitere Schuldverschreibungen 

mit gleicher Ausstattung (gegebenenfalls mit Ausnahme 

der ersten Zinszahlung und/oder der Nennbeträge) 

wie die vorliegenden Teilschuldverschreibungen zu begeben, 

so dass sie mit diesen eine Einheit bilden. Der Begriff „Teilschuldverschreibungen“ 

umfasst im Falle einer solchen weiteren 

Begebung auch solche zusätzlich begebenen 

Schuldverschreibungen. 

§ 14 Anwendbares Recht, Erfüllungsort und Gerichtsstand 

(a) Form und Inhalt der Teilschuldverschreibungen 

[und] [der Zinsscheine] [und der Garantie] sowie alle 

sich daraus ergebenden Rechte und Pflichten 

bestimmen sich ausschließlich nach dem Recht der 

Bundesrepublik Deutschland. Erfüllungsort ist 

Frankfurt am Main. 

(b) Nicht-ausschließlicher Gerichtsstand für alle sich 

aus den in diesen Bedingungen geregelten Rechtsverhältnissen 

ergebenden Rechtsstreitigkeiten mit 

der Anleiheschuldnerin [und mit der Garantin aus 

der Garantie] ist Frankfurt am Main. 

[(iii) the Guarantor (except in the case that the 

Guarantor itself is the New Issuer) irrevocably 

and unconditionally guarantees such obligations 

of the New Issuer]. 

(b) In the event of such substitution, any reference in 

these Conditions to the Issuer shall from then on be 

deemed to refer to the New Issuer; any reference in 

these Conditions to the Issuer's country of domicile 

shall from then on be deemed to refer to the country 

where the New Issuer is domiciled or, if different, is 

treated as resident for tax purposes. 

(c) Any substitution effected in accordance with 

paragraph (a) shall be binding on the Noteholders 

and shall be notified in accordance with Condition 

12. 

12. Notices 

Notices to Noteholders will be deemed to be validly given (i) 

in the case of any Notes which are listed on a German Stock 

Exchange, if published in at least one national newspaper, 

recognised by the relevant German Stock Exchange (überregionales 

Börsenpflichtblatt) (which, in the case of the 

Frankfurt Stock Exchange, is expected to be the Börsen- 

Zeitung), and (ii) in the case of any Notes which are listed on 

the Luxembourg Stock Exchange (so long as such Notes are 

listed on the Luxembourg Stock Exchange and that the rules 

of such exchange so require), in a leading newspaper having 

general circulation in Luxembourg (which is expected to be 

the Luxemburger Wort). The Issuer shall also ensure that 

notices are duly published in compliance with the requirements 

of the relevant authority of each stock exchange on 

which the Notes are listed. Any notice so given will be deemed 

to have been validly given on the date of first such publication 

(or, if required to be published in more than one newspaper, 

on the first date on which publication shall have been made 

in all the required newspapers). [Holders of Coupons will be 

deemed for all purposes to have notice of the contents of any 

notice given to Noteholders in accordance with this 


13. Further Issues 

The Issuer reserves the right from time to time, without the 

consent of the Noteholders to issue additional notes with 

identical terms and conditions as the Notes in all respects (or 

in all respects except for the first payment of interest, if any, 

on them and/or the denomination thereof) so as to be consolidated 

and form a single series with such Notes. The term 

“Notes” shall, in the event of such further issue, also comprise 

such further notes. 

14. Applicable Law, Place of Performance and Jurisdiction 

(a) The form and content of the Notes [and] [the 

Coupons] [and the Guarantee] as well as all the 

rights and duties arising therefrom are governed 

exclusively by the laws of the Federal Republic of 

Germany. Place of performance is Frankfurt am 

Main. 

(b) Non-exclusive court of venue for all litigation with the 

Issuer arising from the legal relations established in 

these Conditions [and with the Guarantor arising 

from the legal relations established in the 

Guarantee] is Frankfurt am Main. 

29

(c) Die Gerichte der Bundesrepublik Deutschland sind 

ausschließlich zuständig für die Kraftloserklärung 

abhanden gekommener oder vernichteter Teilschuldverschreibungen. 

[(d) Die Anleihegläubiger sind auch berechtigt, ihre 

Ansprüche gegenüber der Anleiheschuldnerin vor 

Gerichten im Land der jeweiligen Anleiheschuldnerin 

geltend zu machen. Auch in diesen Fällen ist das 

Recht der Bundesrepublik Deutschland anzuwenden. 

Für etwaige Rechtsstreitigkeiten, die zwischen 

den Anleihegläubigern und der Anleiheschuldnerin 

vor Gerichten in der Bundesrepublik Deutschland 

geführt werden, hat die Anleiheschuldnerin die 

Dresdner Bank Aktiengesellschaft, Jürgen-Ponto- 

Platz 1, 60301 Frankfurt am Main, Bundesrepublik 

Deutschland, zur Zustellungsbevollmächtigten 

bestellt.] 

§ 15 Teilunwirksamkeit 

Sollte eine der Bestimmungen dieser Bedingungen unwirksam 

und undurchführbar sein oder werden, so bleibt die Wirksamkeit 

oder die Durchführbarkeit der übrigen Bestimmungen 

hiervon unberührt. Anstelle der unwirksamen Bestimmung 

soll, soweit rechtlich möglich, eine dem Sinn und Zweck dieser 

Bedingungen zum Zeitpunkt der Begebung der Teilschuldverschreibungen 

entsprechende Regelung gelten. 

Unter Umständen, unter denen sich diese Bedingungen als 

unvollständig erweisen, soll eine ergänzende Auslegung, die 

dem Sinn und Zweck dieser Bedingungen entspricht, unter 

angemessener Berücksichtigung der berechtigten Interessen 

der beteiligten Parteien erfolgen. 

§ 16 Rechtsverbindliche Sprache 

[Ausschließlich die englische Fassung dieser Bedingungen 

ist rechtlich maßgebend. Die deutsche Übersetzung der englischen 

Originalfassung ist rechtlich unverbindlich.] [Ausschließlich 

die deutsche Fassung dieser Bedingungen ist 

rechtlich maßgebend. Die englische Übersetzung der deutschen 

Originalfassung ist rechtlich unverbindlich.] 

30 

(c) The courts in the Federal Republic of Germany shall 

have exclusive jurisdiction over the annulment of 

lost or destroyed Notes. 

[(d) The Noteholders are also entitled to assert their 

claims against the Issuer before courts in the jurisdiction 

of incorporation of the Issuer. In such cases 

the laws of the Federal Republic of Germany shall 

be applied. For litigation, if any, between the 

Noteholders and the Issuer which is brought before 

courts in the Federal Republic of Germany, the 

Issuer has appointed Dresdner Bank Aktiengesellschaft, 

Jürgen-Ponto-Platz 1, 60301 Frankfurt am 

Main, Federal Republic of Germany, as agent for 

service of process.] 

15. Partial Invalidity 

Should any of the provisions contained in these Conditions be 

or become invalid or unenforceable, the validity or the 

enforceability of the remaining provisions shall not in any way 

be affected or impaired thereby. In this case the invalid 

provision shall be replaced by a provision which, to the extent 

legally possible, provides for an interpretation in keeping with 

the meaning and the economic purposes of the Conditions at 

the time of the issue of the Notes. Under circumstances in 

which these Conditions prove to be incomplete, a supplementary 

interpretation in accordance with the meaning and 

the purposes of these Conditions under due consideration of 

the legitimate interests of the parties involved shall be 

applied. 

16. Binding Language 

[This English version of these Conditions is the exclusively 

legally binding one. The German version is for convenience 

only.] [This German version of these Conditions is the exclusively 

legally binding one. The English version is for convenience 

only.]

(B) Emissionsbedingungen nach englischem oder deutschem 

Recht („Bedingungen“) 

Schuldverschreibungen werden gemäß einer am 4. Mai 2004 

unterzeichneten Emissions- und Zahlstellenvereinbarung 

(„Agency Agreement“ in der jeweils gültigen Fassung) begeben. 

Vertragsparteien des Agency Agreement sind die Dresdner 

Bank Aktiengesellschaft („Bank“) und die Dresdner 

Finance B.V. („Dresdner Finance“), (zusammen „Anleiheschuldnerinnen“ 

und jede für sich „Anleiheschuldnerin“, 

wobei diese Begriffe die Bank selbst mit ihrer Hauptniederlassung 

und jede von ihr benannte Zweigniederlassung außerhalb 

der Bundesrepublik Deutschland sowie jede andere von 

der Bank als Anleiheschuldnerin benannte Tochtergesellschaft 

der Bank einschließt), die Bank (soweit nicht selbst 

Anleiheschuldnerin) in ihrer Eigenschaft als Garantin der 

Schuldverschreibungen wie nachstehend beschrieben 

(„Garantin“), die Bank und JPMorgan Chase Bank, London 

Branch („Chase“) jeweils in ihrer Eigenschaft sowohl als Fiscal 

Agent („Fiscal Agent“, wobei dieser Begriff jede andere 

in § 10 benannte Stelle mit einschließt), als auch als Registrator 

(„Registratoren“, wobei dieser Begriff für jeden Nachfolger 

der Bank oder der Chase in dieser Eigenschaft gilt), 

sowie als Hauptzahlstelle („Hauptzahlstellen“) und weitere in 

§ 10 benannte Zahlstellen („Zahlstellen“, wobei dieser 

Begriff die Fiscal Agent und jede andere Zahlstelle einschließt), 

die gemäß dem Agency Agreement eine Zahlstelle 

ersetzt oder als zusätzliche Zahlstelle benannt wird. Für jede 

nachstehend beschriebene Anleihe werden gegebenenfalls 

der/die betreffende Fiscal Agent, Registrator, Hauptzahlstelle, 

Zahlstellen und die Berechnungsstelle („Berechnungsstelle“) 

in dem Konditionenblatt (wie nachstehend definiert) 

benannt. Schuldverschreibungen, die von einer anderen 

Anleiheschuldnerin als der Bank begeben werden, sind unbedingt 

und unwiderruflich von der Bank garantiert. 

Jede Anleiheschuldnerin hat in einer am 4. Mai 2004 abgegebenen 

Erklärung Nebenverpflichtungen („Deed of 

Covenant“, in der jeweils gültigen Fassung) für Schuldverschreibungen 

übernommen, die vorläufig oder dauerhaft in 

einer Sammelschuldverschreibung verbrieft sind und englischem 

Recht unterliegen. Das Agency Agreement und die 

Deeds of Covenant können während der üblichen Geschäftszeiten 

bei den benannten Geschäftsstellen der Fiscal Agent, 

der Hauptzahlstellen, der Zahlstellen und der Registratoren in 

Kopie eingesehen werden. Für alle aus den Schuldverschreibungen 

begünstigten Personen gilt, dass sie Kenntnis von 

allen Regelungen des Agency Agreement und der Deeds of 

Covenant, soweit diese sich auf die jeweiligen Schuldverschreibungen 

beziehen, haben, und diese für sie verbindlich 

sind. 

Schuldverschreibungen werden in Serien begeben (jeweils 

eine „Anleihe“) und jede Anleihe kann aus einer oder mehreren 

Tranchen von Schuldverschreibungen („Tranchen“, 

und jede einzelne eine „Tranche“) bestehen. Jede Tranche 

unterliegt den Bestimmungen eines Konditionenblattes 

(„Konditionenblatt“), das bei den benannten Geschäftsstellen 

des/der betreffenden Fiscal Agent, Hauptzahlstelle, 

weiterer Zahlstellen und/oder im Fall von Namensschuldverschreibungen, 

(wie nachfolgend definiert), beim 

maßgeblichen Registrator in Kopie erhältlich ist. 

Soweit in den Bedingungen nicht ausdrücklich anders geregelt, 

gelten Bezugnahmen auf Schuldverschreibungen jeweils 

für Schuldverschreibungen der betreffenden Anleihe (und 

schließen, soweit sich dies aus dem Zusammenhang ergibt, 

die in § 1b definierten Empfangsbescheinigungen ein). 

Bezugnahmen auf die in § 1b definierten Zinsscheine und auf 

(B) Terms and Conditions of the Notes under English or 

German Law (the “Conditions”) 

The Notes are issued pursuant to and in accordance with an 

amended and restated agency agreement (the “Agency 

Agreement”, which expression shall include any amendments 

or supplements thereto) dated 4 May 2004 and made 

between Dresdner Bank Aktiengesellschaft (the “Bank”) and 

Dresdner Finance B.V. (“Dresdner Finance”) (the “Issuers” 

and each an “Issuer”, which expression shall include the 

head office of the Bank and any branch of the Bank outside 

the Federal Republic of Germany as the Bank shall determine 

from time to time and any other subsidiary of the Bank which 

the Bank shall nominate as an issuer), the Bank as guarantor 

of the Notes as hereinafter described (the “Guarantor”), the 

Bank and JPMorgan Chase Bank, London Branch (“Chase”) 

each in its capacity as fiscal agent (as such the “Fiscal 

Agents”, which expression shall include any other agent 

specified in Condition 10) and as registrar (as such the 

“Registrars”, which expression shall include any successor 

to the Bank or Chase in its capacity as such), and as principal 

paying agent (as such the “Principal Paying Agents”) and 

certain other paying agents named therein (the “Paying 

Agents”, which expression shall include the Principal Paying 

Agents and any substitute or additional paying agents 

appointed in accordance with the Agency Agreement). For 

each Issue (as defined below) of Notes, the relevant Fiscal 

Agent, Registrar, Principal Paying Agent, Paying Agents, and 

the calculation agent (“Calculation Agent”), as applicable, is 

specified in the Pricing Supplement (as defined below). The 

Notes issued by any Issuer other than the Bank are 

guaranteed unconditionally and irrevocably by the Bank. 

In respect of Notes issued in temporary global form or 

permanent global form and governed by English law, the 

Notes have the benefit of deeds of covenant (each a “Deed of 

Covenant”, which expression shall include any amendments 

or supplements thereto) dated 4 May 2004 executed by each 

Issuer in relation to the Notes. Copies of the Agency 

Agreement and the Deeds of Covenant are available for 

inspection during normal business hours at the specified 

office of each of the Fiscal Agents, the Principal Paying 

Agents, the Paying Agents and the Registrars. All persons 

from time to time entitled to the benefit of obligations under 

any Notes shall be deemed to have notice of, and shall be 

bound by, all of the provisions of the Agency Agreement and 

the Deeds of Covenant insofar as they relate to the relevant 

Notes. 

The Notes are issued in series (each an “Issue”), and each 

Issue may comprise one or more tranches (“Tranches” and 

each a “Tranche”) of Notes. Each Tranche will be the subject 

of a pricing supplement (“Pricing Supplement”), a copy of 

which may be obtained at the specified office of the relevant 

Fiscal Agent, Principal Paying Agent and other Paying Agents 

and/or, in the case of Registered Notes (as defined below), at 

the specified office of the relevant Registrar. 

In these Conditions, unless otherwise expressly stated, references 

to Notes are to Notes of the relevant Issue (and, where 

the context permits, shall be deemed to include Receipts (as 

defined in Condition 1(b) relating to such Notes) and any 

references to Coupons (as defined in Condition 1(b)) and 

Receipts are to Coupons and Receipts relating to Notes of the 

31

Empfangsbescheinigungen gelten jeweils für Zinsscheine und 

Empfangsbescheinigungen der betreffenden Anleihe. 

Bezugnahmen in den Bedingungen auf das Konditionenblatt 

gelten jeweils für das für die Schuldverschreibungen der 

betreffenden Tranche oder Anleihe erstellte Konditionenblatt. 

Werden im Konditionenblatt Bestimmungen festgelegt, die 

von den Bedingungen abweichen, so ersetzen, ergänzen oder 

modifizieren die im Konditionenblatt festgelegten Bestimmungen 

die Bedingungen entsprechend. 

Begriffe, die im Konditionenblatt verwandt werden, haben, 

sofern sich aus dem Zusammenhang nicht etwas anderes 

ergibt oder etwas anderes bestimmt ist, dieselbe Bedeutung 

wie in den Bedingungen. 

§ 1 Form und Nennbetrag 

Form 

(a) Schuldverschreibungen werden entweder in Form 

von auf den Inhaber lautenden („Inhaberschuldverschreibungen“) 

oder auf den Namen lautenden 

(„Namensschuldverschreibungen“) Schuldverschreibungen 

in dem im Konditionenblatt bestimmten 

Gesamtnennbetrag begeben. Schuldverschreibungen 

können festverzinslich, variabel verzinslich 

oder mit einer Kombination von festem und variablem 

Satz (einschließlich eines auf eine Formel bezogenen 

Satzes) verzinslich („Anleihen mit variablem 

Zinsbetrag“) oder unverzinslich (dies gilt nicht für 

Verzugszinsen nach dem Endfälligkeitstag) („Nullkupon-Anleihen“) 

sein. Schuldverschreibungen 

können auch so gestaltet sein, dass die Rückzahlung 

des Kapitalbetrags und/oder die Zahlung von 

Zinsen in einer oder mehreren anderen Währungen 

erfolgen kann als in der Währung, auf die die 

Schuldverschreibungen lauten („Doppelwährungsanleihen“). 

Das Konditionenblatt kann auch jede 

andere Ausstattung bestimmen.* 

(b) Schuldverschreibungen, die vorläufig oder dauerhaft 

in einer Sammelschuldverschreibung verbrieft 

sind (jeweils „vorläufige Sammelschuldverschreibungen“ 

oder „dauerhafte Sammelschuldverschreibungen“) 

tragen die eigenhändigen oder 


der Anleiheschuldnerin sowie die eigenhändige 

Unterschrift eines Kontrollbeauftragten des 

Fiscal Agent. Sofern Schuldverschreibungen in 

effektiven Urkunden („effektive Urkunden“) verbrieft 

werden, tragen sie die eigenhändigen oder 


der Anleiheschuldnerin, die eigenhändige 

Unterschrift eines Kontrollbeauftragten des Fiscal 

Agent sowie einen Prägestempel der Anleiheschuldnerin. 

Verzinsliche Schuldverschreibungen in Form 

effektiver Urkunden sind mit einer Allonge versehen, 

auf der erfolgte Zinszahlungen eingetragen werden 

können; oder, sofern im Konditionenblatt vorgesehen, 

sind ihnen bei der ersten Auslieferung 

Zinsscheine beigefügt, die die faksimilierten Unterschriften 

von zwei Vertretungsberechtigten der 

Anleiheschuldnerin sowie einen Prägestempel der 

Anleiheschuldnerin tragen („Zinsscheine“); die Vorlage 

solcher Zinsscheine ist, vorbehaltlich bestimmter 

Ausnahmen, Voraussetzung für die Zinszahlung. 

Verzinslichen Schuldverschreibungen in Form effek- 

* Anwendbar auf alle Schuldverschreibungen, mit Ausnahme von Schuldverschreibungen, 

die an der Frankfurter Wertpapierbörse zugelassen sind. 

32 

relevant Issue. 

References in these Conditions to the Pricing Supplement are 

to the Pricing Supplement prepared in relation to the Notes of 

the relevant Tranche or Issue. Should the Pricing Supplement 

specify terms and conditions inconsistent with these Conditions, 

the former shall replace or modify the latter to the extent 

specified in the Pricing Supplement. 

Words and expressions used in the Pricing Supplement shall 

have the same meanings where used in these Conditions 

unless the context otherwise requires or unless otherwise 

stated. 


Form 

(a) Notes are issued in bearer form (“Bearer Notes”) or 

in registered form (“Registered Notes”), in the 

aggregate principal amount as specified in the 

Pricing Supplement. Notes may be interest bearing 

at a fixed rate, at a floating rate or at a combination 

of fixed and/or floating rates (including interest 

calculated by reference to formula) (“Variable 

Coupon Amount Notes”) or may be non-interest 

bearing (except in respect of interest due after the 

maturity date thereof) (“Zero Coupon Notes”) or 

Notes in respect of which payments of principal and/ 

or interest are or may be payable in one or more 

currencies other than the currency in which such 

Notes are denominated (“Dual Currency Notes”) or 

such other type of Note as is specified in the Pricing 

Supplement.* 

(b) Notes in temporary or permanent global form 

(respectively “Temporary Global Notes” and 

“Permanent Global Notes”) bear the manual or 

facsimile signatures of two duly authorised officers 

of the Issuer and the manual signature of an authentication 

officer of the Fiscal Agent. Notes in definitive 

form (“Definitive Notes”) bear the manual or 


of the Issuer, the manual signature of an authentication 

officer of the Fiscal Agent and an embossed 

stamp of the Issuer. Interest-bearing Definitive Notes 

have endorsed thereon a grid for recording the 

payment of interest or, if so specified in the Pricing 

Supplement, have attached thereto at the time of 

their initial delivery coupons (“Coupons”) (bearing 

the facsimile signatures of two duly authorised 

officers of the Issuer and an embossed stamp of the 

Issuer), presentation of which will be a prerequisite 

to the payment of interest save in certain circumstances 

specified therein. Interest-bearing Definitive 

Notes, if so specified in the Pricing Supplement, 

have attached thereto, at the time of their initial 

delivery, a talon (“Talon”) for further coupons and 

the expression “Coupon” shall, where the context so 

requires, include Talons. Definitive Notes, the 

principal amount of which is payable by instalments 

(“Instalment Notes”), have endorsed thereon a grid 

* Applicable to any Notes except for Notes to be listed on the Frankfurt Stock 

Exchange.

tiver Urkunden ist, sofern im Konditionenblatt vorgesehen, 

bei ihrer ersten Auslieferung ein 

Erneuerungsschein für den Bezug zusätzlicher Zinsscheine 

beigefügt („Talon“); der Begriff „Zinsschein“ 

umfasst, soweit der Zusammenhang es 

erfordert, den Talon. Schuldverschreibungen in 

Form effektiver Urkunden, deren Kapitalbetrag in 

Teilbeträgen rückzahlbar ist („Teilzahlungsschuldverschreibungen“), 

sind mit einer Allonge versehen, 

auf der geleistete Teilrückzahlungen 

eingetragen werden können; oder, sofern im Konditionenblatt 

vorgesehen, sind ihnen bei der ersten 

Auslieferung Empfangsbescheinigungen („Empfangsbescheinigungen“) 

für die Teilrückzahlungen beigefügt; 

die Vorlage solcher Empfangs-bescheinigungen 

ist vorbehaltlich bestimmter Ausnahmen Voraussetzung 

für die Rückzahlung des betreffenden Teilbetrages. 

(c) Die Teilschuldverschreibungen sind anfänglich in 

einer vorläufigen Sammelschuldverschreibung 

(„vorläufige Sammelschuldverschreibung“) verbrieft, 

die bei der Clearstream Banking AG, Frankfurt am 

Main („Clearstream Frankfurt“) oder bei einem 

gemeinsamen Verwahrer für Euroclear Bank S.A./ 

N.V., als Betreiberin des Euroclear Systems („Euroclear“) 

und Clearstream Banking, société anonyme 

(„Clearstream Luxemburg“) hinterlegt ist. Die vorläufige 

Sammelschuldverschreibung wird bei Vorlegung 

einer Bescheinigung, dass der bzw. die 

rechtliche(n) oder wirtschaftliche(n) Eigentümer 

keine U.S.-Person(en) entsprechend dem U.S.- 

Steuerrecht sind, frühestens jedoch 40 Tage nach 

Ausstellung der vorläufigen Sammelschuldverschreibung, 

gegen eine dauerhafte Sammelschuldverschreibung 

(„dauerhafte Sammelschuldverschreibung“ 


Sammelschuldverschreibung, „Sammelschuldverschreibung“) 

ausgetauscht. Etwaige Zinsansprüche 

sind nicht gesondert verbrieft. Die vorläufige und die 

dauerhafte Sammelschuldverschreibung tragen die 


der Anleiheschuldnerin sowie die 

eigenhändige Unterschrift eines Kontrollbeauftragten 

des Fiscal Agent (gemäß Bedingung § 10). Teilschuldverschreibungen 

in effektiven Urkunden 

werden nicht ausgegeben. Ein Anspruch auf Ausdruck 

und Auslieferung von Teilschuldverschreibungen 

in effektiven Urkunden ist ausgeschlossen. 

Sofern das Konditionenblatt für die Schuldverschreibungen 

englisches Recht bestimmt, wird die dauerhafte 

Sammelschuldverschreibung nach Wahl des 

Inhabers einer solchen dauerhaften Sammelschuldverschreibung 

vollständig und nicht nur teilweise 

durch die Anleiheschuldnerin in effektive Urkunden 

umgetauscht, wenn 

(i) im Hinblick auf Schuldverschreibungen der betreffenden 

Serie ein Kündigungsgrund vorliegt oder 

(ii) entweder Euroclear oder Clearstream Luxembourg 

den Geschäftbetrieb für einen zusammenhängenden 

Zeitraum von vierzehn Tagen geschlossen hat 

(gesetzliche Feiertage werden hierbei nicht mitgezählt) 

oder die Absicht ankündigt, den Geschäftsbetrieb 

dauerhaft aufzugeben, oder diesen faktisch 

einstellt oder 

(iii) dem Inhaber einer solchen dauerhaften Sammelschuldverschreibung 

ein diesbezügliches Wahl- 

for recording the repayment of principal or, if so 

specified in the Pricing Supplement, have attached 

thereto at the time of their initial delivery, payment 

receipts (“Receipts”) in respect of the instalments of 

principal, presentation of which will be a prerequisite 

to the repayment of the relevant instalment save in 

certain circumstances specified therein. 

(c) The Notes are initially represented by a temporary 

global bearer Note (the “Temporary Global Note”) 

which is deposited with Clearstream Banking AG, 

Frankfurt am Main (“Clearstream Frankfurt”) oder a 

common depositary for Euroclear Bank S.A./N.V., as 

operator of the Euroclear System (“Euroclear”) and 

Clearstream Banking, société anonyme (“Clearstream 

Luxembourg”). The Temporary Global Note 

will be exchangeable for a permanent global note 

(the “Permanent Global Note” and, together with the 

Temporary Global Note, the “Global Note”) against 

certification of non-U.S. beneficial ownership in 

accordance with U.S. tax regulations no earlier than 

40 days after the issue of the Temporary Global 

Note. The rights to demand payment of interest (if 

any) are not evidenced by a separate document. The 

Temporary Global Note and the Permanent Global 

Note bear the manual signatures of two duly 

authorised officers of the Issuer as well as the 


Fiscal Agent (as specified in Condition 10). No definitive 

Notes will be issued. The right to demand the 

printing and delivery of definitive Notes is excluded. 

In the Event that the Pricing Supplement specifies 

that the Notes are governed by English law, the 

Permanent Global Instrument will be exchanged by 

the Issuers in whole (but not in part only), at the 

option of the Holder of such Permanent Global 

Instrument, for Definitive Notes, 

(i) if an Event of Default occurs in respect of any 

Note of the relevant Series; or 

(ii) if either Euroclear or Clearstream Luxembourg 

is closed for business for a continuous period of 

fourteen days (other than by reason of public 

holidays) or announces an intention to cease 

business permanently or in fact does so; or 

(iii) if so specified in the Pricing Supplement, at the 


33

Nennbetrag 

34 

recht im Konditionenblatt eingeräumt wurde und 

dieser den Umtausch verlangt. 

Die Kosten für den Umtausch trägt in allen zuvor 

genannten Fällen die Anleiheschuldnerin. 

Um das in Paragraph (iii) dieser Bedingung enthaltene 

Wahlrecht auszuüben, muss der Inhaber die 

betreffende dauerhafte Sammelschuldverschreibung 

bei der bezeichneten Geschäftsstelle des Fiscal 

Agents mindestens fünfundvierzig Tage vor dem 

Tag, an dem die Auslieferung von effektiven Stücke 

verlangt werden kann, hinterlegen. Die Umtauschmitteilung 

auf der Rückseite der dauerhaften Sammelschuldverschreibung 

muss vollständig ausgefüllt 

sein. 

Die dauerhafte Sammelschuldverschreibung wird 

gemäß ihren Bedingungen ungültig, wenn die 

Anleiheschuldnerinnen die verlangte Lieferung von 

effektiven Urkunden nicht bis 18.00 Uhr (Londoner 

Zeit) am dreißigsten Tag nach dem Tag, an dem 

diese dauerhafte Sammelschuldverschreibung zum 

Umtausch fällig geworden ist, vorgenommen haben 

und diese Schuldverschreibung in dem zuvor 

genannten Fall (i) nicht am dreißigsten Tag nach 

dem Tag, an dem diese Schuldverschreibung rückzahlbar 

geworden ist, bis 18.00 Uhr (Londoner Zeit) 

zurückgezahlt wird oder die für eine Rückzahlung 

erforderlichen Mittel dem Fiscal Agent zum Zwecke 

der Rückzahlung nicht zur Verfügung stehen und für 

diesen Zweck verfügbar bleiben. 

Nennbetrag von Inhaberschuldverschreibungen 

(d) Inhaberschuldverschreibungen sind gemäß dem 

Konditionenblatt in einen oder mehrere Nennbeträge 

eingeteilt (von denen jeder Nennbetrag ein vielfaches 

Ganzes des jeweils kleineren Nennbetrags sein 

muss). Inhaberschuldverschreibungen eines Nennbetrags 

können nicht in Inhaberschuldverschreibungen 

eines anderen Nennbetrags ausgetauscht 

werden. Die Inhaberschuldverschreibungen sind 

fortlaufend numeriert. 

Nennbetrag von Namensschuldverschreibungen 

(e) Namensschuldverschreibungen lauten auf den 

kleinsten im Konditionenblatt bestimmten Nennbetrag 

oder auf ein vielfaches Ganzes davon. 

Währung der Teilschuldverschreibungen 

(f) Das maßgebliche Konditionenblatt kann die jeweilige 

Währung bestimmen, auf die die Schuldverschreibungen 

lauten und/oder in der sie 

zurückzuzahlen sind. Jede Währung kann so 

bestimmt werden (u.a. „Euro“ (wie in § 15 

bestimmt), Japanische Yen, Pfund Sterling, Schweizer 

Franken und US Dollars). 

§ 2 Status und Garantie 

Status 

(a) Die Schuldverschreibungen begründen, sofern das 

maßgebliche Konditionenblatt nicht die Schuldverschreibungen 

als nachrangige Schuldverschreibungen 

der Bank bestimmt, direkte, unbedingte und 

unbesicherte Verbindlichkeiten der Anleiheschuldnerin 

und haben, soweit nicht zwingende gesetzliche 

Vorschriften entgegenstehen, mindestens den glei- 

Instrument upon such Holder's request, 

in all cases at the cost and expense of the Issuers. 

Denomination 

In order to exercise the option contained in 

paragraph (iii) of the preceding sentence, the Holder 

must, not less than forty-five days before the date 

upon which the delivery of such Definitive Notes is 

required, deposit the relevant Permanent Global 

Instrument with the Fiscal Agent at its specified office 

with the form of exchange notice endorsed thereon 

duly completed. 

If the Issuers do not make the required delivery of 

Definitive Notes by 6.00 p.m. (London time) on the 

thirtieth day after the day on which such Permanent 

Global Instrument becomes due to be exchanged 

and, in the case of (i) above, such Note is not duly 

redeemed (or the funds required for such 

redemption are not available to the Fiscal Agent for 

the purposes of effecting such redemption and 

remain available for such purpose) by 6.00 p.m. 

(London time) on the thirtieth day after the day at 

which such Instrument became immediately 

redeemable such Permanent Global Instrument will 

become void in accordance with its terms. 

Denomination of Bearer Notes 

(d) Bearer Notes are in the denomination or denominations 

(each of which denomination must be integrally 

divisible by each smaller denomination) specified in 

the Pricing Supplement. Bearer Notes of one denomination 

may not be exchanged for Bearer Notes of 

any other denomination. Bearer Notes in definitive 

form are consecutively numbered. 

Denomination of Registered Notes 

(e) Registered Notes are in the minimum denomination 

specified in the Pricing Supplement or integral 

multiples thereof. 

Currency of Notes 

(f) Notes may be denominated in and/or payable by 

reference to such currency as may be specified in 

the relevant Pricing Supplement. Any currency may 

be so specified (including, without limitation, “Euro” 

(as defined in Condition 15), Japanese Yen, Pounds 

Sterling, Swiss Francs and United States Dollars). 

2. Status and Guarantee 

Status 

(a) The Notes constitute direct, unconditional, and 

unsecured obligations of the Issuer and rank pari 

passu without any preference among themselves 

and at least pari passu with all other unsecured 

obligations of the Issuer, present and future (save for 

certain exceptions provided by law), unless 

specified in the relevant Pricing Supplement as

Garantie 

chen Rang wie alle anderen gegenwärtigen oder 

zukünftigen unbesicherten Verbindlichkeiten der 

Anleiheschuldnerin. Die Schuldverschreibungen 

sind untereinander gleichberechtigt. 

(b) Ausschließlich bei nachrangigen Schuldverschreibungen 

der Bank gehen die Forderungen aus den 

Schuldverschreibungen und die Zinsansprüche 

(„Anleiheforderungen“) den Forderungen aller 

Gläubiger der Anleiheschuldnerin, die nicht ebenfalls 

nachrangig sind, im Range nach. Der Nachrang 

ist auf die Fälle der Liquidation, der Insolvenz, des 

Vergleichs oder eines sonstigen Verfahrens zur Vermeidung 

der Insolvenz beschränkt. Zahlungen auf 

die Anleiheforderungen erfolgen in einem solchen 

Fall erst nach Befriedigung aller gegen die Anleiheschuldnerin 

bestehenden nicht nachrangigen Forderungen. 

Die Aufrechnung von Anleiheforderungen 

der Anleihegläubiger gegen Forderungen der Anleiheschuldnerin 

ist ausgeschlossen, und es sind oder 

werden keine vertraglichen Sicherheiten von der 

Anleiheschuldnerin oder von Dritten gestellt. 

(c) Gemäß § 10 Abs. 5 a Kreditwesengesetz können der 

in Absatz (b) geregelte Nachrang nicht nachträglich 

beschränkt und weder die Laufzeit der Schuldverschreibungen 

noch die Kündigungsfrist verkürzt 

werden. Der Anleiheschuldnerin ist eine vorzeitige 

Rückerstattung an Anleihegläubiger ohne Rücksicht 

auf entgegenstehende Vereinbarungen zurückzuzahlen, 

sofern nicht der ausgezahlte Betrag von der 

Anleiheschuldnerin durch die Einzahlung anderen, 

zumindest gleichwertigen haftenden Eigenkapitals 

ersetzt wird. 

(d) Sofern die Bank nicht die Anleiheschuldnerin ist, 

sind die Zahlungsverpflichtungen der Anleiheschuldnerin 

aus den Schuldverschreibungen von 

der Dresdner Bank Aktiengesellschaft, Frankfurt am 

Main, mit einer Garantie vom 4. Mai 2004 („Garantie“) 

unbedingt und unwiderruflich garantiert. 

§ 3 Eigentum 

(i) Die Garantie stellt einen Vertrag zugunsten 

eines jeden Gläubigers als begünstigten Dritten 

gemäß § 328 Absatz 1 BGB dar, welcher das 

Recht eines jeden Gläubigers begründet, Erfüllung 

aus der Garantie zu verlangen und die 

Garantie gegenüber der Garantin durchzusetzen. 

Kopien der Garantie können kostenlos an 

der Hauptniederlassung der Garantin in Frankfurt 

am Main bezogen werden. 

(ii) Die Garantie sowie alle sich daraus ergebenden 


nach dem Recht der Bundesrepublik 

Deutschland. 

(a) Sofern die Übertragung des Eigentums an Inhaberschuldverschreibungen,Empfangsbescheinigungen 

und Zinsscheinen dem englischen Recht 

unterliegt, ist hierfür deren Übergabe ausreichend. 

Bezugnahmen in den Bedingungen auf Inhaber 

(„Inhaber“) oder auf Anleihegläubiger 

(„Anleihegläubiger“) bezüglich Schuldverschreibungen 

oder Empfangsbescheinigungen oder Zinsscheinen 

sind Bezugnahmen auf die Inhaber solcher 

Inhaberschuldverschreibungen oder Empfangsbescheinigungen 

oder Zinsscheine. 

being subordinated notes (“Subordinated Notes”) 

of the Bank. 

(b) In respect of Subordinated Notes of the Bank only, 

the claims arising out of the Notes and the claims for 

interest (“Issue Claims”) are subordinated to all 

claims of creditors of the relevant Issuer which are 

not also subordinated. The subordination is limited 

to events of liquidation, bankruptcy, composition or 

other procedures to avoid bankruptcy. In such an 

event payments on Issue Claims will only be made 

after all existing unsubordinated claims of creditors 

of the relevant Issuer have been satisfied. The right 

to set-off Issue Claims against claims of the relevant 

Issuer is excluded and no contractual security is, or 

will be, provided by the relevant Issuer or by a third 

party. 

(c) In accordance with the provisions of Section 10 

Paragraph 5a of the KWG (German Banking Supervisory 

Act), the subordination provided for in subparagraph 

(b) cannot be limited subsequently and 

neither the term of the Notes nor the term of notice 

of a call can be shortened. An early repayment of 

principal must be repaid to the Issuer despite 

agreement to the contrary unless the repaid amount 

will be replaced by the Issuer by other at least equivalent 

liable own funds for banking supervisory 

purposes. 

Guarantee 

3. Title 

(d) Provided that the Issuer is not itself the Guarantor the 

payment obligations of the Issuer under the Notes 

have been guaranteed unconditionally and irrevocably 

by Dresdner Bank Aktiengesellschaft, 

Frankfurt am Main pursuant to a guarantee dated 

4 May 2004 (“Guarantee”). 

(i) This Guarantee constitutes a contract in favour 

of the Noteholders from time to time as third 

party beneficiaries pursuant to § 328 (1) of the 

German Civil Code giving rise to the right of 

each Noteholder to require performance of the 

obligations undertaken herein from the 

Guarantor and to enforce such obligation 

against the Guarantor. 

(ii) The Guarantee as well as all rights, duties and 

obligations arising therefrom, are governed 

exclusively by the laws of the Federal Republic 

of Germany. 

(a) Where the transfer of title is governed by English law, 

title to Bearer Notes, Receipts and Coupons passes 

by delivery. References herein to the “Holders” or 

the “Noteholders” of Bearer Notes or of Receipts or 

Coupons are to the bearers of such Bearer Notes or 

such Receipts or Coupons. 

35

36 

(b) Das Eigentum an Namensschuldverschreibungen 

wird gemäß Absatz (d) durch Eintragung in das 

Register übertragen, das auf Veranlassung der 

Anleiheschuldnerin von dem Registrator zu führen 

ist. Bezugnahmen in den Bedingungen auf Inhaber 

(„Inhaber“) oder auf Anleihegläubiger („Anleihegläubiger“) 

bezüglich Namensschuldverschreibungen 

sind Bezugnahmen auf die Personen, auf deren 

Namen solche Namensschuldverschreibungen im 

Register eingetragen sind. 

(c) Der Inhaber von Schuldverschreibungen, Zinsscheinen 

oder Namensschuldverschreibungen gilt 

(soweit nicht zwingende Gesetzes- oder Verwaltungsbestimmungen 

entgegenstehen) in jeder Hinsicht 

als Alleineigentümer, ob fällig oder nicht fällig, 

und unabhängig von irgendwelchen Mitteilungen 

bezüglich des Eigentums, möglichen Treuhandschaften 

oder anderen Ansprüchen hieran oder hieraus, 

etwaigen Vermerken auf der Urkunde oder 

einem Diebstahl oder Verlust, und niemand kann 

dafür verantwortlich gemacht werden, dass er den 

Inhaber als Alleineigentümer angesehen hat. 

In Bezug auf englischem Recht unterliegende 

Schuldverschreibungen ist niemand berechtigt, eine 

Leistung auf Grund der Bedingungen dieser Schuldverschreibungen 

unter dem Contracts (Rights of 

Third Parties) Act 1999 zu fordern. 

Übertragung von Namensschuldverschreibungen 

(d) Eine Namensschuldverschreibung kann gemäß dem 

Agency Agreement ganz oder teilweise (sofern dieser 

Teil dem im Konditionenblatt bestimmten kleinsten 

Nennbetrag oder einem vielfachen Ganzen 

davon entspricht) gegen Einreichung dieser 

Namensschuldverschreibung und mit einer ordnungsgemäßen 

Übertragungserklärung bei der 

benannten Geschäftsstelle des maßgeblichen Registrators 

übertragen werden. Dem Erwerber wird 

dann eine neue Namensschuldverschreibung ausgestellt 

und im Falle einer teilweisen Übertragung 

einer Namensschuldverschreibung wird dem Veräußerer 

zusätzlich in Höhe des nicht übertragenen 

Betrags eine neue Namensschuldverschreibung 

ausgestellt. 

(e) Jede nach der Übertragung einer Namensschuldverschreibung 

neu ausgestellte Namensschuldverschreibung 

wird innerhalb von drei Maßgeblichen 

Werktagen nach dem Übertragungstag bei der hierfür 

benannten Geschäftsstelle des Registrators zur 

Auslieferung bereitgehalten oder, nach Wahl des die 

Übertragung verlangenden Anleihegläubigers (mit 

normaler Post, wobei der Anleihegläubiger die 

Gefahr des Verlustes trägt), an die von diesem (oder 

diesen) Anleihegläubiger(n) angegebene(n) Adresse(n) 

versandt. Geht ein Übertragungsverlangen nach 

dem in § 6.2(b) bestimmten Tag betreffend die 

Fälligkeit einer Zahlung aus Namensschuldverschreibungen 

bei dem Registrator oder dem Fiscal Agent 

ein, so gilt dieses als am Tag nach der Fälligkeit 

einer solchen Zahlung wirksam zugegangen. 

In diesen Bedingungen ist: 

(i) ein „Maßgeblicher Werktag“ ein Tag, an dem 

Geschäftsbanken am Ort der benannten 

Geschäftsstelle des Registrators für Bankgeschäfte 

(einschließlich Devisenhandelsge- 

(b) Title to Registered Notes is transferred in 

accordance with Condition 3(d) by registration in the 

register which each Issuer shall procure to be kept 

by the Registrar. References herein to the “Holders” 

or the “Noteholders” of Registered Notes are to the 

persons in whose names such Registered Notes are 

so registered in the relevant register. 

(c) The Holder of any Bearer Note, Coupon or Registered 

Note will (except as otherwise required by 

applicable law or regulatory requirement) be treated 

as its absolute owner for all purposes (whether or 

not it is overdue and regardless of any notice of 

ownership, trust or any interest thereof or therein, 

any writing thereon, or any theft or loss thereof) and 

no person shall be liable for so treating such Holder. 

In respect of Notes governed by English law, no 

person shall have any right to enforce any terms or 

conditions of the Notes under the Contracts (Rights 

of Third Parties) Act 1999. 

Transfer of Registered Notes 

(d) A Registered Note may, upon the terms and subject 

to the conditions set forth in the Agency Agreement, 

be transferred in whole or in part only (provided that 

such part is, or is an integral multiple of, the 

minimum denomination specified in the Pricing 

Supplement) upon the surrender of the Registered 

Note to be transferred, together with the form of 

transfer endorsed on it duly completed and 

executed, at the specified office of the relevant 

Registrar. A new Registered Note will be issued to 

the transferee and, in the case of a transfer of part 

only of a Registered Note, a new Registered Note in 

respect of the balance not transferred will be issued 

to the transferor. 

(e) Each new Registered Note to be issued upon the 

transfer of a Registered Note will, within three 

Relevant Working Days of the transfer date be 

available for delivery at the specified office of the 

Registrar or, at the option of the Holder requesting 

such transfer, be mailed (by uninsured post at the 

risk of the Holder(s) entitled thereto) to such 

address(es) as may be specified by such Holder. For 

these purposes, a form of transfer received by the 

Registrar or the Fiscal Agent after the date specified 

in Condition 6.2(b) in respect of any payment due in 

respect of Registered Notes shall be deemed not to 

be effectively received by the Registrar or the Fiscal 

Agent until the day following the due date for such 

payment. 

For the purposes of these Conditions: 

(i) “Relevant Working Day” means a day on 

which commercial banks are open for business 

(including dealings in foreign exchange and 

foreign currency deposits) in the place where

schäfte) geöffnet sind; und 

(ii) der „Übertragungstag“ der Maßgebliche Werktag, 

der auf den Tag der Einreichung der entsprechenden 

Namensschuldverschreibung zur 

Übertragung gemäß Absatz (d) folgt. 

(f) Die Ausstellung neuer Namensschuldverschreibungen 

nach einer Übertragung von Namensschuldverschreibungen 

wird von der Anleiheschuldnerin 

oder in deren Namen vom Fiscal Agent oder vom 

Registrator kostenfrei, jedoch nach Zahlung (oder 

nachdem der Antragsteller eine Kostenfreistellung in 

dem von der Anleiheschuldnerin, dem Fiscal Agent 

oder dem Registrator diesbezüglich verlangten 

Umfang erklärt hat) der Steuern, Gebühren oder 

sonstiger staatlicher Abgaben, die im Zusammenhang 

mit dieser Ausstellung erhoben werden, vorgenommen. 

§ 4 Verzinsung 

Schuldverschreibungen können gemäß Konditionenblatt entweder 

festverzinslich, variabel verzinslich, mit einer Kombination 

von fester und variabler Verzinsung oder unverzinslich 

sein. Das Konditionenblatt bestimmt für jede Tranche von verzinslichen 

Schuldverschreibungen, welche Bedingung gemäß 

§ 4(a), (b), (c) oder (d) anzuwenden ist. 

Festverzinslich 

(a) Schuldverschreibungen, auf die nach dem Konditionenblatt 

§ 4(a) anzuwenden ist, werden vom Tag der 

Begebung („Begebungstag“) an, (wie im Konditionenblatt 

festgelegt) (einschließlich) oder von einem 

anderen im Konditionenblatt bestimmten Tag, bis 

zum Tag der Endfälligkeit („Endfälligkeitstag“) 

(ausschließlich) mit dem/den im Konditionenblatt 

bestimmten Satz oder Sätzen per annum (oder hiervon 

abweichend) verzinst. Die Zinsen sind nachträglich 

an den im Konditionenblatt bestimmten Tagen 

(jeweils ein „Zinszahlungstag“) und am Endfälligkeitstag 

zahlbar. 

Sind Zinsen für eine andere Periode als ein volles Jahr zu 

berechnen, dann erfolgt die Berechnung: 

(i) wenn im betreffenden Konditionenblatt die 

„Actual/Actual (ISMA)“ Methode bestimmt ist 

und die betreffende Zinsperiode in eine 

Reguläre Zinsperiode (wie unten definiert) fällt, 

auf der Basis der Anzahl von Tagen in der 

betreffenden Zinsperiode geteilt durch das Produkt 

aus (A) der tatsächlichen Anzahl von 

Tagen in der Regulären Zinsperiode, in welche 

die betreffende Zinsperiode fällt, und (B) der 

Anzahl der Regulären Zinsperioden in einem 

beliebigen Zeitraum innerhalb eines Jahres, 

(ii) wenn im betreffenden Konditionenblatt die 


und die betreffende Zinsperiode in einer 

Regulären Zinsperiode beginnt und in der 

nächsten Regulären Zinsperiode endet, erfolgt 

die Berechnung auf folgender Basis: 

(A) der Anzahl der Tage in der betreffenden 

Zinsperiode, die innerhalb der ersten 

Regulären Zinsperiode liegen, geteilt durch 

das Produkt aus (1) der Anzahl der Tage in 

der ersten Regulären Zinsperiode und (2) 

der Anzahl der Regulären Zinsperioden in 

einem beliebigen Zeitraum innerhalb eines 

the specified office of the Registrar is located; 

and 

(ii) “transfer date” shall be the Relevant Working 

Day following the day on which the relevant 

Registered Note shall have been surrendered 

for transfer in accordance with Condition 3(d). 

(f) The issue of new Registered Notes on transfer for 

Registered Notes will be effected without charge by 

or on behalf of the Issuer, the Fiscal Agent or the 

Registrar, but upon payment by the applicant of (or 

the giving by the applicant of such indemnity as the 

Issuer, the Fiscal Agent or the Registrar may require 

in respect of) any tax, duty or other governmental 

charges which may be imposed in relation thereto. 

4. Interest 

Notes may be interest-bearing at a fixed or floating rate, or at 

a combination of fixed/floating rates or non interest-bearing, 

as specified in the Pricing Supplement. The Pricing 

Supplement in relation to each Tranche of interest-bearing 

Notes shall specify which one (and one only) of Conditions 

4(a), (b), (c) or (d) shall be applicable. 

Fixed Rate Interest 

(a) Notes in relation to which this Condition 4(a) is 

specified in the Pricing Supplement as being applicable 

shall bear interest from and including their 

date of issue (“Issue Date”) (as specified in the 

Pricing Supplement) or from such other date as may 

be specified in the Pricing Supplement up to but 

excluding the date of final maturity of the Notes 

(“Maturity Date”) at the rate or rates per annum (or 

otherwise) specified in the Pricing Supplement. Such 

interest will be payable in arrear on such dates as 

are specified in the Pricing Supplement (each an 

“Interest Payment Date”) and on the Maturity Date. 

If interest is required to be calculated for a period of other 

than a full year, such interest shall be calculated: 

(i) if “Actual/Actual (ISMA)” is specified in the 

Pricing Supplement and the relevant period falls 

during a Regular Period (as defined below), on 

the basis of the number of days in the relevant 

period divided by the product of (A) the number 

of days in the Regular Period in which the 

relevant period falls and (B) the number of 

Regular Periods in any period of one year; 

(ii) if “Actual/Actual (ISMA)” is specified in the 

applicable Pricing Supplement and the relevant 

period begins in one Regular Period and ends 

in the next succeeding Regular Period, interest 

will be calculated on the basis of the sum of: 

(A) the number of days in the relevant period 

falling within the first such Regular Period 

divided by the product of (1) the number of 

days in the first such Regular Period and (2) 

the number of Regular Periods in any period 

of one year; and 

37

38 

Jahres, und 

(B) der Anzahl der Tage in der betreffenden 

Zinsperiode, die innerhalb der zweiten 

Regulären Zinsperiode liegen, geteilt durch 


der zweiten Regulären Zinsperiode und (2) 

der Anzahl der Regulären Zinsperioden 

innerhalb eines Jahres, oder 

(iii) wenn im betreffenden Konditionenblatt die „30/ 

360“ Methode bestimmt ist, auf der Basis der 

Anzahl von Tagen in dem Zeitraum von 

(einschließlich) dem letzten vorangegangenen 

Zinszahlungstag (oder gegebenenfalls vom 

(iv) 

Beginn der Verzinsung) bis zu (ausschließlich) 

dem Tag, an dem Zinsen fällig werden (wobei 

diese Anzahl der Tage auf der Basis von 12 

Monaten zu je 30 Tagen bestimmt wird), geteilt 

durch 360, oder 

auf einer anderen im betreffenden Konditionenblatt 

bestimmten Basis. 

Für Zwecke dieser Bedingung 4(a) ist 

(i) der Tag und Monat (aber nicht das Jahr), auf 

welchen ein Zinszahlungstag fällt, ein „Regulärer 

Tag“, und 

(ii) jede Periode vom und einschließlich eines 

Regulären Tages, welche in ein beliebiges Jahr 

fällt, bis zu (ausschließlich) dem nächsten 

Regulären Tag eine „Reguläre Zinsperiode“. 

Variabel verzinslich 

(b) Schuldverschreibungen, auf die nach dem Konditionenblatt 

§ 4(b) anzuwenden ist, werden zu Zinssätzen 

per annum (oder hiervon abweichend) 

(„Zinssatz“) verzinst, die gemäß diesem Absatz (b) 

bestimmt werden. Die Schuldverschreibungen sind 

vom Tag der Begebung (wie im Konditionenblatt 

bestimmt) einschließlich oder einem anderen im 

Konditionenblatt bestimmten Tag an zu verzinsen. 

Zinsen werden vierteljährlich, halbjährlich oder 

jährlich nachträglich an den im Konditionenblatt 

bestimmten Tagen (jeweils ein „Zinszahlungstag“) 

und gegebenenfalls am Endfälligkeitstag gezahlt. 

Wenn irgendein Zinszahltag, für den eine Anpassung 

in Übereinstimmung mit einer Geschäftstageregelung 

vorgesehen ist, auf einen Tag fällt, der kein 

Geschäftstag ist, dann gilt je nach Art der betreffenden 

Geschäftstageregelung folgendes: (A) im Fall 

der „Floating Rate Business Day Convention“ erfolgt 

die Zahlung am nächstfolgenden Geschäftstag, 

sofern dieser Tag nicht in den nächsten Monat fällt; 

in diesem Fall wird (x) der Zahltag auf den unmittelbar 

vorhergehenden Geschäftstag vorverlegt und (y) 

für jeden darauffolgenden Zinszahltag der letzte 

Geschäftstag desjenigen Monats bestimmt, in den 

der Zinszahltag gefallen wäre, wenn er nicht angepasst 

worden wäre, (B) im Fall der „Following 

Business Day Convention“ erfolgt die Zinszahlung 

am nächstfolgenden Geschäftstag, (C) im Fall der 

„Modified Following Business Day Convention“ 

erfolgt die Zahlung am nächstfolgenden 

Geschäftstag, sofern dieser Tag nicht in den 

nächsten Monat fällt; in diesem Fall wird der Zahltag 

auf den unmittelbar vorhergehenden Geschäftstag 

vorverlegt, oder (D) im Fall der „Preceding Business 

(B) the number of days in the relevant period 

falling within the second such Regular 

Period divided by the product of (1) the 

number of days in the second such Regular 

Period and (2) the number of Regular 

Periods in any period of one year; 

(iii) if “30/360” is specified in the Pricing 

Supplement on the basis of the number of days 

in the period from and including the most recent 

Interest Payment Date (or, if none, the Interest 

Commencement Date) to but excluding the 

relevant payment date (such number of days 

being calculated on the basis of 12 30-day 

months) divided by 360; or 

(iv) on such other basis as may be provided in the 


For purposes of this Condition 4(a), 

(i) the day and month (but not the year) on which 

any Interest Payment Date falls shall be a 

“Regular Date”; and 

(ii) each period from and including a Regular Date 

falling in any year to but excluding the next 

succeeding Regular Date shall be a “Regular 

Period”. 

Floating Rate Interest 

(b) Notes in relation to which this Condition 4(b) is 


shall bear interest at the rates per annum (or 

otherwise) (“Rate of Interest”) determined in 

accordance with this Condition 4(b). Such Notes 

shall bear interest from and including their Issue 

Date (as specified in the Pricing Supplement) or from 

such other date as may be specified in the Pricing 

Supplement. 

Interest will be payable quarterly, semi-annually, or 

annually in arrear on such dates specified in the 

relevant Pricing Supplement (each an “Interest 

Payment Date”) and on the Maturity Date (if any). 

If any Interest Payment Date that is specified to be 

subject to adjustment in accordance with a Business 

Day Convention would otherwise fall on a day that is 

not a Business Day, then, if the Business Day 

Convention specified (A) the Floating Rate Business 

Day Convention, such date shall be postponed to the 

next day that is a Business Day unless it would 

thereby fall into the next calendar month, in which 

event (x) such date shall be brought forward to the 

immediately preceding Business Day and (y) each 

subsequent such date shall be the last Business Day 

of the month in which such date would have fallen 

had it not been subject to adjustment; (B) the 

Following Business Day Convention, such date shall 

be postponed to the next day that is a Business Date, 

(C) the Modified Following Business Day 

Convention, such date shall be postponed to the 

next day that is a Business Day unless it would 


event such date shall be brought forward to the 

immediately preceding Business Day or (D) the 

Preceding Business Day Convention, such date shall

Day Convention“ wird der Zahltag auf den unmittelbar 

vorhergehenden Geschäftstag vorverlegt. 

In diesen Bedingungen ist ein „Geschäftstag“ ein 

Tag, der gleichzeitig ein Tag ist (i) an dem 

Geschäftsbanken und Devisenmärkte im Maßgeblichen 

Finanzzentrum und/oder einem anderen im 

Konditionenblatt festgelegten Ort Zahlungen abwickeln 

und (ii) entweder (1) in Bezug auf Zinsen, die 

in einer anderen Währung als Euro zahlbar sind, ein 

Tag, an dem Geschäftsbanken und Devisenmärkte 

Zahlungen im Hauptfinanzzentrum des Landes der 

betreffenden Währung abwickeln (sofern dies nicht 

London oder ein anderer im Konditionenblatt 

bestimmter Ort ist; im Fall von Australischen Dollars 

oder Neuseeland Dollars ist der betreffende Ort 

Sydney bzw. Auckland) oder (2) in Bezug auf Zinsen, 

die in Euro zahlbar sind, ein Tag, an dem das 

TARGET System zur Verfügung steht. „Maßgebliches 

Finanzzentrum“ ist das Finanzzentrum oder 

die Finanzzentren, das/die hinsichtlich der jeweiligen 

Währung für die Definition von „Geschäftstag“ 

gemäß den ISDA-Definitionen bestimmt wird/werden, 

angepasst oder ergänzt durch das Konditionenblatt. 

„ISDA Definitionen“ bedeutet die ISDA Definitionen 

von 2000 (unter Berücksichtigung der jeweiligen 

Änderungen und Ergänzungen), die durch die 

International Swaps and Derivatives Association, Inc. 

veröffentlicht wurden. 

„Euro-Zone“ bezeichnet das Gebiet derjenigen Mitgliedstaaten 

der Europäischen Union, die den Euro 

als gesetzliches Zahlungsmittel in Übereinstimmung 

mit dem EG-Vertrag, ergänzt durch den Vertrag über 

die Europäische Union, einführen oder eingeführt 

haben. 

„TARGET System“ bezeichnet das Trans-European 

Automated Real-Time Gross Settlement Express 

Transfer (TARGET) System. 

„TARGET Business Day“ bezeichnet einen Tag, an 

dem das TARGET System zur Verfügung steht. 






Legt das Konditionenblatt fest, dass für Schuldverschreibungen 

dieser Absatz (b) anzuwenden ist, 

bestimmt es weiterhin, auf welche Bildschirmseite 

(„Maßgebliche Bildschirmseite“, wobei dieser 

Begriff auch jede Ersatzseite umfasst) von Reuters 

oder Moneyline Telerate oder einem anderen Informationsanbieter 

Bezug genommen wird. Hierbei 

steht „Reuters“ für Reuter Money Market Rates Services, 

und „Moneyline Telerate“ für die Moneyline 

Telerate Services (oder jeder andere Informationsanbieter, 

der zur Veröffentlichung vergleichbarer 

Sätze als Nachfolger benannt wird). 

Für Schuldverschreibungen, auf die § 4(b) anzuwenden 

ist, wird der Zinssatz („Zinssatz“) für jede Zinsperiode 

auf folgende Weise festgestellt: 

(i) die Berechnungsstelle wird (x) den Einlagenangebotssatz 

(oder sofern erforderlich, das 

be brought forward to the immediately preceding 

Business Day. 

For the purposes of these Conditions, a “Business 

Day” is a day which is both; (i) a day on which 

commercial banks and foreign exchange markets 

settle payments in the Relevant Financial Centre or 

in any other place specified in the Pricing 

Supplement and (ii) either (1) in relation to interest 

payable in the relevant currency other than Euro, a 

day on which commercial banks and foreign 

exchange markets settle payments in the principal 

financial centre of the country of the relevant 

currency (if other than London and any other place 

specified in the Pricing Supplement and which if the 

relevant currency is Australian dollars or New 

Zealand dollars shall be Sydney or Auckland, 

respectively) or (2) in relation to interest payable in 

Euro, a day on which the TARGET System is 

operating. A “Relevant Financial Centre” means 

such financial centre or centres as may be specified 

in relation to the relevant currency for the purposes 

of the definition of “Business Day” in the ISDA Definitions, 

as modified or supplemented in the Pricing 

Supplement. 

“ISDA Definitions” means the 2000 ISDA definitions 

as published by the international Swaps and Derivatives 

Association, Inc. as further amended and 

updated from time to time; 

“Euro-Zone” means the zone comprising the 

Member States of the European Union which adopt 

or have adopted the Euro as their lawful currency in 

accordance with the Treaty establishing the 

European Communities, as amended by the Treaty 

on European Union; 

“TARGET System” means the Trans-European 

Automated Real-Time Gross Settlement Express 

Transfer (TARGET) System; 

“TARGET Business Day” means a day on which the 

TARGET System is operating. 





(but excluding) the immediately following Interest 

Payment Date is herein called an “Interest Period”. 

The Pricing Supplement, in relation to Notes in 

relation to which this Condition 4(b) is specified as 

being applicable, shall specify which page (the 

“Relevant Screen Page”, which expression shall 

include any replacement page), on the Reuters 

Screen or Moneyline Telerate or any other information 

vending service, shall be applicable. For these 

purposes, “Reuters Screen” means the Reuter 

Money Market Rates Services and “Moneyline Telerate” 

means the Moneyline Telerate Services (or 

such other service as may be nominated as the 

information vendor for the purposes of displaying 

comparable rates in succession thereto). 

The rate of interest (“Rate of Interest”) for each 

Interest Period in relation to Notes in relation to 

which this Condition 4(b) is specified as being applicable 

shall be determined on the following basis: 

(i) the Calculation Agent will determine (x) the rate 

at which deposits are offered (or, as the case 

39

40 

arithmetische Mittel, gerundet auf die fünfte 

Stelle, wobei ab 0,000005 aufzurunden ist, der 


in der betreffenden Währung (einschließlich 

Euro) mit einer der Zinsperiode 

entsprechenden Laufzeit von Banken in London 

angeboten werden („LIBOR“), oder (y) den Einlagenangebotssatz 

(oder sofern erforderlich, 

das arithmetische Mittel, gerundet auf die dritte 

Stelle, wobei ab 0,0005 aufzurunden ist, der 


in Euro mit einer der Zinsperiode entsprechenden 

Laufzeit von Banken der Eurozone 

angeboten werden („EURIBOR“), und zwar 

gemäß dem Satz (den Sätzen), welcher (welche) 

auf der Maßgeblichen Bildschirmseite um 11.00 

Uhr (LIBOR: Londoner Zeit / EURIBOR: Brüsseler 

Zeit) am zweiten Tag, an dem Geschäftsbanken 

in Frankfurt am Main, London und dem 

Maßgeblichen Finanzzentrum für Bankge- 

(ii) 

schäfte geöffnet sind, oder, im Fall von auf Euro 

lautenden Schuldverschreibungen, am zweiten 

Tag, an dem das TARGET System zur Verfügung 

steht, vor (oder soweit das Konditionenblatt 

nicht etwas anderes vorsieht) dem ersten Tag 

der betreffenden Zinsperiode („Zinsfeststellungstag“) 

angezeigt werden. Sofern auf der 

Maßgeblichen Bildschirmseite um 11.00 Uhr 

(LIBOR: Londoner Zeit / EURIBOR: Brüsseler 

Zeit) am Zinsfeststellungstag fünf oder mehr 

Sätze für Einlagen angezeigt werden, werden 

der höchste (oder, bei mehreren Höchstsätzen 

ein Höchstsatz) und der niedrigste (oder, bei 

mehreren Niedrigstsätzen, ein Niedrigstsatz) 

von der Berechnungsstelle für die Bestimmung 

des arithmetischen Mittels (gerundet wie oben 

angegeben) dieser Einlagensätze nicht berücksichtigt, 

sofern am Zinsfeststellungstag ein solcher Einlagensatz 

nicht angezeigt wird (oder sofern 

weniger als drei solcher Sätze angezeigt 

werden), oder sofern die Maßgebliche Bildschirmseite 

(oder eine Ersatzseite) nicht zur 

Verfügung steht, wird die Berechnungsstelle 

vier führende Kreditinstitute im Maßgeblichen 

Finanzzentrum (oder, im Fall von auf Euro lautenden 

Schuldverschreibungen, im Interbankenmarkt 

der Euro-Zone) zur Nennung solcher 

Sätze auffordern, zu denen diese Einlagen für 

die Dauer der entsprechenden Zinsperiode und 

in einer für diesen Markt zu diesem Zeitpunkt 

üblichen Größenordnung für Einzeltransaktionen 

anbieten, und das arithmetische Mittel dieser 

Sätze ermitteln, 

(iii) sofern an einem Zinsfeststellungstag nur drei 

solcher Einlagensätze von den entsprechenden 

Kreditinstituten genannt werden, wird die 

Berechnungsstelle das arithmetische Mittel 

(iv) 

(gerundet wie oben angegeben) der genannten 

Sätze bestimmen, oder 

sofern weniger als drei oder keine Sätze von 

den entsprechenden Kreditinstituten genannt 

werden, wird die Berechnungsstelle das arithmetische 

Mittel der Sätze bestimmen, die von 

vier führenden Kreditinstituten im Maßgeblichen 

Finanzzentrum (wie oben definiert) (oder im Fall 

may require, the arithmetic mean of the rates for 

deposits rounded (if necessary) to the fifth 


upwards) by banks in London in the relevant 

currency (including Euro) for a period of the 

duration of the relevant Interest Period 

(“LIBOR”), or (y) the rate at which deposits in 

Euro are offered (or, as the case may require, 

the arithmetic mean of the rates for deposits 

rounded (if necessary) to the third decimal 

place, with 0.0005 being rounded upwards) by 

banks in the Eurozone for a period of the 

duration of the relevant interest period 

(“EURIBOR”), according to the rate (or rates) 

appearing on the Relevant Screen Page as at 

11.00 a.m. (LIBOR: London time / EURIBOR: 

Brussels time) on the second day upon which 

banks in Frankfurt am Main, London and the 

Relevant Financial Centre are open for business 

(or, in the case of Notes denominated in Euro, 

on the second TARGET Business Day) before 

(or otherwise as so specified in the Pricing 

Supplement) the first day of the relevant Interest 

Period (“Interest Determination Date”). If five 

or more rates for deposits appear on the 

Relevant Screen Page as at 11.00 a.m. (LIBOR: 

London time / EURIBOR: Brussels time) on the 

Interest Determination Date, the highest (or, if 

there is more than one such highest quotation, 

one only for such quotations) and the lowest (or, 

if there is more than one such lowest quotation, 

one only of such quotations) shall be disregarded 

by the Calculation Agent for the purpose 

of determining the arithmetic mean (rounded as 

provided above) of such rates for deposit; 




deposits so appear) or if the Relevant Screen 

Page (or any replacement therefor) is 

unavailable, the Calculation Agent will request 

appropriate quotations and will determine the 

arithmetic mean of the rates at which deposits 

in the relevant currency are offered by four 

major banks in the interbank market of the 

Relevant Financial Centre (or, in the case of 

Notes denominated in Euro, in the interbank 

market of the Euro-Zone) for a period of the 

duration of the relevant Interest Period and in an 

amount that is representative for a single transaction 

in the relevant market at the relevant 

time; 

(iii) if, on any Interest Determination Date, only three 

such rates for deposits are so quoted by such 

banks, the Calculation Agent will determine the 

arithmetic mean (rounded as aforesaid) of the 

rates so quoted; or 

(iv) if fewer than three or no rates are so quoted 

by such banks, the Calculation Agent will 

determine the arithmetic mean of the rates 

quoted by four major banks in the Relevant 

Financial Centre (as defined above (or, in the 

case of Notes denominated in Euro, in the Euro-

von auf Euro lautenden Teilschuldverschreibungen, 

in der Euro-Zone, gegen 11.00 Uhr (Ortszeit 

des Maßgeblichen Finanzzentrums (oder 

Ortszeit/des/der anderen Finanzzentrums/ 

Finanzzentren oder, bei auf Euro lautenden 

Schuldverschreibungen, Brüsseler Zeit)) am 

Zinsfeststellungstag für Ausleihungen in der 

entsprechenden Währung an führende europäische 

Kreditinstitute für die Dauer der entsprechenden 

Zinsperiode und in einer für diesen 

Markt zu diesem Zeitpunkt üblichen Größenordnung 

für Einzeltransaktionen genannt werden. 

Der für die Schuldverschreibungen geltende Zinssatz 

für die jeweilige Zinsperiode ist die Summe aus 

der im Konditionenblatt festgelegten maßgeblichen 

Marge („Maßgebliche Marge“) und dem wie vorstehend 

bestimmten Satz (oder gegebenenfalls dem 

arithmetischen Mittel). Falls die Berechnungsstelle 

einen Satz (oder gegebenenfalls das arithmetische 

Mittel) gemäß dem Vorstehenden für eine Zinsperiode 

nicht ermitteln kann, ist der für diese Schuldverschreibungen 

für die entsprechende Zinsperiode 

maßgebliche Zinssatz die Summe aus der Maßgeblichen 

Marge und dem Satz (oder gegebenenfalls 

dem arithmetischen Mittel), der zuletzt für die 

Schuldverschreibungen in Bezug auf die vorhergehende 

Zinsperiode bestimmt wurde. Sofern außerdem 

im Konditionenblatt ein Mindestzinssatz oder 

ein Höchstzinssatz festgelegt ist, ist der Zinssatz 

nicht niedriger als der Mindestzinssatz oder nicht 

höher als der Höchstzinssatz. 

Die Berechnungsstelle errechnet umgehend nach 



den im Konditionenblatt jeweils bestimmten Nennbetrag 

der Schuldverschreibungen entfallenden 

Zinsbetrag („Zinsbetrag“). Der Zinsbetrag wird 

ermittelt durch Multiplikation des auf eine Zinsperiode 

anzuwendenden Zinssatzes mit dem jeweiligen 

Nennbetrag, wobei das Produkt mit einem Quotienten 

(„Zinstagequotient“) multipliziert wird, der im 

maßgeblichen Konditionenblatt bestimmt ist. Der so 

errechnete Betrag wird auf die kleinste Einheit der 

Währung, auf die die Schuldverschreibungen lauten 

oder in der Zinsen zu zahlen sind, auf- oder abgerundet 

(ab 0,5 einer solchen Einheit wird aufgerundet). 

Der „Zinstagequotient“ besteht in Bezug auf die Berechnung 

eines Zinsbetrages für eine Schuldverschreibung für jedweden 

Zeitraum (ungeachtet dessen, ob er eine Zinsperiode darstellt, 

der „Berechnungszeitraum“) aus: 

(i) wenn im betreffenden Konditionenblatt die „Actual/ 

365“ oder „Actual/Actual (ISDA)“ Methode bestimmt 

ist, der tatsächlichen Anzahl von Tagen im 

Berechnungszeitraum, geteilt durch 365 (oder, falls 

ein Teil des Berechnungszeitraums in ein Schaltjahr 

fällt, geteilt durch die Summe (A) der tatsächlichen 

Anzahl von Tagen in dem Teil des Berechnungszeitraums, 

der in ein Schaltjahr fällt, geteilt durch 366, 

und (B) der tatsächlichen Anzahl von Tagen in dem 

Teil der Berechnungsperiode, die nicht in ein Schaltjahr 

fällt, geteilt durch 365), 

(ii) wenn im betreffenden Konditionenblatt die „Actual/ 

365 (Fixed)“ Methode bestimmt ist, der tatsächlichen 

Anzahl von Tagen im Berechnungszeitraum, 

geteilt durch 365, 

Zone), selected by the Issuer at approximately 

11.00 a.m. (Relevant Financial Centre time (or 

local time at such other financial centre or 

centres as aforesaid or, in the case of Notes 

denominated in Euro, Brussel time)) on the 

Interest Determination Date for loans in the 

relevant currency to leading European banks for 

a period of the duration of the relevant Interest 




The Rate of Interest applicable to such Notes during 

each Interest Period will be the sum of the relevant 

margin (“Relevant Margin”) specified in the Pricing 

Supplement and the rate (or, as the case may be, the 

arithmetic mean) so determined; provided that, if the 

Calculation Agent is unable to determine a rate (or, 

as the case may be, an arithmetic mean) in 

accordance with the above provisions in relation to 

any Interest Period, the Rate of Interest applicable to 

such Notes during such Interest Period will be the 

sum of the Relevant Margin and the rate (or, as the 

case may be, the arithmetic mean) last determined 

in relation to such Notes in respect of the preceding 

Interest Period; and provided always that, if there is 

specified in the Pricing Supplement a minimum 

interest rate or a maximum interest rate, then the 

Rate of Interest shall in no event be less than or, as 

the case may be, exceed such minimum or 

maximum interest rate. 

The Calculation Agent will, as soon as practicable 



(“Interest Amount”) payable in respect of the 


specified in the relevant Pricing Supplement for the 

relevant Interest Period. The Interest Amount will be 

calculated by applying the Rate of Interest for such 

Interest Period to such principal amount, multiplying 

the product by the Day Count Fraction specified in 

the relevant Pricing Supplement and rounding the 

resulting figure to the nearest sub-unit of the 

currency in which such Notes are denominated or, 

as the case may be, in which such interest is payable 

(one half of any such sub-unit being rounded 

upwards). 

“Day Count Fraction” means, in respect of the calculation of 

an amount of interest on any Note for any period of time 

(whether or not constituting an Interest Period, the “Calculation 

Period”): 

(i) if “Actual/365” or “Actual/Actual – ISDA” is 

specified hereon, the actual number of days in the 

Calculation Period divided by 365 (or, if any portion 

of that Calculation Period falls in a leap year, the 

sum of (A) the actual number of days in that portion 

of the Calculation Period falling in a leap year 

divided by 366 and (B) the actual number of days in 

that portion of the Calculation Period falling in a nonleap 

year divided by 365); 

(ii) if “Actual/365 (Fixed)” is specified hereon, the 

actual number of days in the Calculation Period 

divided by 365; 

41

42 

(iii) wenn im betreffenden Konditionenblatt die „Actual/ 

360“ Methode bestimmt ist, der tatsächlichen Anzahl 

von Tagen im Berechnungszeitraum, geteilt durch 

360, 

(iv) wenn im betreffenden Konditionenblatt die „30/ 

360“, „360/360“ oder „Bond Basis“ Methode 

bestimmt ist, der Anzahl von Tagen im Berechnungszeitraum, 

geteilt durch 360 (wobei diese 

Anzahl der Tage auf Basis eines Jahres mit 360 

Tagen in 12 Monaten zu je 30 Tagen zu berechnen 

ist (für den Fall, dass (a) der letzte Tag des Berechnungszeitraums 

der 31. eines Monats ist, aber der 

erste Tag der Berechnungsperiode ein anderer als 

der 30. oder 31. Tag eines Monats ist, soll der Monat, 

in den dieser letzte Tag fällt, nicht auf einen Monat 

zu 30 Tagen verkürzt werden, oder (b) der letzte Tag 

der Berechnungsperiode der letzte Tag des Monats 

Februar ist, soll der Monat Februar nicht auf einen 

Monat zu 30 Tagen verlängert werden)), 

(v) wenn im betreffenden Konditionenblatt die „30E/ 

360“ oder „Eurobond Basis“ Methode bestimmt ist, 

der Anzahl von Tagen im Berechnungszeitraum, 

geteilt durch 360 (wobei diese Anzahl der Tage auf 

Basis eines Jahres mit 360 Tagen in 12 Monaten zu 

je 30 Tagen zu berechnen ist, ohne Berücksichtigung 

des Datums, auf das der erste oder der letzte 

Tag des Berechnungszeitraums fällt; wenn allerdings 

der Berechnungszeitraum mit dem 

Fälligkeitstag endet und der Fälligkeitstag der letzte 

Tag des Monats Februar ist, soll der Monat Februar 

nicht auf einen Monat zu 30 Tagen verlängert werden). 

Swap-bezogene Verzinsung (ISDA) 

(c) Schuldverschreibungen, auf die nach dem Konditionenblatt 

§ 4 (c) anzuwenden ist, werden mit einem 

gemäß diesem Absatz (c) festzulegenden Satz per 

annum verzinst. Jede Schuldverschreibung wird 

vom Begebungsstag (wie im Konditionenblatt 

bestimmt) oder von einem anderen im Konditionenblatt 

bestimmten Tag an verzinst. Zinsen sind an 

solchen Tagen und in solcher Höhe zahlbar, wie sie 

(ungeachtet eines etwaigen Kündigungsgrundes 

oder eines etwaigen Termination Event) zahlbar 

wären, wenn die Anleiheschuldnerin mit dem 

Inhaber der betreffenden Schuldverschreibung eine 

Swap-Vereinbarung eingegangen wäre (für die die 

ISDA Definitions anwendbar wären). Danach wäre 

– der erste Tag der maßgeblichen Zinsperiode 

(außer der ersten Zinsperiode) der Tag der Zinsanpassung, 

– die Anleiheschuldnerin Zahlungsverpflichtete 

für den Festzinsbetrag oder gegebenenfalls für 

den variablen Zinsbetrag, 

– die Anleiheschuldnerin oder eine andere im 

Konditionenblatt bestimmte Stelle die Berechnungsstelle, 

– der Begebungstag (oder ein anderer im Konditionenblatt 

bestimmter Tag) das „Effective 

Date“, 

– der Nennbetrag der betreffenden Schuldverschreibung 

der „Calculation Amount“, und 

– alle anderen Bedingungen entsprächen dem 

Konditionenblatt. 

(iii) if “Actual/360” is specified hereon, the actual 

number of days in the Calculation Period divided by 

360; 

(iv) if “30/360”, “360/360” or “Bonds Basis” is 

specified hereon, 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 (a) the last day of the 

Calculation Period is the 31 st of a month but the first 

day of the Calculation Period is a day other than the 

30 th or 31 st 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 (b) 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)); and 

(v) if “30E/360” or “Eurobond Basis” is specified 

hereon, 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, without regard to the date of the first day or 

last day of the Calculation Period unless, in the case 

of a Calculation Period ending on the Maturity Date, 

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. 

Swap Related (ISDA) 

(c) Notes in relation to which this Condition 4 (c) is 


shall bear interest at the rates per annum 

determined in accordance with this Condition 4(c). 

Each such Note shall bear interest from its Issue 



Supplement. Such interest will be payable on such 

dates and in such amounts as would have been 

payable (regardless of any event of default or termination 

event thereunder) by the Issuer had it entered 

into a Swap Transaction (to which there applied the 

ISDA Definitions) with the Holder of such Note under 

which: 

– the first day of the relevant Interest Period (other 

than in respect of the first Interest Period) was 

the Reset Date; 

– the Issuer was the Fixed Rate Payer or, as the 

case may be, the Floating Rate Payer; 

– the Issuer was the Calculation Agent or as 

otherwise specified in the Pricing Supplement; 

– the Issue Date (or such other date as may be 

specified in the Pricing Supplement) was the 

Effective Date; 

– the principal amount of such Note was the 

Calculation Amount; and 

– all other terms were as specified in the Pricing 

Supplement.

Die in diesem Absatz (c) definierten Begriffe haben, 

soweit der Zusammenhang es erfordert, die in den 

ISDA Definitionen für sie festgelegte Bedeutung. 

Andere Zinssätze 

(d) Schuldverschreibungen, auf die nach dem Konditionenblatt 

§ 4(d) anzuwenden ist, werden gemäß 

diesem mit dem errechneten Satz oder mit den 

errechneten Sätzen verzinst und sind nach Höhe 

und Art entsprechend dem maßgeblichen Konditionenblatt 

zahlbar. 

Zusätzliche Bestimmungen 

(e) § 4(f) und § 4(g) sind nach Maßgabe der Bedingungen 

und des Konditionenblattes auf sämtliche 

verzinsliche Schuldverschreibungen anzuwenden. 

§ 4(k) ist für sämtliche Schuldverschreibungen 

außer Nullkupon-Schuldverschreibungen anzuwenden. 

Bekanntmachung von Zinssätzen, Zinsbeträgen und Zinszahlungstagen 

(f) Die Anleiheschuldnerin wird jeden von ihr bestimmten 

oder errechneten Zinssatz, Zinszahlungstag, letzten 

Tag einer Zinsberechnungsperiode, Zinsbetrag, 

ausstehende Schuldverschreibungen oder jede weitere 

Information bekannt machen. Bekanntmachungen 

erfolgen umgehend nach der Bestimmung oder 

Berechnung, jedoch spätestens am vierten Tag, an 

dem Banken im Maßgeblichen Finanzzentrum für 

Bankgeschäfte geöffnet sind (oder, im Fall von auf 

Euro lautenden Schuldverschreibungen, spätestens 

am vierten Tag, an dem das TARGET System zur 

Verfügung steht), gegenüber der Garantin, soweit 

erforderlich, und dem Fiscal Agent und sämtlichen 

Zahlstellen (bei deren hierfür benannten 

Geschäftsstellen die entsprechenden Informationen 

erhältlich sind), dem Registrator (im Fall von 

Namensschuldverschreibungen) und der entsprechenden 

Börse im Fall von Schuldverschreibungen, 

die an der Frankfurter Wertpapierbörse und/oder der 

Luxembourger Börse und/oder jeder anderen Börse 

notiert sind. Die Anleiheschuldnerin ist berechtigt, 

im Fall einer Verlängerung oder Verkürzung der 

maßgeblichen Zinsperiode oder Zinsberechnungsperiode, 

den Zinsbetrag, ausstehende Schuldverschreibungen, 

Zinszahlungstag oder den letzten Tag 

einer Zinsberechnungsperiode ohne vorherige 

Bekanntmachung zu ändern (oder andere Anpassungen 

in geeigneter Weise vorzunehmen), wobei 

eine Ergänzung oder Anpassung in Übereinstimmung 

mit Satz 1 dieses Absatzes (f) bekannt zu 

machen ist. 

Bestimmung und Berechnung 

(g) Die Bestimmung oder Berechnung aller Zinssätze, 


die gemäß § 4 von der Anleiheschuldnerin 

oder gegebenenfalls der Berechnungsstelle vorzunehmen 

ist, ist für alle Beteiligten außer bei offensichtlichem 

Irrtum endgültig und bindend. 

Schuldverschreibungen mit variablen Zinsbeträgen und 

Doppelwährungsschuldverschreibungen 

(h) Wird bei Schuldverschreibungen mit variablen Zinsbeträgen 

oder Doppelwährungsschuldverschreibungen 

der Zinssatz oder der Zinsbetrag durch 

Capitalised terms used in this Condition 4(c) shall, 

where the context so requires, have the meanings 

ascribed to them in the ISDA Definitions. 

Other Rates 

(d) Notes in relation to which this Condition 4(d) is 


shall bear interest at the rate or rates calculated 

on the basis specified in, and be payable in 

the amounts and in the manner determined in 

accordance with, the relevant Pricing Supplement. 

Supplemental Provisions 

(e) Conditions 4(f) and 4(g) shall be applicable to all 

Notes which are interest bearing in the manner 

specified therein and, as appropriate, in the Pricing 

Supplement. Condition 4(k) shall be applicable to all 

Notes other than Zero Coupon Notes. 

Notification of Rates of Interest, Interest Amounts and 

Interest Payment Dates 

(f) The Issuer will cause each Rate of Interest, Interest 

Payment Date, final day of an interest calculation 

period, Interest Amount, floating amount or other 

item, as the case may be, determined or calculated 

by it or the Calculation Agent to be notified to the 

Guarantor, where applicable, and the Fiscal Agent 

and any Paying Agent (from whose respective 

specified offices such information will be available), 

the Registrar (in the case of Registered Notes) and, 

in the case of Notes listed on the Frankfurt Stock 

Exchange and/or the Luxembourg Stock Exchange 

and/or any other stock exchange to the respective 

stock exchange(s) as soon as practicable after such 

determination or calculation but in any event not 

later than the fourth day thereafter upon which banks 

are open for business in the Relevant Financial 

Centre (or, in the case of Notes denominated in Euro, 

not later than the fourth TARGET Business Day 

thereafter). The Issuer will be entitled to amend any 

Interest Amount, floating amount, Interest Payment 

Date or final day of an interest calculation period (or 

to make appropriate alternative arrangements by 

way of adjustment) without prior notice in the event 

of the extension or abbreviation of the relevant 

Interest Period or an interest calculation period and 

such amendment or adjustment will be notified in 

accordance with the first sentence of this Condition 

4(f). 

Determination and Calculation 

(g) The determination or calculation by the Issuer or the 

Calculation Agent (as applicable) of all Rates of 

Interest, Interest Amounts, Interest Payment Dates 

and other items falling to be determined or calculated 

by it for the purposes of this Condition 4 shall, 

in the absence of manifest error, be final and binding 

on all parties. 

Variable Coupon Amount Notes and Dual Currency Notes 

(h) In the case of Variable Coupon Amount Notes or 

Dual Currency Notes, if the rate or amount of interest 

falls to be determined by reference to a formula or, 

43

44 

Bezugnahme auf eine Formel oder gegebenenfalls 

einen Wechselkurs bestimmt, so wird der Zinssatz 

oder der zu zahlende Zinsbetrag in der im Konditionenblatt 

festgelegten Weise bestimmt. 

Nullkupon-Schuldverschreibungen – Rendite 

(i) Vorbehaltlich Absatz (j) werden auf die Schuldverschreibungen 

keine Zinsen gezahlt. Die Rendite 

bis zur Endfälligkeit der Schuldverschreibungen 

(„Rendite“) wird im maßgeblichen Konditionenblatt 

bestimmt. 

(j) Sofern bei ordnungsgemäßer Vorlage oder Einreichung 

der Schuldverschreibungen am Fälligkeitstag 

die Zahlung des Kapitalbetrags oder gegebenenfalls 

des Amortisierungsnennbetrags (wie in § 5(j) 

bestimmt) unberechtigt zurückgehalten oder verweigert 

wird, fallen darauf Zinsen in Höhe der Rendite 

bis zum Ablauf des Tages an, der dem 

Rückzahlungstag vorangeht. 

Ende der Verzinsung 

(k) Die Verzinsung der Schuldverschreibungen endet 

mit Ablauf des Tages, der dem Fälligkeitstag zur 

Rückzahlung vorausgeht, es sei denn, die Zahlung 

des Kapitalbetrags wird bei ordnungsgemäßer Vorlage 

oder Einreichung der Schuldverschreibungen 

am Fälligkeitstag unberechtigt zurückgehalten oder 

verweigert. In diesem Fall endet die Verzinsung des 

nicht zurückgezahlten Kapitalbetrages zu dem für 

die letzte der Vorlage oder Einreichung vorangehende 

Zinsperiode ermittelten Zinssatz mit Ablauf 

des Tages, der der Einlösung vorausgeht, spätestens 

jedoch 14 Tage nach dem Tag, an dem gemäß 

§ 13 bekannt gemacht wird, dass die erforderlichen 

Beträge bei der Hauptzahlstelle (wie in § 10 

genannt) bereitgestellt worden sind. 

§ 5 Rückzahlung und Rückkauf 

Rückzahlung bei Endfälligkeit 

(a) Die Anleiheschuldnerin verpflichtet sich, jede 

Schuldverschreibung zum Nennbetrag (oder zu 

einem anderen Rückzahlungsbetrag, gemäß oder in 

Übereinstimmung mit dem im Konditionenblatt festgelegten 

Rückzahlungsbetrag), (oder, im Fall von 

Teilzahlungsschuldverschreibungen, in der vereinbarten 

Anzahl von Zahlungen und Beträgen („Teilzahlungsbeträge“), 

wie im oder in 

Übereinstimmung mit dem Konditionenblatt festgelegt), 

an dem oder den im Konditionenblatt genannten 

Tag oder Tagen (oder im Fall von variabel 

verzinslichen Schuldverschreibungen am Tag oder 

an den Tagen, an denen Zinsen zahlbar sind), sofern 

nicht vorher zurückgezahlt, zurückzuzahlen. 

Vorzeitige Rückzahlung aus Steuergründen 

(b) Die Anleiheschuldnerin kann in den in § 7 genannten 

Fällen und in Übereinstimmung mit § 7 Schuldverschreibungen 

vorzeitig zurückzahlen. 

Vorzeitige Rückzahlung nach Wahl der Anleiheschuldnerin 

(c) Sofern nach dem Konditionenblatt § 5(c) anwendbar 

ist, kann die Anleiheschuldnerin nach ordnungsgemäßer 

Kündigung und vorbehaltlich eventuell im 

Konditionenblatt festgelegten Bedingungen sämtliche 

(und nicht nur teilweise, es sei denn, das 

Konditionenblatt sieht etwas anderes vor) Schuldverschreibungen 

der maßgeblichen Anleihe zum 

vorzeitigen Rückzahlungsbetrag oder, im Falle von 

as the case may be, an exchange rate, the rate or 

amount of interest payable shall be determined in 

the manner specified in the Pricing Supplement. 

Zero Coupon Notes – Yield 

(i) Interest will not be payable on the Notes otherwise 

than as contemplated in Condition 4(j) below. The 

yield to maturity (“Amortisation Yield”) for the 

Notes will be specified in the relevant Pricing 

Supplement. 

(j) If upon due presentation or surrender of the Notes 



Face Amount (as defined in Condition 5(j) below) is 

improperly withheld or refused, interest shall accrue 

thereon at the Amortisation Yield until the end of the 

day preceding the day of redemption. 

Cessation of Accrual 

(k) Interest will cease to accrue as from the due date for 

redemption of the Notes unless, upon due presentation 





preceding the day of redemption at the rate of 

interest applicable to the Notes for the Interest 

Period immediately preceding such presentation or 

surrender. Interest will, however, cease to accrue at 

the latest 14 days after the date on which it is notified 

in accordance with Condition 13 that the necessary 

funds have been placed at the disposal of the 

Principal Paying Agent (as specified in Condition 10 

below). 


Final Redemption 

(a) The Issuer undertakes to redeem each Note at its 

principal amount (or at such other Redemption 

Amount as may be specified in or determined in 

accordance with, the Pricing Supplement) (or, in the 

case of Instalment Notes, in such number of instalments 

and in such amounts (“Instalment 

Amounts”) as may be specified in, or determined in 

accordance with, the Pricing Supplement) on the 

date or dates (or, in the case of Notes which bear 

interest at a floating rate, on the date or dates upon 

which interest is payable) specified in the Pricing 

Supplement, unless previously redeemed. 

Early Redemption for Taxation Reasons 

(b) The Issuer is entitled to redeem Notes at its option in 

the circumstances provided in, and in accordance 

with the provisions of, Condition 7. 

Optional Early Redemption (Call) 

(c) If this Condition 5(c) is specified in the Pricing 

Supplement as being applicable, then the Issuer 

may, having given the appropriate notice and 

subject to such conditions as may be specified in the 

Pricing Supplement, redeem all (but not, unless and 

to the extent that the Pricing Supplement specifies 

otherwise, some only) of the Notes of the relevant 

Series at the Early Redemption Amount or, in the

nicht verzinslichen Schuldverschreibungen, zum 

Amortisierungsnennbetrag (wie im Konditionenblatt 

festgelegt oder nach der im Konditionenblatt vorgesehenen 

Weise), zusammen mit etwaig aufgelaufenen 

Zinsen, zu dem in der Kündigung genannten 

Tag zurückzahlen. 

Kündigung 

(d) Die ordnungsgemäße Kündigung gemäß Absatz (c) 

erfolgt durch Bekanntmachung der Anleiheschuldnerin 

an die Inhaber von Schuldverschreibungen der 

betreffenden Anleihe gemäß § 13. Diese Kündigung 

ist unwiderruflich und in ihr wird bestimmt: 

– die zur Rückzahlung anstehende Anleihe, 

– falls das Konditionenblatt eine teilweise Rückzahlung 

der Schuldverschreibungen vorsieht, 

ob die Anleihe ganz oder teilweise zurückgezahlt 

wird und, im Fall der teilweisen Rückzahlung, 

der Gesamtnennbetrag und die laufenden 

Nummern der zur Rückzahlung anstehenden 

Anleihe, 

– der Fälligkeitstag der Rückzahlung, dieser muss 

ein Geschäftstag sein, mindestens dreißig Tage 

(oder ein im maßgeblichen Konditionenblatt 

bestimmter kürzerer Zeitraum) nach dem Tag 

der Bekanntmachung liegen, den Bestimmungen 

des Konditionenblattes entsprechen und im 

Fall von variabel verzinslichen Schuldverschreibungen 

ein Zinszahlungstag sein, und 

– der vorzeitige Rückzahlungsbetrag der Schuldverschreibungen. 

Teilweise Rückzahlung 

(e) Sofern nur einzelne Schuldverschreibungen einer 

Anleihe gemäß Absatz (c) zurückzuzahlen sind: 

– werden im Fall von Inhaberschuldverschreibungen 

die zurückzuzahlenden Schuldverschreibungen 

in einer vom Fiscal Agent bestimmten 

europäischen Stadt durch das Los, in sonstiger 

Weise oder an einem anderen Ort ermittelt, 

denen der Fiscal Agent zustimmt und die er für 

geeignet und angemessen erachtet, und 

– werden im Fall von Namensschuldverschreibungen 

die Schuldverschreibungen (soweit 

möglich) anteilig zu ihrem Nennbetrag zurückgezahlt, 

immer vorausgesetzt, dass der 

hinsichtlich jeder Schuldverschreibung zurückgezahlte 

Betrag dem kleinsten Nennbetrag der 

Schuldverschreibungen oder einem vielfachen 

Ganzen davon entspricht, 

jeweils vorbehaltlich der Einhaltung der anwendbaren 

Gesetze und der Vorschriften der jeweiligen 

Börsen, an denen die Schuldverschreibungen notiert 

werden. 

Im Fall der teilweisen Rückzahlung einer Namensschuldverschreibung 

wird eine neue Namensschuldverschreibung 

über den nicht zurückgezahlten 

Betrag in Übereinstimmung mit § 3(d) bis (g), die 

mutatis mutandis gelten, ausgestellt. 

Vorzeitige Rückzahlung nach Wahl der Anleihegläubiger 

(f) Sofern nach dem Konditionenblatt § 5(f) anwendbar 

ist, wird die entsprechende Anleiheschuldnerin nach 

Erhalt einer nicht mehr als 60 Tage und nicht weniger 

als 30 Tage im Voraus vom jeweiligen Inhaber 

case of Notes which are non-interest bearing, their 

Amortised Face Amount (as specified in, or determined 

in the manner specified in the Pricing 

Supplement), together with accrued interest (if any) 

thereon on the date specified in such notice. 

Notice of Early Redemption 

(d) The appropriate notice referred to in Condition 5(c) 

is a notice given by the Issuer to the Holders of the 

Notes of the relevant Issue in accordance with 

Condition 13, which notice shall be irrevocable and 

shall specify: 

– the Issue of Notes subject to redemption; 

– if the Pricing Supplement specifies that some 

only of the Notes may be redeemed, whether 

such Issue is to be redeemed in whole or in part 

only and, if in part only, the aggregate principal 

amount of and the serial numbers of the Notes 

of the relevant Issue which are to be redeemed; 

– the due date for such redemption, which shall 

be a Business Day which shall be not less than 

thirty days (or such lesser period as may be 

specified in the relevant Pricing Supplement) 

after the date on which such notice is given and 

which shall be such date as may be specified in 

the Pricing Supplement and which is, in the 

case of Notes which bear interest at a floating 

rate, an Interest Payment Date; and 

– the Early Redemption Amount at which such 

Notes are to be redeemed. 

Partial Redemption 

(e) If the Notes of a Series are to be redeemed in part 

only on any date in accordance with Condition 5(c): 

– in the case of Bearer Notes, the Notes to be 

redeemed shall be drawn by lot in such 

European city as the Fiscal Agent may specify, 

or identified in such other manner or in such 

other place as the Fiscal Agent may approve 

and deem appropriate and fair; and 

– in the case of Registered Notes, the Notes shall 

be redeemed (so far as may be practicable) pro 

rata to their principal amounts, provided always 

that the amount redeemed in respect of each 

Note shall be equal to the minimum denomination 

thereof or an integral multiple thereof, 

subject always to compliance with all applicable 

laws and the requirements of any stock exchange on 

which the relevant Notes may be listed. 

In the case of the redemption of part only of a Registered 

Note, a new Registered Note in respect of the 

unredeemed balance shall be issued in accordance 

with Conditions 3(d) to (g) which shall apply mutatis 

mutandis. 

Optional Early Redemption (Put) 

(f) If the Pricing Supplement specifies that this 

Condition 5(f) applies, upon any Holders of Notes 

giving to the relevant Issuer not more than 60 days' 

and not less than 30 days' notice (which notice shall 

45

46 

von Schuldverschreibungen abzugebenden unwiderruflichen 

Kündigung (diese ist gegenüber der 

Hauptzahlstelle auf einem hierfür bei dieser erhältlichen 

Formblatt zu erklären), nach Ablauf der Kündigungsfrist 

sämtliche Schuldverschreibungen 

vorbehaltlich und in Übereinstimmung mit den 

Bestimmungen des Konditionenblattes (aber nicht 

nur teilweise) an dem im Konditionenblatt bestimmten 

Tag zum vorzeitigen Rückzahlungsbetrag (oder 

im Falle von nichtverzinslichen Schuldverschreibungen 

zum Amortisationsnennbetrag), wie im oder in 

Übereinstimmung mit dem Konditionenblatt 

zusammen mit etwaig aufgelaufenen Zinsen zurückzahlen. 

Rückkauf von Schuldverschreibungen 

(g) Die Anleiheschuldnerin kann (bei nachrangigen 

Schuldverschreibungen vorbehaltlich den Vorschriften 

des Kreditwesengesetzes) jederzeit und zu 

jedem Preis Schuldverschreibungen am Markt oder 

auf sonstige Weise mit der Maßgabe erwerben, dass 

sämtliche dazugehörigen noch nicht fälligen Empfangsbescheinigungen 

und Zinsscheine ebenfalls 

erworben werden. 

Entwertung von zurückgezahlten und zurückgekauften 

Schuldverschreibungen 

(h) Sämtliche in Übereinstimmung mit § 5 zurückgezahlten 

Schuldverschreibungen und Zinsscheine werden 

entwertet und dürfen nicht wieder ausgegeben oder 

wieder verkauft werden. Sämtliche in Übereinstimmung 

mit Absatz (g) zurückgekauften Schuldverschreibungen 

und Zinsscheine kann der Erwerber 

halten, entwerten oder wieder verkaufen. 

Sonstige Bedingungen bezüglich des Rückzahlungsbetrags 

und der Teilzahlungsbeträge 

(i) Bezugnahme in den Bedingungen auf den 

„Rückzahlungsbetrag“ beziehen sich, soweit 

(j) 

zutreffend, auf den letzten Teilzahlungsbetrag, den 

Rückzahlungsbetrag bei vorzeitiger Rückzahlung 

aus Steuergründen, den vorzeitigen Rückzahlungsbetrag 

oder sonstigen Betrag im Sinne eines 

Rückzahlungs-betrags, der im Konditionenblatt festgelegt 

ist oder der in Übereinstimmung mit dem 

Konditionenblatt bestimmt wird. 

Im Fall von nicht verzinslichen Schuldverschreibungen 

setzt sich der zurückzuzahlende „Amortisierungsnennbetrag“ 

wie folgt zusammen: 

(i) dem im Konditionenblatt festgelegten Ausgabepreis, 

und 

(ii) dem Betrag, der sich aus der Aufzinsung des im 

Konditionenblatt bestimmten Ausgabepreises 

mit der Rendite (auf Jahresbasis oder jeweils 

wie festgelegt) vom Begebungstag (einschließlich) 

bis zum festgelegten Rückzahlungstag 

(ausschließlich) ergibt oder gegebenenfalls bis 

zu dem Tag (ausschließlich), zu dem die 

Schuldverschreibungen fällig und zahlbar werden.] 

Sofern die Berechnung für einen Zeitraum durchgeführt 

wird, der nicht aus vollen Jahren besteht, so 

wird die Berechnung für den unterjährigen Zeitraum 

auf der Basis des für die Zwecke dieses Absatzes (j) 

im Konditionenblatt festgelegten Quotienten (wie in 

§ 4(b) definiert) durchgeführt. 

be irrevocable) (which notice requirement shall be 

satisfied by notice being given to the Principal 

Paying Agent on the forms available for such 

purpose from the Principal Paying Agent) the 

relevant Issuer will, upon the expiry of such notice, 

redeem subject to, and in accordance with, the terms 

specified in the Pricing Supplement in whole (but not 

in part) the Notes on the date specified in the Pricing 

Supplement at the Early Redemption Amount (or, in 

the case of Notes which are non-interest bearing, 

their Amortised Face Amount) specified in, or determined 

in the manner specified in, the Pricing 

Supplement together, if appropriate, with accrued 

interest. 

Purchase of Notes 

(g) The Issuer may (but, in the case of Subordinated 

Notes, subject to the KWG (German Banking Supervisory 

Act)) at any time purchase or otherwise 


otherwise provided that all unmatured Receipts and 

Coupons appertaining thereto are purchased 

therewith. 

Cancellation of Redeemed and Purchased Notes 

(h) All Notes and Coupons redeemed in accordance 

with this Condition 5 will be cancelled forthwith and 

may not be reissued or resold. All Notes and any 

Coupons purchased in accordance with Condition 

5(g) may, at the option of the purchaser, be held, 

cancelled or resold. 

Further Provisions applicable to Redemption Amount and 

Instalment Amounts 

(i) References in these Conditions to “Redemption 

Amount” shall mean, as appropriate, the Principal 

Amount, the final Instalment Amount, Early Tax 

Redemption Amount and Early Redemption Amount 

or such other amount in the nature of a Redemption 

Amount as may be specified in, or determined in 

accordance with the provisions of, the Pricing 

Supplement. 

(j) In the case of any Note which is non-interest 

bearing, the “Amortised Face Amount” shall be an 

amount equal to the sum of: 

(i) the Issue Price specified in the Pricing Supplement; 

and 

(ii) the product of the Amortisation Yield (compounded 

annually or otherwise, as specified in 

the Pricing Supplement) being applied to the 

Issue Price from (and including) the Issue Date 

specified in the Pricing Supplement to (but 

excluding) the date fixed for redemption or (as 

the case may be) the date upon which such 

Note becomes due and repayable. 

Where such calculation is to be made for a period 

which is not a whole number of years, the calculation 

in respect of the period of less than a full year shall 

be made on the basis of the day count fraction (as 

defined in Condition 4(b)) specified in the Pricing 

Supplement for the purposes of this Condition 5(j).

§ 6 Zahlungen 

6.1. Zahlungen bei Inhaberschuldverschreibungen 

(a) § 6.1 gilt für Inhaberschuldverschreibungen. 

(b) Zur Rückzahlung fällige Beträge auf Inhaberschuldverschreibungen 

werden (einschließlich aufgelaufener 

Zinsen) gegen Vorlage und sofern es sich nicht 

um eine Rückzahlung in Teilbeträgen handelt, gegen 

Einreichung der betreffenden Inhaberschuldverschreibung 

sowie (bei Teilrückzahlungen des Kapitalbetrages, 

die nicht bei Fälligkeit erfolgen) 

Einreichung der jeweiligen Empfangsbescheinigungen 

(vorausgesetzt, dass die Empfangsbescheinigung 

mit der zugehörigen Inhaberschuldverschreibung 

zur Zahlung vorgelegt wird) bei der benannten 

Geschäftsstelle einer Zahlstelle zurückgezahlt. 

(c) Fällige Zinsbeträge aus Inhaberschuldverschreibungen 

werden wie folgt gezahlt: 

(i) im Fall von effektiven Urkunden, die bei deren 

erster Auslieferung ohne Zinsscheine ausgegeben 

wurden, gegen Vorlage der jeweiligen 

effektiven Urkunden bei der benannten 

(ii) 

Geschäftsstelle einer Zahlstelle außerhalb der 

Vereinigten Staaten, und 

im Fall von effektiven Urkunden, die bei deren 

erster Auslieferung mit Zinsscheinen ausgegeben 

wurden, gegen Vorlage und Einreichung 

der jeweiligen Zinsscheine bei der benannten 


Vereinigten Staaten. 

(d) Ist der Fälligkeitstag für die Zahlung eines Betrages 

im Zusammenhang mit den Inhaberschuldverschreibungen 

kein Bankarbeitstag, hat der Anleihegläubiger 

einen Anspruch auf Auszahlung erst am 

nächstfolgenden Bankarbeitstag nach dem 

Fälligkeitstag. Der Anspruch auf Zahlung zusätzlicher 

Zins- oder anderer Beträge aufgrund einer solchen 

späteren Zahlung ist ausgeschlossen, es sei 

denn, die Zahlung wird nicht am nächstfolgenden 

Geschäftstag geleistet. In einem solchen Fall läuft 

die Verzinsung gemäß § 4(k) weiter. 

6.2. Zahlungen bei Namensschuldverschreibungen 

(a) Zur Rückzahlung fällige Beträge auf Namensschuldverschreibungen 

werden (einschließlich aufgelaufener 

Zinsen) gegen Vorlage und, sofern es sich nicht 

um eine Rückzahlung in Teilbeträgen handelt, gegen 

Einreichung der jeweiligen Namensschuldverschreibung 

bei der benannten Geschäftsstelle des Registrators 

zurückgezahlt. Ist der Fälligkeitstag für die 

Zahlung des Rückzahlungsbetrages einer Namensschuldverschreibung 

kein Bankarbeitstag, hat der 

Inhaber der Namensschuldverschreibung einen 

Anspruch auf Auszahlung erst am nächstfolgenden 

Bankarbeitstag. Der Anspruch auf Zahlung zusätzlicher 

Zins- oder anderer Beträge aufgrund einer solchen 

späteren Zahlung ist ausgeschlossen, es sei 

denn, die Zahlung wird am nächstfolgenden Bankarbeitstag 

nicht geleistet. In einem solchen Fall läuft 

die Verzinsung gemäß § 4(k) weiter. 

(b) Die Zahlung von fälligen Beträgen (Kapital, Zinsen 

oder sonstige Beträge) auf Namensschuldverschreibungen 

erfolgt an die Inhaber von Namensschuldverschreibungen 

(oder, im Fall von 

6. Payments 

6.1 Payments – Bearer Notes 

(a) This Condition 6.1 is applicable in relation to Notes 

in bearer form. 

(b) Payment of amounts (including accrued interest) 

due on the redemption of Bearer Notes will be made 

against presentation and, save in the case of a 

partial redemption, surrender of the relevant Bearer 

Notes and (in the case of payments of instalments of 

principal other than on the due date for redemption) 

surrender of the relevant Receipts (provided that the 

Receipt is presented for payment together with its 

relative Bearer Note) at the specified office of any of 

the Paying Agents. 

(c) Payment of amounts due in respect of interest on 

Bearer Notes will be made in accordance with the 

following provisions: 

(i) in the case of Definitive Notes without Coupons 

attached thereto at the time of their initial 

delivery, against presentation of the relevant 

Definitive Notes at the specified office of any of 

the Paying Agents outside the United States; 

and 

(ii) in the case of Definitive Notes delivered with 

Coupons attached thereto at the time of their 

initial delivery, against presentation and 

surrender of the relevant Coupons at the 

specified office of any of the Paying Agents 

outside the United States. 

(d) If the due date for payment of any amount due in 

respect of any Bearer Note is not a Banking Day, 

then the Holder thereof will not be entitled to 

payment thereof until the next following day which is 

a Banking Day, and no further interest or other 



in which event interest shall continue to accrue in 

accordance with the provisions of Condition 4(k). 

6.2 Payments – Registered Notes 

(a) Payment of amounts (together with accrued interest) 

due on the final redemption of Registered Notes will 

be made against presentation and, save in the case 

of a partial redemption, surrender of the relevant 

Registered Notes at the specified office of the 

Registrar. If the due date for payment of the 

Redemption Amount of any Registered Note is not a 

Banking Day, then the Holder thereof will not be 

entitled to payment thereof until the next following 

Banking Day and no further interest or other 



in which event interest shall continue to accrue in 

accordance with the provisions of Condition 4(k). 

(b) Payment of amounts (whether principal, interest or 

otherwise) due in respect of Registered Notes will be 

paid to the Holders thereof (or, in the case of joint 

Holders, the first-named) as appearing in the 

47

48 

gemeinschaftlichem Eigentum, an den an erster 

Stelle genannten Inhaber von Namensschuldverschreibungen) 

soweit sie zu Geschäftsbeginn am 

fünfzehnten Bankarbeitstag (Ortszeit der benannten 

Geschäftsstelle des Registrators) vor dem 

Fälligkeitstag der jeweiligen Zahlung in dem vom 

Registrator geführten Register verzeichnet sind. 

(c) Ungeachtet der Bestimmungen des § 6.3(b) erfolgt 

die Zahlung von Beträgen (Kapital, Zinsen oder 

sonstige Beträge) auf Namensschuldverschreibungen 

in der Währung, in der der entsprechende 

Betrag fällig ist, durch Scheck (der im Fall von Zahlungen 

in Pfund Sterling auf eine Clearing- 

Geschäftsstelle einer Bank in der City of London 

gezogen ist), der jeweils an die Adresse (wie im 

vom Registrator geführten Register verzeichnet) des 

Inhabers von Namensschuldverschreibungen (oder, 

im Fall von gemeinschaftlichem Eigentum, an den an 

erster Stelle genannten Inhaber von Namensschuldverschreibungen) 

an dem betreffenden Geschäftstag, 

der nicht nach dem maßgeblichen Fälligkeitstag 

liegen darf, zu senden ist. Sofern der Inhaber einer 

Namensschuldverschreibung (oder, im Fall von 

gemeinschaftlichem Eigentum, der an erster Stelle 

genannte Inhaber von Namensschuldverschreibungen) 

vor dem entsprechenden Fälligkeitstag beim 

Registrator die Zahlung per Überweisung auf ein 

angegebenes Konto, das auf die entsprechende 

Währung lautet (im vorerwähnten Fall auf ein Konto 

für Nicht-Gebietsansässige bei einer für Fremdwährungstransaktionen 

zugelassenen Bank) beantragt 

und der Registrator diesem Antrag entsprochen hat, 

erfolgt die Zahlung am entsprechenden Fälligkeitstag 

durch Überweisung auf ein Konto. Im Fall einer 

Zahlung durch Überweisung hat der Inhaber von 

Namensschuldverschreibungen, sofern der 

Fälligkeitstag für eine solche Zahlung kein Bankarbeitstag 

ist, einen Anspruch auf Auszahlung erst am 

nächstfolgenden Bankarbeitstag an dem Ort, wo das 

angegebene Konto geführt wird und der Anspruch 

auf Zahlung zusätzlicher Zinsen oder sonstiger 

Beträge aufgrund einer solchen späteren Zahlung 

ausgeschlossen ist, es sei denn, die Zahlung wird 

am nächstfolgenden Bankarbeitstag nicht geleistet. 

In einem solchen Fall läuft die Verzinsung gemäß 

4(k) weiter. 

6.3. Zahlungen – Allgemeine Bestimmungen 

(a) Sofern die Bedingungen nichts anderes vorschreiben, 

gilt dieser § 6.3 für Inhaberschuldverschreibungen 

und Namensschuldverschreibungen. 

(b) Die Anleiheschuldnerin verpflichtet sich, Kapital, 

Zinsen sowie etwa gemäß § 7 zu zahlende zusätzliche 

Beträge hinsichtlich der Schuldverschreibungen 

in frei verfügbarer und konvertierbarer gesetzlicher 

Währung des Landes, auf die die Schuldverschreibungen 

lauten an die Hauptzahlstelle zu transferieren. 

Der Transfer an die Hauptzahlstelle muß 

rechtzeitig, unter allen Umständen und unabhängig 

von allen derzeitigen oder zukünftigen Zahlungsund 

Clearingabkommen und ohne Rücksicht auf die 

Staatsangehörigkeit, den Sitz oder Wohnsitz oder 

Aufenthaltsort des Anleihegläubigers und ohne dass 

die Ausfertigung eines Affidavits oder die Erfüllung 

irgendeiner sonstigen Förmlichkeit verlangt werden 

darf, vorgenommen werden. Die bezüglich der 

Schuldverschreibungen zahlbaren Beträge werden 

register kept by the Registrar as at opening of 

business (local time in the place of the specified 

office of the Registrar) on the fifteenth Banking Day 

before the due date for such payment. 

(c) Notwithstanding the provisions of Condition 6.3(b), 

payment of amounts (whether principal, interest or 

otherwise) due in respect of Registered Notes will be 

made in the currency in which such amount is due 

by cheque (in the case of payment in sterling, drawn 

on a town clearing branch of a bank in the City of 

London) and posted to the address (as recorded in 

the register held by the Registrar) of the Holder 

thereof (or, in the case of joint Holders, the firstnamed) 

on the relevant Banking Day not later than 

the relevant due date for payment unless prior to 

such date the Holder thereof (or, in the case of joint 

Holders, the first-named) has applied to the 

Registrar and the Registrar has acknowledged such 

application for payment to be made to a designated 

account denominated in the relevant currency (in the 

case aforesaid, a non-resident account with an 

authorised foreign exchange bank) in which case 

payment shall be made on the relevant due date for 

payment by transfer to such account. In the case of 

payment by transfer to an account, if the due date for 

any such payment is not a Banking Day, then the 

Holder thereof will not be entitled to payment thereof 

until the next following day which is a Banking Day 

in the place where the relevant designated account 

is located and no further payment on account of 

interest or otherwise shall be due in respect of such 

postponed payment unless there is a subsequent 

failure to pay, in which event interest shall continue 

to accrue in accordance with the provisions of 

Condition 4(k). 

6.3 Payments – General Provisions 

(a) Save as otherwise specified in these Conditions, this 

Condition 6.3 is applicable in relation to Notes 

whether in bearer or in registered form. 

(b) The Issuer undertakes to transfer to the Principal 

Paying Agent in freely disposable and convertible 

legal currency of the country of the currency in 

which the relevant Notes are denominated all 

principal, interest and additional amounts which may 

have to be paid according to Condition 7 in respect 

of the Notes. Such transfer to the Principal Paying 

Agent is to be made in a timely manner, under any 

and all circumstances and irrespective of any 

present or future payment and clearing agreements 

and regardless of the nationality, domicile or 

residence of the Noteholder and without any 

requirement to execute an affidavit or to comply with 

any other formality whatsoever. The amounts due in 

respect of Notes shall be paid to the Holder with due 

observance of any tax, foreign exchange or other

dem Inhaber von Schuldverschreibungen unter 

Beachtung etwaiger Steuer-, Devisen- und sonstiger 

Gesetze und Vorschriften des Landes der betreffenden 

Zahlstelle gezahlt, ohne dass die Ausfertigung 

eines Affidavits oder die Erfüllung irgendeiner sonstigen 

Förmlichkeit verlangt werden darf, es sei denn, 

dass das Recht des Landes der betreffenden Zahlstelle 

dies zwingend vorschreibt. Die Zahlung erfolgt 

durch die festgelegte Zahlstelle (i) per Scheck (bei 

Zahlung in Pfund Sterling durch einen auf eine Clearing-Geschäftsstelle 

einer Bank in der City of London 

gezogenen Scheck) oder (ii) nach Wahl des Zahlungsempfängers 

durch Überweisung auf ein vom 

Zahlungsempfänger benanntes Konto in der vorgesehenen 

Währung oder, bei Zahlung innerhalb der 

Bundesrepublik Deutschland, in frei verfügbarer und 

konvertierbarer gesetzlicher Währung der Bundesrepublik 

Deutschland bei der von der festgelegten 

Zahlstelle benannten Geschäftsstelle. Zahlungen 

werden unbeschadet der Bestimmungen in § 7 

jeweils in Übereinstimmung mit allen anwendbaren 

Steuergesetzen oder sonstigen Gesetzen und Vorschriften 

geleistet. 

(c) Die Anleiheschuldnerin kann mit Zustimmung des 

Fiscal Agent gemäß § 10 zusätzliche Zahlstellen 


widerrufen. 

(d) Der Fiscal Agent und die Zahlstellen handeln in ihrer 


der Anleiheschuldnerin und, soweit nicht im 

Agency Agreement oder einer sonstigen Vereinbarung 

hinsichtlich ihrer Bestellung ausdrücklich festgelegt, 

übernehmen sie keine Verpflichtungen 

gegenüber oder stehen nicht in einem Auftragsoder 

Treuhandverhältnis zu den Inhabern von 

Schuldverschreibungen oder Zinsscheinen. Jede ist 

ausschließlich für die Erfüllung der von von ihr/ihm 

eingegangenen Verpflichtungen verantwortlich, die 

ihr/ihm ausdrücklich durch das Agency Agreement 

oder durch oder in Verbindung mit ihrer Bestellung 

einer sonstigen Vereinbarung auferlegt sind. 

(e) Die Zahlstellen sind bei der Einlösung von Schuldverschreibungen 

und Zinsscheinen berechtigt, aber 

nicht verpflichtet, die Berechtigung des Einreichers 

zu prüfen. 

(f) In diesen Bedingungen ist ein „Bankarbeitstag“ ein 

Tag (außer einem Samstag oder Sonntag), an dem 

(i) das Clearing System Zahlungen abwickelt sowie 

(ii) Geschäftsbanken am Ort der betreffenden Zahlstelle 

für Bankgeschäfte geöffnet sind und der internationale 

Devisenhandel Zahlungen abwickelt (oder, 

im Fall von auf Euro lautenden Schuldverschreibungen, 

ein Tag, an dem das TARGET System zur Verfügung 

steht). 

§ 7 Steuern und Steuerkündigung 

(a) Alle in Bezug auf die Schuldverschreibungen zu 





Abgaben, die von oder in dem Land, in dem die 


Steuerinländerin gilt), oder von oder in der Bundesrepublik 

Deutschland oder irgendeiner ihrer 

Gebietskörperschaften oder Behörden mit Steuerhoheit 

erhoben werden („Quellensteuer“), zu zahlen, 

laws and regulations of the country where the 

relevant Paying Agent is located without it being 

permissible to require the execution of an affidavit or 

compliance with any other formality whatsoever, 

unless such affidavit or formality is prescribed by the 

laws of the country in which the Paying Agent is 

resident. Payment shall be made through the 

specified Paying Agent (i) by cheque (in the case of 

payment in sterling, drawn on a town clearing 

branch of a bank in the City of London) or (ii) at the 

option of the payee, by transfer to an account 

denominated in the relevant currency specified by 

the payee or, in the case of payments within the 

Federal Republic of Germany only, in freely 

disposable and convertible legal currency of the 

Federal Republic of Germany at the specified office 

of the relevant Paying Agent. Payments will, without 

prejudice to the provisions of Condition 7, be subject 

in all cases to any applicable fiscal or other laws and 

regulations. 

(c) The Issuer may, with the consent of the Fiscal Agent, 



Condition 10. 

(d) The Fiscal Agent, the Paying Agents and the 

Registrar, in their respective capacities as such, act 

solely as agents of the Issuer and, save as provided 

in the Agency Agreement or any other agreement 

entered into with respect to their appointment, do not 

assume any obligations towards, nor have any 

relationship of agency or trust with, any Holders of 

any Note or Coupon and each of them shall only be 

responsible for the performance of the duties and 

obligations expressly imposed on it in the Agency 

Agreement or other agreement entered into with 

respect to its appointment or incidental thereto. 

(e) When redeeming Notes and making payments in 


(f) 



For the purposes of these Conditions “Banking Day” 

means a day (other than a Saturday or Sunday) upon 

which (i) the Clearing System settles payments and 

(ii) commercial banks are open for business and 

foreign exchange markets settle payments in the 

place of the relevant Paying Agent (or, in the case of 

Notes denominated in Euro, a day which is a 

TARGET Business Day). 

7. Taxation 

(a) All amounts payable (whether in respect of principal, 








of the Issuer or the Federal Republic of Germany or 

any political subdivision thereof or any authority or 

agency therein or thereof having power to tax, 

49

50 

es sei denn, Quellensteuer ist gesetzlich vorgeschrieben. 

In diesem Fall, und sofern im Konditionenblatt 

eine Kompensation der Anleihegläubiger 

für die Quellensteuer gemäß diesem § 7 ausdrücklich 

vorgesehen ist, trägt die Anleiheschuldnerin 

oder gegebenenfalls die Garantin vorbehaltlich 

§ 7(b) diejenigen zusätzlichen Beträge, die erforderlich 

sind, damit die von jedem Anleihegläubiger zu 

empfangenden Nettobeträge nach einem solchen 

Abzug oder Einbehalt von Quellensteuer den Beträgen 

entsprechen, die der Anleihegläubiger ohne 

einen solchen Abzug oder Einbehalt von Quellensteuer 

erhalten hätte. Die seit dem 1. Januar 1993 in 

der Bundesrepublik Deutschland geltende Zinsabschlagsteuer 

und der seit dem 1. Januar 1995 darauf 

erhobene Solidaritätszuschlag sind keine 

Quellensteuer im oben genannten Sinn. 

(b) Die Anleiheschuldnerin oder gegebenenfalls die 

Garantin ist jedoch nicht verpflichtet, solche zusätzlichen 

Beträge auf Schuldverschreibungen oder Zinsscheine 

zu zahlen, 




sind, oder 



Gebühren oder Abgaben auf Schuldverschreibungen 

oder Zinsscheine wegen irgendeiner 

anderen Verbindung zu dem Land, in dem die 

Anleiheschuldnerin ihren Sitz hat, oder, sofern 

die Zahlung durch die Garantin erfolgt, zur Bundesrepublik 

Deutschland als allein der Tatsache 

unterliegt, dass er Inhaber von Schuldverschreibungen 

oder Zinsscheinen ist, oder 


wenn er seine Schuldverschreibungen oder 

Zinsscheine innerhalb von 30 Tagen nach dem 

Maßgeblichen Tag, wie in Absatz (d) definiert, 

eingereicht hätte, oder 

(iv) die bei Vorlage von einer Zahlstelle von Zahlungen 

abgezogen oder einbehalten werden, wenn 

eine andere Zahlstelle bei Vorlage die Zahlung 

ohne einen solchen Abzug oder Einbehalt 

geleistet hätte oder die nur zu zahlen sind, weil 

die Schuldverschreibungen oder Zinsscheine 

effektiv zur Einlösung am Schalter einer Zahlstelle 

vorgelegt werden, oder 



die Niederlande und/oder die Bundesrepublik 

Deutschland gegebenfalls beigetreten sind/ist, 

oder einer aufgrund eines solchen Vertrages 

ergangenen Direktive oder Ausführungsbestimmung 

zahlbar sind, oder 

(vi) wenn ein solcher Abzug an der Quelle oder Einbehalt 









(“Withholding Tax”) unless Withholding Tax is 

required by law. In such event, and if the tax gross 

up contained in this Condition 7 is expressed to be 

applicable to the Notes in the pricing Supplement, 

the Issuer or the Guarantor, as the case may be, will 

pay such additional amounts as may be necessary, 

subject to Condition 7(b), in order that the net 

amounts receivable by the Noteholder after the 

withholding or deduction of such Withholding Tax 

shall equal the respective amounts which would 

have been receivable by such Noteholder had no 

such Withholding Tax been required. The tax on 

interest payments (“Zinsabschlagsteuer”) which has 

been in effect in the Federal Republic of Germany 

since 1 January 1993 and the solidarity surcharge 



Tax on interest payments as described above. 

(b) However, the Issuer or the Guarantor, as the case 

may be, shall not be obliged to pay any such 

additional amounts in relation to any payment in 

respect of any Note or Coupon: 







Note or Coupon by reason of his having some 

connection with the country of domicile of the 

Issuer or, in the case of payment being made by 

the Guarantor, the Federal Republic of Germany 

other than the mere holding of such Note or 

Coupon; 

(iii) which the relevant Noteholder would not be 


Note or Coupon within thirty days after the 

Relevant Date as defined in Condition 7(d); or 





because Notes or Coupons are being presented 

for payment effectively at the counter of a 

Paying Agent; or 

(v) which is payable pursuant to or in consequence 

of, or as a result of, an international agreement 

to which the Federal Republic of Germany and/ 

or the Netherlands, as the case may be, is a 

party, or a directive or regulation passed 

pursuant to or in consequence of such 

agreement; or 









in order to conform to, such Directive; or






wenn er seine Schuldverschreibungen 







sind, oder 


(i) bis (viii) beschriebenen Fälle zahlbar 

werden. 

(c) Sofern im Hinblick auf Schuldverschreibungen die 

Anleiheschuldnerin oder gegebenenfalls die Garantin 

zu einem Zeitpunkt nach der Begebung der 

Schuldverschreibungen oder einem an dem im Konditionenblatt 

bestimmten Tag infolge einer Rechtsänderung 

in dem Land, in dem die 


Steuerinländerin gilt), oder in der Bundesrepublik 

Deutschland zusätzliche Beträge gemäß § 7 zu zahlen 

hätte oder wenn bei der Garantin ein Abzug an 

der Quelle oder ein Einbehalt an der Quelle, von 

irgendwelchen Steuern, Gebühren oder Abgaben 

auf die Einlage, die die Anleiheschuldnerin bei der 

Garantin in Zusammenhang mit den Schuldverschreibungen 

geleistet hat, erforderlich wäre, und 

falls die Anleiheschuldnerin oder gegebenenfalls die 

Garantin diese Verpflichtung nicht durch nach eigenem 

Ermessen zumutbare Maßnahmen vermeiden 

kann, ist die Anleiheschuldnerin berechtigt (im Fall 

von nachrangigen Schuldverschreibungen unter 

Beachtung anwendbarer Bestimmungen des Kreditwesengesetzes), 

sämtliche (und nicht nur einige) 

Schuldverschreibungen der betreffenden Anleihe 

durch Veröffentlichung an die betreffenden 

Anleihegläubiger gemäß § 13 mit einer Frist von 

nicht weniger als 60 Tagen zur vorzeitigen Rückzahlung 

zum vorzeitigen Rückzahlungsbetrag einschließlich 

gegebenenfalls aufgelaufener Zinsen zu 

kündigen. Eine solche Kündigung darf nicht früher 

als 90 Tage vor dem Termin erfolgen, an dem die 

Anleiheschuldnerin [oder gegebenenfalls die Garantin] 

erstmals zusätzliche Beträge auf fällige Schuldverschreibungen 

oder Zinsscheine zu zahlen hätte. 

(d) „Maßgeblicher Tag“ im Sinne dieser Bedingungen 



der Hauptzahlstelle oder gegebenenfalls beim 

Registrator vor oder an diesem Tag eingegangen ist, 

ist der Maßgebliche Tag der Tag, an dem der zu 

zahlende Betrag vollständig bei der Hauptzahlstelle 

eingegangen ist, zur Auszahlung an die Anleihegläubiger 

zur Verfügung steht und eine entsprechende 

Bekanntmachung hierüber gemäß § 13 

erfolgt ist. 

(e) In diesen Bedingungen gilt jede Bezugnahme auf 


gemäß § 7 zusätzlich zahlbare Beträge. Soweit sich 

aus dem Zusammenhang nichts anderes ergibt, 

umfasst eine Bezugnahme auf „Kapital“ auch ein für 



such withholding or deduction by presenting 







(c) If, in relation to any issue of Notes, as a result of any 

change in the laws or regulations prevailing in the 


of the Issuer or in the Federal Republic of Germany 

which becomes effective on or after the date of issue 

of such Notes or any other date specified in the 

Pricing Supplement, the Issuer (or, as the case may 

be, the Guarantor) would be required to pay 

additional amounts as provided in the foregoing 

provisions of this Condition 7, or if the Guarantor 

would be required to withhold or deduct at source 

any taxes, fees or duties on the deposit which the 

Issuer has placed with the Guarantor in connection 

with the Notes and such obligation cannot be 

avoided by the Issuer (or, as the case may be, the 

Guarantor) taking reasonable measures which are in 

its sole discretion available to it, the Issuer may, at 

its option (but, in the case of Subordinated Notes, 

subject to the applicable provisions of the KWG 

(German Banking Supervisory Act) and having given 

no less than sixty days’ notice to the relevant 

Noteholders in accordance with Condition 13 call all 

(but not some only) of the outstanding Notes 

comprising the relevant Issue at their Early Tax 

Redemption Amount together with accrued interest 

(if any) thereon Provided, however, that no such 

notice of redemption may be given earlier than 90 

days prior to the earliest date on which the Issuer (or, 

as the case may be, the Guarantor) would be obliged 

to pay such additional amounts were a payment in 

respect of the Notes or Coupons then due. 

(d) For the purposes of these Conditions, the “Relevant 

Date” means, in respect of any payment, the date on 



been received by the Principal Paying Agent, or as 

the case may be, the Registrar on or prior to such 

due date, it means the first date on which, the full 

amount of such moneys having been so received 

and being available for payment to Noteholders, 

notice to that effect shall have been duly given to the 

relevant Noteholders in accordance with Condition 

13. 

(e) Any reference in these Conditions to “principal” 





51

52 

die jeweilige Schuldverschreibung zu zahlendes 

Aufgeld, Teilzahlungsbetrag oder Rückzahlungsbetrag 

und alle anderen gemäß diesen Bedingungen 

zahlbaren Beträge mit Kapitalcharakter, und 

jede Bezugnahme auf „Zinsen“ umfasst alle gemäß 

§ 4 zu zahlenden Beträge sowie alle anderen gemäß 

diesen Bedingungen zu zahlenden Beträge mit Zinscharakter. 

§ 8 Vorlegung, Verjährung 

(a) Jede effektive Urkunde, die mit beigefügten Zinsscheinen, 

Talons oder Empfangsbescheinigungen 

begeben wurde, ist, außer im Fall der Rückzahlung 

in Teilbeträgen, mit allen noch nicht fälligen Empfangsbestätigungen, 

Zinsscheinen und Talons zur 

Rückzahlung vorzulegen und einzureichen. Für noch 

nicht fällige Empfangsbescheinigungen, Zinsscheine 

und Talons, die bei der Einlösung der 

Schuldverschreibungen 

werden, gilt: 

nicht mit eingereicht 

(i) bei effektiven Urkunden, die mit festem Satz 

oder festen Sätzen verzinst werden, wird, sofern 

nachfolgend nichts anderes bestimmt ist, der 

zur Rückzahlung fällige Betrag um den Betrag 

der fehlenden Zinsscheine gekürzt (Talons bleiben 

vorbehaltlich Absatz (iii) hierbei 

unberücksichtigt); wobei dieser einbehaltene 

Betrag gegen Einreichung des entsprechenden 

Zinsscheines bei der dafür benannten 

Geschäftsstelle einer jeden Zahlstelle innerhalb 

von zehn Jahren nach dem Maßgeblichen Tag 

zahlbar ist, 

(ii) bei effektiven Urkunden, die mit einem variablen 

Satz verzinst werden oder die Doppelwährungsschuldverschreibungen 

oder Schuldverschreibungen 

mit variablem Zinsbetrag verbriefen, 

verfallen alle noch nicht fälligen Zinsscheine 

(Talons bleiben hierbei vorbehaltlich Absatz (iii) 

unberücksichtigt), zu diesen effektiven Urkunden 

(ob mit den effektiven Stücken eingereicht 

oder nicht), und es erfolgen keine Zahlungen 

mehr auf diese Zinsscheine, 

(iii) bei effektiven Urkunden, die mit beigefügten 

Talons begeben wurden, werden alle nicht zum 

Umtausch fällig gewordenen Talons ungültig 

(ob mit den effektiven Urkunden eingereicht 

oder nicht), und ein Austausch von Talons 

gegen Zinsscheine erfolgt nicht mehr, und 

(iv) bei effektiven Urkunden, die mit beigefügten 

Empfangsbescheinigungen begeben wurden, 

werden alle diese Empfangsbescheinigungen 

betreffend die Zahlung von Teilbeträgen auf 

diese Schuldverschreibungen, die (ohne diese 

Rückzahlung) nach dem Rückzahlungstermin 

fällig geworden wären, ungültig (ob mit den 

effektiven Urkunden eingereicht oder nicht), 

und eine Zahlung betreffend diese Empfangsbescheinigungen 

erfolgt nicht mehr. 

Sofern, ungeachtet der Bestimmungen in (i) dieses 

Absatzes (a), effektive Urkunden, die mit festem Satz 

oder festen Sätzen verzinslich sind, mit einer Endfälligkeit 

und einem solchem Satz oder solchen 

Sätzen ausgestattet sind, die dazu führen, dass bei 

Vorlage einer solchen effektiven Urkunde ohne beigefügte 

noch nicht fällige Zinsscheine der gemäß (i) 


premium payable in respect of any Note, any 

Instalment Amount or Redemption Amount and any 

other amounts in the nature of principal payable 

pursuant to these Conditions and “interest” shall 

include all amounts payable pursuant to Condition 4 

and any other amounts in the nature of interest 

payable pursuant to these Conditions. 


(a) Each Definitive Note initially delivered with Coupons, 

Talons or Receipts attached thereto should be 

presented and, save in the case of partial payment 

of the Redemption Amount, surrendered for final 

redemption together with all unmatured Coupons, 

Talons and Receipts appertaining thereto. If 

unmatured Coupons, Talons and Receipts are not 

surrendered at the time when the Notes are 

presented for payment: 

(i) in the case of Definitive Notes which bear 

interest at a fixed rate or rates, subject as 

hereinafter provided, the amount of any missing 

unmatured Coupons (excluding, for this 

purpose, but without prejudice to paragraph (iii) 

below, Talons) will be deducted from the 

amount otherwise payable on such final 

(ii) 

redemption, the amount so deducted being 

payable against surrender of the relevant 

Coupon at the specified office of any of the 

Paying Agents at any time within ten years of the 

Relevant Date applicable to payment of such 

Redemption Amount; 

in the case of Definitive Notes which bear 

interest at a floating rate or rates or which are 

Dual Currency Notes or Variable Coupon 

Amount Notes all unmatured Coupons 

(excluding, for this purpose, but without 

prejudice to paragraph (iii) below, Talons) 

relating to such Definitive Notes (whether or not 

surrendered therewith) shall become void and 

no payment shall be made thereafter in respect 

of them; 

(iii) in the case of Definitive Notes initially delivered 

with Talons attached thereto, all unmatured 

Talons (whether or not surrendered therewith) 

shall become void and no exchange for 

Coupons shall be made thereafter in respect of 

them; and 

(iv) in the case of Definitive Notes initially delivered 

with Receipts attached thereto, all Receipts 

relating to such Notes in respect of a payment 

of instalments of principal which (but for such 

redemption) would have fallen due on a date 

after such due date for redemption (whether or 

not surrendered therewith) shall become void 

and no payment shall be made thereafter in 

respect of them. 

The provisions of sub-paragraph (i) of this 

paragraph (a) notwithstanding, if any Definitive 

Notes which bear interest at a fixed rate or rates 

should be issued with a maturity date and a fixed 

rate or rates such that, on the presentation for 

payment of any such Definitive Note without any 

unmatured Coupons attached thereto or surren-

abzuziehende Betrag größer als der fällige Betrag 

wäre, so verfallen diejenigen Zinsscheine (ob beigefügt 

oder nicht), die einen den entsprechenden 

Rückzahlungsbetrag übersteigenden Betrag verbriefen, 

bei Fälligkeit solcher effektiven Urkunden (und 

hierauf ist keine Zahlung zu leisten). Die betreffenden 

Zinsscheine verfallen bis zu einem Gesamtbetrag, 

bei dem bei Anwendung von (i) auf die nicht 

verfallenen Zinsscheine der gemäß (i) abzuziehende 

Betrag den andernfalls fälligen Betrag nicht übersteigt. 

Sofern die Anwendung des vorstehenden 

Satzes dazu führt, dass einige, aber nicht alle, zu 

einer effektiven Urkunde gehörenden noch nicht 

fälligen Zinsscheine verfallen, dann bestimmt die 

betreffende Zahlstelle, welche der noch nicht fälligen 

Zinsscheine verfallen, und wird hierfür Zinsscheine 

mit späterer Fälligkeit vorrangig vor solchen mit 

früherer Fälligkeit auswählen. 

(b) Bei effektiven Urkunden, die mit beigefügten Talons 

begeben wurden, kann der Talon eines Zinsscheinbogens 

unter Berücksichtigung der übrigen Bestimmungen 

von § 8 an oder nach dem Zinsfälligkeitstag 

des letzten Zinsscheines des entsprechenden Zinsscheinbogens 

bei der hierfür benannten 

Geschäftsstelle jeder Zahlstelle außerhalb der Vereinigten 

Staaten im Austausch für einen weiteren Zinsscheinbogen 

(einschließlich eines weiteren Talons, 

soweit vorgesehen) vorgelegt werden. Für jeden 

Talon wird als Fälligkeitstag zum Zweck dieser 

Bedingungen der Tag bestimmt, an dem der letzte 

Zinsschein des entsprechenden Zinsscheinbogens 

fällig ist. 

Englisches Recht 

(c) Sofern im Konditionenblatt bestimmt ist, dass die 

Schuldverschreibungen englischem Recht unterliegen, 

gelten die Bestimmungen dieses Absatzes (c). 

(i) Inhaberschuldverschreibungen und Zinsscheine 

werden ungültig, wenn sie nicht jeweils 

innerhalb von zehn oder fünf Jahren nach dem 

Maßgeblichen Tag vorgelegt werden. 

(ii) Bei effektiven Urkunden, die mit beigefügten 

Talons begeben wurden, darf beim Austausch 

eines Talons gegen einen Zinsscheinbogen dieser 

keinen Zinsschein enthalten, dessen 

Fälligkeitstag nach dem Fälligkeitstag für die 

Rückzahlung der betreffenden Teilschuldverschreibung 

läge oder der gemäß diesem § 8 

ungültig wäre. Der Zinsscheinbogen darf keinen 

Talon enthalten, dessen Umtauschtag nach dem 

Fälligkeitstag der Rückzahlung der entsprechenden 

Schuldverschreibung liegt. 

(iii) Forderungen gegen die Anleiheschuldnerin auf 

Zahlung von Kapital und Zinsen aus Namensschuldverschreibungen 

verjähren und werden 

ungültig, wenn sie nicht hinsichtlich Kapital 

innerhalb von zehn Jahren oder hinsichtlich 

anderer Beträge innerhalb von fünf Jahren nach 

dem Maßgeblichen Tag geltend gemacht werden. 

Deutsches Recht 

(d) Es gelten folgende Bestimmungen, soweit nicht im 

Konditionenblatt etwas anderes bestimmt ist. 

dered therewith, the amount required by subparagraph 

(i) to be deducted would be greater than 

the amount otherwise due for payment, then, upon 

the due date for redemption of any such Definitive 

Note, such unmatured Coupons (whether or not 

attached) being Coupons representing an amount in 

excess of the relevant Redemption Amount shall 

become void (and no payment shall be made in 

respect thereof) as shall be required so that, upon 

application of the provisions of sub-paragraph (i) in 

respect of such Coupons as have not so become 

void, the amount required by sub-paragraph (i) to be 

deducted would not be greater than the amount 

otherwise due for payment. Where the application of 

the foregoing sentence requires some but not all of 

the unmatured Coupons relating to a Definitive Note 

to become void, the relevant Paying Agent shall 

determine which unmatured Coupons are to become 

void, and shall select for such purpose Coupons 

maturing on later dates in preference to Coupons 

maturing on earlier dates. 

(b) In relation to Definitive Notes initially delivered with 

Talons attached thereto, on or after the due date for 

the payment of interest on which the final Coupon 

comprised in any Coupon sheet matures, the Talon 

comprised in the Coupon sheet may be surrendered 

at the specified office of any Paying Agent outside 

the United States in exchange for a further Coupon 

sheet (including any appropriate further Talon), 

subject to the remaining provisions of this Condition 

8. Each Talon shall, for the purpose of these Conditions, 

be deemed to mature on the Interest Payment 

Date on which the final Coupon comprised in the 

respective Coupon sheet matures. 

English law 

(c) If the Pricing Supplement specifies that English law 

governs the Notes, the provisions of this Condition 

8(c) shall apply. 

(i) Bearer Notes and Coupons will become void 

unless presented for payment within ten years 

or five years respectively after the Relevant 

Date. 

(ii) In relation to Definitive Notes initially delivered 

with Talons attached thereto, there shall not be 

included in any Coupon sheet issued upon 

exchange of a Talon any Coupon the due date 

for the payment of which would fall after the due 

date for the redemption of the relevant Note or 

which would be void pursuant to this Condition 

8 or any Talon the maturity date of which would 

fall after the due date for redemption of the 

relevant Note. 

(iii) Claims against the Issuer for payment of 

principal and interest in respect of Registered 

Notes will be prescribed and become void 

unless made, in the case of principal, within ten 

years or, in the case of other amounts, five years 

after the Relevant Date. 

German law 

(d) The following provisions shall apply, unless the 

Pricing Supplement specifies otherwise. 

53

54 

(i) Die Vorlegungsfrist gemäß § 801 Absatz 1 Satz 

1 BGB für fällige Schuldverschreibungen wird 

auf zehn Jahre verkürzt. Die Vorlegungsfrist für 

Zinsscheine beträgt vier Jahre von dem Ende 

des Kalenderjahres an, in dem der betreffende 

Zinsschein fällig wird. 

(ii) Die Verjährungsfrist für innerhalb der Vorlegungsfrist 

zur Zahlung vorgelegte Schuldverschreibungen 

und Zinsscheine beträgt zwei 

Jahre von dem Ende der betreffenden Vorlegungsfrist 

an. 

(iii) Die Anleiheschuldnerin oder gegebenenfalls 

die Garantin kann die von Anleihegläubigern 

innerhalb von zwölf Monaten nach dem Maßgeblichen 

Tag nicht erhobenen Beträge an 

Kapital und Zinsen auf Gefahr und Kosten dieser 

Anleihegläubiger beim Amtsgericht Frankfurt 

am Main unter Verzicht auf das Recht der 

Rücknahme hinterlegen. Mit der Hinterlegung 

erlischt jeglicher Anspruch dieser Anleihegläubiger 

gegen die Anleiheschuldnerin und/oder 

gegebenenfalls die Garantin. 

(iv) Für den Fall, dass zum Zeitpunkt der Vorlage 

von Schuldverschreibungen noch nicht fällige 

Zinsscheine nicht eingereicht werden, wird bei 

festverzinslichen Schuldverschreibungen der 


der fehlenden Zinsscheine gekürzt, wobei dieser 

einbehaltene Betrag gegen Einreichung der 




Tag hinsichtlich einer solchen Rückzahlung 

des Betrags zahlbar ist. Bei variabel 

verzinslichen Teilschuldverschreibungen verfallen 

alle noch nicht fälligen Zinsscheine, und es 


(v) Der Anspruch gemäß § 804 Absatz 1 Satz 1 

BGB wegen abhanden gekommener oder vernichteter 

Zinsscheine ist ausgeschlossen (§ 804 

Absatz 2 BGB).] 

§ 9 Kündigungsgründe für die Anleihegläubiger 

Jeder Anleihegläubiger (mit Ausnahme eines Inhabers von 

nachrangigen Schuldverschreibungen) ist berechtigt, seine 

sämtlichen Forderungen aus den von ihm gehaltenen Schuldverschreibungen 

durch Kündigung fällig zu stellen und Rückzahlung 

des Kapitalbetrages einschließlich etwaiger 

aufgelaufener Zinsen oder des Amortisierungsnennbetrages 

(wie in § 5(j) bestimmt oder, gegebenenfalls, eines anderen 

im Konditionenblatt zur vorzeitigen Rückzahlung bestimmten 

Betrages) zu verlangen, wenn einer der folgenden Kündigungsgründe 

(jeweils ein „Kündigungsgrund“) vorliegt: 

(a) die Anleiheschuldnerin oder gegebenenfalls die 

Garantin, gleichgültig aus welchen Gründen, Kapital 

oder Zinsen aus den Schuldverschreibungen, 

einschließlich etwaiger gemäß § 7 zu zahlender 

zusätzlicher Beträge, innerhalb von 30 Tagen nach 

dem betreffenden Fälligkeitstag nicht zahlt, oder 

(b) die Anleiheschuldnerin oder gegebenenfalls die 

Garantin, gleichgültig aus welchen Gründen, eine 

sonstige wesentliche Verpflichtung aus diesen 

Bedingungen nicht erfüllt, und die Unterlassung län- 

(i) The period for presentation of Notes due, as 

established in Section 801 paragraph 1 

(ii) 

sentence 1 of the German Civil Code, is 

reduced to ten years; the period for presentation 

of Coupons shall be four years beginning 

at the end of the calendar year in which the 

respective Coupon falls due. 

The period for prescription for Notes and 

Coupons presented for payment during the 

presentation period shall be two years 

beginning at the end of the relevant presentation 

period. 

(iii) The Issuer or the Guarantor, as the case may 

be, may deposit with the “Amtsgericht” (lower 

court) of Frankfurt am Main principal and 

interest not claimed by Noteholders within 

twelve months after the Relevant Date with the 

waiver of the right to withdraw such deposit. 

Such deposit will be at the risk and cost of such 

Noteholders. Upon such deposit all claims of 

such Noteholders against the Issuer and/or, as 

the case may be, the Guarantor shall cease. 

(iv) If unmatured Coupons are not surrendered at 

the time when the Notes are presented for 

payment, in the case of Notes which bear fixed 

rate interest, the amount of any missing 

unmatured Coupons will be deducted from the 




Coupons at the specified office of any of the 



redemption amount. In the case of Notes which 

bear floating rate interest all unmatured 

(v) 

Coupons will become void and no payment 

shall be made thereafter in respect of such 

Coupons. 

The right under Section 804 paragraph 1 

sentence 1 of the German Civil Code in respect 

of lost or destroyed Coupons is excluded 

(Section 804 paragraph 2 of the German Civil 

Code). 


Any Noteholder, other than a Holder of Subordinated Notes, 

may give notice to the Issuer that any Note held by such 

Holder is, and it shall accordingly become, due and payable 

at its principal amount together with accrued interest, if any 

or, if appropriate, at its Amortised Face Amount as defined in 

Condition 5(j) (or, if applicable, such other Early Redemption 

Amount as is specified in the Pricing Supplement) if any of the 

following events (each an “Event of Default”) occurs and is 

subsisting: 

(a) the Issuer or the Guarantor, as the case may be, for 

any reason whatsoever, fails to pay within 30 days 

after the relevant due date principal or interest on 

the Notes, including additional amounts which may 

have to be paid according to Condition 7, or 

(b) the Issuer or the Guarantor, as the case may be, for 

any reason whatsoever, fails to duly perform any 

other essential obligation under these Conditions 

and this failure lasts more than 30 days after the

ger als 30 Tage andauert, nachdem die Anleiheschuldnerin 

hierüber eine schriftliche Mitteilung von 

dem betreffenden Anleihegläubiger erhalten hat, 

oder 

(c) gegen die Anleiheschuldnerin oder gegebenenfalls 

die Garantin ein Insolvenzverfahren oder ein dem 

Insolvenzverfahren vergleichbares Verfahren in den 

Niederlanden gerichtlich eröffnet wird, das nicht 

innerhalb von 60 Tagen nach dessen Eröffnung aufgehoben 

oder ausgesetzt worden ist, oder die Anleiheschuldnerin 

oder gegebenenfalls die Garantin ein 

solches Verfahren beantragt oder ihre Zahlungen 

einstellt oder einen generellen Vergleich mit der 

Gesamtheit ihrer Gläubiger anbietet oder durchführt, 

oder 

(d) die Anleiheschuldnerin oder gegebenenfalls die 

Garantin in Liquidation tritt, es sei denn, eine solche 

Liquidation wird im Zusammenhang mit einer Verschmelzung, 

Konsolidierung oder einer anderen 

Form des Zusammenschlusses mit einer anderen 

Gesellschaft vorgenommen, und diese Gesellschaft 

übernimmt anstelle der Anleiheschuldnerin alle Verpflichtungen 

aus den Schuldverschreibungen oder 

im Falle der Garantin alle Verpflichtungen aus der 

Garantie, oder 

(e) die Garantie nicht mehr uneingeschränkt wirksam 

ist. 

Eine derartige Kündigung zur Rückzahlung ist von den 

Anleihegläubigern durch eingeschriebenen Brief an die 

benannte Geschäftsstelle des Fiscal Agent zu richten und wird 

mit Zugang bei diesem wirksam. Die Fälligkeit tritt am 30. Tag 

nach Zugang der Kündigung ein, es sei denn, dass im Falle 

der Absätze (a) oder (b) die Verpflichtung vorher erfüllt oder 

mit Zustimmung der entsprechenden Anleihegläubiger auf die 

Erfüllung verzichtet oder die Erfüllung aufgeschoben worden 

ist. 

§ 10 Fiscal Agent, Berechnungsstelle, Zahlstellen und 

Register 

Die anfänglich benannten Fiscal Agent, Hauptzahlstelle, 

andere Zahlstellen, Registrator und deren jeweilig benannte 

Geschäftsstellen und die Berechnungsstelle werden im Konditionenblatt 

bestimmt. Die Anleiheschuldnerin behält sich 

das Recht vor, die Ernennung des Fiscal Agent, der Berechnungsstelle, 

der Zahlstellen (einschließlich der Hauptzahlstelle) 

und des Registrators jederzeit anders zu regeln oder zu 

beenden und zusätzliche oder andere Zahlstellen oder einen 

anderen Fiscal Agent und/oder einen anderen Registrator zu 

ernennen. Sie wird sicherstellen, dass jederzeit (i) ein Fiscal 

Agent, (ii) eine Berechnungsstelle, (iii) im Fall von Namensschuldverschreibungen 

einen Registrator, (iv) eine Zahlstelle 

(die die Hauptzahlstelle sein kann) mit einer benannten 

Geschäftsstelle in einer Stadt auf dem europäischen Festland 

(v) eine Zahlstelle mit einer Geschäftsstelle außerhalb der 

Europäischen Gemeinschaft (vi) falls die Ergebnisse des 

Ministerrattreffens der Finanzminister der Europäischen Union 

vom 26.–27. November 2000 bezüglich der Besteuerung von 

Kapitaleinkünften rechtlich umgesetzt werden, eine Zahlstelle 

in einem Mitgliedsstaat der Europäischen Union, die nicht 

gemäß der diese Ergebnisse umsetzenden Richtlinie des 

Europäischen Rats 2003/48/EC oder jeder anderen Richtlinie 

oder gemäß eines Gesetzes, das eine solche Umsetzung 

bezweckt, zur Einbehaltung oder zum Abzug von Quellensteuern 

oder sonstigen Abzügen verpflichtet ist, sofern dies in 

irgendeinem Mitgliedsstaat der Europäischen Union möglich 

ist, und (vii) solange die Schuldverschreibungen an einer 

Börse notiert werden, eine Zahlstelle (die die Hauptzahlstelle 

Issuer has received a written notice to this effect 

from the Noteholder, or 

(c) Insolvenzverfahren (German insolvency proceedings) 

or similar proceedings in The Netherlands are 

commenced by court against the Issuer or the 

Guarantor, as the case may be, which shall not have 

been dismissed or stayed within 60 days after the 

commencement thereof, or the Issuer or the 

Guarantor, as the case may be, institutes such 

proceedings or suspends payments, or offers or 

makes a general arrangement for the benefit of all its 

creditors, or 

(d) the Issuer or the Guarantor, as the case may be, 

enters into liquidation, unless such liquidation is to 

take place in connection with a merger, consolidation 

or any other form of combination with another 

company and such company assumes all obligations 

arising from the Notes and, in the case of the 

Guarantor, assumes all obligations arising from the 

Guarantee or; 

(e) the Guarantee ceases to be in full force and effect. 

Such notice for repayment shall be addressed by the 

Noteholder to the specified office of the Fiscal Agent by registered 

letter; such notice will become effective upon receipt by 

the Fiscal Agent. Claims fall due 30 days after receipt of such 

notice unless, in the case of paragraph (a) or (b) above, the 

obligation has been fulfilled or waived or the fulfilment has 

been postponed with the agreement of the relevant 

Noteholder. 

10. Fiscal Agent, Calculation Agent, Paying Agents and 

Registrar 

The initial Fiscal Agent, the Principal Paying Agent and the 

other Paying Agents and the Registrar and their respective 

specified offices are specified in the Pricing Supplement. Any 

Calculation Agent in respect of any Notes shall be specified 

in the Pricing Supplement. The Issuer reserves the right at any 

time to vary or terminate the appointment of the Fiscal Agent, 

Calculation Agent, any Paying Agent (including the Principal 

Paying Agent) or the Registrar and to appoint additional or 

other Paying Agents or another Fiscal Agent and/or Registrar 

provided that it will at all times maintain (i) a Fiscal Agent, (ii) 

a Calculation Agent, (iii) in the case of Registered Notes, a 

Registrar, (iv) a Paying Agent (which may be the Principal 

Paying Agent) with a specified office in a continental 

European city (v) a Paying Agent with a specified office 

outside the European Union, (vi) if the conclusions of the 

ECOFIN Council meeting of 26–27 November 2000 on the 

taxation of savings income are implemented, a Paying Agent 

in an EU member state, if any, that will not be obliged to 

withhold or deduct tax pursuant to the European Council 

Directive 2003/48/EC or any other Directive implementing 

such conclusions or any law implementing or complying with, 

or introduced to conform to, such Directive, and (vii) so long 

as the Notes are listed on a stock exchange, a Paying Agent 

(which may be the Principal Paying Agent) with a specified 

office in such city as may be required by the rules of the 

relevant stock exchange. The Fiscal Agent, the Calculation 

Agent, the Principal Paying Agent and the Paying Agents and 

the Registrar reserve the right at any time to change their 

55

sein kann) mit einer benannten Geschäftsstelle an dem von 

der betreffenden Börse vorgeschriebenen Ort bestimmt ist. 

Der Fiscal Agent, die Berechnungsstelle, die Hauptzahlstelle 

und die Zahlstellen sowie der Registrator behalten sich das 

Recht vor, jederzeit anstelle ihrer jeweils benannten 

Geschäftsstellen eine andere Geschäftsstelle in derselben 

Stadt zu bestimmen. Bekanntmachungen hinsichtlich aller 

Veränderungen im Hinblick auf den Fiscal Agent, die Berechnungsstelle, 

die Hauptzahlstellen, einer Zahlstelle oder des 

Registrators, oder deren jeweilig benannte Geschäftsstellen 

erfolgen unverzüglich durch die Anleiheschuldnerin gemäß § 

13. 

§ 11 Schuldnerersetzung 

(a) Im Fall von nicht-nachrangigen Schuldverschreibungen 

ist die Anleiheschuldnerin oder gegebenenfalls 

die Garantin jederzeit berechtigt, ohne Zustimmung 

der Anleihegläubiger eine andere Gesellschaft oder 

im Falle der Garantin sich selbst als Schuldnerin (die 

„Neue Anleiheschuldnerin“) hinsichtlich aller Verpflichtungen 

aus oder in Verbindung mit den 

Schuldverschreibungen an die Stelle der Anleiheschuldnerin 

zu setzen, sofern 



mit den Schuldverschreibungen übernimmt, 

56 

(ii) die Neue Anleiheschuldnerin alle etwa notwendigen 

Genehmigungen und Erlaubnisse von 

den zuständigen Behörden erhalten hat, so 

dass die Neue Anleiheschuldnerin alle Beträge, 

die zur Erfüllung der aus oder in Verbindung mit 

den Schuldverschreibungen entstehenden Zahlungsverpflichtungen 

erforderlich sind, in frei 

verfügbarer und konvertierbarer gesetzlicher 

Währung des Landes, der betreffenden Währung 

ohne Einbehalt an der Quelle oder Abzug 

an der Quelle von irgendwelchen Steuern, 

Gebühren oder Abgaben an die Hauptzahlstelle 

transferieren darf, 

(iii) die Garantin (außer in dem Fall, dass sie selbst 

die Neue Anleiheschuldnerin ist) unbedingt und 

unwiderruflich die Verpflichtungen der Neuen 

Anleiheschuldnerin garantiert. 




bezogen, und jede Bezugnahme auf 

das Land der Anleiheschuldnerin gilt als Bezugnahme 

auf das Land, in dem die Neue Anleiheschuldnerin 

ihren Sitz hat oder, falls abweichend, als 

Steuerinländerin gilt. 



gemäß § 13 bekannt zu machen. 

§ 12 Ersatz von Schuldverschreibungen 

Sofern eine Schuldverschreibung, Empfangsbescheinigung 

oder ein Zinsschein verloren, gestohlen, beschädigt, verunstaltet 

oder zerstört ist, kann diese oder dieser bei den hierfür 

im Konditionenblatt bestimmten Geschäftsstellen des Fiscal 

Agent oder der Zahlstelle(n) (wenn es sich um Inhaberschuldverschreibungen 

handelt) oder des Registrators (wenn es sich 

um Namensschuldverschreibungen handelt), ersetzt werden 

(in dieser Funktion die „ersetzende Stelle“). Der Ersatz 

respective specified offices to some other specified office in 

the same city. Notice of all changes in the identities or 

specified offices of the Fiscal Agent, the Calculation Agent, the 

Principal Paying Agents, any Paying Agent or the Registrar will 

be given promptly by the Issuer to the Noteholders in 

accordance with Condition 13. 


(a) In the case of unsubordinated Notes the Issuer or 

Guarantor, as the case may be, shall be entitled at 

any time without the consent of the Noteholders to 

substitute for the Issuer any other company or, in the 

case of the Guarantor itself, as debtor (the “New 

Issuer”) in respect of all obligations arising from or 

in connection with the Notes, if: 



Notes; 




Principal Paying Agent, in freely disposable and 

convertible legal currency of the country of the 

relevant currency, without withholding at source 

or deduction at source of any taxes, fees or 

duties, all amounts required for the 

performance of the payment obligations arising 

from or in connection with the Notes; 

(iii)the Guarantor (except in the case that the 

Guarantor itself is the New Issuer) irrevocably 

and unconditionally guarantees such obligations 

of the New Issuer. 


these Conditions to the Issuer shall from then on be 


these Conditions to the Issuer's country of domicile 







13. 

12. Replacement of Notes 

If any Note, Receipt or Coupon is lost, stolen, mutilated, 

defaced or destroyed, it may be replaced at the specified 

office of the Fiscal Agent or such Paying Agent or Paying 

Agents as may be specified for such purpose in the Pricing 

Supplement (in the case of Bearer Notes and Coupons) or of 

the Registrar (in the case of Registered Notes) (in such 

capacity, the “Replacement Agent”), subject to all applicable 

laws and the requirements of any stock exchange on which

erfolgt nach Maßgabe des anwendbaren Rechts und den 

Bestimmungen der jeweiligen Börse, an denen die Schuldverschreibungen 

notiert sind, nach Zahlung aller hiermit verbundenen 

Kosten durch den Antragsteller, sowie nach Erbringung 

der von der Anleiheschuldnerin und der ersetzenden Stelle für 

notwendig gehaltenen Beweisführung, Sicherheit, Haftungsfreistellung 

und sonstigen Maßnahmen. Beschädigte oder 

verunstaltete Schuldverschreibungen, Zinsscheine, Talons 

und Empfangsbescheinigungen müssen vor Ersatz eingereicht 

werden. 

Soweit gemäß Konditionenblatt deutsches Recht anzuwenden 

ist, entscheiden ausschließlich deutsche Gerichte über die 

Kraftloserklärung verlorener oder zerstörter effektiver Urkunden. 

Die Anleiheschuldnerin ist gemäß § 798 BGB verpflichtet, 

Ersatzurkunden für beschädigte oder verunstaltete 

Inhaberschuldverschreibungen auszustellen. Für abhanden 

gekommene oder vernichtete Zinsscheine gilt § 8 d (v). 

§ 13 Bekanntmachungen 

Für Inhaber von Inhaberschuldverschreibungen 

(a) Bekanntmachungen für Inhaber von Inhaberschuldverschreibungen 

gelten, soweit nicht in den Bedingungen 

oder im Konditionenblatt eine andere 

wirksame Form der Mitteilung bestimmt ist, als wirksam 

erfolgt, sofern sie (i) im Fall von Schuldverschreibungen, 

die an einer deutschen Wertpapierbörse 

notiert sind, in mindestens einem überregionalen 

Börsenpflichtblatt der entsprechenden 

deutschen Wertpapierbörse (im Fall der Frankfurter 

Wertpapierbörse voraussichtlich in der „Börsen-Zeitung“) 

veröffentlicht, und (ii) im Fall von Schuldverschreibungen, 

die an der Luxemburger Börse notiert 

sind (für die Dauer ihrer Notierung und soweit es die 

Bestimmungen dieser Börse verlangen), in einer 

führenden Tageszeitung mit allgemeiner Verbreitung 

in Luxemburg (voraussichtlich dem „Luxemburger 

Wort“) erfolgen oder (iii) im Falle von Schuldverschreibungen, 

die in einer vorläufigen oder einer 

dauerhaften Sammelschuldverschreibung verbrieft 

sind und dies von der betreffenden Börse erlaubt ist, 

an Euroclear Bank S.A./N.V., als Betreiberin des 

Euroclear Systems („Euroclear“) und Clearstream 

Banking, Société anonyme, Luxemburg 

(„Clearstream Luxemburg“) und/oder ein anderes 

Clearingsystem zur Weitergabe durch diese Stellen 

an die Personen erfolgt, die in deren jeweiligen 

Unterlagen als Personen mit berechtigtem Interesse 

geführt werden, vorausgesetzt, dass im Fall von 

Schuldverschreibungen, die an der Luxemburger 

Börse notiert sind (für die Dauer ihrer Notierung und 

soweit es die Bestimmungen dieser Börse verlangen), 

die Bekanntmachung auch in einer führenden 

Tageszeitung mit allgemeiner Verbreitung in Luxemburg 

(voraussichtlich dem Luxemburger Wort) 

erfolgt. Die Anleiheschuldnerin stellt sicher, dass alle 

Bekanntmachungen ordnungsgemäß in Übereinstimmung 

mit den Erfordernissen der zuständigen 

Stellen der jeweiligen Börsen, an denen die Schuldverschreibungen 

notiert sind, erfolgen. Jede so 

erfolgte Bekanntmachung wird am Tag der ersten 

Veröffentlichung (oder, soweit eine Veröffentlichung 

in mehr als einer Zeitung vorgeschrieben ist, am ersten 

Tag, an dem die Veröffentlichung in allen vorgeschriebenen 

Zeitungen erfolgt ist) wirksam. Inhaber 

von Zinsscheinen gelten als in gleicher Weise unterrichtet 

wie gemäß diesem § 13 unterrichtete Inhaber 

the Notes are listed, upon payment by the claimant of all 

expenses incurred in connection with such replacement and 

upon such terms as to evidence, security, indemnity and 

otherwise as the Issuer and the Replacement Agent may 

require. Mutilated or defaced Notes, Coupons, Talons and 

Receipts must be surrendered before replacements will be 

delivered therefor. 

Alternatively, under German law if so specified in the Pricing 

Supplement, the German courts shall have exclusive jurisdiction 

over the annulment of lost or destroyed Definitive 

Notes. Furthermore, the Issuer shall be obliged to issue 

replacement Notes for mutilated or defaced Bearer Notes in 

accordance with Section 798 of the German Civil Code. In 

respect of lost or destroyed Coupons Condition 8 d (v) shall 

apply. 

13. Notices 

To Holders of Bearer Notes 

(a) Notices to Holders of Bearer Notes will, save where 

another means of effective communication has been 

specified herein or in the Pricing Supplement, be 

deemed to be validly given (i) in the case of any 

Notes which are listed on a German Stock Exchange, 

if published in at least one national newspaper 

recognised by the relevant German Stock Exchange 

(überregionales Börsenpflichtblatt) (which, in the 

case of the Frankfurt Stock Exchange is expected to 

be the “Börsen-Zeitung”), and (ii) in the case of any 

Notes which are listed on the Luxembourg Stock 

Exchange (so long as such Notes are listed on the 

Luxembourg Stock Exchange and that the rules of 

such stock exchange so require), in a leading 

newspaper having general circulation in Luxembourg 

(which is expected to be the “Luxemburger 

Wort”) or (iii) if the Notes are represented by a 

Temporary Global Note or a Permanent Global Note, 

and if permitted by the relevant stock exchange, if 

delivered to Euroclear Bank S.A./N.V., as operator of 

Euroclear System (“Euroclear”) and Clearstream 

Banking, Société anonyme, Luxembourg 

(“Clearstream Luxembourg”), and/or any other 

relevant clearing system for communication by them 

to the persons shown in their respective records as 

having interests therein, provided, however, that, so 

long as the Notes are listed on the Luxemboug Stock 

Exchange and its rules so require, notices will also 

be published in a leading newspaper having general 

circulation in Luxembourg (which is expected to be 

the Luxemburger Wort). The Issuer shall also ensure 

that notices are duly published in compliance with 

the requirements of the relevant authority of each 

stock exchange on which the Notes are listed. Any 

notice so given will be deemed to have been validly 

given on the date of first such publication (or, if 

required to be published in more than one 

newspaper, on the first date on which publication 

shall have been made in all the required 

newspapers). Holders of Coupons will be deemed 

for all purposes to have notice of the contents of any 

notice given to Holders of Bearer Notes in 

accordance with this Condition. Any notice given to 

Noteholders must also be given in writing to 

Euroclear, Clearstream Luxembourg and any other 

relevant clearing system. 

57

58 

von Inhaberschuldverschreibungen. Jede Bekanntmachung 

für die Anleihegläubiger muß schriftlich 

auch an Euroclear, Clearstream Luxemburg und an 

andere beteiligte Clearingsysteme erfolgen. 

Für Inhaber von Namensschuldverschreibungen 

(b) Bekanntmachungen für Inhaber von Namensschuldverschreibungen 

gelten als ordnungsgemäß erfolgt, 

sofern sie per eingeschriebenen Brief (oder in 

gleichwertiger Weise) oder (bei Versand nach Übersee) 

per Luftpost an die jeweilige im Register eingetragene 

Adresse der Inhaber (oder im Fall von 

Miteigentümern an die Adresse des im Register 

zuerst Genannten) versandt werden. Sie gelten am 

vierten Wochentag nach Postversand oder, sofern 

aus dem Ausland verschickt, oder, sofern in der 

oben bezeichneten Weise veröffentlicht, am fünften 

Tag nach dem Postversand als wirksam erfolgt. 

§ 14 Begebung weiterer Schuldverschreibungen 


Zustimmung der Inhaber von Schuldverschreibungen weitere 

Schuldverschreibungen mit gleicher Ausstattung (gegebenenfalls 

mit Ausnahme der ersten Zinszahlung und/oder der 

Nennbeträge) wie diese Schuldverschreibungen zu begeben, 

so dass sie mit diesen eine einheitliche Serie bilden. Der 

Begriff „Schuldverschreibungen“ umfasst im Falle einer solchen 

weiteren Begebung auch solche zusätzlich begebenen 

Schuldverschreibungen. 

§ 15 Nennwertumstellung, Neubestimmung und Zahlung 

Sofern die Schuldverschreibungen auf die Währung eines 

Mitgliedstaates der Europäischen Wirtschafts- und Währungsunion 

(„EWWU“) lauten und das Konditionenblatt für die 

Schuldverschreibungen englisches Recht bestimmt, und 

soweit im Konditionenblatt nichts anderes anstelle der nachfolgenden 

Regelungen vorgesehen ist, gelten die Regelungen 

dieses § 15. 

Die Anleiheschuldnerin ist berechtigt, ohne Zustimmung der 

Anleihegläubiger mit einer Frist von nicht weniger als 30 

Tagen nach erfolgter Ankündigung gegenüber den 

Anleihegläubigern, Euroclear, Clearstream Luxembourg, 

Clearstream Frankfurt und den Zahlstellen ein Datum für eine 

Währungsumstellung zu bestimmen („Umstellungstag“), das 

ein Zinszahltag (soweit auf die Schuldverschreibungen Zinsen 

gezahlt werden) nach dem Beginn der dritten Stufe der EWWU 

sein muss (oder, im Fall von Schuldverschreibungen, die auf 

die Währung eines Mitgliedstaates der Europäischen Union 

lauten, der zu diesem Zeitpunkt nicht Teilnehmer der EWWU 

ist, ein Zinszahltag an oder nach dem Zeitpunkt, an dem dieser 

Staat der EWWU beitritt). 

„Euro“ bedeutet die in der dritten Phase der Europäischen 

Wirtschafts- und Währungsunion gemäß dem Unionsvertrag 

eingeführte Währung. 

Mit Wirkung vom Umstellungstag an, vorbehaltlich den anderen 

Bestimmungen dieser Bedingungen, gilt: 

(a) Die Schuldverschreibungen sind (sofern nicht 

bereits durch anwendbare Gesetze vorgeschrieben) 

auf Euro umgestellt, wobei die kleinste Einheit 0,01 

Euro beträgt und der Nennbetrag jeder auf Euro 

umgestellten Schuldverschreibung gleich dem 

Nennbetrag ist, der sich aus der Umrechnung der 

ursprünglichen Währung dieser Schuldverschreibung 

in Euro zu dem Kurs ergibt, der von der Europäischen 

Union gemäß dem Unionsvertrag für die 

Umrechnung bestimmt wurde (unter Berücksichtigung 

anwendbarer Bestimmungen der EG zu Run- 

To Holders of Registered Notes 

(b) Notices to Holders of Registered Notes will be 

deemed to be validly given if sent by first class mail 

(or equivalent) or (if posted to an overseas address) 

by air mail to them (or, in the case of joint Holders, 

to the first-named in the register kept by the 

Registrar) at their respective addresses as recorded 

in the register kept by the Registrar and will be 

deemed to have been validly given on the fourth 

weekday after the date of such mailing or, if posted 

from another country, or if published, on the fifth 

such day. 



consent of the Holders of any Issue of Notes, to issue 

additional notes with identical terms and conditions as such 

Notes in all respects (or in all respects except for the first 

payment of interest, if any, on them and/or the denomination 

thereof) so as to be consolidated and form a single Issue with 

such Notes. The term “Notes” shall, in the event of such 

further issue, also comprise such further notes. 

15. Redenomination, Reconventioning and Payment 

In the event that the Notes are denominated in the currency of 

a member state of the European Economic and Monetary 

Union (“EMU”) and the Pricing Supplement specifies that the 

Notes are governed by English law, and subject to any provisions 

to the contrary in the Pricing Supplement in respect of 

the understated conditions, the provisions of this Condition 15 

shall apply. 

The relevant Issuer may, without the consent of the 

Noteholders, on giving at least 30 days’ prior notice to 

Noteholders, Euroclear, Clearstream Luxembourg, Clearstream 

Frankfurt and the Paying Agents, designate a 

redenomination date (“Redenomination Date”), being a date 

for payment of Interest under the Notes (assuming the Notes 

bear interest) falling after the start of the third stage of the 

EMU (or, in the case of Notes denominating in a currency of 

an EC member state that is not one of the countries then 

participating in such third stage, falling on or after such later 

date as it does so participate). 

“Euro” means the currency introduced at the third stage of 

European Economic and Monetary Union pursuant to the 

Treaty. 

With effect from the Redenomination Date, notwithstanding 

the other provisions of the Conditions: 

(a) The Notes shall (unless already so provided by 

mandatory provisions of applicable law) be deemed 

to be redenominated in Euro in the denomination of 

Euro 0.01 with a principal amount for each Note 

equal to the principal amount of the currency of that 

Note converted into Euro at the rate of conversion of 

such original currency into Euro established by the 

Council of the European Union pursuant to the 

Treaty (including compliance with rules relating to 

rounding in accordance with EC regulations) 

provided that, if the Issuer determines, with the

dungen); sofern jedoch die Anleiheschuldnerin mit 

Zustimmung des Fiscal Agent feststellt, dass die zu 

diesem Zeitpunkt marktübliche Vorgehensweise bei 

der Umstellung auf die kleinste Einheit von 0,01 Euro 

von dem vorstehenden abweicht, sind diese Bestimmungen 

der marktüblichen Vorgehensweise anzupassen, 

und die Anleiheschuldnerin hat die 

Anleihegläubiger, die jeweilige Wertpapierbörse 

(soweit zutreffend) und die Zahlstellen von diesen 

Anpassungen zu unterrichten. 

(b) Ist die Ausgabe effektiver Urkunden vorgesehen, 

werden diese auf Kosten der Anleiheschuldnerin in 

Stückelungen von 0,01 Euro, 1.000 Euro, 10.000 

Euro und 100.000 Euro oder einer anderen vom Fiscal 

Agent zu bestimmenden und den Anleihegläubigern 

bekanntzumachenden Stückelung ausgegeben. 

(c) Wenn sich die Emittentin dafür entscheidet, in diesem 

Fall erfolgt eine entsprechende Mitteilung an 

die Anleihegläubiger, werden, falls effektive Urkunden 

ausgegeben wurden, alle nicht fälligen Zinsscheine, 

die auf die ursprüngliche Währung lauten 

(ob den Schuldverschreibungen beigefügt oder 

nicht), ungültig, und eine Zahlung auf diese Zinsscheine 

erfolgt nicht. Neue Urkunden für auf Euro 

umgestellte Schuldverschreibungen und Zinsscheine 

werden im Austausch für die auf die 

ursprüngliche Währung lautenden Schuldverschreibungen 

und Zinsscheine nach Maßgabe des Fiscal 

Agent, die den Anleihegläubigern anzuzeigen ist, 

ausgegeben. 

(d) Alle Zahlungen auf die Schuldverschreibungen werden 

ausschließlich in Euro geleistet (außer Zinszahlungen 

für Zinsperioden, die vor dem Umstellungstag 

begonnen haben, sofern nicht der Umstellungstag 

ein Tag an oder nach dem Zeitpunkt ist, an 

dem die ursprüngliche Währung aufgehört hat, eine 

Komponente des Euro zu sein). Solche Zahlungen 

erfolgen in Euro durch Überweisung auf ein vom 

Zahlungsempfänger zu benennendes auf Euro lautendes 

Konto (oder ein anderes zur Gutschrift oder 

zum Transfer von Euro geeignetes Konto) oder 

durch Scheck. 

(e) Schuldverschreibungen und Zinsscheine können 

nur an einem Tag zur Zahlung vorgelegt werden, der 

ein Bankarbeitstag ist und an dem das TARGET System 

zur Verfügung steht. 

(f) Der auf Schuldverschreibungen zahlbare Zinsbetrag 

wird unter Bezug auf den Gesamtbetrag der von 

einem Anleihegläubiger zur Zahlung vorgelegten 

Schuldverschreibungen berechnet (oder gegebenenfalls 

auf den Gesamtbetrag der vorgelegten Zinsscheine), 

und dieser Zinsbetrag wird bis auf 0,01 

Euro gerundet. 

(g) Im Fall eines jährlich zahlbaren festen Zinssatzes 

erfolgt die Berechnung, sofern Stückzinsen zu 

berechnen sind, auf der Basis der „Actual/Actual- 

ISMA“ Methode, wie in § 4 (a) (i) beschrieben. 

Im Fall von halbjährlich zahlbaren Zinsen beläuft 

sich der Betrag, der an jedem Zinstermin zahlbar ist, 

auf die Hälfte des Betrages, der für ein ganzes Jahr 

zahlbar wäre, gerundet auf 0,01 Euro. Sofern Zinsen 

für einen Zeitraum von weniger als einem halben 

Jahr zu berechnen sind, erfolgt die Berechnung auf 

agreement of the Fiscal Agent, that the then market 

practice in respect of the redenomination into Euro 

0.01 of internationally offered securities, is different 

from the provision specified above, such provisions 

shall be deemed to be amended so as to comply 

with such market practice and the Issuer shall 

promptly notify the Noteholders, the stock exchange 

(if any) on which the Notes may be listed and the 

Paying Agents of such deemed amendments. 

(b) If Definitive Notes are required to be issued, they 

shall be issued at the expense of the Issuer in the 

denominations of Euro 0.01, Euro 1,000, Euro 10,000 

and Euro 100,000 and such other denominations as 

the Fiscal Agent shall determine and notify to 

Noteholders. 

(c) If so elected by the Issuer, who shall then give notice 

of such election to the Noteholders, if Definitive 

Notes have been issued, all unmatured Coupons 

denominated in the original currency of the Notes 

(whether or not attached to the Notes) will become 

void and no payments will be made in respect of 

them. New certificates in respect of Euro-denominated 

Notes and Coupons will be issued in 

exchange for the original currency denominated 

Notes and Coupons in such manner as the Fiscal 

Agent may specify and notify to Noteholders. 

(d) All payments in respect of the Notes (other than, 

unless the Redenomination Date is on or after such 

date as the original currency of the Notes ceases to 

be a sub-division of the Euro, payments of interest 

in respect of periods commencing before the 

Redenomination Date) will be made solely in Euro. 

Such payments will be made in Euro by transfer to a 

Euro account (or any other account to which Euro 

may be credited or transferred) specified by the 

payee or by check. 

(e) A Note or Coupon may only be presented for 

payment on a day which is a Banking Day in the 

place of presentation and which is a day on which 

the TARGET System is open. 

(f) The amount of interest payable in respect of Notes 

will be calculated by reference to the aggregate 

principal amount of Notes presented (or, as the case 

may be, in respect of which coupons are presented) 

for payment by the relevant holder and the amount 

of such payment shall be rounded down to the 

nearest Euro 0.01. 

(g) In respect of fixed rate interest payable annually, if 

interest is required to be calculated for a period of 

less than one year, it will be calculated on the basis 

of the “Actual/Actual-ISMA” Day Count Fraction, as 

such term is defined in Condition 4 (a) (i). 

In respect of fixed rate interest payable semiannually, 

the amount of interest payable on each 

Interest Payment Date shall be half the amount which 

would be payable if interest were calculated for a 

period of one year and shall be rounded down to the 

nearest Euro 0.01. If interest is required to be calcu- 

59

60 

der Basis der „Actual/Actual-ISMA“ Methode, wie in 

§ 4 (a) (i) beschrieben. 

§ 16 Anwendbares Recht und Gerichtsstand 

(1) Englisches Recht 

Soweit im Konditionenblatt und vorbehaltlich einer entgegenstehenden 

Bestimmung im Konditionenblatt hinsichtlich 

einzelner Bedingungen bestimmt ist, dass die 

Schuldverschreibungen englischem Recht unterliegen, gelten 

die Regelungen des § 16.1. 

(a) Die Schuldverschreibungen und die Deeds of 

Covenant unterliegen englischem Recht und sind 

nach englischem Recht auszulegen. 

(b) Zugunsten der Anleihegläubiger erklärt sich die 

Anleiheschuldnerin damit einverstanden, dass die 

Gerichte von England zuständig sind für die Entscheidung 

über Klagen oder andere Gerichtsverfahren 

(Rechtsstreitigkeiten), die sich aufgrund von 

oder in Verbindung mit den Schuldverschreibungen 

ergeben, und sie unterwirft sich für diese Zwecke 

unwiderruflich der Zuständigkeit dieser Gerichte. 

(c) Die Anleiheschuldnerin verzichtet unwiderruflich auf 

alle ihr gegenwärtig oder künftig zur Verfügung stehenden 

Einwände oder Einreden gegen die hiermit 

begründete Zuständigkeit der Gerichte in England; 

sie wird ferner nicht geltend machen, dass die so 

begründete Zuständigkeit ungeeignet oder nicht 

zweckdienlich sei. 

(d) Die Anleiheschuldnerin erklärt sich damit einverstanden, 

dass in England Gerichtsverfahren gegen 

sie durch Zustellung an den General Manager der 

Niederlassung London der Dresdner Bank Aktiengesellschaft 

in Gang gesetzt werden können. Sofern 

die Ernennung der in § 16.1 (d) genannten Person 

ungültig wird, wird die Anleiheschuldnerin anschließend 

eine andere Person als Zustellungsbevollmächtigte 

in England ernennen und den Namen und 

die Adresse dem Fiscal Agent mitteilen. Sofern eine 

solche Ernennung nicht innerhalb von fünfzehn 

Tagen erfolgt ist, hat jeder Anleihegläubiger das 

Recht, durch schriftliche Mitteilung, die der Anleiheschuldnerin 

oder der hierfür benannten 

Geschäftsstelle des Fiscal Agent zuzustellen ist, eine 

Person als Zustellungsbevollmächtigte zu benennen. 

Die vorstehende Bestimmung berührt nicht das 

Recht des Anleihegläubigers, auf andere rechtlich 

zulässige Weise Zustellungen zu bewirken. 

(e) Die Vereinbarung der Zuständigkeit der Gerichte 

von England beschränkt nicht das Recht der Inhaber 

von Schuldverschreibungen, Gerichtsverfahren bei 

einem anderen zuständigen Gericht anhängig zu 

machen (und kann nicht als Einschränkung hierfür 

angesehen werden). Das Anhängigmachen von 

Gerichtsverfahren bei einem oder mehreren Gerichten 

schließt nicht das gleichzeitige oder nicht gleichzeitige 

Anhängigmachen von Rechtsstreitigkeiten 

vor einem anderen Gericht aus, sofern und soweit 

anwendbares Recht dies zulässt. 

(2) Deutsches Recht 

Wenn im Konditionenblatt bestimmt ist, dass die Schuldverschreibungen 

deutschem Recht unterliegen, gelten die Regelungen 

des § 16(2). 

lated for a period of less than half a year, it will be 

calculated on the basis of the “Actual/Actual-ISMA” 

Day Count Fraction, as such term is defined in 

Condition 4 (a) (i). 

16. Governing Law and Jurisdiction 

(1) English Law 

In the event that the Pricing Supplement specifies that the 

Notes are governed by English law, and subject to any 

provision to the contrary in the Pricing Supplement in respect 

of individual Conditions, the provisions of this Condition 16.1 

shall apply. 

(a) The Notes and the Deeds of Covenant are governed 

by, and shall be construed in accordance with, 

English law. 

(b) The Issuer irrevocably agrees for the benefit of the 

Noteholders that the courts of England 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 the Notes (respectively, 

“Proceedings” and “Disputes”) and, for such 

purposes, irrevocably submits to the jurisdiction of 

such courts. 

(c) The Issuer irrevocably waives any objection which it 

might now or hereafter have to the courts of England 

being nominated as the forum to hear and determine 

any Proceedings and to settle any Disputes and 

agrees not to claim that any such court is not a 

convenient or appropriate forum. 

(d) The Issuer agrees that the process by which any 

Proceedings in England are begun may be served 

on it by being delivered to the London branch for the 

time being of Dresdner Bank Aktiengesellschaft, 

marked for the attention of the General Manager. If 

the appointment of the person mentioned in this 

Condition 16.1 (d) ceases to be effective, the Issuer 

shall forthwith appoint a further person in England to 

accept service of process on its behalf in England 

and notify the name and address of such person to 

the Fiscal Agent and, failing such appointment within 

fifteen days, any Noteholder shall be entitled to 

appoint such a person by written notice addressed 

to the Issuer and delivered to the Issuer or to the 

specified office of the Fiscal Agent. Nothing 

contained herein shall affect the right of any 

Noteholder to serve process in any other manner 

permitted by law. 

(e) The submission to the jurisdiction of the courts of 

England shall not (and shall not be construed so as 

to) limit the right of the Holders of the Notes or any 

of them to take Proceedings in any other court 

of competent jurisdiction nor shall the taking of 

Proceedings in any one or more jurisdictions 

preclude the taking of Proceedings in any other 

jurisdiction (whether concurrently or not) if and to 

the extent permitted by applicable law. 

(2) German Law 


Notes are governed by German law, the provisions of this 

Condition 16(2) shall apply.

(a) Form und Inhalt der Schuldverschreibungen der 

Zinsscheine, Talons und der Garantie sowie alle sich 

daraus ergebenden Rechte und Pflichten bestimmen 

sich ausschließlich nach dem Recht der Bundesrepublik 

Deutschland. Erfüllungsort ist Frankfurt am 

Main. 




der Anleiheschuldnerin und/oder mit der Garantin 

aus der Garantie ist Frankfurt am Main. 

(c) Die Anleihegläubiger sind auch berechtigt, ihre 

Ansprüche gegenüber der Anleiheschuldnerin vor 

Gerichten im Land der jeweiligen Anleiheschuldnerin 

geltend zu machen (falls abweichend von den 

vorstehenden Absätzen (a) und (b)). Auch in diesen 

Fällen ist das Recht der Bundesrepublik Deutschland 

anzuwenden. Für etwaige Rechtsstreitigkeiten, 

die zwischen den Anleihegläubigern und der Anleiheschuldnerin, 

sofern diese nicht die Dresdner Bank 

Aktiengesellschaft ist, vor Gerichten in der Bundesrepublik 

Deutschland geführt werden, hat die Anleiheschuldnerin 

die Dresdner Bank Aktiengesellschaft, 

Jürgen-Ponto-Platz 1, 60301 Frankfurt 

am Main, Bundesrepublik Deutschland, zur Zustellungsbevollmächtigten 

bestellt. 

(3) Anderes Recht 

Die Schuldverschreibungen können jedem anderen Recht 

unterliegen, wenn und soweit dies im Konditionenblatt 

bestimmt ist. 

§ 17 Teilunwirksamkeit 

Sollte eine der vorstehenden Bestimmungen dieser Bedingungen 

unwirksam oder undurchführbar sein oder werden, so 

bleibt die Wirksamkeit und die Durchführbarkeit der übrigen 

Bestimmungen hiervon unberührt. Anstelle der unwirksamen 

Bestimmung soll, soweit rechtlich möglich, eine dem Sinn und 

Zweck dieser Bedingungen zum Zeitpunkt der Begebung der 

Schuldverschreibungen entsprechende Regelung gelten. 






§ 18 Rechtsverbindliche Sprache 

(a) Sofern das Konditionenblatt bestimmt, dass die englische 

Fassung dieser Bedingungen rechtlich maßgebend ist, gilt 

die folgende Regelung: 

Ausschließlich die englische Fassung dieser Bedingungen 

ist rechtlich maßgebend. Die deutsche Übersetzung der 

englischen Originalfassung ist rechtlich unverbindlich. 

(b) Sofern das Konditionenblatt bestimmt, dass die deutsche 

Fassung dieser Bedingungen ist rechtlich maßgebend ist, 

gilt die folgende Regelung: 

Ausschließlich die deutsche Fassung dieser Bedingungen 

ist rechtlich maßgebend. Die englische Übersetzung der 

deutschen Originalfassung ist rechtlich unverbindlich. 

(a) The form and content of the Notes, the Coupons and 

the Guarantee as well as all the rights and duties 

arising therefrom are governed exclusively by the 

laws of the Federal Republic of Germany. Place of 

performance is Frankfurt am Main. 



these Conditions and with the Guarantor arising from 

the legal relations established in the Guarantee is 


(c) The Noteholders are also entitled to assert their 

claims against the Issuer before courts in the jurisdiction 

of incorporation of the Issuer (if different from 

the courts referred to in paragraphs (a) and (b) 

above). In such cases the laws of the Federal 

Republic of Germany shall be applied. For litigation, 

if any, between the Noteholders and the Issuer (not 

being Dresdner Bank Aktiengesellschaft) which is 

brought before courts in the Federal Republic of 

Germany, the Issuer has appointed Dresdner Bank 

Aktiengesellschaft, Jürgen-Ponto-Platz 1, 60301 

Frankfurt am Main, Federal Republic of Germany, as 

agent for service of process. 

(3) Other Law 

The Notes may be governed by any other law if and to the 

extent specified in the Pricing Supplement. 





be affected or impaired thereby. In this case, the invalid 

provision shall be replaced by a provision which to the extent 

legally possible provides for an interpretation in keeping with 







applied. 


(a) In the event that the Pricing Supplement specifies that the 

binding language is English, the following provision apply: 

This English version of these Conditions is the exclusively 


only. 

(b) In the event that the Pricing Supplement specifies that the 

binding language is German the following provision apply: 

The German version of these Conditions is the exclusively 

legally binding one. This English version is for convenience 

only. 

61

(C) Emissionsbedingungen aktienbezogener Schuldverschreibungen 

nach englischem oder deutschem Recht 

(„Bedingungen“) 

Die Schuldverschreibungen werden im Rahmen und nach 

Maßgabe eines geänderten und revidierten Emissions- und 

Zahlstellenvertrages („Agency Agreement“), in der jeweils 

gültigen Fassung vom 4. Mai 2004 zwischen der Dresdner 

Bank Aktiengesellschaft (die „Anleiheschuldnerin“), Dresdner 

Finance B.V., Dresdner Bank Aktiengesellschaft und JPMorgan 

Chase Bank, London Branch, jeweils in ihrer 

Eigenschaft als Fiscal Agent (als solche auch die „Fiscal 

Agents“, einzeln jeweils als „Fiscal Agent“ bezeichnet, was 

auch jeden anderen in § 14 genannten Agent beinhaltet) und 

als Registrierungsstelle sowie als Hauptzahlstelle (als solche 

auch die „Hauptzahlstellen“, einzeln jeweils als „Hauptzahlstelle“ 

bezeichnet) und bestimmten anderen darin genannten 

Zahlstellen (die „Zahlstellen“, einzeln jeweils als „Zahlstelle“ 

bezeichnet, was auch die Hauptzahlstellen und alle 

Ersatz- oder zusätzlichen Zahlstellen, die gemäß der Emissionsvereinbarung 

bestellt werden, beinhaltet) begeben. Die 

Anleiheschuldnerin übernimmt die nachfolgend dargelegten 

und im Konditionenblatt (wie nachstehend definiert) genannten 

Pflichten der Berechnungsstelle (die „Berechnungsstelle“) 

im Hinblick auf die Schuldverschreibungen, es sei 

denn, ein anderes Institut wird im Konditionenblatt als Berechnungsstelle 

benannt. Der Begriff „Berechnungsstelle“ beinhaltet 

in Bezug auf die betreffenden Schuldverschreibungen 

auch diese andere benannte Berechnungsstelle. Für jede 

Emission (wie nachstehend definiert) von Schuldverschreibungen 

werden der jeweilige Fiscal Agent, die Hauptzahlstelle, 

Zahlstellen und die Berechnungsstelle im Konditionenblatt 

genannt. 

Die Anleiheschuldnerin hat in einer am 4. Mai 2004 abgegebenen 

Verpflichtungserklärung („Deed of Covenant“, in der 

jeweils gültigen Fassung) Verpflichtungen für Schuldverschreibungen 

übernommen, die vorläufig oder dauerhaft in 

einer Sammelschuldverschreibung verbrieft sind und englischem 

Recht unterliegen. Das Agency Agreement und der 

Deed of Covenant können während der üblichen 

Geschäftszeiten bei den benannten Geschäftsstellen der Fiscal 

Agents, der Hauptzahlstellen und der Zahlstellen in Kopie 

eingesehen werden. Für alle aus den Schuldverschreibungen 

begünstigten Personen gilt, dass sie Kenntnis von allen Regelungen 

des Agency Agreement und des Deeds of Covenant 

haben, soweit diese sich auf die jeweiligen Schuldverschreibungen 

beziehen und für sie verbindlich sind. 

Die Schuldverschreibungen werden in Serien begeben 

(jeweils eine „Anleihe“), und jede Anleihe kann eine oder 

mehrere Tranchen („Tranchen“ und jeweils eine „Tranche“) 

von Schuldverschreibungen umfassen. Jede Tranche unterliegt 

den Bestimmungen eines Konditionenblattes („Konditionenblatt“), 

das in Kopie bei den genannten 

Geschäftsstellen des betreffenden Fiscal Agent, der Hauptzahlstelle 

und anderen Zahlstellen erhältlich ist. Das Konditionenblatt 

enthält eine Beschreibung der Aktie, des Indexes 

oder gegebenenfalls des Aktien- oder Indexkorbes („Underlying“), 

auf die/den in den Schuldverschreibungen Bezug 

genommen wird, sowie diejenigen zusätzlichen Angaben zum 

Underlying, die für die Zulassung der betreffenden Emission 

von Schuldverschreibungen an der dafür vorgesehenen Wertpapierbörse 

notwendig sind. 

In diesen Bedingungen verstehen sich, soweit nicht anders 

angegeben, Bezugnahmen auf die „Schuldverschreibungen“ 

auf solche der jeweiligen Emission, und alle Bezugnahmen 

auf Zinsscheine (wie in § 1(b) definiert) verstehen sich 

62 

(C) Terms and Conditions of Equity-Linked Notes under 

English or German Law (the “Conditions”) 

The Notes are issued pursuant to and in accordance with an 

amended and restated agency agreement (the “Agency 

Agreement”, which expression shall include any amendments 

or supplements thereto) dated 4 May 2004 and made 

between Dresdner Bank Aktiengesellschaft (the “Issuer”), 

Dresdner Finance B.V., Dresdner Bank Aktiengesellschaft and 

JPMorgan Chase Bank, London Branch each in its capacity as 

fiscal agent (as such the “Fiscal Agents”, individually 

referred to as a “Fiscal Agent”, which expressions shall 

include any other agent specified in Condition 14) and as 

registrar, and as principal paying agent (as such the 

“Principal Paying Agents”, individually referred to as a 

“Principal Paying Agent”) and certain other paying agents 

named therein (the “Paying Agents”, individually referred to as 

a “Paying Agent”, which expressions shall include the 

Principal Paying Agents and any substitute or additional 

paying agents appointed in accordance with the Agency 

Agreement). The Issuer shall undertake the duties of calculation 

agent (the “Calculation Agent”) in respect of the Notes 

as set out below and specified in the Pricing Supplement (as 

defined below) unless another entity is so specified as calculation 

agent in the Pricing Supplement. The expression Calculation 

Agent shall, in relation to the relevant Notes, include 

such other specified calculation agent. For each Issue (as 

defined below) of Notes, the relevant Fiscal Agent, Principal 

Paying Agent, Paying Agents, and the Calculation Agent, as 

applicable, is specified in the Pricing Supplement. 

In respect of Notes issued in temporary global form or 

permanent global form and governed by English law, the 

Notes have the benefit of a deed of covenant (a “Deed of 

Covenant”, which expression shall include any amendments 

or supplements thereto) dated 4 May 2004 executed by the 

Issuer in relation to the Notes. Copies of the Agency 

Agreement and the Deed of Covenant are available for 

inspection during normal business hours at the specified 

office of each of the Fiscal Agents, the Principal Paying Agents 

and the Paying Agents. All persons from time to time entitled 

to the benefit of obligations under any Notes shall be deemed 

to have notice of, and shall be bound by, all of the provisions 

of the Agency Agreement and the Deed of Covenant insofar 

as they relate to the relevant Notes. 

The Notes are issued in series (each an “Issue”) and each 

Issue may comprise one or more tranches (“Tranches” and 

each a “Tranche”) of Notes. Each Tranche will be the subject 

of a pricing supplement (“Pricing Supplement”) a copy of 

which may be obtained at the specified office of the relevant 

Fiscal Agent, Principal Paying Agent and other Paying Agents. 

The Pricing Supplement will include a description of the 

Share, Index, or Basket of Shares or Indices (“Underlying”) to 

which the Notes are linked, and such additional information 

about the Underlying of the Notes as is required for a listing 

of such Issue of Notes by the relevant stock exchange. 

In these Conditions, unless otherwise expressly stated, references 

to “Notes” are to notes of the relevant Issue and any 

references to Coupons (as defined in Condition 1 (b)) are to 

Coupons relating to Notes of the relevant Issue.

auf die den Schuldverschreibungen der jeweiligen Emission 

zugehörigen Zinsscheine. 

Bezugnahmen in den Bedingungen auf das Konditionenblatt 

gelten jeweils für das für die Schuldverschreibungen der 

betreffenden Tranche oder Anleihe erstellte Konditionenblatt. 

Werden im Konditionenblatt Bestimmungen festgelegt, die 

von den Bedingungen abweichen, so ersetzen, ergänzen oder 

modifizieren die im Konditionenblatt festgelegten Bestimmungen 

diese Bedingungen entsprechend. 

Begriffe, die im Konditionenblatt verwandt werden, haben, 

sofern sich aus dem Zusammenhang nicht etwas anderes 

ergibt oder etwas anderes bestimmt ist, dieselbe Bedeutung 

wie in diesen Bedingungen. 

Wenn die Schuldverschreibungen an einer Börse zugelassen 

werden sollen, sind die erforderlichen Angaben zum Underlying 

(wie auf Seite 15 definiert) dem Konditionenblatt als 

Anhang beizufügen. 

1. Form und Nennbetrag 

Form 

(a) Schuldverschreibungen werden in Form von Inhaberschuldverschreibungen 

und in dem im Konditionenblatt 

angegebenen Gesamtnennbetrag ausgegeben. 

Schuldverschreibungen können mit einem 

festen Zinssatz, einem variablen Zinssatz oder mit 

einer Kombination aus festen und/oder variablen 

Zinssätzen (einschließlich der Zinsberechnung unter 

Bezugnahme auf einen Index und/oder eine Formel) 

(„Anleihen mit variablem Zinsbetrag“) verzinslich 

oder unververzinslich sein (dies gilt nicht für Verzugszinsen 

nach dem Endfälligkeitstag) („Nullkupon-Anleihen“) 

oder können Schuldverschreibungen 

sein, für die Zahlungen von Kapital und/oder 

Zinsen in einer oder mehreren anderen Währungen 

erfolgen als in der Währung, auf die diese Schuldverschreibungen 

lauten („Doppelwährungs-Anleihen“), 

oder können eine andere Art von Schuldverschreibungen, 

wie im Konditionenblatt angegeben. 

(b) Schuldverschreibungen, die vorläufig oder dauerhaft 

in einer Sammelschuldverschreibung verbrieft 

sind (jeweils „vorläufige Sammelschuldverschreibungen“ 

oder „dauerhafte Sammelschuldverschreibungen“) 

tragen die eigenhändigen oder 



Unterschrift eines Kontrollbeauftragten des 

Fiscal Agent. Sofern Schuldverschreibungen in 

effektiven Urkunden („effektive Urkunden“) verbrieft 

werden, tragen sie die eigenhändigen oder 


der Anleiheschuldnerin, die eigenhändige 


Agent sowie einen Prägestempel der Anleiheschuldnerin. 

Verzinsliche Schuldverschreibungen in Form 

effektiver Urkunden sind mit einer Allonge versehen, 

auf der erfolgte Zinszahlungen eingetragen werden 

können; oder, sofern im Konditionenblatt vorgesehen, 

sind ihnen bei der ersten Auslieferung Zinsscheine 

beigefügt (welche die faksimilierten 

Unterschriften von zwei Vertretungsberechtigten der 

Anleiheschuldnerin sowie einen Prägestempel der 

Anleiheschuldnerin tragen) („Zinsscheine“). Die 

Vorlage solcher Zinsscheine ist, vorbehaltlich 

bestimmter dort genannter Ausnahmen, Voraussetzung 

für die Zinszahlung. Verzinslichen Schuldver- 

References in these Conditions to the Pricing Supplement are 

to the Pricing Supplement prepared in relation to the Notes of 

the relevant Tranche or Issue. Should the Pricing Supplement 

specify terms and conditions inconsistent with these Conditions, 

the former shall replace or modify the latter to the extent 

specified in the Pricing Supplement. 

Words and expressions used in the Pricing Supplement shall 

have the same meanings where used in these Conditions 

unless the context otherwise requires or unless otherwise 

stated. 

If the Notes are to be listed on a stock exchange the 

necessary information about the Underlying (as defined on 

page 15) has to be included as an Annex to the Pricing 

Supplement. 


Form 

(a) Notes are issued in bearer form in the aggregate 

principal amount as specified in the Pricing 

Supplement. Notes may be interest bearing at a fixed 

rate, at a floating rate or at a combination of fixed 

and/or floating rates (including interest calculated 

by reference to an index and/or formula) (“Variable 

Coupon Amount Notes”) or may be non-interest 

bearing (except in respect of interest due after the 

maturity date thereof) (“Zero Coupon Notes”) or 

Notes in respect of which payments of principal and/ 

or interest are or may be payable in one or more 

currencies other than the currency in which such 

Notes are denominated (“Dual Currency Notes”) or 

such other type of Note as is specified in the Pricing 

Supplement. 

(b) Notes in temporary or permanent global form 

(respectively “Temporary Global Notes” and 

“Permanent Global Notes”) bear the manual or 


of the Issuer and the manual signature of an authentication 

officer of the Fiscal Agent. Notes in definitive 

form (“Definitive Notes”) bear the manual or 


of the Issuer, the manual signature of an authentication 

officer of the Fiscal Agent and an embossed 

stamp of the Issuer. Interest-bearing Definitive Notes 

have endorsed thereon a grid for recording the 

payment of interest or, if so specified in the Pricing 

Supplement, have attached thereto at the time of 

their initial delivery coupons (“Coupons”) (bearing 

the facsimile signatures of two duly authorised 

officers of the Issuer and an embossed stamp of the 

Issuer), presentation of which will be a prerequisite 

to the payment of interest save in certain circumstances 

specified therein. Interest-bearing Definitive 

Notes, if so specified in the Pricing Supplement, 

have attached thereto, at the time of their initial 

delivery, a talon (“Talon”) for further coupons and 

the expression “Coupon” shall, where the context so 

requires, include Talons. 

63

64 

schreibungen in Form effektiver Urkunden ist, sofern 

im Konditionenblatt vorgesehen, bei ihrer ersten 

Auslieferung ein Erneuerungsschein für den Bezug 

zusätzlicher Zinsscheine beigefügt („Talon“); der 

Begriff „Zinsschein“ umfasst, soweit der Zusammenhang 

es erfordert, den Talon. 

(c) Die Teilschuldverschreibungen sind anfänglich in einer 

vorläufigen Sammelschuldverschreibung („vorläufige 

Sammelschuldverschreibung“) verbrieft, die bei der 

Clearstream Banking AG, Frankfurt am Main 

(„Clearstream Frankfurt“) oder bei einem gemeinsamen 

Verwahrer für Euroclear Bank S.A./N.V., als Betreiberin 

des Euroclear Systems („Euroclear“) und 

Clearstream Banking, société anonyme („Clearstream 

Luxemburg“) hinterlegt ist. Die vorläufige Sammelschuldverschreibung 

wird bei Vorlegung einer Bescheinigung, 

dass der bzw. die rechtliche(n) oder 

wirtschaftliche(n) Eigentümer keine U.S.-Person(en) entsprechend 

dem U.S.-Steuerrecht sind, frühestens 

jedoch 40 Tage nach Ausstellung der vorläufigen 

Sammelschuldverschreibung, gegen eine dauerhafte 

Sammelschuldverschreibung („dauerhafte Sammelschuldverschreibung“ 


Sammelschuldverschreibung, „Sammelschuldverschreibung“) 

ausgetauscht. Etwaige Zinsansprüche 

sind nicht gesondert verbrieft. Die vorläufige und 

die dauerhafte Sammelschuldverschreibung tragen die 




Agent (gemäß Bedingung § 10). Teilschuldverschreibungen 

in effektiven Urkunden werden nicht ausgegeben. 

Ein Anspruch auf Ausdruck und Auslieferung von 

Teilschuldverschreibungen in effektiven Urkunden ist 

ausgeschlossen. 

Sofern das Konditionenblatt für die Schuldverschreibungen 

englisches Recht bestimmt, wird die dauerhafte 

Sammelschuldverschreibung nach Wahl des Inhabers 

einer solchen dauerhaften Sammelschuldverschreibung 

vollständig und nicht nur teilweise durch die 

Anleiheschuldnerin in effektive Urkunden umgetauscht, 

wenn 

(i) im Hinblick auf Schuldverschreibungen der 

betreffenden Serie ein Kündigungsgrund 

vorliegt oder 

(ii) entweder Euroclear oder Clearstream Luxembourg 

den Geschäftbetrieb für einen 

zusammenhängenden Zeitraum von vierzehn 

Tagen geschlossen hat (gesetzliche Feiertage 

werden hierbei nicht mitgezählt) oder die 

Absicht ankündigt, den Geschäftsbetrieb 

dauerhaft aufzugeben, oder diesen faktisch 

einstellt oder 

(iii) dem Inhaber einer solchen dauerhaften 

Sammelschuldverschreibung ein diesbezügliches 

Wahlrecht im Konditionenblatt 

eingeräumt wurde und dieser den Umtausch 

verlangt. 

Die Kosten für den Umtausch trägt in allen zuvor 

genannten Fällen die Anleiheschuldnerin. 

Um das in Paragraph (iii) dieser Bedingung enthaltene 

Wahlrecht auszuüben, muss der Inhaber die betreffende 

dauerhafte Sammelschuldverschreibung bei der 

bezeichneten Geschäftsstelle des Fiscal Agents mindestens 

fünfundvierzig Tage vor dem Tag, an dem die 

Auslieferung von effektiven Stücke verlangt werden 

(c) The Notes are initially represented by a temporary 

global bearer Note (the “Temporary Global Note”) 

which is deposited with Clearstream Banking AG, 

Frankfurt am Main (“Clearstream Frankfurt”) oder 

a common depositary for Euroclear Bank S.A./N.V., 

as operator of the Euroclear System (“Euroclear”) 

and Clearstream Banking, société anonyme 

(“Clearstream Luxembourg”). The Temporary 

Global Note will be exchangeable for a permanent 

global note (the “Permanent Global Note” and, 

together with the Temporary Global Note, the 

“Global Note”) against certification of non-U.S. 

beneficial ownership in accordance with U.S. tax 

regulations no earlier than 40 days after the issue of 

the Temporary Global Note. The rights to demand 

payment of interest (if any) are not evidenced by a 

separate document. The Temporary Global Note and 

the Permanent Global Note bear the manual signatures 

of two duly authorised officers of the Issuer as 

well as the manual signature of an authentication 

officer of the Fiscal Agent (as specified in Condition 

10). No definitive Notes will be issued. The right to 

demand the printing and delivery of definitive Notes 

is excluded. 

In the Event that the Pricing Supplement specifies 

that the Notes are governed by English law, the 

Permanent Global Instrument will be exchanged by 

the Issuers in whole (but not in part only), at the 


Instrument, for Definitive Notes, 

(i) if an Event of Default occurs in respect of any 

Note of the relevant Series; or 

(ii) if either Euroclear or Clearstream Luxembourg 

is closed for business for a continuous period of 

fourteen days (other than by reason of public 

holidays) or announces an intention to cease 

business permanently or in fact does so; or 

(iii) if so specified in the Pricing Supplement, at the 


Instrument upon such Holder's request, 

in all cases at the cost and expense of the Issuers. 

In order to exercise the option contained in 

paragraph (iii) of the preceding sentence, the Holder 

must, not less than forty-five days before the date 

upon which the delivery of such Definitive Notes is 

required, deposit the relevant Permanent Global 

Instrument with the Fiscal Agent at its specified office

kann, hinterlegen. Die Umtauschmitteilung auf der 

Rückseite der dauerhaften Sammelschuldverschreibung 

muss vollständig ausgefüllt sein. 

Die dauerhafte Sammelschuldverschreibung wird 

gemäß ihren Bedingungen ungültig, wenn die Anleiheschuldnerinnen 

die verlangte Lieferung von effektiven 

Urkunden nicht bis 18.00 Uhr (Londoner Zeit) am dreißigsten 

Tag nach dem Tag, an dem diese dauerhafte 

Sammelschuldverschreibung zum Umtausch fällig 

geworden ist, vorgenommen haben und diese Schuldverschreibung 

in dem zuvor genannten Fall (i) nicht am 

dreißigsten Tag nach dem Tag, an dem diese Schuldverschreibung 

rückzahlbar geworden ist, bis 18.00 Uhr 

(Londoner Zeit) zurückgezahlt wird oder die für eine 

Rückzahlung erforderlichen Mittel dem Fiscal Agent 

zum Zwecke der Rückzahlung nicht zur Verfügung stehen 

und für diesen Zweck verfügbar bleiben. 

(d) Falls die Schuldverschreibungen im Konditionenblatt 

als „Barzahlungs-Anleihen“ bezeichnet sind: 

(i) wird der Rückzahlungsbetrag (wie in § 2 definiert), 

wie im Konditionenblatt angegeben, unter 

Bezugnahme auf den Preis einer oder mehrerer 

Aktien (wie in § 2 definiert) oder durch Bezugnahme 

auf den Wert eines oder mehrerer Indizes 

berechnet und ist gemäß § 6 zahlbar; oder 

(ii) sind die Schuldverschreibungen Physisch Auszuliefernde 

Anleihen, die eine Option (wie im 

Konditionenblatt angegeben) enthalten, der 

zufolge die Anleiheschuldnerin verlangen kann, 

dass der Rückzahlungsbetrag, wie im Konditionenblatt 

angegeben, unter Bezugnahme auf 

den Preis einer oder mehrerer Aktien berechnet 

wird und gemäß § 6 zahlbar ist. 

(e) Falls die Schuldverschreibungen im Konditionenblatt 

als „Physisch Auszuliefernde Anleihen“ 

bezeichnet sind: 

Nennbetrag 

(i) liefert die Anleiheschuldnerin nach Maßgabe 

dieser Bedingungen und des Konditionenblatts, 

anstatt am Endfälligkeitstag den Rückzahlungsbetrag 

zu zahlen, die betreffende Anzahl von 

Aktien für Order der Anleihegläubiger, oder 

(ii) sind die Schuldverschreibungen Barzahlungs- 

Anleihen mit einer Option der Anleiheschuldnerin 

(wie im Konditionenblatt angegeben), die 

physische Auslieferung der betreffenden Aktien 

zu verlangen und, anstatt am Endfälligkeitstag 

den Rückzahlungsbetrag zu zahlen, die im Konditionenblatt 

festgelegte Anzahl der betreffenden 

Aktien nach Maßgabe dieser Bedingungen 

und des Konditionenblatts für Order der 

Anleihegläubiger zu liefern. 

(f) Die Schuldverschreibungen lauten auf den Nennbetrag 

oder die im Konditionenblatt angegebenen 

Nennbeträge (die jeweils durch jeden kleineren 

Nennbetrag teilbar sein müssen). Schuldverschreibungen, 

die auf einen Nennbetrag lauten, können 

nicht gegen Schuldverschreibungen, die auf einen 

anderen Nennbetrag lauten, ausgetauscht werden. 

Schuldverschreibungen in effektiver Form sind 

durchlaufend nummeriert. 

with the form of exchange notice endorsed thereon 

duly completed. 

If the Issuers do not make the required delivery of 

Definitive Notes by 6.00 p.m. (London time) on the 

thirtieth day after the day on which such Permanent 

Global Instrument becomes due to be exchanged 

and, in the case of (i) above, such Note is not duly 

redeemed (or the funds required for such 

redemption are not available to the Fiscal Agent for 

the purposes of effecting such redemption and 

remain available for such purpose) by 6.00 p.m. 

(London time) on the thirtieth day after the day at 

which such Instrument became immediately 

redeemable such Permanent Global Instrument will 

become void in accordance with its terms. 

(d) If the Notes are specified in the Pricing Supplement 

as being “Cash Settled Notes” then: 

(i) the Redemption Amount (as defined in 

Condition 2) shall be calculated by reference to 

the price of one or more Shares (as defined in 

Condition 2) or by reference to the value of one 

or more Indices (as defined in Condition 2) as 

specified in the Pricing Supplement and shall 

be payable in accordance with Condition 6; or 

(ii) the Notes shall be Physical Delivery Notes 

which include an option (as set out in the 

Pricing Supplement) at the Issuer’s election to 

request the Redemption Amount to be calculated 

by reference to the price of one or more 

Shares as specified in the Pricing Supplement 

and paid in accordance with Condition 6. 

(e) If the Notes are specified in the Pricing Supplement 

as being “Physical Delivery Notes” then: 

(i) in lieu of payment of the Redemption Amount on the 

Maturity Date, the Issuer shall deliver the relevant 

number of Shares to the order of the Noteholders in 

accordance with these Conditions and the Pricing 

Supplement; or 

(ii) the Notes shall be Cash Settled Notes which include 

an option (as set out in the Pricing Supplement) at 

the Issuer’s election to request physical delivery of 

the relevant Share(s) and in lieu of payment of the 

Redemption Amount on the Maturity Date, to deliver 

the quantity of the relevant Share(s) specified in the 

Pricing Supplement to the order of the Noteholders 

in accordance with these Conditions and the Pricing 

Supplement. 

Denomination 

(f) The Notes are in the denomination or denominations 

(each of which denomination must be integrally 

divisible by each smaller denomination) specified in 

the Pricing Supplement. Notes of one denomination 

may not be exchanged for Notes of any other 

denomination. Notes in definitive form are consecutively 

numbered. 

65

Währung der Teilschuldverschreibungen 

(g) Das maßgebliche Konditionenblatt kann die jeweilige 

Währung bestimmen, auf die die Schuldverschreibungen 

lauten und/oder in der Zahlungen in 

Bezug auf sie zu leisten sind. Jede Währung kann so 

bestimmt werden (u.a. „Euro“ (wie in § 19 

bestimmt), Japanische Yen, Pfund Sterling, Schweizer 

Franken und US Dollar). 

2. Bestimmte Definitionen 

Für Zwecke dieser Bedingungen finden die folgenden allgemeinen 

Definitionen Anwendung: 

„Konzerngesellschaft“ bedeutet in Bezug auf eine bestimmte 

Gesellschaft („Erste Gesellschaft“) jede Gesellschaft, die 

direkt oder indirekt von der Ersten Gesellschaft kontrolliert 

wird, jede Gesellschaft, welche die Erste Gesellschaft direkt 

oder indirekt kontrolliert wird, oder jede Gesellschaft, die 

direkt oder indirekt mit der Ersten Gesellschaft unter gemeinsamer 

Kontrolle steht. Dabei bedeutet „Kontrolle“ die Inhaberschaft 

der Mehrheit der Stimmrechte in einer Gesellschaft. 

„Zusätzliches Störungsereignis“ bedeutet jede Gesetzesänderung 

und/oder jedes weitere Zusätzliche Störungsereignis, 

soweit jeweils im Konditionenblatt angegeben. „Gesetzesänderung“ 

bedeutet, dass am oder nach dem Abschlusstag 

(wie im Konditionenblatt angegeben), (A) als Folge des 

Inkrafttretens oder der Änderung eines anwendbaren Gesetzes 

oder einer anwendbaren Rechtsvorschrift (einschließlich, 

ohne Beschränkung, eines Steuergesetzes) oder (B) als Folge 

der öffentlichen Verbreitung oder einer Änderung in der Auslegung 

eines anwendbaren Gesetzes oder einer anwendbaren 

Bestimmung durch ein zuständiges Gericht, ein zuständiges 

Tribunal oder eine zuständige Behörde (inklusive aller 

Maßnahmen einer Steuerbehörde) die Anleiheschuldnerin in 

Ausübung ihres freien und uneingeschränkten Ermessens 

feststellt, dass (X) es rechtswidrig geworden ist, die Aktien zu 

besitzen, zu erwerben oder zu veräußern, auf welche sich die 

Schuldverschreibungen beziehen, oder (Y) sie für die Durchführung 

ihrer Verpflichtungen unter den Schuldverschreibungen 

erhebliche Mehrkosten aufwenden müsste (einschließlich 

einer erhöhten Steuerschuld, eines verringerten Steuervorteils 

oder einer anderen negativen Auswirkung auf die steuerliche 

Position der Anleiheschuldnerin). 

„Durchschnittsermittlungstag“ bedeutet, im Hinblick auf 

jeden Bewertungstag, jeder im Konditionenblatt als solcher 

angegebene oder gemäß den Angaben im Konditionenblatt 

zu bestimmende Tag, oder, falls dieser Tag kein Börsentag ist, 

der direkt darauf folgende Börsentag, es sei denn, nach 

Ansicht der Berechnungsstelle ist dieser Tag ein Störungstag; 

ist dieser Tag ein Störungstag, dann: 

(a) ist, falls „Auslassung“ im Konditionenblatt als 

anwendbar bezeichnet ist, dieser Tag nicht als ein 

Durchschnittsermittlungstag zum Zweck der Ermittlung 

des Rückzahlungsbetrags anzusehen, wobei 

jedoch, falls durch Anwendung dieser Bestimmung 

in Bezug auf einen Bewertungstag kein Durchschnittsermittlungstag 

anfallen würde, die Ausführungen 

der Definition von „Bewertungstag“ für 

Zwecke der Ermittlung des maßgeblichen Wertes, 

Preises oder Betrags am letzten Durchschnittsermittlungstag 

so Anwendung finden, als sei dieser Durchschnittsermittlungstag 

ein Bewertungstag, der auf 

einen Störungstag fällt, oder 

(b) finden, falls „Aufschub“ im Konditionenblatt als 

anwendbar bezeichnet ist, die Ausführungen der 

Definition von „Bewertungstag“ für Zwecke der 

Ermittlung des maßgeblichen Wertes, Preises oder 

66 

Currency of Notes 

(g) Notes may be denominated in and/or payable by 

reference to such currency as may be specified in 

the relevant Pricing Supplement. Any currency may 

be so specified (including, without limitation, “Euro” 

(as defined in Condition 19) Japanese Yen, Pounds 

Sterling, Swiss Francs and United States Dollars). 

2. Certain Definitions 

For the purposes of these Conditions, the following general 

definitions shall apply: 

“Affiliate” means in relation to any entity (the “First Entity”), 

any entity controlled, directly or indirectly, by the First Entity, 

any entity that controls, directly or indirectly, the First Entity or 

any entity directly or indirectly under common control with the 

First Entity. For these purposes “control” means ownership of 

a majority of the voting power of an entity; 

“Additional Disruption Event” means any of Change of Law 

and/or any other Additional Disruption Event, in each case if 

specified in the applicable Pricing Supplement. “Change in 

Law” means that, on or after the Trade Date (as specified in 

the applicable Pricing Supplement) (A) due to the adoption of 

or any change in any applicable law or regulation (including, 

without limitation, any tax law), or (B) due to the promulgation 

of or any change in the interpretation by any court, tribunal or 

regulatory authority with competent jurisdiction of any applicable 

law or regulation (including any action taken by a taxing 

authority), the Issuer determines in its sole and absolute 

discretion that (X) it has become illegal to hold, acquire or 

dispose of Shares relating to such Notes, or (Y) it will incur a 

materially increased cost in performing its obligations in 

relation to the Notes (including, without limitation, due to any 

increase in tax liability, decrease in tax benefit or other 

adverse effect on the tax position of the Issuer); 

“Averaging Date” means, in respect of each Valuation Date, 

each date specified as such or otherwise determined as 

provided in the Pricing Supplement or, if any such date is not 

a Scheduled Trading Day, the next following Scheduled 

Trading Day unless, in the opinion of the Calculation Agent, 

any Averaging Date is a Disrupted Day, then 

(a) if “Omission” is specified as applying in the Pricing 

Supplement, then such date will be deemed not to 

be an Averaging Date for the purposes of determining 

the Redemption Amount provided that, if 

through the operation of this provision no Averaging 

Date would occur with respect to the relevant 

Valuation Day then the provisions of the definition of 

“Valuation Date” will apply for purposes of determining 

the relevant level, price or amount, as the 

case may be, on the final Averaging Date in respect 

of that Valuation Date as if such final Averaging Date 

were a Valuation Date that was a Disrupted Day; or 

(b) if “Postponement” is specified as applying in the 

Pricing Supplement, then the provisions of the 

definition of “Valuation Date” will apply for purposes 

of determining the relevant level, price or amount, as

Betrags an diesem Durchschnittsermittlungstag so 

Anwendung, als sei dieser Durchschnittsermittlungstag 

ein Bewertungstag, der auf einen Störungstag 

fällt, ungeachtet dessen, ob gemäß dieser Bestimmung 

dieser aufgeschobene Durchschnittsermittlungstag 

auf einen Tag fallen würde, der bereits ein 

Durchschnittsermittlungstag ist oder als solcher 

anzusehen ist, oder 

(c) ist, falls „Modifizierter Aufschub“ im Konditionenblatt 

als anwendbar bezeichnet ist: 

(i) der Durchschnittsermittlungstag, soweit sich die 

Schuldverschreibungen auf einen einzigen 

Index oder auf eine einzige Aktie beziehen, der 

erste darauf folgende Gültigkeitstag. Falls der 

erste darauf folgende Gültigkeitstag nicht spätestens 

zum Bewertungszeitpunkt auf den achten 

Börsentag fällt, der direkt auf den 

ursprünglichen Tag folgt, welcher ohne den Eintritt 

eines anderen Durchschnittsermittlungstags 

oder eines Störungstages der letzte Durchschnittsermittlungstag 

in Bezug auf diesen 

planmäßigen Bewertungstag gewesen wäre, (1) 

ist dieser achte Börsentag als der Durchschnittsermittlungstag 

anzusehen (ungeachtet 

dessen, ob dieser achte Börsentag bereits ein 

Durchschnittsermittlungstag ist), und (2) stellt 

die Berechnungsstelle den maßgeblichen Wert 

oder Preis für diesen Durchschnittsermittlungstag 

gemäß nachstehendem Absatz (a)(ii) der 

Definition von „Bewertungstag“ fest, 

(ii) soweit sich die Schuldverschreibungen auf 

einen Indexkorb oder einen Aktienkorb beziehen, 

der Durchschnittsermittlungstag in Bezug 

auf einen Bewertungstag für jeden Index oder 

für jede Aktie, die nicht durch einen Störungstag 

beeinträchtigt ist, der im Konditionenblatt 

bezüglich des maßgeblichen Bewertungstages 

festgelegte Durchschnittsermittlungstag, und 

der Durchschnittsermittlungstag für einen Index 

oder eine Aktie, die durch einen Störungstag 

beeinträchtigt sind, der erste darauf folgende 

Gültigkeitstag in Bezug auf diesen Index oder 

diese Aktie. Falls der erste darauf folgende 

Gültigkeitstag zum Bewertungszeitpunkt nicht 

spätestens auf den achten Börsentag fällt, der 

direkt auf den ursprünglichen Tag folgt, welcher 

ohne den Eintritt eines anderen Durchschnittsermittlungstags 

oder eines Störungstages der 

letzte Durchschnittsermittlungstag in Bezug auf 

diesen planmäßigen Bewertungstag gewesen 

wäre, (1) ist dieser achte Börsentag als der 

Durchschnittsermittlungstag anzusehen (ungeachtet 

dessen, ob dieser achte Börsentag 

bereits ein Durchschnittsermittlungstag ist), und 

(2) stellt die Berechnungsstelle den maßgeblichen 

Wert, Preis oder Betrag für diesen Durchschnittsermittlungstag 

gemäß Absatz (b)(ii) der 

Definition von „Bewertungstag“ fest. 

Soweit Durchschnittsermittlungstage in Bezug 

auf einen Bewertungstag auf Grund eines Störungstages 

auf einen Tag nach diesem Bewertungstag 

fallen, wird (i) der maßgebliche 

Abrechnungstag oder (ii) der Eintritt eines 

Außerordentlichen Ereignisses oder eines Möglichen 

Anpassungsgrunds durch Bezugnahme 

auf den letzten dieser Durchschnittsermittlungs- 

the case may be, on that Averaging Date as if such 

Averaging Date were a Valuation Date that was a 

Disrupted Day irrespective of whether, pursuant to 

such determination, that deferred Averaging Date 

would fall on a day that already is or is deemed to 

be an Averaging Date; or 

(c) if “Modified Postponement” is specified as 

applying in the Pricing Supplement: 

(i) where the Notes relate to a single Index or a 

single Share, the Averaging Date shall be the 

first succeeding Valid Date. If the first 

succeeding Valid Date has not occurred as of 

the Valuation Time on the eighth Scheduled 

Trading Day immediately following the original 

date that, but for the occurrence of another 

Averaging Date or Disrupted Day, would have 

been the final Averaging Date in respect of the 

relevant Scheduled Valuation Date, then (1) that 

eighth Scheduled Trading Day shall be deemed 

the Averaging Date (irrespective of whether that 

eighth Scheduled Trading Day is already an 

Averaging Date), and (2) the Calculation Agent 

shall determine the relevant level or price for 

that Averaging Date in accordance with subparagraph 

(a) (ii) of the definition of “Valuation 

Date” below; 

(ii) where the Notes relate to a Basket of Indices or 

a Basket of Shares, the Averaging Date for each 

Index or Share not affected by the occurrence 

of a Disrupted Day shall be the date specified in 

the Pricing Supplement as an Averaging Date in 

respect of the relevant Valuation Date and the 

Averaging Date for an Index or Share affected 

by the occurrence of a Disrupted Day shall be 

the first succeeding Valid Date in relation to 

such Index or Share. If the first succeeding Valid 

Date in relation to such Index or Share has not 

occurred as of the Valuation Time on the eighth 

Scheduled Trading Day immediately following 

the original date that, but for the occurrence of 

another Averaging Date or a Disrupted Day, 

would have been the final Averaging Date in 

relation to the relevant Scheduled Valuation 

Date, then (1) that eighth Scheduled Trading 

Day shall be deemed the Averaging Date 

(irrespective of whether that eighth Scheduled 

Trading Day is already an Averaging Date) in 

respect of such Index or Share, and (2) the 

Calculation Agent shall determine the relevant 

level, price or amount, as the case may be, for 

that Averaging Date in accordance with subparagraph 

(b) (ii) of the definition of “Valuation 

Date” below; 

If any Averaging Dates in relation to a Valuation 

Date occur after that Valuation Date as a result 

of the occurrence of a Disrupted Day, then (i) 

the relevant Settlement Date or (ii) the occurrence 

of an Extraordinary Event or a Potential 

Adjustment Event shall be determined by 

reference to the last such Averaging Date as 

though it were that Valuation Date; 

67

tage so bestimmt, als handele es sich dabei um 

diesen Bewertungstag. 

„Korbgesellschaft“ bedeutet eine Gesellschaft, deren Aktien 

dem Aktienkorb angehören, und „Korbgesellschaften“ 

bedeutet alle Gesellschaften, deren Aktien dem Aktienkorb 

angehören. 

„Indexkorb“ bedeutet ein Korb, der sich aus bestimmten im 

Konditionenblatt genannten Indizes in dem im Konditionenblatt 

genannten Verhältnis zusammensetzt. 

„Aktienkorb“ bedeutet ein Korb, der sich aus Aktien jeder im 

Konditionenblatt genannten Korbgesellschaft im jeweils im 

Konditionenblatt genannten Verhältnis und aus der im Konditionenblatt 

genannten Zahl von Aktien jeder Korbgesellschaft 

zusammensetzt. 

„Geschäftstag“ bedeutet ein Tag: 

– bezüglich Schuldverschreibungen, deren Nennwert auf 

Euro lautet, auf Euro umgestellt wird oder die in Euro zahlbar 

sind, an dem das Trans-European Automated Real- 

Time Gross Settlement Express Transfer (TARGET) System 

arbeitet; 

– bezüglich Schuldverschreibungen, die in einer anderen 

Währung zahlbar sind, an dem am für die Schuldverschreibungen 

maßgeblichen Finanzzentrum Geschäftsbanken 

geöffnet sind und Devisenmärkte Zahlungen abwickeln; 

und 

– an dem an jedem im Konditionenblatt festgelegten Ort 

Geschäftsbanken geöffnet sind und Devisenmärkte Zahlungen 

abwickeln. 

„Clearing System“ bedeutet, in Bezug auf eine Aktie unter 

einer Physisch Auszuliefernden Anleihe, das im Konditionenblatt 

für diese Aktie bestimmte Clearing System oder jeden 

von der Berechnungsstelle bestimmten Nachfolger dieses 

Clearing Systems. Wenn das Konditionenblatt kein Clearing 

System bestimmt, dann ist das örtliche Hauptclearingsystem, 

welches gewöhnlich zur Abwicklung des Handels in der 

betreffenden Aktie benutzt wird, Clearing System im Sinne 

dieser Definition. Wenn das Clearing System die Abwicklung 

dieser Aktie einstellt, wird sich die Anleiheschuldnerin bemühen, 

eine andere Art und Weise der Lieferung zu bestimmen. 

„Geschäftstag des Clearing Systems“ bedeutet, bezüglich 

des Clearing Systems jeden Tag, an dem das Clearing System 

zur Entgegennahme und Ausführung von Lieferinstruktionen 

geöffnet ist (oder ohne das Vorliegen einer Abwicklungsstörung 

geöffnet gewesen wäre). 

„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 Mitgliedstaat 

der Europäischen Union) wieder zugelassen, gehandelt oder 

öffentlich notiert werden. 

„Störungstag“ ist jeder Börsentag, an dem die betreffende 

Börse oder Verbundene Börse während ihrer üblichen 

Geschäftszeiten nicht zum Handel geöffnet ist oder an dem 

eine Marktstörung vorliegt. Die Berechnungsstelle wird so 

früh als unter diesen Umständen vernünftigerweise praktikabel 

den Anleihegläubigern den Eintritt eines Störungstags an 

jedem Tag, der ohne den Eintritt eines Störungstags ein 

Bewertungstag oder ein Durchschnittsermittlungstag gewesen 

wäre, gemäß Bedingung 17 mitteilen. Ohne dadurch die 

Verpflichtungen der Berechnungsstelle aus dem vorherge- 

68 

“Basket Company” means a company whose shares are 

included in the Basket of Shares and “Basket Companies” 

means all such companies; 

“Basket of Indices” means a basket composed of each Index 

specified in the Pricing Supplement, in the relative proportions 

specified in the Pricing Supplement; 

“Basket of Shares” means a basket composed of Shares of 

each Basket Company specified in the Pricing Supplement in 

the relative proportions and numbers of Shares of each 

Basket Company specified in the Pricing Supplement; 

“Business Day” means a day: 

– in relation to Notes denominated, redenominated or 

payable in euro, on which the Trans-European Automated 

Real-Time Gross Settlement Express Transfer (“TARGET”) 

System is operating; 

– in relation to Notes payable in any other currency, on 

which commercial banks are open for business and 

foreign exchange markets settle payments in the Relevant 

Financial Center in respect of the relevant Notes; and 

– on which commercial banks are open for business and 

foreign exchange markets settle payments in any place 

specified in the relevant Pricing Supplement; 

“Clearance System” means, in respect of a Share relating to 

a Physical Delivery Note, the clearance system specified as 

such for such Share in the related Pricing Supplement or any 

successor to such clearance system as determined by the 

Calculation Agent. If the related Pricing Supplement does not 

specify a Clearance System, the Clearance System will be the 

principal domestic clearance system customarily used for 

settling trades in the relevant Share on the Settlement Date. If 

the Clearance System ceases to settle trades in such Share, 

the Issuer will use its best effort to determine another manner 

of delivery; 

“Clearance System Business Day” means, in respect of a 

Clearance System, any day on which such Clearance System 

is (or, but for the occurrence of a Settlement Disruption Event, 

would have been) open for the acceptance and execution of 

settlement instructions; 

“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 requoted 

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); 

“Disrupted Day” means 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. The Calculation 

Agent shall as soon as reasonably practicable under the 

circumstances give notice to the Noteholders in accordance 

with Condition 17 of the occurrence of a Disrupted Day on any 

day that, but for the occurrence of a Disrupted Day, would 

have been an Averaging Date or a Valuation Date. Without 

limiting the obligation of the Calculation Agent to notify the

henden Satz in irgendeiner Form zu schmälern, wird die 

Gültigkeit des Eintritts und der Auswirkungen eines Störungstags 

auf eine Emission von Schuldverschreibungen nicht 

dadurch beeinträchtigt, dass die Berechnungsstelle es unterlässt, 

den Anleihegläubigern dies mitzuteilen. 

„Frühzeitige Schließung“ bedeutet an einem Börsengeschäftstag 

die Schließung der maßgeblichen Börse (oder, 

im Fall von Schuldverschreibungen, die sich auf einen einzelnen 

Index oder einen Indexkorb beziehen, jeder maßgeblichen 

Börse oder aller maßgeblichen Börsen für Wertpapiere, 

die 20 % oder mehr des Indexstandes des maßgeblichen 

Index ausmachen) oder der Verbundenen Börse vor dem 

planmäßigen Börsenschluss, es sei denn, diese Schließung 

ist von dieser Börse oder Verbundenen Börse wenigstens 

eine Stunde vor (i) der tatsächlichen Schlusszeit der planmäßigen 

Börsensitzung an dieser Börse oder Verbundenen 

Börse an diesem Börsengeschäftstag, oder, falls dieser Zeitpunkt 

früher liegt, (ii) dem Annahmeschluss zur Übermittlung 

von Aufträgen in die Handelssysteme der Börse oder Verbundenen 

Börse zur Ausführung zum Bewertungszeitpunkt an 

diesem Börsengeschäftstag angekündigt worden. 

„Euro-Zone“ bezeichnet das Gebiet derjenigen Mitgliedsstaaten 

der Europäischen Union, die den Euro als gesetzliches 

Zahlungsmittel in Übereinstimmung mit dem Vertrag 

einführen oder eingeführt haben. 

„Börse“ bedeutet: 

(i) in Bezug auf einen Index bezüglich Schuldverschreibungen, 

die an einen einzelnen Index oder einen 

Indexkorb gekoppelt sind, die Börse oder das Handelssystem, 

die/das für den Index im Konditionenblatt 

bestimmt ist oder jeder Nachfolger dieser Börse 

oder dieses Handelssystems, sowie jede Ersatzbörse 

oder jedes Ersatzhandelssystem, auf die/das der 

Handel in die dem Index zugrunde liegenden Aktien 

zeitweise verlagert worden ist (vorausgesetzt, dass 

gemäß Feststellung durch die Berechnungsstelle an 

dieser Ersatzbörse oder an diesem Ersatzhandelssystem 

eine der ursprünglichen Börse vergleichbare 

Liquidität an diesem Index zugrundeliegenden 

Aktien vorhanden ist), und 

(ii) in Bezug auf eine Aktie bezüglich Schuldverschreibungen, 

die an eine einzelne Aktie oder einen Aktienkorb 

gekoppelt sind, jede Börse oder jedes Handelssystem, 

die/das für die Aktie im Konditionenblatt 

bestimmt ist oder jeder Nachfolger dieser Börse 

oder dieses Handelssystems, sowie jede Ersatzbörse 

oder jedes Ersatzhandelssystem, auf die/das der 

Handel in dieser Aktie zeitweise verlagert worden ist 

(vorausgesetzt, dass gemäß Feststellung durch die 

Berechnungsstelle an dieser Ersatzbörse oder an 

diesem Ersatzhandelssystem eine der ursprünglichen 

Börse vergleichbare Liquidität an dieser Aktie 

vorhanden ist). 

„Börsengeschäftstag“ ist jeder Börsentag, an dem jede 

Börse und jede Verbundene Börse für den Handel während 

ihrer regulären Börsensitzungszeit geöffnet ist, ungeachtet 

dessen, dass eine Börse oder Verbundene Börse vor ihrem 

Planmäßigen Börsenschluss schließt. 

„Börsenstörung“ bedeutet jedes Ereignis (außer einer Frühzeitigen 

Schließung), welches (gemäß Feststellung der 

Berechnungsstelle) die Fähigkeit von Marktteilnehmern stört 

oder beeinträchtigt, (i) an der Börse (oder, im Fall eines einzelnen 

Index oder eines Indexkorbs an jeder Börse für Wertpapiere, 

die mindestens 20 % des Indexstands des 

betreffenden Index ausmachen) in den Aktien Geschäfte auszuführen 

oder Marktwerte dieser Aktien zu erhalten, oder (ii) 

Noteholders as set forth in the preceding sentence, failure by 

the Calculation Agent to notify the Noteholders of the occurrence 

of a Disrupted Day shall not affect the validity of the 

occurrence and effect of such Disrupted Day on any issue of 

Notes; 

“Early Closure” means the closure on any Exchange 

Business Day of the relevant Exchange (or in the case of 

Notes linked to a single Index or a Basket of Indices, any 

relevant Exchange(s) relating to securities that comprise 20 

percent or more of the level of the relevant Index) 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; 

“Euro-Zone” means the zone comprising the Member States 

of the European Union which adopt or have adopted the Euro 

as their lawful currency in accordance with the Treaty; 

“Exchange” means: 

(a) in respect of an Index relating to Notes linked to a 

single Index or a Basket of Indices, each exchange 

or quotation system specified as such for such Index 

in the related Pricing Supplement, any successor to 

such exchange or quotation system or any substitute 

exchange or quotation system to which trading in the 

Shares underlying such Index has temporarily 

relocated (provided that the Calculation Agent has 

determined that there is comparable liquidity relative 

to the Shares underlying such Index on such 

temporary substitute exchange or quotation system 

as on the original Exchange); and 

(b) in respect of a Share relating to Notes linked to a 

single Share or a Basket of Shares, each exchange 

or quotation system specified as such for such Share 

in the related Pricing Supplement, any successor to 

such exchange or quotation system or any substitute 

exchange or quotation system to which trading in the 

Share has temporarily relocated (provided that the 

Calculation Agent has determined that there is 

comparable liquidity relative to such Share 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 each 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 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 a single Index or a Basket 

of Indices, on any relevant Exchange(s) in securities that 

comprise 20 percent or more of the level of the relevant 

Index), or (ii) to effect transactions in, or obtain market values 

69

in auf diese Aktie oder diesen Index bezogene Futures oder 

Optionskontrakte an einer Verbundenen Börse Geschäfte 

auszuführen oder Marktwerte zu erhalten. 

„Außerordentliches Ereignis“ bedeutet eine Fusion, ein 

Übernahmeangebot, ein Indexanpassungsereignis, eine Verstaatlichung, 

eine Insolvenz, ein Delisting oder jedes anwendbare 

Zusätzliche Störungsereignis. 

„Indices“ oder „Index“ bedeutet, vorbehaltlich einer Anpassung 

gemäß Bedingung 8, die im Konditionenblatt angegebenen 

Indices oder den dort angegebenen Index. 

„Indexanpassungsereignis“ hat die diesem Begriff in Ziffer 8 

(b) gegebene Bedeutung. 

„Insolvenz“ bedeutet, dass aufgrund freiwilliger oder unfreiwilliger 

Liquidation, Konkurs, Insolvenz, Auflösung oder 

Abwicklung oder eines entsprechenden Verfahrens, das eine 

Aktiengesellschaft oder eine Korbgesellschaft betrifft, (i) 

sämtliche Aktien dieser Aktiengesellschaft oder Korbgesellschaft 

auf einen Treuhänder, Insolvenzverwalter oder eine 

vergleichbare Person zu übertragen sind, oder (ii) den Inhabern 

der Aktien dieser Aktiengesellschaft oder Korbgesellschaft 

die Übertragung dieser Aktien rechtlich verboten wird. 

„ISDA Definitionen“ bedeutet die ISDA Definitionen von 

2000, die durch die International Swaps and Derivatives Association, 

Inc. veröffentlicht wurden, unter Berücksichtigung der 

jeweiligen Änderungen und Ergänzungen. 

„Marktstörung“ bedeutet im Hinblick auf eine Aktie oder 

einen Index das Entstehen oder Bestehen (i) einer Börsenstörung, 

(ii) einer Handelsstörung, soweit diese in beiden Fällen 

von der Berechnungsstelle als erheblich eingestuft werden 

und innerhalb der letzten Stunde vor dem maßgeblichen 

Bewertungszeitpunkt auftreten, 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 in diesem Index 

enthaltenen Wertpapiers, der prozentuale Beitrag dieses 

Wertpapiers zum Indexstand anhand eines Vergleichs zwischen 

(x) dem diesem Wertpapier zurechenbaren prozentualen 

Anteil am Indexstand und (y) dem kompletten Indexstand, 

jeweils unmittelbar vor dem Auftreten der Marktstörung zu 

bestimmen. 

„Fusionstag“ ist der Abschlusstag einer Fusion oder, sollte 

ein Abschlusstag unter dem auf die Fusion anwendbaren örtlichen 

Recht nicht bestimmbar sein, der durch die Berechnungsstelle 

bestimmte Tag. 

„Fusion“ ist im Hinblick auf die betreffenden Aktien jede (i) 

Umklassifizierung oder Änderung dieser Aktien, die eine 

Übertragung oder eine unwiderrufliche Übertragungsverpflichtung 

aller dieser im Umlauf befindlichen Aktien an eine 

andere Person oder Gesellschaft zur Folge hat, (ii) die Konsolidierung, 

der Zusammenschluss, die Fusion oder der verbindliche 

Aktientausch einer Korbgesellschaft oder einer 

Aktiengesellschaft mit einem anderen Unternehmen oder in 

ein anderes Unternehmen (es sei denn, diese Korbgesellschaft 

oder Aktiengesellschaft ist das fortbestehende Unternehmen 

und die Fusion hat weder Umklassifizierung noch 

den Austausch der im Umlauf befindlichen Aktien zur Folge) 

oder (iii) ein anderes Übernahmeangebot, ein Tauschangebot, 

die Bewerbung, der Vorschlag oder ein anderes Ereignis, ausgeführt 

durch eine Einheit oder Person, das darauf abzielt, 

100 % der im Umlauf befindlichen Aktien einer Korbgesellschaft 

oder einer Aktiengesellschaft 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 Zusammen- 

70 

for, futures or options contracts relating to the Share or the 

relevant Index on any relevant Related Exchange; 

“Extraordinary Event” means a Merger Event, Tender Offer, 

Index Adjustment Event, Nationalisation, Insolvency, Delisting 

or any applicable Additional Disruption Event, as the case 

may be; 

“Indices” or “Index” means, subject to adjustment in 

accordance with Condition 8, the indices or index specified in 

the Pricing Supplement; 

“Index Adjustment Event” has the meaning as set out in 8(b); 

“Insolvency” means that by reason of the voluntary or involuntary 

liquidation, bankruptcy, insolvency, dissolution or 

winding up of or any analogous proceeding affecting the 

Basket Company or Share Company, as the case may be, (i) 

all the Shares of that Basket Company or Share Company, as 

the case may be, are required to be transferred to a trustee, 

liquidator or other similar official or (ii) holders of the Shares 

of that Basket Company or Share Company, as the case may 

be, become legally prohibited from transferring them; 

“ISDA Definitions” means the 2000 ISDA definitions as 

published by the International Swaps and Derivatives Association, 

Inc. as further amended and updated from time to time; 

“Market Disruption Event” means in respect of a Share or an 

Index, 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; 

“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 Basket Company or Share Company, as the case may be, 

with or into another entity or person (other than a consolidation, 

amalgamation, merger or binding share exchange in 

which such Basket Company or Share Company 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 

Basket Company or Share Company, as the case may be, 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 Basket Company or its subsidiaries or Share Company or 

its subsidiaries, as the case may be, with or into another entity

schluss, die Fusion oder der verbindliche Aktientausch einer 

Korbgesellschaft oder einer ihrer Töchter oder einer Aktiengesellschaft 

oder einer ihrer Töchter mit einem anderen Unternehmen 

oder in ein anderes Unternehmen, wobei die 

Korbgesellschaft oder die Aktiengesellschaft 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 (mit Ausnahme 

der diesem anderen gehörenden oder von diesem 

kontrollierten 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 letzten Bewertungstag, oder, falls Durchschnittsbewertung 

(Averaging) im Konditionenblatt als anwendbar 

angegeben ist, dem letzten Durchschnittsermittlungstag liegen. 

„Verstaatlichung” bedeutet, dass alle Aktien oder alle Vermögenswerte 

oder im wesentlichen alle Vermögenswerte 

einer Korbgesellschaft bzw. Aktiengesellschaft verstaatlicht, 

enteignet oder in anderer Weise auf eine Stelle, Behörde, 

Institution oder Einrichtung der staatlichen Verwaltung übertragen 

werden müssen. 

„Möglicher Anpassungsgrund“ ist jedes der folgenden 

Ereignisse: 

(a) eine Aufteilung, Konsolidierung oder Neueinstufung 

der maßgeblichen Aktien (soweit nicht in einer 

Fusion resultierend) oder eine Ausschüttung oder 

Dividende solcher Aktien an bestehende Aktionäre 

in Form einer Sonderdividende, von Gratisaktien 

oder einer ähnlichen Ausgabe; 

(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 einer Korbgesellschaft oder 

einer Aktiengesellschaft gewähren, zu gleichen Teilen 

oder anteilig im Verhältnis zu den betreffenden 

Zahlungen an Inhaber der entsprechenden Aktien, 

(C) Aktienkapital oder anderen Wertpapieren eines 

anderen Emittenten, das/die die Korbgesellschaft 

oder Aktiengesellschaft 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, wobei die Berechnungsstelle 

das Recht hat, in ihrem freien und uneingeschränkten 

Ermessen zu bestimmen, ob eine 

Dividende oder ein Teil davon als außerordentliche 

Dividende einzustufen ist; 

(d) eine Einzahlungsaufforderung einer Korbgesellschaft 

oder Aktiengesellschaft im Hinblick auf maßgebliche 

Aktien, die noch nicht voll eingezahlt sind; 

(e) ein Rückkauf von maßgeblichen Aktien durch eine 

Korbgesellschaft oder eine Aktiengesellschaft oder 

einem ihrer jeweiligen Tochterunternehmen, sei es 

aus dem Gewinn oder dem Kapital, und unabhängig 

davon, ob die Gegenleistung im Rahmen eines solchen 

Rückkaufs in bar, in Form von Wertpapieren 

oder auf sonstige Weise geleistet wird; 

in which the Basket Company or Share Company, as the case 

may be, 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 beforethe final Valuation Date 

or, if Averaging is specified as applicable in the relevant 

Pricing Supplement, the final Averaging Date in respect of the 

relevant Note. 

“Nationalisation” means that all the Shares or all the assets 

or substantially all the assets of the Basket Company or Share 

Company, as the case may be, are nationalised, expropriated 

or are otherwise required to be transferred to any governmental 

agency, authority, entity or instrumentality thereof; 

“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, capitalisation 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 Basket Company or Share Company, as 

the case may be, equally or proportionally 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 Basket 

Company or Share Company, as the case may be, 

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, where the Calculation 

Agent may determine in its sole and absolute 

discretion whether any dividend or portion thereof is 

to be characterized as extraordinary dividend; 

(d) a call by a Basket Company or Share Company, as 

the case may be, in respect of relevant Shares that 

are not fully paid; 

(e) a repurchase by a Basket Company or Share 

Company, as the case may be, 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; 

71

72 

(f) jedes Ereignis, das im Hinblick auf eine Korbgesellschaft 

oder eine Aktiengesellschaft eine Verteilung 

oder Trennung von Teilhaberrechten vom Grundkapital 

oder anderen Kapitalanteilen an der Korbgesellschaft 

oder der Aktiengesellschaft 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, 

wobei 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, 

„Rückzahlungsbetrag“ bedeutet, wie jeweils anwendbar, der 

Nennbetrag, der Rückzahlungsbetrag bei Vorzeitiger Steuerkündigung 

bzw. der Rückzahlungsbetrag bei Vorzeitiger Kündigung 

oder ein anderer Betrag, der einem Rückzahlungsbetrag 

entspricht und im Konditionenblatt angegeben ist oder 

gemäß den Bestimmungen des Konditionenblatts ermittelt 

wird. 

„Verbundene Börse“ bedeutet, vorbehaltlich der folgenden 

Bestimmungen, im Hinblick auf einen Index bezüglich Schuldverschreibungen, 

die an einen einzelnen Index oder einen 

Indexkorb gekoppelt sind, oder eine Aktie bezüglich Schuldverschreibungen, 

die an eine einzelne Aktie oder einen Aktienkorb 

gekoppelt sind, jede Börse oder jedes Handelssystem, 

welches als solche für diesen Index oder diese Aktie im 

Konditionenblatt bestimmt worden ist, jeden Rechtsnachfolger 

einer solchen Börse oder eines solchen Handelssystems und 

jede Ersatzbörse oder jedes Ersatzhandelssystem, auf welche(s) 

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“ im Konditionenblatt 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). 

„Maßgebliches Finanzzentrum“ bedeutet das Finanzzentrum 

oder die -zentren, die in Bezug auf die betreffende Währung 

für Zwecke der Definition von „Geschäftstag“ in den ISDA 

Definitionen, die durch das Konditionenblatt geändert oder 

ergänzt werden können, angegeben sind. 

„Planmäßiger Börsenschluss“ bedeutet bezüglich einer 

Börse oder einer Verbundenen Börse und bezüglich einem 

Börsentag, die planmäßige Schlusszeit dieser Börse oder Verbundenen 

Börse an einem Börsentag, der ein Wochentag ist, 

ohne Berücksichtigung von nachbörslichem Handel oder 

einem sonstigen Handel außerhalb der regulären 

Börsensitzungszeiten. 

„Börsentag“ ist jeder Tag, an dem jede Börse und jede Verbundene 

Börse planmäßig zum Handel zu ihrer jeweiligen 

regulären Handelssitzung geöffnet sein soll. 

(f) in respect of a Basket Company or Share Company, 

as the case may be, 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 Basket Company or 

Share Company, as the case may be, 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 

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, in the opinion of the 

Calculation Agent a diluting or concentrative effect 

on the theoretical value of the relevant Shares; 

“Redemption Amount” means, as appropriate, the principal 

amount, the Early Tax Redemption Amount and Early 

Redemption Amount or such other amount in the nature of a 

Redemption Amount as may be specified in, or determined in 

accordance with the provisions of, the Pricing Supplement; 

“Related Exchange” means, subject to the proviso below, in 

respect of an Index relating to Notes linked to a single Index 

or a Basket of Indices or a Share relating to Notes linked to a 

single Share or a Basket of Shares, each exchange or 

quotation system specified as such for such Index or Share in 

the related Pricing Supplement, 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 

in the related Pricing Supplement, “Related Exchange” shall 

mean each exchange or quotation system 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 such Share; 

“Relevant Financial Centre” means such financial centre or 

centres as may be specified in relation to the relevant 

currency for the purposes of the definition of “Business Day” 

in the ISDA Definitions, as modified or supplemented in the 

Pricing Supplement; 

“Scheduled Closing Time” means, in respect of an Exchange 

or Related Exchange and a Scheduled Trading Day, 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 any day on which each 

Exchange and each Related Exchange are scheduled to be 

open for trading for their respective regular trading sessions;

„Planmäßiger Bewertungstag“ ist jeder Tag, der ursprünglich, 

ohne den Eintritt eines Ereignisses, welches einen Störungstag 

auslöst, ein Bewertungstag gewesen wäre. 

„Abrechnungstag“ bedeutet 

(a) in Bezug auf Barzahlungs-Anleihen: 

(i) soweit eine Durchschnittsermittlung nicht im 

Konditionenblatt angegeben ist, der fünfte 

(ii) 

Geschäftstag nach dem Bewertungstag, wobei 

jedoch, wenn die Schuldverschreibungen sich 

auf einen Indexkorb oder Aktienkorb beziehen 

und ein Störungstag dazu geführt hat, dass ein 

Bewertungstag für eine oder mehrere Indizes 

oder Aktien, wie nachstehend unter der Definition 

von „Bewertungstag“ ausgeführt, angepasst 

wird, der Abrechnungstag der fünfte Geschäftstag 

ist, der direkt auf den letzten in Bezug auf 

einen Index oder auf eine Aktie eingetretenen 

Bewertungstag folgt, oder 

soweit eine Durchschnittsermittlung im Konditionenblatt 

angegeben ist, der fünfte Geschäftstag 

nach dem letzten eingetretenen Durchschnittsermittlungstag, 

wobei jedoch, soweit 

sich die Schuldverschreibungen auf einen 

Indexkorb oder einen Aktienkorb beziehen und 

ein Störungstag dazu geführt hat, dass ein 

Durchschnittsermittlungstag für eine oder mehrere 

Indizes oder Aktien, wie vorstehend unter 

der Definition von „Durchschnittsermittlungstag“ 

ausgeführt, angepasst wird, der Abrechnungstag 

der fünfte Geschäftstag ist, der direkt 

auf den letzten in Bezug auf einen Index oder 

eine Aktie eingetretenen Durchschnittsermittlungstag 

folgt, oder ein anderer im Konditionenblatt 

angegebener Termin, und 

(b) in Bezug auf Physisch Auszuliefernde Anleihen der 

als solcher im Konditionenblatt benannte Termin. 

„Aktien“ und „Aktie“ bedeutet, vorbehaltlich einer Anpassung 

gemäß § 7, die Aktien oder eine Aktie des betreffenden 

Aktienkorbs und, im Falle einer Emission von Schuldverschreibungen, 

die sich auf eine einzige Aktie beziehen, diese 

Aktie oder andere Wertpapiere dieser Aktiengesellschaft, wie 

im Konditionenblatt bestimmt, wobei zugehörige Begriffe entsprechend 

auszulegen sind. 

„Aktiengesellschaft“ bedeutet, im Falle einer Emission von 

Schuldverschreibungen, die sich auf eine einzige Aktie 

bezieht, die Gesellschaft, die diese Aktie begeben hat. 

„Übernahmeangebot“ bezeichnet ein Übernahmeangebot, 

ein Tauschangebot, die Bewerbung, der Vorschlag oder ein 

anderes Ereignis durch eine 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 der 

Korbgesellschaft oder der Aktiengesellschaft, wie jeweils 

durch die Berechnungsstelle anhand von Einreichungen bei 

staatlichen oder selbst-regulierten Stellen oder sonstiger von 

der Berechnungsstelle für maßgeblich eingestuften Informationen 

bestimmt, kauft oder auf andere Weise erhält oder das 

Recht auf deren Übertragung erhält. 

„Abschlusstag“ bedeutet im Hinblick auf eine Emission von 

Schuldverschreibungen der als solcher im Konditionenblatt 

angegebene Tag. 

„Handelsstörung“ 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 Begrenzun- 

“Scheduled Valuation Date” means any original date that, 

but for the occurrence of an event causing a Disrupted Day, 

would have been a Valuation Date ; 

“Settlement Date” means 

(a) in relation to Cash Settled Notes: 

(i) where Averaging is not specified in the Pricing 

Supplement, the fifth Business Day following the 

Valuation Date provided that if the Notes relate 

to a Basket of Indices or Basket of Shares and 

the occurrence of a Disrupted Day has resulted 

in a Valuation Date for one or more Indices or 

Shares, as the case may be, being adjusted as 

set out in the definition of “Valuation Date” 

below, the Settlement Date shall be the fifth 

Business Day next following the last occurring 

Valuation Date in relation to any Index or Share, 

as the case may be; or 

(ii) where Averaging is specified in the Pricing 

Supplement, the fifth Business Day following the 

last occurring Averaging Date provided that 

where the Notes relate to a Basket of Indices or 

Basket of Shares and the occurrence of a 

Disrupted Day has resulted in an Averaging 

Date for one or more Indices or Shares, as the 

case may be, being adjusted as set out in the 

definition of “Averaging Date” above, the 

Settlement Date shall be the fifth Business Day 

next following the last occurring Averaging Date 

in relation to any Index or Share or such other 

date as is specified in the Pricing Supplement; 

and 

(b) in relation to Physical Delivery Notes, the date 

specified as such in the Pricing Supplement; 

“Shares” and “Share” mean, subject to adjustment in 

accordance with Condition 7, the shares or a share of the 

relevant Basket Company and, in the case of an issue of Notes 

linked to a single share, such shares or other securities of the 

relevant Share Company, each as specified as such in the 

related Pricing Supplement and related expressions shall be 

construed accordingly; 

“Share Company” means, in the case of an issue of Notes 

linked to a single share, the company that has issued 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 Basket 

Company or Share Company, as the case may be, 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; 

“Trade Date” means, in respect of an issue of Notes, the date 

specified as such in the related Pricing Supplement; 

“Trading Disruption” means 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 

73

gen der maßgeblichen Börse oder Verbundenen Börse überschreitender 

Kursausschläge oder wegen sonstiger Gründe, 

(i) in den Aktien an der Börse (oder, im Fall einer Emission 

von Schuldverschreibungen, die auf einen Index oder einen 

Indexkorb bezogen sind, 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. 

„Vertrag“ bedeutet der Vertrag zur Errichtung der Europäischen 

Gemeinschaften, ergänzt um den Unionsvertrag zur 

Europäischen Union und den Vertrag von Amsterdam. 

„Gültigkeitstag“ bedeutet ein Börsentag, der kein Störungstag 

ist und auf den bezüglich des maßgeblichen Bewertungstags 

kein anderer Durchschnittsermittlungstag fällt bzw. der 

nicht als anderer Durchschnittsermittlungstag anzusehen ist. 

„Bewertungstag“ bedeutet jeder als solcher im Konditionenblatt 

bezeichnete oder gemäß dem Konditionenblatt zu 

bestimmende Tag (oder, wenn dieser Tag kein Börsentag ist, 

der nächstfolgende Börsentag), es sei denn, dieser Tag ist ein 

Störungstag. Falls der Bewertungstag ein Störungstag ist: 

74 

(a) so ist der Bewertungstag, soweit sich die Schuldverschreibungen 

auf einen einzigen Index oder eine 

einzige Aktie beziehen, der erste darauf folgende 

Börsentag, der kein Störungstag ist, es sei denn, 

jeder der acht direkt auf den ursprünglichen Termin 

folgenden Börsentage ist ein Störungstag. In diesem 

Fall (i) ist der achte Börsentag ungeachtet der Tatsache, 

dass er ein Störungstag ist, als der Bewertungstag 

anzusehen und (ii) wird die Berechnungsstelle 

ermitteln: 

(A) zu auf einen einzelnen Index bezogenen 

Schuldverschreibungen den Indexstand zum 

Bewertungszeitpunkt an diesem achten 

(B) 

Börsentag gemäß der Formel und in der Art und 

Weise bestimmt, nach der der Index letztmalig 

vor dem ersten Störungstag bestimmt wurde, 

wobei von ihr der Preis zugrunde zu legen ist, 

zu dem für jedes im Index enthaltene Wertpapier 

zum Bewertungszeitpunkt an diesem achten 

Börsentag Abschlüsse getätigt worden sind 

(oder, sofern bezüglich des betreffenden Wertpapiers 

an diesem achten Börsentag ein Ereignis 

eingetreten ist, das einen Störungstag 

auslöst, ihre gutgläubige Schätzung des Werts 

des betreffenden Wertpapiers an diesem achten 

Börsentag); und 

zu auf eine einzelne Aktie bezogenen Schuldverschreibungen 

ihre gutgläubige Schätzung 

des Werts der Aktien zum Bewertungszeitpunkt 

an diesem achten Börsentag; 

(b) soweit sich die Schuldverschreibungen auf einen 

Indexkorb beziehen, ist der Bewertungstag für jeden 

gegebenenfalls nicht durch einen Störungstag 

betroffenen Index der Planmäßige Bewertungstag, 

und der Bewertungstag für jeden durch einen Störungstag 

betroffenen Index ist der erste darauf folgende 

Börsentag, der kein Störungstag in Bezug auf 

den betroffenen Index ist, es sei denn, jeder der acht 

direkt auf den Planmäßigen Bewertungstag folgenden 

Börsentage ist in Bezug auf diesen Index ein 

Störungstag. In diesem Fall (i) ist der achte 

Börsentag ungeachtet der Tatsache, dass er ein Störungstag 

ist, als der Bewertungstag für den betroffenen 

Index anzusehen und (ii) die Berechnungsstelle 

or Related Exchange or otherwise (i) relating to the Share on 

the Exchange (or in the case of an issue of Notes linked to a 

single Index or a Basket of Indices on any relevant 

Exchange(s) relating to securities that comprise 20 percent or 

more of the level of the relevant Index), or (ii) in futures or 

options contracts relating to the Share or the relevant Index 

on any relevant Related Exchange; 

“Treaty” means the Treaty establishing the European 

Communities, as amended by the Treaty on European Union 

and the Treaty of Amsterdam; 

“Valid Date” means a Scheduled Trading Day that is not a 

Disrupted Day and on which another Averaging Date in 

respect of the relevant Valuation Date does not or is not 

deemed to occur; 

“Valuation Date” means each date specified as such in the 

Pricing Supplement or otherwise determined as provided in 

the related Pricing Supplement (or if such date is not a 

Scheduled Trading Day, the next following Scheduled Trading 

Day) unless such day is a Disrupted Day. If the Valuation Date 

is a Disrupted Day, then: 

(a) where the Notes relate to a single Index or a single 

Share, the Valuation Date shall be the first 

succeeding Scheduled Trading Day that is not a 

Disrupted Day, unless each of the eight Scheduled 

Trading Days immediately following the Scheduled 

Valuation Date is a Disrupted Day. In that case, (i) 

that eighth Scheduled Trading Day shall be deemed 

to be the Valuation Date, notwithstanding the fact 

that such day is a Disrupted Day, and (ii) the Calculation 

Agent shall determine: 

(A) where the Notes relate to a single Index, the 

level of the Index as of the Valuation Time on 

that eighth Scheduled Trading Day in accordance 

with the formula for and method of calculating 

the Index last in effect prior to the 

occurrence of the first Disrupted Day using the 

Exchange traded or quoted price as of the Valuation 

Time on that eighth Scheduled Trading 

Day of each security comprised in the Index (or, 

if an event giving rise to a Disrupted Day has 

occurred in respect of the relevant security on 

that eighth Scheduled Trading Day, its good 

faith estimate of the value for the relevant security 

as of the Valuation Time on that eighth 

Scheduled Trading Day); and 

(B) where the Notes relate to a single Share, its 

good faith estimate of the value for the Share as 

of the Valuation Time on that eighth Scheduled 

Trading Day; 

(b) where the Notes relate to a Basket of Indices, the 

Valuation Date for each Index not affected by the 

occurrence of a Disrupted Day shall be the 

Scheduled Valuation Date, and the Valuation Date 

for each Index affected by the occurrence of a 

Disrupted Day shall be the first succeeding 

Scheduled Trading Day that is not a Disrupted Day 

relating to that Index, unless each of the eight 

Scheduled Trading Days immediately following the 

Scheduled Valuation Date is a Disrupted Day 

relating to that Index. In that case, (i) that eighth 

Scheduled Trading Day shall be deemed to be the 

Valuation Date for the relevant Index, notwithstanding 

the fact that such day is a Disrupted Day,

wird den Indexstand zum Bewertungszeitpunkt an 

diesem achten Börsentag gemäß der Formel und in 

der Art und Weise bestimmen, nach der der Index 

letztmalig vor dem ersten Störungstag bestimmt 

wurde, wobei von ihr der Preis zugrunde zu legen ist, 

zu dem für jedes im Index enthaltene Wertpapier 

zum Bewertungszeitpunkt an diesem achten 

Börsentag Abschlüsse getätigt worden sind (oder, 

sofern bezüglich des betreffenden Wertpapiers an 

diesem achten Börsentag ein Ereignis eingetreten 

ist, das einen Störungstag auslöst, ihre gutgläubige 

Schätzung des Werts des betreffenden Wertpapiers 

an diesem achten Börsentag); und 

(c) soweit sich die Schuldverschreibungen auf einen 

Aktienkorb beziehen, ist der Bewertungstag für jede 

gegebenenfalls nicht durch einen Störungstag 

betroffene Aktie der Planmäßige Bewertungstag, und 

der Bewertungstag für jede durch einen Störungstag 

betroffene Aktie ist der erste darauf folgende 

Börsentag, der kein Störungstag in Bezug auf die 

betroffene Aktie ist, es sei denn, jeder der acht direkt 

auf den Planmäßigen Bewertungstag folgenden 

Börsentage ist in Bezug auf diese Aktie ein Störungstag. 

In diesem Fall (i) ist der achte Börsentag 

ungeachtet der Tatsache, dass er ein Störungstag 

ist, als der Bewertungstag für die betroffene Aktie 

anzusehen und (ii) die Berechnungsstelle wird ihre 

gutgläubige Schätzung des Werts der Aktie zum 

Bewertungszeitpunkt an diesem achten Börsentag 

ermitteln. 

„Bewertungszeitpunkt“ bedeutet der im Konditionenblatt 

benannte Zeitpunkt am relevanten Bewertungstag oder 

Durchschnittsermittlungstag oder, falls kein solcher Zeitpunkt 

angegeben ist, in Bezug auf jeden zu bewertenden Index oder 

jede zu bewertende Aktie der Planmäßige Börsenschluss an 

der jeweiligen Börse am relevanten Bewertungstag oder 

Durchschnittsermittlungstag. Schließt die jeweilige Börse vor 

ihrem Planmäßigen Börsenschluss und liegt der festgelegte 

Bewertungszeitpunkt nach der tatsächlichen Schlusszeit ihrer 

regulären Handelssitzung, so ist diese tatsächliche Schlusszeit 

als Bewertungszeitpunkt anzusehen. 

3. Status 

Die Schuldverschreibungen begründen direkte, unbedingte 

und unbesicherte Verbindlichkeiten der Anleiheschuldnerin 

und haben (soweit nicht zwingende gesetzliche Regeln entgegenstehen), 

mindestens den gleichen Rang wie alle anderen 

gegenwärtigen oder zukünftigen unbesicherten Verbindlichkeiten 

der Anleiheschuldnerin. 

4. Eigentum 

(a) Sofern die Übertragung des Eigentums an Inhaberschuldverschreibungen 

und Zinsscheinen dem englischen 

Recht unterliegt, ist hierfür deren Übergabe 

ausreichend. Bezugnahmen in den Bedingungen auf 

Inhaber („Inhaber“) oder auf Anleihegläubiger 

(„Anleihegläubiger“) bezüglich Schuldverschreibungen 

sind Bezugnahmen auf die Inhaber solcher 

Inhaberschuldverschreibungen. 

(b) Der Inhaber einer Schuldverschreibung oder eines 

Zinsscheins wird (soweit nach anwendbarem Recht 

oder behördlichen Bestimmungen nichts anderes 

erforderlich ist) in jeder Hinsicht als deren unbeschränkter 

Eigentümer behandelt (ungeachtet dessen, 

ob sie überfällig sind, einen Eigentums-, 

Treuhand- oder Anteilsvermerk darin oder daran tra- 

and (ii) the Calculation Agent shall determine the 

level of that Index as of the Valuation Time on that 

eighth Scheduled Trading Day in accordance with 

the formula for and method of calculating that Index 

last in effect prior to the occurrence of the first 

Disrupted Day using the Exchange traded or quoted 

price as of the Valuation Time on that eighth 

Scheduled Trading Day of each security comprised 

in the Index (or, if an event giving rise to a Disrupted 

Day has occurred in respect of the relevant security 

on that eighth Scheduled Trading Day, its good faith 

estimate of the value for the relevant security as of 

the Valuation Time on that eight Scheduled Trading 

Day); and 

(c) where the Notes relate to a Basket of Shares, the 

Valuation Date for each Share not affected by occurrence 

of a Disrupted Day shall be the Scheduled 

Valuation Date, and the Valuation Date for each 

Share affected by the occurrence of a Disrupted Day 

shall be the first succeeding Scheduled Trading Day 

that is not a Disrupted Day relating to that Share, 

unless each of the eight Scheduled Trading Days 

immediately following the Scheduled Valuation Date 

is a Disrupted Day relating to that Share. In that case, 

(i) that eighth Scheduled Trading Day shall be 

deemed to be the Valuation Date for the relevant 

Share, notwithstanding the fact that such day is a 

Disrupted Day, and (ii) the Calculation Agent shall 

determine its good faith estimate of the value for that 

Share as of the Valuation Time on that eighth 

Scheduled Trading Day; 

“Valuation Time” means the time on the relevant Valuation 

Date or Averaging Date, as the case may be, specified as such 

in the related Pricing Supplement or, if no such time is 

specified, the Scheduled Closing Time on the relevant 

Exchange on the relevant Valuation Date or Averaging Date, 

as the case may be, in relation to each Index or Share to be 

valued. If the relevant Exchange closes prior to its Scheduled 

Closing Time and the specified Valuation Time is after the 

actual closing time for its regular trading session, then the 

Valuation Time shall be such actual closing time; 

3. Status 

The Notes constitute direct, unconditional, and unsecured 

obligations of the Issuer and rank pari passu with all other 

unsecured obligations of the Issuer, present and future (save 

for certain exceptions provided by law) 

4. Title 

(a) Where the transfer of title is governed by English law, 

title to the Notes and Coupons passes by delivery. 

References herein to the “Holders” or the 

“Noteholders” of Notes or Coupons are to the 

bearers of such Notes or such Coupons. 

(b) The Holder of any Note or Coupon will (except as 

otherwise required by applicable law or regulatory 

requirement) be treated as its absolute owner for 

all purposes (whether or not it is overdue and 

regardless of any notice of ownership, trust or any 

interest thereof or therein, any writing thereon, or any 

theft or loss thereof) and no person shall be liable for 

75

76 

gen, etwaigen Vermerken auf der Urkunde oder 

eines Diebstahls oder Verlustes derselben), und 

keine Person haftet dafür, dass sie diesen Inhaber 

als Eigentümer angesehen hat. 

In Bezug auf Schuldverschreibungen, die englischem 

Recht unterliegen, ist niemand berechtigt, 

eine Leistung auf Grund der Vorschriften dieser 

Schuldverschreibungen nach den Contracts (Rights 

of Third Parties) Act 1999 zu fordern. 

5. Verzinsung 

Schuldverschreibungen können gemäß Konditionenblatt entweder 

festverzinslich, variabel verzinslich oder mit einer Kombination 

von fester und variabler Verzinsung ausgestattet oder 

unverzinslich sein. Im Konditionenblatt in Bezug auf jede 

Tranche von verzinslichen Schuldverschreibungen ist angegeben, 

welcher (jeweils nur einer) der Bedingungen 5(a), (b), 

(c) und (d) anwendbar ist. 

Festverzinslich 

(a) Schuldverschreibungen, auf die nach dem Konditionenblatt 

§ 5 (a) anzuwenden ist, werden vom Tag 

der Begebung („Begebungstag“) an, (wie im Konditionenblatt 

festgelegt) (einschließlich) oder von 

einem anderen im Konditionenblatt bestimmten Tag, 

bis zum Tag der Endfälligkeit („Endfälligkeitstag“) 

(ausschließlich) mit dem/den im Konditionenblatt 

bestimmten Satz oder Sätzen per annum (oder hiervon 

abweichend) verzinst. Die Zinsen sind nachträglich 

an den im Konditionenblatt bestimmten Tagen 

(jeweils ein „Zinszahlungstag“) und am Endfälligkeitstag 

zahlbar. 

Sind Zinsen für einen anderen Zeitraum als ein volles 

Jahr zu berechnen, dann erfolgt die Berechnung: 

(i) wenn im betreffenden Konditionenblatt die 


und die betreffende Zinsperiode in eine 

Reguläre Zinsperiode (wie unten definiert) fällt, 

auf der Basis der Anzahl von Tagen in der 

betreffenden Zinsperiode geteilt durch das Produkt 

aus (A) der tatsächlichen Anzahl von 

Tagen in der Regulären Zinsperiode, in welche 

die betreffende Zinsperiode fällt, und (B) der 

Anzahl der Regulären Zinsperioden in einem 

beliebigen Zeitraum innerhalb eines Jahres, 

(ii) wenn im betreffenden Konditionenblatt die 


und die betreffende Zinsperiode in einer 

Regulären Zinsperiode beginnt und in der 

nächsten Regulären Zinsperiode endet, erfolgt 

die Berechnung auf folgender Basis: 

(A) der Anzahl der Tage in der betreffenden Zinsperiode, 

die innerhalb der ersten Regulären 

Zinsperiode liegen, geteilt durch das 

Produkt aus (1) der Anzahl der Tage in der 

ersten Regulären Zinsperiode und (2) der 

Anzahl der Regulären Zinsperioden in 

einem beliebigen Zeitraum innerhalb eines 

Jahres, und 

(B) der Anzahl der Tage in der betreffenden 

Zinsperiode, die innerhalb der zweiten 

Regulären Zinsperiode liegt, geteilt durch 


der zweiten Regulären Zinsperiode und (2) 

der Anzahl der Regulären Zinsperioden 

innerhalb eines Jahres, oder 

so treating such Holder. 

In respect of Notes governed by English law, no 

person shall have any right to enforce any term or 

condition of the Notes under the Contracts (Rights of 

Third Parties) Act 1999. 

5. Interest 

Notes may be interest-bearing at a fixed or floating rate, or at 

a combination of fixed/floating rates or non interest-bearing 

as specified in the Pricing Supplement. The Pricing 

Supplement in relation to each Tranche of interest-bearing 

Notes shall specify which one (and one only) of Conditions 5 

(a), (b), (c) and (d) shall be applicable. 

Fixed Rate Interest 

(a) Notes in relation to which this Condition 5 (a) is 


shall bear interest from and including their 

date of issue (“Issue Date”) (as specified in the 

Pricing Supplement) or from such other date as may 

be specified in the Pricing Supplement up to but 

excluding the date of final maturity of the Notes 

(“Maturity Date”) at the rate or rates per annum (or 

otherwise) specified in the Pricing Supplement. Such 

interest will be payable in arrear on such dates as 

are specified in the Pricing Supplement (each an 

“Interest Payment Date”) and on the Maturity Date. 

If interest is required to be calculated for a period of 

other than full year, such interest shall be calculated: 

(i) if “Actual/Actual (ISMA)” is specified in the 

Pricing Supplement and the relevant period falls 

during a Regular Period (as defined below), on 

the basis of the number of days in the relevant 

period divided by the product of (A) the number 

of days in the Regular Period in which the 

relevant period falls and (B) the number of 

Regular Periods in any period of one year; 

(ii) if “Actual/Actual (ISMA)” is specified in the 

Pricing Supplement and the relevant period 

begins in one Regular Period and ends in the 

next succeeding Regular Period, interest will be 

calculated on the basis of the sum of: 

(A) the number of days in the relevant period 

falling within the first such Regular Period 

divided by the product of (1) the number of 

days in the first such Regular Period and (2) 

the number of Regular Periods in any period 

of one year; and 

(B) the number of days in the relevant period 

falling within the second such Regular 

Period divided by the product of (1) the 

number of days in the second such Regular 

Period and (2) the number of Regular 

Periods in any period of one year;

(iii) wenn im betreffenden Konditionenblatt die „30/ 

360“ Methode bestimmt ist, auf der Basis der 

Anzahl von Tagen in dem Zeitraum von 

(einschließlich) dem letzten vorangegangenen 

Zinszahlungstag (oder gegebenenfalls vom 

(iv) 

Beginn der Verzinsung) bis zu (ausschließlich) 

dem Tag, an dem Zinsen fällig werden (wobei 

diese Anzahl der Tage auf der Basis von 12 

Monaten zu je 30 Tagen bestimmt wird), geteilt 

durch 360, oder 

auf einer anderen im betreffenden Konditionenblatt 

bestimmten Basis. 

Für Zwecke dieses § 5 (a): 

(i) der Tag und Monat (aber nicht das Jahr) jedes 

Zinszahlungstages, der in regelmäßigen Abständen 

zwischen den Begebungstag und den 

Endfälligkeitstag fällt, ist ein „Regulärer Tag“, 

und 

(ii) jede Periode vom und einschließlich eines 

Regulären Tags, welche in ein beliebiges Jahr 

fällt, bis zu (ausschließlich) dem nächsten 

Regulären Tag ist eine „Reguläre Zinsperiode“. 

Variabel verzinslich 

(b) Schuldverschreibungen, auf die nach dem Konditionenblatt 

dieser § 5 (b) anzuwenden ist, werden zu 

Zinssätzen per annum (oder hiervon abweichend) 

(„Zinssatz“) verzinst, die gemäß diesem Absatz (b) 

bestimmt werden. Die Schuldverschreibungen sind 

vom Tag der Begebung (wie im Konditionenblatt 

bestimmt) einschließlich oder einem anderen im 

Konditionenblatt bestimmten Tag an zu verzinsen. 

Zinsen werden vierteljährlich, halbjährlich oder 

jährlich nachträglich an den im Konditionenblatt 

bestimmten Tagen (jeweils ein „Zinszahlungstag“) 

und gegebenenfalls am Endfälligkeitstag gezahlt. 

Wenn irgendein Zinszahlungstag, für den eine 

Anpassung in Übereinstimmung mit einer 

Geschäftstageregelung vorgesehen ist, auf einen 

Tag fällt, der kein Geschäftstag ist, dann gilt je nach 

Art der betreffenden Geschäftstageregelung folgendes: 

(A) im Fall der „Floating Rate Business Day 

Convention“ erfolgt die Zahlung am nächstfolgenden 

Geschäftstag, sofern dieser Tag nicht in den 

nächsten Monat fällt; in diesem Fall wird (x) der 

Zahltag auf den unmittelbar vorhergehenden 

Geschäftstag vorverlegt und (y) für jeden darauffolgenden 

Zinszahlungstag der letzte Geschäftstag 

desjenigen Monats bestimmt, in den der Zinszahlungstag 

gefallen wäre, wenn er nicht angepasst 

worden wäre, (B) im Fall der „Following Business 

Day Convention“ erfolgt die Zinszahlung am 

nächstfolgenden Geschäftstag, (C) im Fall der 

„Modified Following Business Day Convention“ 

erfolgt die Zahlung am nächstfolgenden Geschäftstag, 

sofern dieser Tag nicht in den nächsten Monat 

fällt; in diesem Fall wird der Zinszahlungstag auf den 

unmittelbar vorhergehenden Geschäftstag vorverlegt, 

oder (D) im Fall der „Preceding Business Day 

Convention“ wird der Zinszahlungstag auf den unmittelbar 

vorhergehenden Geschäftstag vorverlegt. 




(iii) if “30/360” is specified in the Pricing Supplement on 

the basis of the number of days in the period from 

and including the most recent Interest Payment Date 

(or, if none, the Interest Commencement Date) to but 

excluding the relevant payment date (such number 

of days being calculated on the basis of 12 30-day 

months) divided by 360; or 

(iv) on such other basis as may be provided in the 


For purposes of this Condition 5 (a): 

(i) the day and month (but not the year) of any Interest 

Payment Date that falls at regular intervals between 

the Issue Date and the Maturity Date shall be a 

“Regular Date”; and 

(ii) each period from and including a Regular Date 

falling in any year to but excluding the next 

succeeding Regular Date shall be a “Regular 

Period”. 

Floating Rate Interest 

(b) Notes in relation to which this Condition 5 (b) is 


shall bear interest at the rates per annum (or 

otherwise) (“Rate of Interest”) determined in 

accordance with this Condition 5 (b). Such Notes 

shall bear interest from and including their Issue 



Supplement. 

Interest will be payable quarterly, semi-annually, or 

annually in arrear on such dates specified in the 

relevant Pricing Supplement (each an “Interest 

Payment Date”) and on the Maturity Date (if any). 

If any Interest Payment Date that is specified to be 

subject to adjustment in accordance with a 

“Business Day Convention” would otherwise fall on 

a day that is not a Business Day, then, if the Business 

Day Convention specified is: (A) the “Floating Rate 

Business Day Convention”, such date shall be 

postponed to the next day that is a Business Day 

unless it would thereby fall into the next calendar 

month, in which event (x) such date shall be brought 

forward to the immediately preceding Business Day 

and (y) each subsequent such date shall be the last 

Business Day of the month in which such date would 

have fallen had it not been subject to adjustment; (B) 

the “Following Business Day Convention”, such date 

shall be postponed to the next day that is a Business 

Day; (C) the “Modified Following Business Day 

Convention”, such date shall be postponed to the 

next day that is a Business Day; unless it would 


even such date shall be brought forward to the 

immediately preceding Business Day; or (D) the 

„Preceding Business Day Convention”, such date 

shall be brought forward to the immediately 

preceding Business Day. 




77

78 



Legt das Konditionenblatt fest, dass für Schuldverschreibungen 

dieser Absatz (b) anzuwenden ist, 

bestimmt es weiterhin, auf welche Bildschirmseite 

(„Maßgebliche Bildschirmseite“, wobei dieser 

Begriff auch jede Ersatzseite umfasst) von Reuters 

oder Moneyline Telerate oder einem anderen Informationsanbieter 

Bezug genommen wird. Hierbei 

steht „Reuters“ für Reuter Money Market Rates Services, 

und „Moneyline Telerate“ für die Moneyline 

Telerate Services (oder jeder andere Informationsanbieter, 

der zur Veröffentlichung vergleichbarer 

Sätze als Nachfolger benannt wird). 

Für Schuldverschreibungen, auf die § 5 (b) anzuwenden 

ist, wird der für die Verzinsung maßgebliche 

Satz („Satz“) für jede Zinsperiode auf folgende 

Weise festgestellt: 

(i) die Berechnungsstelle wird (x) den Einlagenangebotssatz 

(oder sofern erforderlich, das arithmetische 

Mittel der Einlagenangebotssätze 

gerundet auf die fünfte Stelle, wobei ab 

0,000005 aufzurunden ist) ermitteln, zu dem 

Einlagen in der betreffenden Währung 

(einschließlich Euro) mit einer der Zinsperiode 

entsprechenden Laufzeit von Banken in London 

angeboten werden („LIBOR“), oder (y) den Einlagenangebotssatz 

(oder sofern erforderlich, 

das arithmetische Mittel der Einlagenangebotssätze, 

gerundet auf die dritte Stelle, wobei ab 

0,0005 aufzurunden ist) ermitteln, zu dem Einlagen 

in Euro mit einer der Zinsperiode entsprechenden 

Laufzeit von Banken der Eurozone 

angeboten werden („EURIBOR“), und zwar 

gemäß dem Satz (den Sätzen), welcher (welche) 

auf der Maßgeblichen Bildschirmseite um 

11.00 Uhr (LIBOR: Londoner Zeit / EURIBOR: 

Brüsseler Zeit) am zweiten Tag, an dem 

Geschäftsbanken in Frankfurt am Main, London 

und dem Maßgeblichen Finanzzentrum oder 

den im Konditionenblatt genannten anderen 

Städten für Bankgeschäfte geöffnet sind, oder, 


am zweiten Tag, an dem das TARGET 

System zur Verfügung steht, vor (oder soweit 

das Konditionenblatt nicht etwas anderes vorsieht) 

dem ersten Tag der betreffenden Zinsperiode 

(„Zinsfeststellungstag“) angezeigt 

werden. Sofern auf der Maßgeblichen Bildschirmseite 

um 11.00 Uhr (LIBOR: Londoner 

Zeit / EURIBOR: Brüsseler Zeit) am Zinsfeststellungstag 

fünf oder mehr Sätze für Einlagen 

angezeigt werden, werden der höchste (oder, 

bei mehreren Höchstsätzen ein Höchstsatz) und 

der niedrigste (oder, bei mehreren Niedrigstsätzen, 

ein Niedrigstsatz) von der Berechnungsstelle 

für die Bestimmung des arithmetischen 

Mittels der Einlagensätze (gerundet wie oben 

angegeben) nicht berücksichtigt, 

(ii) sofern am Zinsfeststellungstag ein solcher Einlagensatz 

nicht angezeigt wird (oder sofern 

weniger als drei solcher Sätze angezeigt werden), 

oder sofern die Maßgebliche Bildschirm- 


(but excluding) the immediately following Interest 

Payment Date is herein called an “Interest Period”. 

The Pricing Supplement, in relation to Notes in 

relation to which this Condition 5 (b) is specified as 

being applicable, shall specify which page (the 

“Relevant Screen Page”, which expression shall 

include any replacement page), on the Reuters 

Screen or Moneyline Telerate or any other information 

vending service, shall be applicable. For 

these purposes, “Reuters Screen” means the 

Reuters Money Market Rates Services and 

“Moneyline Telerate” means the Moneyline 

Telerate Services (or such other service as may be 

nominated as the information vendor for the 

purposes of displaying comparable rates in 

succession thereto). 

The rate of interest (“Rate”) for each Interest Period 

in relation to Notes in relation to which this Condition 

5 (b) is specified as being applicable shall be determined 

on the following basis: 

(i) the Calculation Agent will determine (x) the rate 

at which deposit are offered (or, as the case 

may require, the arithmetic mean of the rates for 

deposits rounded (if necessary) to the fifth 


upwards) by banks in London in the relevant 

currency (including Euro) for a period of the 

duration of the relevant Interest Period 

(“LIBOR”) or (y) the rate at which deposits in 

Euro are offered (or, as the case may require, 

the arithmetic mean of the rates for deposits 

rounded (if necessary) to the third decimal 

place, with 0.0005 being rounded upwards) by 

banks in the Euro-Zone for a period of the 

duration of the relevant interest period 

(“EURIBOR”) according to the rate (or rates) 

appearing on the Relevant Screen Page as at 

11:00 a.m. (LIBOR: London time/EURIBOR: 

Brussels time) on the second day upon which 

banks in Frankfurt am Main, London and the 

Relevant Financial Centre or such other cities 

as may be specified in the relevant Pricing 

Supplement are open for business (or in case or 

Notes denominated in Euro, on the second 

TARGET Business Day) before (or otherwise as 

so specified in the Pricing Supplement) the first 

day of the relevant Interest Period (“Interest 

Determination Date”). If five or more rates for 

deposits appear on the Relevant Screen Page 

as at 11:00 a.m. (LIBOR: London time/EURIBOR: 

Brussels time) on the Interest Determination 

Date, the highest (or, if there is more than one 

such highest quotation, one only of such quotations) 

and the lowest (or, if there is more then 

one such lowest quotation, one only of such 

quotations) shall be disregarded by the Calculation 

Agent for the purpose of determining the 

arithmetic mean (rounded as provided above) 

of such rates for deposit; 




deposits so appear) or if the Relevant Screen

seite (oder eine Ersatzseite) nicht zur Verfügung 

steht, wird die Berechnungsstelle vier führende 

Kreditinstitute im Maßgeblichen Finanzzentrum 

(oder, im Fall von auf Euro lautenden Schuldverschreibungen, 

im Interbankenmarkt der 

Euro-Zone) zur Nennung solcher Sätze auffordern, 

zu denen diese Einlagen für die Dauer der 

entsprechenden Zinsperiode und in einer für 

diesen Markt zu diesem Zeitpunkt üblichen Größenordnung 

für Einzeltransaktionen anbieten, 

und das arithmetische Mittel dieser Sätze ermitteln, 

(iii) sofern an einem Zinsfeststellungstag nur drei 

solcher Einlagensätze von den entsprechenden 

Kreditinstituten genannt werden, wird die 

Berechnungsstelle das arithmetische Mittel der 

genannten Einlagensätze (gerundet wie oben 

angegeben) bestimmen, oder 

(iv) sofern weniger als drei oder keine der genannten 

Einlagensätze von den entsprechenden Kreditinstituten 

genannt werden, wird die 

Berechnungsstelle das arithmetische Mittel der 

der genannten Einlagensätze bestimmen, die 

von vier führenden Kreditinstituten im Maßgeblichen 

Finanzzentrum (wie oben definiert) (oder 


in der Euro-Zone, gegen 11.00 Uhr 

(Ortszeit des Maßgeblichen Finanzzentrums 

(oder Ortszeit des/der anderen Finanzzentrums/ 

Finanzzentren oder, bei auf Euro lautenden 

Schuldverschreibungen, Brüsseler Zeit)) am 

Zinsfeststellungstag für Darlehen in der entsprechenden 

Währung an führende europäische 

Kreditinstitute für die Dauer der 

entsprechenden Zinsperiode und in einer für 

diesen Markt zu diesem Zeitpunkt üblichen Größenordnung 

für Einzeltransaktionen genannt 

werden. 

Der für die Schuldverschreibungen geltende Zinssatz 

für die jeweilige Zinsperiode ist die Summe aus 

der im Konditionenblatt festgelegten maßgeblichen 

Marge („Maßgebliche Marge“) und dem wie vorstehend 

bestimmten Satz (oder gegebenenfalls dem 

arithmetischen Mittel). Falls die Berechnungsstelle 

einen Satz (oder gegebenenfalls das arithmetische 

Mittel) gemäß dem Vorstehenden für eine Zinsperiode 

nicht ermitteln kann, ist der für diese 

Schuldverschreibungen für die entsprechende Zinsperiode 

maßgebliche Zinssatz die Summe aus der 

Maßgeblichen Marge und dem Satz (oder gegebenenfalls 

dem arithmetischen Mittel), der zuletzt für 

die Schuldverschreibungen in Bezug auf die vorhergehende 

Zinsperiode bestimmt wurde. Sofern 

außerdem im Konditionenblatt ein Mindestzinssatz 

oder ein Höchstzinssatz festgelegt ist, ist der Zinssatz 

nicht niedriger als der Mindestzinssatz oder 

nicht höher als der Höchstzinssatz. 

Die Berechnungsstelle errechnet umgehend nach 



den im Konditionenblatt jeweils bestimmten Nennbetrag 

der Schuldverschreibungen entfallenden 

Zinsbetrag („Zinsbetrag“). Der Zinsbetrag wird 

ermittelt durch Multiplikation des auf eine Zinsperiode 

anzuwendenden Zinssatzes mit dem jeweili- 

Page (or any replacement thereof) is 

unavailable, the Calculation Agent will request 

appropriate quotations and will determine the 

arithmetic mean of the rates at which deposits 

in the relevant currency are offered by four 

major banks in the interbank market of the 

Relevant Financial Centre (or, in the case of 

Notes denominated in Euro, in the interbank 

market of the Euro-Zone) for a period of the 

duration of the relevant Interest Period and in an 

amount that is representative for a single transaction 

in the relevant market at the relevant 

time; 

(iii) if on any Interest Determination Date only three 

such rates for deposits are so quoted by such 

banks, the Calculation Agent will determine the 

arithmetic mean (rounded as aforesaid) of the 

rates so quoted; or 

(iv) if fewer than three or no rates are so quoted by 

such banks, the Calculation Agent will 

determine the arithmetic mean of the rates 

quoted by four major banks in the Relevant 

Financial Centre (as defined above (or, in the 

case of Notes denominated in Euro, in the Euro- 

Zone), selected by the Issuer at approximately 

11:00 a.m. (Relevant Financial Centre time (or 

local time at such other financial centre or 

centres as aforesaid or, in the case of Notes 

denominated in Euro, Brussels time)) on the 

Interest Determination Date for loans in the 

relevant currency to leading European banks for 

a period of the duration of the relevant Interest 




The Rate of Interest applicable to such Notes during 

each Interest Period will be the sum of the relevant 

margin (“Relevant Margin”) specified in the Pricing 

Supplement and the Rate (or, as the case may be, 

the arithmetic mean) so determined; provided that, if 

the Calculation Agent is unable to determine a Rate 

(or, as the case may be, an arithmetic mean) in 

accordance with the above provisions in relation to 

any Interest Period, the Rate of Interest applicable to 

such Notes during such Interest Period will be the 

sum of the Relevant Margin and the Rate (or, as the 

case may be, the arithmetic mean) last determined 

in relation to such Notes in respect of the preceding 

Interest Period; and provided always that, if there is 

specified in the Pricing Supplement a minimum 

interest rate or a maximum interest rate, then the 

Rate of Interest shall in no event be less than or, as 

the case may be, exceed such minimum or 

maximum interest rate. 

The Calculation Agent will, as soon as practicable 



(“Interest Amount”) payable in respect of the 


specified in the relevant Pricing Supplement for the 

relevant Interest Period. The Interest Amount will be 

calculated by applying the Rate of Interest for such 

79

80 

gen Nennbetrag, wobei das Produkt mit dem Zinstagequotienten 

multipliziert wird, der im maßgeblichen 

Konditionenblatt bestimmt ist. Der so errechnete 

Betrag wird auf die kleinste Einheit der Währung, 

auf die die Schuldverschreibungen lauten oder 

in der Zinsen zu zahlen sind, auf- oder abgerundet 

(ab 0,5 einer solchen Einheit wird aufgerundet). 

„Zinstagequotient“ bedeutet in Bezug auf die Berechnung 

eines Zinsbetrags auf eine Schuldverschreibung für einen 

jeden Zeitraum (ungeachtet dessen, ob er eine Zinsperiode 

darstellt, der „Berechnungszeitraum“) 

(i) wenn im betreffenden Konditionenblatt die „Actual/ 

365“ oder „Actual/Actual (ISDA)“ Methode 

bestimmt ist, die tatsächliche Anzahl von Tagen im 

Berechnungszeitraum, geteilt durch 365 (oder, falls 

ein Teil des Berechnungszeitraums in ein Schaltjahr 

fällt, geteilt durch die Summe (A) der tatsächlichen 

Anzahl von Tagen in dem Teil des Berechnungszeitraums, 

der in ein Schaltjahr fällt, geteilt durch 366, 

und (B) der tatsächlichen Anzahl von Tagen in dem 

Teil der Berechnungsperiode, die nicht in ein Schaltjahr 

fällt, geteilt durch 365), 

(ii) wenn im betreffenden Konditionenblatt die „Actual/ 

365 (Fixed)“ Methode bestimmt ist, die tatsächliche 

Anzahl von Tagen im Berechnungszeitraum, geteilt 

durch 365, 

(iii) wenn im betreffenden Konditionenblatt die „Actual/ 

360“ Methode bestimmt ist, die tatsächliche Anzahl 

von Tagen im Berechnungszeitraum, geteilt durch 

360, 

(iv) wenn im betreffenden Konditionenblatt die „30/ 

360“, „360/360“ oder „Bond Basis“ Methode 

bestimmt ist, die Anzahl von Tagen im Berechnungszeitraum, 

geteilt durch 360 (wobei diese Anzahl der 

Tage auf Basis eines Jahres mit 360 Tagen in 12 

Monaten zu je 30 Tagen zu berechnen ist (für den 

Fall, dass (a) der letzte Tag des Berechnungszeitraums 

der 31. eines Monats ist, aber der erste Tag 

der Berechnungsperiode ein anderer als der 30. 

oder 31. Tag eines Monats ist, soll der Monat, in den 

dieser letzte Tag fällt, nicht auf einen Monat zu 30 

Tagen verkürzt werden, oder (b) der letzte Tag der 

Berechnungsperiode der letzte Tag des Monats Februar 

ist, soll der Monat Februar nicht auf einen Monat 

zu 30 Tagen verlängert werden)), 

(v) wenn im betreffenden Konditionenblatt die „30E/ 

360“ oder „Eurobond Basis“ Methode bestimmt ist, 

die Anzahl von Tagen im Berechnungszeitraum, 

geteilt durch 360 (wobei diese Anzahl der Tage auf 

Basis eines Jahres mit 360 Tagen in 12 Monaten zu 

je 30 Tagen zu berechnen ist, ohne Berücksichtigung 

des Datums, auf das der erste oder der letzte 

Tag des Berechnungszeitraums fällt; wenn 

allerdings der Berechnungszeitraum mit dem 

Fälligkeitstag endet und der Fälligkeitstag der letzte 

Tag des Monats Februar ist, soll der Monat Februar 

nicht auf einen Monat zu 30 Tagen verlängert werden). 

Swap-bezogene Verzinsung (ISDA) 

(c) Schuldverschreibungen, auf die nach dem Konditionenblatt 

§ 5 (c) anzuwenden ist, werden mit einem 

gemäß diesem Absatz (c) festzulegenden Zinssatz 

per annum verzinst. Jede Schuldverschreibung wird 

vom Begebungsstag (wie im Konditionenblatt 

Interest Period to such principal amount, multiplying 

the product by the Day Count Fraction specified in 

the relevant Pricing Supplement and rounding the 

resulting figure to the nearest sub-unit of the 

currency in which such Notes are denominated or, 

as the case may be, in which such interest is payable 

(one half of any such sub-unit being rounded 

upwards). 

“Day Count Fraction” means in respect of the calculation of 

an amount of interest on any Note for any period of time 

(whether or not constituting an Interest Period, the “Calculation 

Period”) 

(i) if “Actual/365” or “Actual/Actual – ISDA” is 

specified hereon, the actual number of days in the 

Calculation Period divided by 365 (or, if any portion 

of that Calculation Period falls in a leap year, the 

sum of (A) the actual number of days in that portion 

of the Calculation Period falling in a leap year 

divided by 366 and (B) the actual number of days in 

that portion of the Calculation Period falling in a nonleap 

year divided by 365); 

(ii) if “Actual/365 (Fixed)” is specified hereon, the 

actual number of days in the Calculation Period 

divided by 365; 

(iii) if “Actual/360” is specified hereon, the actual 

number of days in the Calculation divided by 360; 

(iv) if “30/360”, “360/360” or “Bonds Basis” is 

specified hereon, 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 (a) the last day of the 

Calculation Period is the 31st 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 (b) 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)); 

(v) if “30E/360” or “Eurobond Basis” is specified 

hereon, 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, without regard to the date of the first day or 

last day of the Calculation Period unless, in the case 

of a Calculation Period ending on the Maturity Date, 

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). 

Swap Related (ISDA) 

(c) Notes in relation to which this Condition 5 (c) is 


shall bear interest at the rates per annum 

determined in accordance with this Condition 5 (c). 

Each such Note shall bear interest from its Issue

estimmt) oder von einem anderen im Konditionenblatt 

bestimmten Tag an verzinst. Zinsen sind an solchen 

Tagen und in solcher Höhe zahlbar, wie sie 

(ungeachtet eines etwaigen Kündigungsgrundes 

oder eines etwaigen Termination Event) zahlbar 

wären, wenn die Anleiheschuldnerin mit dem Inhaber 

der betreffenden Schuldverschreibung eine 

Swap-Vereinbarung eingegangen wäre (für die die 

ISDA Definitions anwendbar wären). Danach wäre: 

– der erste Tag der maßgeblichen Zinsperiode 

(außer der ersten Zinsperiode) der Zinsfestsetzungstag, 

– die Anleiheschuldnerin Zahlungsverpflichtete 

für den Festzinsbetrag oder gegebenenfalls für 

den variablen Zinsbetrag, 

– die Anleiheschuldnerin oder eine andere im 

Konditionenblatt bestimmte Stelle die Berechnungsstelle, 

– der Begebungstag (oder ein anderer im Konditionenblatt 

bestimmter Tag) der Stichtag, 

– der Nennbetrag der betreffenden Schuldverschreibung 

der Berechnungsbetrag und 

– alle anderen Bedingungen entsprächen dem 

Konditionenblatt. 

Die in diesem Absatz (c) definierten Begriffe haben, 

soweit der Zusammenhang es erfordert, die in den 

ISDA Definitionen für sie festgelegte Bedeutung. 

Andere Zinssätze 

(d) Schuldverschreibungen, auf die nach dem Konditionenblatt 

§ 5 (d) anzuwenden ist, werden mit dem 

gemäß dem maßgeblichen Konditionenblatt errechneten 

Zinssatz oder Zinssätzen verzinst und sind 

nach Höhe und Art entsprechend dem maßgeblichen 

Konditionenblatt zahlbar. 

Zusätzliche Bestimmungen 

(e) § 5 (f) und § 5 (g) sind nach Maßgabe der Bedingungen 

und des Konditionenblattes auf sämtliche verzinsliche 

Schuldverschreibungen anzuwenden. § 5 

(k) ist für sämtliche Schuldverschreibungen außer 

Nullkupon-Schuldverschreibungen anzuwenden. 

Bekanntmachung von Zinssätzen, Zinsbeträgen und Zinszahlungstagen 

(f) Die Anleiheschuldnerin wird dafür Sorge tragen, 

dass jeder Zinssatz, Zinszahlungstag, Abschlusstag 

einer Zinsberechnungsperiode, Zinsbetrag, variable 

Betrag oder jede andere Angelegenheit, die durch 

sie oder die Berechnungsstelle bestimmt oder 

berechnet wird, dem Fiscal Agent und jeder Zahlstelle 

(bei deren jeweils angegebenen Geschäftsstellen 

diese Informationen erhältlich sind) und, im 

Falle von Schuldverschreibungen, die an der Luxemburger 

Börse und/oder einer anderen Börse notiert 

sind, der/den jeweilige/n Börse/n umgehend nach 

dieser Bestimmung oder Berechnung, in jedem Fall 

jedoch spätestens am vierten darauf folgenden Tag, 

an dem Banken im Maßgeblichen Finanzzentrum 

für Geschäfte geöffnet sind (oder, im Falle von auf 

Euro lautenden Schuldverschreibungen, spätestens 

am vierten darauf folgenden TARGET Geschäftstag) 

mitgeteilt werden. Die Anleiheschuldnerin ist 

berechtigt, ohne vorherige Mitteilung im Falle der 

Verlängerung oder Abkürzung der jeweiligen Zins- 



Supplement. Such interest will be payable on such 

dates and in such amounts as would have been 

payable (regardless of any event of default or termination 

event thereunder) by the Issuer had it entered 

into Swap Transaction (to which there applied the 

ISDA Definitions), with the Holder of such Note under 

which: 

– the first day of the relevant Interest Period (other than 

in respect of the first Interest Period) was the Reset 

Date; 

– the Issuer was the Fixed Rate Payer or as the case 

may be the Floating Rate Payer; 

– the Issuer was the Calculation Agent or as otherwise 

specified in the Pricing Supplement; 

– the Issue Date (or such other date as may be 

specified in the Pricing Supplement) was the 

Effective Date; 

– the principal amount of such Note was the Calculation 

Amount; and 

– all other terms were as specified in the Pricing 

Supplement. 

Capitalised terms used in this Condition 5 (c) shall, 

where the context so requires, have the meanings 

ascribed to them in the ISDA Definitions. 

Other Rates 

(d) Notes in relation to which this Condition 5 (d) is 


shall bear interest at the rate or rates calculated 

on the basis specified in, and be payable in the 

amounts and in the manner determined in 

accordance with, the relevant Pricing Supplement. 

Supplemental Provisions 

(e) Conditions 5 (f) and (g) shall be applicable to all 

Notes which are interest bearing in the manner 

specified therein and as appropriate in the Pricing 

Supplement. Condition 5 (k) shall be applicable to 

all Notes other than Zero Coupon Notes. 

Notification of Rates in Interest, Interest Amounts and 

Interest Payment Dates 

(f) The Issuer will cause each Rate of Interest, Interest 

Payment Date, final day of an interest calculation 

period, Interest Amount, floating amount or other 

item, as the case may be, determined or calculated 

by it or the Calculation Agent to be notified to the 

Fiscal Agent and any Paying Agent (from whose 

respective specified offices such information will be 

available) and in the case of Notes listed the Luxembourg 

Stock Exchange and/or any other stock 

exchange to the respective stock exchange(s) as 

soon as practicable after such determination or 

calculation but in any event not later than the fourth 

day thereafter upon which banks are open for 

business in the Relevant Financial Centre (or, in the 

case of Notes denominated in Euro, not later than 

the fourth TARGET Business Day thereafter). The 

Issuer will be entitled to amend any Interest Amount, 

floating amount, Interest Payment Date or final day of 

an interest calculation period (or to make appropriate 

alternative arrangements by way of 

81

82 

periode jeden Zinsbetrag, variablen Betrag, Zins– 

zahlungstag oder Abschlusstag einer Zinsberechnungsperiode 

zu ändern (oder im Wege einer 

Anpassung angemessene alternative Maßnahmen 

zu treffen). Diese Änderung oder Anpassung ist 

gemäß dem ersten Satz dieses § 5 (f) bekannt zu 

machen. 

Bestimmung und Berechnung 

(g) Die Bestimmung oder Berechnung aller Zinssätze, 


die gemäß dieser Bedingungen von der 

Anleiheschuldnerin oder gegebenenfalls der 

Berechnungsstelle vorzunehmen ist, ist für alle 

Beteiligten außer bei offensichtlichem Irrtum endgültig 

und bindend. 

Schuldverschreibungen mit variablen Zinsbeträgen und 

Doppelwährungsschuldverschreibungen 

(h) Wird bei Schuldverschreibungen mit variablen Zinsbeträgen 

oder Doppelwährungsschuldverschreibungen 

der Zinssatz oder der Zinsbetrag durch 

Bezugnahme auf einen Index und/oder eine Formel 

oder gegebenenfalls einen Wechselkurs bestimmt, 

so wird der Zinssatz oder der zu zahlende Zinsbetrag 

in der im Konditionenblatt festgelegten Weise 

bestimmt. 

Nullkupon-Schuldverschreibungen – Rendite 

(i) Vorbehaltlich Absatz (j) werden auf die Schuldverschreibungen 

keine Zinsen gezahlt. Die Rendite 

bis zur Endfälligkeit der Schuldverschreibungen 

(„Rendite“) wird im maßgeblichen Konditionenblatt 

bestimmt. 

(j) Sofern bei ordnungsgemäßer Vorlage oder Einreichung 

der Schuldverschreibungen am Fälligkeitstag 

die Zahlung des Kapitalbetrags oder gegebenenfalls 

des Amortisierungsnennbetrags (wie in Ziffer 6 (o) 

definiert) unberechtigt zurückgehalten oder verweigert 

wird, fallen darauf Zinsen in Höhe der Rendite 

bis zum Ablauf des Tages an, der dem Rückzahlungstag 

vorangeht. 

Ende der Verzinsung 

(k) Die Verzinsung der Schuldverschreibungen endet 

mit Ablauf des Tages, der dem Endfälligkeitstag 

beziehungsweise dem zur vorzeitigen Rückzahlung 

bestimmten Tag vorausgeht, es sei denn, die Zahlung 


Vorlage oder Einreichung der Schuldverschreibungen 


oder verweigert. In diesem Fall endet die Verzinsung 

des nicht zurückgezahlten Kapitalbetrages zu dem 

für die letzte der Vorlage oder Einreichung vorangehende 

Zinsperiode ermittelten Zinssatz mit Ablauf 

des Tages, der der Einlösung vorausgeht, spätestens 

jedoch 14 Tage nach dem Tag, an dem gemäß 

Ziffer 17 bekannt gemacht wird, dass die erforderlichen 

Beträge bei der Hauptzahlstelle (wie in Ziffer 

14 genannt) bereitgestellt worden sind. Die Anleiheschuldnerin 

ist weder zur Zahlung von Zinsen noch 

zur Zahlung sonstiger Abfindungssummen verpflichtet, 

wenn der Abrechnungstag in Folge einer 

Verschiebung des Bewertungstags oder des Durchschnittsermittlungstags 

gemäß den Bestimmungen 

in den Definitionen dieser Begriffe auf einen Tag 

nach dem Endfälligkeitstag fällt. 

adjustment) without prior notice in the event of the 

extension or abbreviation of the relevant Interest 

Period or an interest calculation period and such 

amendment or adjustment will be notified in 

accordance with the first sentence of this Condition 

5 (f). 

Determination and Calculation 

(g) The determination or calculation by the Issuer or the 

Calculation Agent (as applicable) of all Rates of 

Interest, Interest Amounts, Interest Payment Dates 

and other items falling to be determined or calculated 

by it for the purposes of the Conditions shall, 

in the absence of manifest error, be final and binding 

on all parties. 

Variable Coupon Amount Notes and Dual Currency Notes 

(h) In the case of Variable Coupon Amount Notes or 

Dual Currency Notes, if the rate or amount of interest 

falls to be determined by reference to an index and/ 

or a formula or, as the case may be, an exchange 

rate, the rate or amount of interest payable shall be 

determined in the manner specified in the Pricing 

Supplement. 

Zero Coupon Notes – Yield 

(i) Interest will not be payable on the Notes otherwise 

than as contemplated in Condition 5 (j) below. The 

yield to maturity (“Amortisation Yield”) for the Notes 


(j) If upon due presentation or surrender of the Notes 



Face Amount (as defined in Condition 6 (o) below) 

is improperly withheld or refused, interest shall 

accrue thereon at the Amortisation Yield until the 

end of the day preceding the day of redemption. 

Cessation of Accrual 

(k) Interest will cease to accrue as from the Maturity 

Date or, as the case may be, the due date fixed for 

any early redemption of the Notes unless, upon due 

presentation or surrender thereof on such date, 

payment in full of the principal amount is improperly 

withheld or refused. In that case, interest shall 

continue to accrue on the unpaid amount until the 

end of the day preceding the day of redemption at 

the rate of interest applicable to the Notes for the 

Interest Period immediately preceding such presentation 

or surrender. Interest will, however, cease to 

accrue at the latest 14 days after the date on which 

it is notified in accordance with Condition 17, that 

the necessary funds have been placed at the 

disposal of the Principal Paying Agent (as specified 

in Condition 14 below). No interest or any other 

compensation amount shall be payable by the Issuer 

with regard to the Settlement Date falling on a date 

after the Maturity Date following a postponement of 

the Valuation Date or, as the case may be, any 

Averaging Date as provided for in the definitions of 

these terms.

6. Rückzahlung und Rückkauf 

Rückzahlung bei Endfälligkeit von Barzahlungs-Schuldverschreibungen 

(a) Falls es sich bei den Schuldverschreibungen um 

Barzahlungs-Anleihen handelt, und die Anleiheschuldnerin 

gegebenenfalls ihre gemäß dem Konditionenblatt 

bestehende Option zur Modifizierung 

der Abrechnung ausgeübt und die Zahlung des 

Rückzahlungsbetrags an Stelle der Lieferung der 

Zuteilung gewählt hat, verpflichtet sich die Anleiheschuldnerin, 

vorbehaltlich anderer Bestimmungen in 

diesen Bedingungen jede Schuldverschreibung an 

dem im Konditionenblatt genannten Abrechnungstag 

zu dem im Konditionenblatt genannten oder 

nach dessen Maßgabe bestimmten Rückzahlungsbetrag 

zurückzuzahlen, sofern diese Schuldverschreibung 

nicht bereits zurückgezahlt wurde. 

(b) Der Rückzahlungsbetrag wird auf die nächsten beiden 

Dezimalstellen (oder, im Falle von Japanischen 

Yen, auf die nächste vollständige Einheit) der betreffenden 

Währung gerundet, wobei 0,005 (oder, im 

Falle von Japanischen Yen, eine halbe Einheit) aufzurunden 

ist und Schuldverschreibungen, die 

gleichzeitig vom selben Anleihegläubiger zur Zahlung 

vorgelegt werden, zum Zwecke der Bestimmung 

des gesamten Rückzahlungsbetrags, der auf 

diese Schuldverschreibungen zahlbar ist, zusammengefasst 

werden. 

Rückzahlung bei Endfälligkeit von Physisch Auszuliefernden 

Anleihen 

(c) Falls es sich bei den Schuldverschreibungen um 

Physisch Auszuliefernden Anleihen handelt, und die 

Anleiheschuldnerin gegebenenfalls ihre gemäß dem 

Konditionenblatt bestehende Option zur Modifizierung 

der Abrechnung ausgeübt und die Lieferung 

der Zuteilung an Stelle der Zahlung des Rückzahlungsbetrags 

gewählt hat, hat der Anleihegläubiger, 

vorbehaltlich anderer Bestimmungen in diesen 

Bedingungen, kein Anrecht auf Erhalt eines Rückzahlungsbetrags 

zum Abrechnungstag. Statt dessen 

liefert die Anleiheschuldnerin dem Inhaber jeder 

Schuldverschreibung zum Abrechnungstag oder 

jedem anderen im Konditionenblatt bestimmten Tag 

oder Zeitraum die im Konditionenblatt genannte 

Anzahl von Aktien in börsenmäßig lieferbarer Form 

(die „Zuteilung“) oder trägt Sorge für deren Lieferung. 

Voraussetzung hierfür ist die Mitteilung eines 

Kontos, auf das Dividenden, auf die der Anleihegläubiger 

einen Anspruch hat, zu zahlen sind, sowie die 

Erfüllung der anderen (etwaigen) Voraussetzungen, 

die im Konditionenblatt genannt sind. Die Zuteilung 

wird in der im Konditionenblatt angegebenen Weise 

ausgeliefert und verbrieft. 

(d) Schuldverschreibungen, die gleichzeitig vom selben 

Anleihegläubiger zur Zahlung vorgelegt werden, 

werden zum Zwecke der Bestimmung der gesamten 

Zuteilungen in Bezug auf diese Schuldverschreibungen 

zusammengefasst, soweit nicht im Konditionenblatt 

anders bestimmt, wobei jedoch die gesamten 

Zuteilungen auf die nächste vollständige Einheit der 

betreffenden Aktie bzw. jeder der betreffenden 

Aktien in der durch die Berechnungsstelle bestimmten 

Weise abgerundet werden (soweit nicht im Konditionenblatt 

eine andere Bestimmung vorgesehen 

ist). Daher werden keine Bruchteile der betreffenden 


Final Redemption of Cash Settled Notes 

(a) If the Notes are Cash Settled Notes, and, as the case 

may be, the Issuer has, if applicable pursuant to the 

Pricing Supplement, exercised its option to vary 

settlement and has chosen to pay the Redemption 

Amount in lieu of delivering the Entitlement (as 

defined in Condition 6(c), subject as otherwise 

provided herein the Issuer undertakes to redeem 

each Note at its Redemption Amount specified in or 

determined in accordance with, the Pricing 

Supplement on the Settlement Date specified in the 

Pricing Supplement, unless previously redeemed. 

(b) The Redemption Amount will be rounded to the 

nearest two decimal places (or, in the case of 

Japanese Yen the nearest whole unit) in the relevant 

currency, 0.005 (or, in the case of Japanese Yen half 

a unit) being rounded upwards, with Notes 

presented for payment at the same time by the same 

Noteholder being aggregated for the purpose of 

determining the aggregate Redemption Amount 

payable in respect of such Notes. 

Final Redemption of Physical Delivery Notes 

(c) If the Notes are Physical Delivery Notes, and, as the 

case may be, the Issuer has, if applicable pursuant 

to the Pricing Supplement, exercised its option to 

vary settlement and has chosen to deliver the 

Entitlement (as defined below) in lieu of paying the 

Redemption Amount, subject as otherwise provided 

herein the Noteholder shall not be entitled to receive 

any Redemption Amount on the Settlement Date 

specified in the Pricing Supplement but instead the 

Issuer shall on the Settlement Date or on any other 

date or during any period specified in the relevant 

Pricing Supplement, deliver, or procure the delivery, 

to the Holder of each Note of the quantity of the 

Share or Shares specified in the Pricing Supplement 

in good delivery stock (the “Entitlement”) subject to 

notification of an account to which any dividends to 

which the Noteholder may be entitled are to be paid 

and such other conditions precedent (if any) as may 

be specified in the Pricing Supplement. The 

Entitlement shall be delivered and evidenced in such 

manner as specified in the Pricing Supplement. 

(d) Notes exercised at the same time by the same 

Noteholder will be aggregated for the purpose of 

determining the aggregate Entitlements in respect of 

such Notes provided that the aggregate Entitlements 

in respect of the same Noteholder will be rounded 

down to the nearest whole unit (unless otherwise 

specified in the Pricing Supplement) of the relevant 

Share or each of the relevant Shares, as the case 

may be, in such manner as the Calculation Agent 

shall determine. Therefore, fractions of the relevant 

Share or of each of the relevant Shares, as the case 

may be, will not be delivered and a cash adjustment 

83

84 

Aktie oder Aktien ausgeliefert, sondern es erfolgt 

eine Barabfindung im Hinblick darauf. 

(e) Alle Dividenden auf die jeweils zu liefernden Aktien 

sind an die Partei zahlbar, die diese Dividenden entsprechend 

den Marktusancen für einen zum letzten 

Bewertungstag beziehungsweise zum letzten Durchschnittsermittlungstag 

getätigten Verkauf der betreffenden 

Aktien erhalten würde, die in derselben 

Weise zu liefern wären, wie diese jeweiligen Aktien. 

Alle an einen Anleihegläubiger zahlbaren Dividenden 

werden auf das für diesen Zweck durch den 

Anleihegläubiger benannte Konto gezahlt. 

(f) Soweit vorstehend nicht anderweitig bestimmt, ist 

der Kauf von Schuldverschreibungen nicht mit der 

Übertragung von Rechten (in Bezug auf die Stimmrechtsausübung, 

Ausschüttungen oder andere) aus 

einer Aktie auf den Inhaber dieser Schuldverschreibungen 

verbunden. 

Option der Anleiheschuldnerin zur Modifizierung der 

Abrechnung 

[(g)]Sofern im Konditionenblatt angegeben ist, dass die 

Anleiheschuldnerin eine Option zur Modifizierung 

der Abrechnung in Bezug auf die Schuldverschreibungen 

hat, kann sich die Anleiheschuldnerin nach 

ihrem alleinigen Ermessen dafür entscheiden, in 

Bezug auf alle, oder, soweit im Konditionenblatt 

bestimmt, nur einen Teil der Schuldverschreibungen 

den betreffenden Anleihegläubigern nicht den 

Rückzahlungsbetrag zu zahlen oder ihnen die Zuteilung 

zu liefern oder für deren Lieferung Sorge zu tragen, 

sondern stattdessen den betreffenden Anleihegläubigern 

zum Abrechnungstag die Zuteilung zu 

liefern oder für deren Lieferung Sorge zu tragen oder 

die Zahlung des Rückzahlungsbetrags zu leisten. 

Die Anleiheschuldnerin wird das ihr in dieser Bedingung 

eingeräumte Entscheidungsrecht am letzten 

Bewertungstag oder, falls Durchschnittsbewertung 

im Konditionenblatt vereinbart ist, am letzten Durchschnittsermittlungstag 

oder an dem im Konditionenblatt 

dafür angegebenen Tag ausüben. Die 

Mitteilung einer solchen Entscheidung erfolgt durch 

die Anleiheschuldnerin an die Hauptzahlstelle (zur 

Weiterleitung an das Clearing System und die Zahlstellen) 

und an die Berechnungsstelle spätestens 

um 10.00 Uhr (Londoner Zeit) am zweiten Geschäftstag 

nach erfolgter Entscheidung. Zudem erfolgt die 

Mitteilung einer solchen Entscheidung an die 

Anleihegläubiger baldmöglichst nach der Entscheidung 

in Übereinstimmung mit Ziffer 17. 

Vorzeitige Rückzahlung aus Steuergründen 

[(h)]Die Anleiheschuldnerin kann in den in Ziffer 11 

genannten Fällen und in Übereinstimmung mit Ziffer 

11 Schuldverschreibungen vorzeitig zurückzahlen. 

Vorzeitige Rückzahlung nach Wahl der Anleiheschuldnerin 

[(i)] Sofern nach dem Konditionenblatt Ziffer 6 (i) 

anwendbar ist, kann die Anleiheschuldnerin nach 

ordnungsgemäßer Kündigung und vorbehaltlich 

eventuell im Konditionenblatt festgelegten Bedingungen 

sämtliche (und nicht nur teilweise, es sei 

denn, das Konditionenblatt sieht etwas anderes vor) 

Schuldverschreibungen der maßgeblichen Anleihe 

zu einem Betrag im Konditionenblatt fstgelegten 

oder gemäß der dort getroffenen Festlegungen zu 

bestimmenden Betrag, oder, falls dort keine Vorga- 

will be made in respect thereof. 

(e) All dividends on the relevant Shares to be delivered 

will be payable to the party that would receive such 

dividend according to market practice for a sale of 

the relevant Shares executed on the final Valuation 

Date or the final Averaging Date, as the case may be, 

and to be delivered in the same manner as such 

relevant Shares. Any such dividends to be paid to a 

Noteholder will be paid to the account specified by 

the Noteholder for that purpose. 

(f) Except as provided above, the purchase of Notes 

does not confer on any holder of such Notes any 

rights (whether in respect of voting, distributions or 

otherwise) attaching to any Share. 

Issuer’s Option to Vary Settlement 

[(g)]If the Pricing Supplement indicates that the Issuer 

has an option to vary settlement in respect of the 

Notes, the Issuer may, at its sole and unfettered 

discretion, elect, in respect of all but not some only, 

or, if so specified in the Pricing Supplement, some 

only of the Notes not to pay the relevant Noteholders 

the Redemption Amount or to deliver or procure 

delivery of the Entitlement to the relevant 

Noteholders as the case may be, but, in lieu thereof 

to deliver or procure delivery of the Entitlement or 

make payment of the Redemption Amount on the 

Settlement Date to the relevant Noteholders, as the 

case may be. The Issuer will exercise his right to 

election granted pursuant to this Condition on the 

final Valuation Date, or, if Averaging is specified as 

applicable in the relevant Pricing Supplement, on 

the final Averaging Date or on such other date as 

specified in the relevant Pricing Supplement. Notification 

of such election will be given by the Issuer to 

the Principal Paying Agent (for further delivery to the 

Clearing System and the Paying Agents) and to the 

Calculation Agent no later than 10.00 a.m. (London 

time) on the second Business Day following such 

election. Notification of such election will also be 

given to the Noteholders in accordance with 

Condition 17 as soon as possible after such election. 

Early Redemption for Taxation Reasons 

[(h)]The Issuer is entitled to redeem Notes at its option 

in the circumstances provided in, and in accordance 

with the provisions of, Condition 11. 

Optional Early Redemption (Call) 

[(i)] If this Condition 6 (i) is specified in the Pricing 

Supplement as being applicable, then the Issuer 

may, having given the appropriate notice and 

subject to such conditions as may be specified in the 

Pricing Supplement, redeem all (but not, unless and 

to the extent that the Pricing Supplement specifies 

otherwise, some only) of the Notes of the relevant 

series at an amount specified in, or determined 

according to the relevant Pricing Supplement or, if 

no such amount is specified, their principal amount

en getroffen werden, dem Nennbetrag („Rückzahlungsbetrag 

bei Vorzeitiger Kündigung“) oder, im 

Falle von nicht verzinslichen Schuldverschreibungen, 

zum Amortisierungsnennbetrag (wie im Konditionenblatt 

festgelegt oder nach der im Konditionenblatt 

vorgesehenen Weise), zusammen mit etwaig 

aufgelaufenen Zinsen, zu dem in der Kündigung 

genannten Tag zurückzahlen. 

Kündigung 

[(j)] Die ordnungsgemäße Kündigung gemäß Bedingung 

6 (i) erfolgt durch Mitteilung der Anleiheschuldnerin 

an den Fiscal Agent (zur Weiterleitung an die Clearing 

Systeme und die Zahlstellen), an die Berechnungsstelle 

und an die Inhaber von Schuldverschreibungen 

der betreffenden Anleihe gemäß Ziffer 

17. Diese Kündigung ist unwiderruflich und in ihr 

wird bestimmt: 

– die zur Rückzahlung anstehende Anleihe, 

– falls das Konditionenblatt eine teilweise Rückzahlung der 

Schuldverschreibungen vorsieht, ob die Anleihe ganz oder 

teilweise zurückgezahlt wird und, im Fall der teilweisen 

Rückzahlung, der Gesamtnennbetrag und die laufenden 

Nummern der zur Rückzahlung anstehenden Anleihe, 

– der Fälligkeitstag der Rückzahlung, dieser muss ein 

Geschäftstag sein, mindestens dreißig Tage (oder ein im 

maßgeblichen Konditionenblatt bestimmter kürzerer Zeitraum) 

nach dem Tag der Bekanntmachung liegen, den 

Bestimmungen des Konditionenblattes entsprechen und 

im Fall von variabel verzinslichen Schuldverschreibungen 

ein Zinszahlungstag sein, und 

– der Rückzahlungsbetrag bei Vorzeitiger Kündigung bzw. 

im Fall von nicht verzinslichen Schuldverschreibungen der 

Amortisationsnennbetrag zu dem die Schuldverschreibungen 

zurückzuzahlen sind. 

Teilweise Rückzahlung 

[(k)]Falls die Schuldverschreibungen einer Serie zu 

irgendeinem Datum gemäß Ziffer 6 (i) nur teilweise 

zurückzuzahlen sind, werden die zurückzuzahlenden 

Schuldverschreibungen in einer durch den Fiscal 

Agent benannten europäischen Stadt ausgelost oder 

in einer anderen Weise oder an einem anderen Ort 

ermittelt, welche oder welcher die Zustimmung des 

Fiscal Agent erfordern und diesem angemessen und 

fair erscheinen muss, unter Beachtung aller anwendbaren 

Gesetze und Anforderungen einer jeden 

Börse, an denen die betreffenden Schuldverschreibungen 

notiert sind. 

Vorzeitige Rückzahlung nach Wahl der Anleihegläubiger 

[(l)] Sofern nach dem Konditionenblatt Ziffer 6 (l) 

anwendbar ist, wird die entsprechende Anleiheschuldnerin 

nach Erhalt einer nicht mehr als 60 Tage 

und nicht weniger als 30 Tage im Voraus vom jeweiligen 

Inhaber von Schuldverschreibungen abzugebenden 

unwiderruflichen Kündigung (diese ist 

gegenüber der Hauptzahlstelle auf einem hierfür bei 

dieser erhältlichen Formblatt zu erklären) und nach 

Lieferung der in dieser Kündigung benannten 

Schuldverschreibungen an die Hauptzahlstelle (im 

Fall von Vorläufigen Sammelschuldverschreibungen 

oder Dauerhaften Sammelschuldverschreibungen 

nach Gutschrift dieser Schuldverschreibungen auf 

einem von der Hauptzahlstelle benannten Depotkonto 

beim jeweiligen Clearing System), nach Ablauf 

(the “Early Redemption Amount”) or, in the case of 

Notes which are non-interest bearing, their 

Amortised Face Amount (as specified in, or determined 

in the manner specified in the Pricing 

Supplement), together with accrued interest (if any) 

thereon on the date specified in such notice. 

Notice of Early Redemption 

[(j)] The appropriate notice referred to in Condition 6 (i) 

is a notice given by the Issuer to the Fiscal Agent (for 

further delivery to the Clearing Systems and the 

Paying Agents), the Calculation Agent and to the 

Holders of the Notes of the relevant Issue in 

accordance with Condition 17, which notice shall be 

irrevocable and shall specify: 

– the Issue of Notes subject to redemption; 

– if the Pricing Supplement specifies that some only of the 

Notes may be redeemed, whether such issue is to be 

redeemed in whole or in part only and, if in part only, the 

aggregate principal amount of and the serial numbers of 

the Notes of the relevant issue which are to be redeemed; 

– the due date for such redemption, which shall be a 

Business Day which shall be not less than thirty days (or 

such lesser period as may be specified in the relevant 

Pricing Supplement) after the date on which such notice is 

given and which shall be such date as may be specified in 

the Pricing Supplement and which is, in the case of Notes 

which bear interest at a floating rate, in Interest Payment 

Date; and 

– the Early Redemption Amount or, in case of Notes which 

are non-interest bearing, the Amortised Face Amount, at 

which such Notes are to be redeemed. 

Partial Redemption 

[(k)]If the Notes of a series are to be redeemed in part 

only on any date in accordance with Condition 6 (i), 

the Notes to be redeemed shall be drawn by lot in 

such European city as the Fiscal Agent may specify, 

or identified in such other manner or in such other 

place as the Fiscal Agent may approve and deem 

appropriate and fair subject always to compliance 

with all applicable laws and the requirements of any 

stock exchange on which the relevant Notes may be 

listed. 

Optional Early Redemption (Put) 

[(l)] If the Pricing Supplement specifies that this 

Condition 6 (l) applies, upon any Holders of Notes 

giving to the relevant Issuer not more than 60 days’ 

and not less than 30 days’ notice (which notice shall 

be irrevocable) (which notice requirement shall be 

satisfied by notice being given to the Principal 

Paying Agent on the forms available for such 

purpose from the Principal Paying Agent) and upon 

delivery of the relevant Notes referred to in such 

notice to the Principal Paying Agent (in case of Notes 

being represented by Temporary Global Notes or 

Permanent Global Notes upon crediting such Notes 

to the account specified by the Principal Paying 

Agent with the relevant Clearing System) not later 

than ten days following such notice, the relevant 

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86 

der Kündigungsfrist sämtliche Schuldverschreibungen 

vorbehaltlich und in Übereinstimmung mit den 

Bestimmungen des Konditionenblattes (aber nicht 

nur teilweise) an dem im Konditionenblatt bestimmten 

Tag zum Rückzahlungsbetrag bei Vorzeitiger 

Kündigung (oder im Falle von nichtverzinslichen 

Schuldverschreibungen zum Amortisationsnennbetrag), 

wie im oder in Übereinstimmung mit dem Konditionenblatt 

zusammen mit etwaig aufgelaufenen 

Zinsen zurückzahlen. 

Rückkauf von Schuldverschreibungen 

[(m)]Die Anleiheschuldnerin kann jederzeit Schuldverschreibungen 

zu jedem Preis im Markt oder in anderer 

Weise zurückkaufen oder anderweitig erwerben, 

vorausgesetzt, alle zugehörigen noch nicht fälligen 

Zinsscheine werden gleichzeitig zurückgekauft. 

Entwertung zurückgezahlter oder zurückgekaufter Schuldverschreibungen 

[(n)]Sämtliche in Übereinstimmung mit Ziffer 6 zurückgezahlten 

Schuldverschreibungen und Zinsscheine 

werden entwertet und dürfen nicht wieder ausgegeben 

oder wieder verkauft werden. Sämtliche in Übereinstimmung 

mit Ziffer 6 (m) zurückgekauften 

Schuldverschreibungen und Zinsscheine kann die 

Anleiheschuldnerin halten, entwerten oder wieder 

verkaufen. 

Amortisierungsnennbetrag 

[(o)]Im Fall von nicht verzinslichen Schuldverschreibungen 

setzt sich der zurückzuzahlende „Amortisierungsnennbetrag“ 

wie folgt zusammen: 

(i) dem im Konditionenblatt festgelegten Ausgabepreis 

und 

(ii) dem Betrag, der sich aus der Aufzinsung des im 

Konditionenblatt bestimmten Ausgabepreises 

mit der Rendite (auf Jahresbasis oder jeweils 

wie im Konditionenblatt festgelegt) vom Begebungstag 

(einschließlich) bis zum festgelegten 

Rückzahlungstag (ausschließlich) ergibt oder 

gegebenenfalls bis zu dem Tag (ausschließlich), 

zu dem die Schuldverschreibungen fällig 

und zahlbar werden. 

Sofern die Berechnung für einen Zeitraum durchgeführt 

wird, der nicht aus vollen Jahren besteht, so 

wird die Berechnung für den unterjährigen Zeitraum 

auf der Basis des für die Zwecke dieses Absatzes (o) 

im Konditionenblatt festgelegten Quotienten durchgeführt. 

7. Mögliche Anpassungsgründe, Fusion, Verstaatlichung 

und Insolvenz 

Möglicher Anpassungsgrund 

(a) Nach Erklärung der Konditionen eines Möglichen 

Anpassungsgrunds seitens der Korbgesellschaft 

bzw. Aktiengesellschaft bestimmt die Berechnungsstelle 

nach ihrem alleinigen und uneingeschränkten 

Ermessen, ob dieser Mögliche Anpassungsgrund 

einen Verwässerungs- oder Konzentrationseffekt auf 

den theoretischen Wert der Aktien hat und, sofern 

dies der Fall ist, (i) nimmt sie die entsprechende 

(etwaige) Anpassung bei einer oder mehreren Aktien 

und/oder der Zuteilung und/oder der anderen Konditionen 

dieser Bedingungen und/oder des Konditionenblatts, 

die nach alleinigem Ermessen der 

Berechnungsstelle angemessen sind, vor, um diesen 

Issuer will, upon the expiry of such notice, redeem 

subject to, and in accordance with, the terms 

specified in the Pricing Supplement in whole (but not 

in part) the Notes on the date specified in the Pricing 

Supplement at the Early Redemption Amount (or, in 

the case of Notes which are non-interest bearing, 

their Amortised Face Amount) specified in, or determined 

in the manner specified in, the Pricing 

Supplement together, if appropriate, with accrued 

interest. 

Purchase of Notes 

[(m)]The Issuer may at any time purchase or otherwise 


otherwise provided that all unmatured Coupons 

appertaining thereto are purchased therewith. 

Cancellation of Redeemed and Purchased Notes 

[(n)]All Notes and Coupons redeemed in accordance 

with this Condition 6 will be cancelled forthwith and 

may not be reissued or resold. All Notes and any 

Coupons purchased in accordance with Condition 6 

(m) may, at the option of the Issuer, be held, 

cancelled or resold. 

Amortised Face Amount 

[(o)]In the case of any Note which is non-interest 

bearing, the “Amortised Face Amount” shall be an 

amount equal to the sum of: 

(i) the Issue Price specified in the Pricing 

Supplement; and 

(ii) the product of the Amortisation Yield 

(compounded annually or otherwise, as 

specified in the Pricing Supplement) being 

applied to the Issue Price from (and including) 

the Issue Date specified in the Pricing 

Supplement to (but excluding) the date fixed for 

redemption or (as the case may be) the date 

upon which such Note becomes due and 

repayable. 

Where such calculation is to be made for a period 

which is not a whole number of years, the calculation 

in respect of the period of less than a full year shall 

be made on the basis of the day count fraction 

specified in the Pricing Supplement for the purposes 

of this Condition 6 (o). 

7. Potential Adjustment Events, Merger Event, Nationalisation, 

Insolvency and Tender Offer 

Potential Adjustment Event 

(a) Following the declaration by the Basket Company or 

Share Company, as the case may be, of the terms of 

any Potential Adjustment Event, the Calculation 

Agent will, in its sole and absolute discretion, 

determine whether such Potential Adjustment Event 

has a diluting or concentrative effect on the 

theoretical value of the Shares and, if so, will (i) 

make the corresponding adjustment, if any, to any 

one or more of any Share and/or the Entitlement 

and/or any of the other terms of these Conditions 

and/or the Pricing Supplement as the Calculation 

Agent in its sole and absolute discretion determines 

appropriate to account for that diluting or concen-

Verwässerungs- oder Konzentrationseffekt zu 

berücksichtigen, und (ii) bestimmt das Wirksamkeitsdatum 

dieser Anpassung. Die Berechnungsstelle 

kann, ohne jedoch dazu verpflichtet zu sein, 

die angemessene Anpassung unter Bezugnahme 

auf die Anpassung im Hinblick auf diesen Möglichen 

Anpassungsgrund, die eine Terminbörse bei den an 

dieser gehandelten Optionen vorgenommen hat, 

bestimmen. 

(b) Nach einer solchen Anpassung seitens der Berechnungsstelle 

benachrichtigt diese umgehend die 

Anleiheschuldnerin, den Fiscal Agent (zur Weiterleitung 

der Nachricht an die Clearing Systeme und die 

Zahlstellen) und die Anleihegläubiger gemäß Ziffer 

17, wobei die Anpassung einer Aktie und/oder der 

Zuteilung und/oder der anderen Konditionen dieser 

Emissionsbedingungen und/oder des Konditionenblatts 

unter kurzer Angabe der Einzelheiten des 

Möglichen Anpassungsgrunds zu nennen ist. 

Fusion, Insolvenz, Verstaatlichung 

(c) Sofern eine Fusion, eine Verstaatlichung, eine Insolvenz, 

ein Delisting oder ein Übernahmeangebot in 

Bezug auf eine Aktie eintritt, trifft die Anleiheschuldnerin 

nach ihrem alleinigen Ermessen die nachstehend 

unter (i), (ii) oder (iii) beschriebenen Maßnahmen: 

(i) sie fordert die Berechnungsstelle auf, nach 

deren alleinigem Ermessen die angemessene 

etwaige Anpassung bei einer oder mehreren 

Aktien und/oder der Zuteilung und/oder einer 

der anderen Konditionen dieser Bedingungen 

und/oder des Konditionenblatts vorzunehmen, 

um der Fusion, der Verstaatlichung, der Insolvenz, 

dem Delisting oder dem Übernahmeangebot 

Rechnung zu tragen und das Wirksamkeitsdatum 

dieser Anpassung zu bestimmen. 

Die Berechnungsstelle kann, ohne jedoch dazu 

verpflichtet zu sein, die angemessene Anpassung 

unter Bezugnahme auf die Anpassung im 

Hinblick auf die Fusion, die Verstaatlichung, die 

Insolven, das Delisting oder das Übernahmeangebot, 

die eine Terminbörse bei den an dieser 

gehandelten Optionen auf die Aktien vorgenommen 

hat, bestimmen, oder 

(ii) sie kündigt die Schuldverschreibungen durch 

Mitteilung an die Anleihegläubiger gemäß Ziffer 

17, die spätestens am fünften Geschäftstag vor 

dem für die Schuldverschreibungen festgelegten 

Rückzahlungsdatum erfolgt sein muss. 

Nach einer solchen Kündigung der Schuldverschreibungen 

zahlt die Anleiheschuldnerin an 

jeden Anleihegläubiger in Bezug auf jede von 

diesem gehaltene Schuldverschreibung an dem 

für die Rückzahlung festgelegten Tag einen 

Betrag, der von der Berechnungsstelle unter 

Anwendung vernünftiger kaufmännischer 

Methodik bestimmt wird und der dem angemessenen 

Marktwert einer Schuldverschreibung 

entsprechen soll, wobei die Fusion, die Verstaatlichung, 

die Insolvenz, das Delisting oder 

das Übernahmeangebot zu berücksichtigen ist, 

abzüglich der Kosten der Anleiheschuldnerin 

für die Auflösung etwaiger zugrunde liegender 

entsprechender Hedging-Vereinbarungen, jeweils 

gemäß dem alleinigen Ermessen der Anleihe- 

trative effect and (ii) determine the effective date of 

that adjustment. The Calculation Agent may, but 

need not, determine the appropriate adjustment by 

reference to the adjustment in respect of such 

Potential Adjustment Event made by an options 

exchange to options on the Shares traded on that 

options exchange. 

(b) Upon the making of any such adjustment by the 

Calculation Agent, the Calculation Agent shall give 

notice as soon as practicable to the Issuer, to the 

Fiscal Agent (for further delivery to the Clearing 

Systems and the Paying Agents) and to the 

Noteholders in accordance with Condition 17, 

stating the adjustment to any Share and/or the 

Entitlement and/ or any of the other terms of these 

Conditions and/or the Pricing Supplement and 

giving brief details of the Potential Adjustment Event. 

Merger Event, Insolvency, Nationalisation, Delisting and 

Tender Offer 

(c) If a Merger Event, Nationalisation, Insolvency, 

Delisting or Tender Offer occurs in relation to a 

Share, the Issuer in its sole and absolute discretion 

may take the action described in (i), (ii) or (iii) below: 

(i) require the Calculation Agent to determine in its 

sole and absolute discretion the appropriate 

adjustment, if any, to be made to any one or 

more of any Shares and/or the Entitlement and/ 

or any of the other terms of these Conditions 

and/or the Pricing Supplement to account for 

the Merger Event, Nationalisation, Insolvency, 

Delisting or Tender Offer, as the case may be, 

and determine the effective date of that 

adjustment. The Calculation Agent may (but 

need not) determine the appropriate adjustment 

by reference to the adjustment in respect of the 

Merger Event, Nationalisation, Insolvency, 

Delisting or Tender Offer made by any options 

exchange to options on the Shares traded on 

that options exchange; or 

(ii) call the Notes by giving notice to the 

Noteholders in accordance with Condition 17 

not less than five Business Days prior to the 

date fixed for redemption of the Notes. If the 

Notes are so called the Issuer will pay an 

amount to each Noteholder in respect of each 

Note held by him on the date fixed for 

redemption which amount shall be determined 

by the Calculation Agent [in a commercially 

reasonable manner] to represent the fair market 

value of a Note taking into account the Merger 

Event, Nationalisation, Insolvency, Delisting or 

Tender Offer, as the case may be, less the cost 

to the Issuer [and/or its Affiliates] of unwinding 

any underlying related hedging arrangements 

all as determined by the Issuer in its sole and 

absolute discretion and as notified to the Calculation 

Agent immediately after having called the 

Notes The Calculation Agent shall be deemed to 

be acting in a commercially reasonable manner 

if it determines such fair market value in such a 

87

88 

schuldnerin, welche die Anleiheschuldnerin der 

Berechnungsstelle umgehend nach Kündigung 

der Schuldverschreibungen mitteilen wird. Die 

Berechnungsstelle wird behandelt, als handele 

sie unter Anwendung vernünftiger kaufmännischer 

Methodik, wenn sie den angemessenen 

Marktwert der Schuldverschreibungen so 

bestimmt, wie ein Aufhebungsbetrag nach einer 

Fusion, einer Verstaatlichung, einer Insolvenz, 

einem Delisting oder einem Übernahmeangebot 

im Rahmen einer Aktienderivattransaktion unter 

den 2002 ISDA Equity Derivative Definitions, in 

dem Anpassung durch die Berechnungsstelle 

(wie dort definiert) vereinbart ist, zu bestimmen 

wäre. Zahlungen erfolgen in der den 

Anleihegläubigern gemäß Ziffer 17 mitgeteilten 

Weise; oder 

(iii) nach einer solchen Anpassung der Abrechnungskonditionen 

von Optionen auf Aktien, die 

an einer oder mehreren solchen Börse/n oder 

in einem oder mehreren solchen Notierungssystem/en 

gehandelt werden, die durch die 

Anleiheschuldnerin nach deren alleinigem 

Ermessen ausgewählt werden (die „Terminbörse“) 

fordert die Anleiheschuldnerin die 

Berechnungsstelle auf, eine entsprechende 

Anpassung bei einer oder mehreren der Aktien 

und/oder der Zuteilung und/oder einer der 

anderen Konditionen dieser Bedingungen und/ 

oder des Konditionenblatts vorzunehmen. Die 

Anpassung wird von der Berechnungsstelle für 

das Datum als wirksam erklärt, für das die Terminbörse 

das entsprechende Anpassungsdatum 

bestimmt. Werden die Optionen auf die 

Aktien nicht an der Terminbörse gehandelt, 

nimmt die Berechnungsstelle diese etwaige 

Anpassung bei einer oder mehreren Aktie/n 

und oder der Zuteilung und/oder einer der 

anderen Konditionen dieser Emissionsbedingungen 

und/oder des Konditionenblatts so vor, 

wie sie nach alleinigem Ermessen der Berechnungsstelle 

unter Bezugnahme auf die Regeln 

und (etwaigen) Präzedenzfälle der Terminbörse 

angemessen ist, um der Fusion, der Verstaatlichung, 

der Insolvenz, dem Delisting oder dem 

Übernahmeangebot Rechnung zu tragen, und 

nach Ansicht der Berechnungsstelle es zu einer 

Anpassung seitens der Terminbörse gekommen 

wäre, wenn diese Optionen dort gehandelt würden. 

(d) Bei Eintritt einer Fusion, einer Verstaatlichung, einer 

Insolven, eines Delistings oder eines Übernahmeangebots 

informiert die Anleiheschuldnerin umgehend 

die Hauptzahlstelle, die Berechnungsstelle und die 

Anleihegläubiger gemäß Ziffer 17, wobei der Eintritt 

der Fusion, der Verstaatlichung, der Insolvenz, des 

Delistings oder des Übernahmeangebots unter kurzer 

Angabe der entsprechenden Einzelheiten und 

der im Hinblick darauf geplanten Maßnahmen zu 

nennen ist. 

8. Anpassung eines Indexes 

(a) Wenn im Hinblick auf einen Indexkorb oder einen 

einzelnen Index ein Index (i) nicht von seinem Sponsor 

berechnet und bekannt gegeben wird, sondern 

von einem Nachfolger des Sponsors, der für die 

Anleiheschuldnerin akzeptabel ist oder (ii) der Index 

manner as to reflect the determination of a 

cancellation payment following the relevant 

Merger Event, Tender Offer, Delisting, Nationalisation 

or Insolvency, as the case may be, in 

respect of an equity derivative transaction under 

the provisions of the 2002 ISDA Equity Derivatives 

Definitions where Calculation Agent Determination 

(as defined in such Definitions) is 

applicable]. Payments will be made in such 

manner as shall be notified to the Noteholders 

in accordance with Condition 17; or 

(iii) following such adjustment to the settlement 

terms of options on the Shares traded on such 

exchange(s) or quotation system(s) as the 

Issuer in its sole discretion shall select (the 

“Options Exchange”), require the Calculation 

Agent to make a corresponding adjustment to 

any one or more of any Shares and/or the 

Entitlement and/or any of the other terms of 

these Conditions and/or the Pricing Supplement, 

which adjustment will be effective as of 

the date determined by the Calculation Agent to 

be the effective date of the corresponding 

adjustment made by the Options Exchange. If 

options on the Shares are not traded on the 

Options Exchange, the Calculation Agent will 

make such adjustment, if any to any one or 

more of any Shares and/or the Entitlement and/ 

or any of the other terms of these Terms and 

Conditions and/ or the Pricing Supplement as 

the Calculation Agent in its sole and absolute 

discretion determines appropriate, with 

reference to the rules and precedents (if any) 

set by the Options Exchange to account for the 

Merger Event, Nationalisation, Insolvency, 

Delisting or Tender Offer, as the case may be, 

that in the determination of the Calculation 

Agent would have given rise to an adjustment 

by the Options Exchange if such options were 

so traded. 

(d) Upon the occurrence of a Merger Event, Nationalisation, 

Insolvency, Delisting or Tender Offer, the 

Issuer shall give notice as soon as practicable to the 

Principal Paying Agent, the Calculation Agent and 

the Noteholders in accordance with Condition 17 

stating the occurrence of the Merger Event, Nationalisation, 

Insolvency, Delisting or Tender Offer, as 

the case may be, giving details thereof and the 

action proposed to be taken in relation thereto. 

8. Adjustment to an Index 

(a) If, in respect to a single Index or a Basket of Indices, 

a relevant Index is (i) not calculated and announced 

by the index sponsor but is calculated and 

announced by a successor sponsor acceptable to 

the Issuer, or (ii) replaced by a successor index

durch einen nachfolgenden Index ersetzt wird, der 

nach Überzeugung der Berechnungsstelle die gleiche 

oder eine substanziell gleiche Formel für die 

Berechnung des Indexes verwendet, dann ist dieser 

Index („Nachfolgeindex“) als der relevante Index 

anzusehen. 

(b) Wenn (i) an oder vor einem Bewertungstag oder 

Durchschnittsermittlungstag bezüglich eines Indexkorbs 

oder eines einzelnen Index’ der Sponsor 

wesentliche Änderungen in der Formel für den oder 

der Berechnungsmethode des Index ankündigt oder 

vornimmt oder den Index auf andere Weise verändert 

(außer einer Veränderung, die sich aus der Formel 

selbst ergibt oder einem Verfahren, das der 

Aufrechterhaltung des Index bei Veränderungen der 

im Index enthaltenen Aktien, der Kapitalisierung von 

Verträgen oder Handelsgütern dient sowie bei anderen 

Routinevorgängen) („Index-Modifikation“) oder 

den Index oder seine Berechnung dauerhaft einstellt, 

ohne dass ein Nachfolgeindex existiert 

(„Index-Einstellung“) oder (ii) wenn der Sponsor an 

einem Bewertungstag oder einem Durchschnittsermittlungstag 

bezüglich eines Indexkorbs oder eines 

einzelnen Index den Index nicht berechnet und 

bekannt gibt („Index-Störung“ und wie die Index- 

Modifikation und die Index-Einstellung jeweils als 

„Indexanpassungsereignis“ bezeichnet), dann 

kann die Anleiheschuldnerin nach ihrem freien 

Ermessen die in (A) und (B) beschriebenen Handlungen 

vornehmen: 

(A) sie fordert die Berechnungsstelle auf, festzustellen, 

ob ein solches Indexanpassungsereignis 

einen erheblichen Einfluss auf die Schuldverschreibungen 

hat und, wenn dies der Fall ist, 

jedwede Berechnungen, die in Bezug auf die 

Schuldverschreibungen erforderlich sind, so 

vorzunehmen, dass an Stelle des veröffentlichten 

Indexstands der für diesen Bewertungstag 

von der Berechnungsstelle anhand der unmittelbar 

vor der Modifikation, Einstellung oder 

Störung gültigen Formel und Methode zur 

Berechnung des Index festgestellte Indexstand 

tritt, wobei nur die Berechnungsstelle zu dieser 

Feststellung nur solche Wertpapiere verwenden, 

aus denen der Index unmittelbar vor dem 

Indexanpassungsereignis 

gewesen ist; oder 

zusammengesetzt 

(B) sie kündigt die Schuldverschreibungen durch 

Mitteilung an die Anleihegläubiger gemäß Ziffer 

17, die spätestens am fünften Geschäftstag vor 

dem für die Schuldverschreibungen festgelegten 

Rückzahlungsdatum erfolgt sein muss. 

Nach einer solchen Kündigung der Schuldverschreibungen 

zahlt die Anleiheschuldnerin an 

jeden Anleihegläubiger in Bezug auf jede von 

diesem gehaltene Schuldverschreibung an dem 

für die Rückzahlung festgelegten Tag einen 

Betrag, der von der Berechnungsstelle [unter 


Methodik] bestimmt wird und der dem angemessenen 

Marktwert einer Schuldverschreibung 

nach dem Indexanpassungsereignis 

entsprechen soll, abzüglich der Kosten der 

Anleiheschuldnerin für die Auflösung etwaiger 

zugrunde liegender entsprechender Hedging- 

Vereinbarungen, jeweils gemäß dem alleinigen 

Ermessen der Anleiheschuldnerin, welche die 

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, then in each case that index (the 

“Successor Index”) will be deemed to be the Index. 

(b) If (i) on or prior to any Valuation Date or Averaging 

Date, as the case may be, in respect of a single Index 

or a Basket of Indices, a relevant index sponsor 

makes or announces that it will make a material 

change in the formula for or the method of calculating 

that Index or in any other way materially 

modifies that Index (other than a modification 

prescribed in that formula or method to maintain that 

Index in the event of changes in constituent stock 

and capitalisation and other routine events) (an 

“Index Modification”) or permanently cancels the 

Index and no Successor Index exists (an “Index 

Cancellation”) or (ii) on any Valuation Date or 

Averaging Date, as the case may be, in respect of a 

single Index or a Basket of Indices, the index 

sponsor fails to calculate and announce a relevant 

Index (an “Index Disruption” and together with an 

Index Modification and an Index Cancellation, each 

an “Index Adjustment Event”), then the Issuer in its 

sole and absolute discretion may take the action 

described in (A) or (B) below 

(A) require the Calculation Agent to determine if 

such Index Adjustment Event has a material 

effect on the Notes and, if so, shall make any 

calculations to be made in respect of such 

Notes using, in lieu of a published level for that 

Index, the level for that Index as at that Valuation 

Date as determined by the Calculation Agent in 

accordance with the formula for and method of 

calculating that Index last in effect prior to the 

change, failure or cancellation, but using only 

those securities that comprised that Index 

immediately prior to that Index Adjustment 

Event; or 

(B) call the Notes by giving notice to the 

Noteholders in accordance with Condition 17 

not less than five Business Days prior to the 

date fixed for redemption of the Notes. If the 

Notes are so called the Issuer will pay an 

amount to each Noteholder in respect of each 

Note held by him on the date fixed for 

redemption which amount shall be determined 

by the Calculation Agent [in a commercially 

reasonable manner] to represent the fair market 

value of a Note taking into account the Index 

Adjustment Event, less the cost to the Issuer 

and/or its Affiliates of unwinding any underlying 

related hedging arrangements, as determined 

by the Issuer in its sole and absolute discretion 

and as notified to the Calculation Agent immediately 

after having called the Notes [The Calculation 

Agent shall be deemed to be acting in a 

commercially reasonable manner if it determines 

such fair market value in such a manner 

89

90 

Anleiheschuldnerin der Berechnungsstelle 

umgehend nach Kündigung der Schuldverschreibungen 

mitteilen wird. [Die Berechnungsstelle 

wird behandelt, als handele sie unter 


Methodik, wenn sie den angemessenen Marktwert 

der Schuldverschreibungen so bestimmt, 

wie ein Aufhebungsbetrag nach einem Indexanpassungsereignis 

im Rahmen einer Aktienderivattransaktion 

unter den 2002 ISDA Equity 

Derivative Definitions, in dem Anpassung durch 

die Berechnungsstelle (wie dort definiert) vereinbart 

ist, zu bestimmen wäre.] Zahlungen 

erfolgen in der den Anleihegläubigern gemäß 

Ziffer 17 mitgeteilten Weise 

(c) Die Berechnungsstelle wird, sobald es praktikabel 

erscheint, den Fiscal Agent über jede Berechnung, 

die entsprechend (b) durchgeführt wurde, informieren, 

und der Fiscal Agent wird den Anleihegläubigern 

Kopien der Berechnungsunterlagen zwecks 

Überprüfung zugänglich machen. 

(d) Bei Eintritt eines Indexanpassungsereignisses informiert 

die Anleiheschuldnerin umgehend die Hauptzahlstelle, 

die Berechnungsstelle und die Anleihegläubiger 

gemäß Ziffer 17, wobei der Eintritt des 

Indexanpassungsereignisses unter kurzer Angabe 

der entsprechenden Einzelheiten und der im Hinblick 

darauf geplanten Maßnahmen zu nennen ist. 

9. Abrechnung 

(a) Die Zahlung von Geldbeträgen (einschließlich aufgelaufener 

Zinsen), die bei Rückzahlung der Schuldverschreibungen 

fällig werden, und/oder die 

Lieferung der bei Rückzahlung der Schuldverschreibungen 

zu liefernden Zuteilung erfolgt gegen Vorlage 

und, soweit es sich nicht um eine Teilrückzahlung 

handelt, Aushändigung der betreffenden 

Schuldverschreibungen bei der angegebenen 

Geschäftsstelle einer der Zahlstellen. Eine bei Rückzahlung 

der Schuldverschreibungen an einen 

Anleihegläubiger zu liefernde Zuteilung erfolgt unter 

der Voraussetzung, dass der betreffende Anleihegläubiger 

der Anleiheschuldnerin diejenigen Angaben 

zur Zahlung und Lieferung übermittelt hat, die 

für die Abwicklung der Zuteilung notwendig sind. 

(b) Die Zahlung fälliger Beträge in Bezug auf Zinsen auf 

die Schuldverschreibungen erfolgt gemäß folgenden 

Bestimmungen: 

(i) im Fall von effektiven Urkunden, die bei der ersten 

Auslieferung ohne Zinsscheine ausgegeben 

wurden, gegen Vorlage der jeweiligen effektiven 

Urkunden bei der benannten Geschäftsstelle 

einer Zahlstelle außerhalb der Vereinigten Staaten, 

und 

(ii) im Fall von effektiven Urkunden, die bei der ersten 

Auslieferung mit Zinsscheinen ausgegeben 

wurden, gegen Vorlage und Einreichung der 

jeweiligen Zinsscheine bei der benannten 


Vereinigten Staaten. 

(c) Ist der Fälligkeitstag für die Zahlung eines Betrages 

im Zusammenhang mit den Inhaberschuldverschreibungen 

kein Geschäftstag, hat der Anleihegläubiger 

einen Anspruch auf Auszahlung erst am nächstfolgenden 

Geschäftstag nach dem Fälligkeitstag. 

Der Anspruch auf Zahlung zusätzlicher Zins- oder 

as to reflect the determination of a cancellation 

payment following the relevant Index 

Adjustment Event in respect of an equity derivative 

transaction under the provisions of the 

2002 ISDA Equity Derivatives Definitions where 

Calculation Agent Determination (as defined in 

such Definitions) is applicable]. Payments will 

be made in such manner as shall be notified to 

the Noteholders in accordance with Condition 

17. 

(c) The Calculation Agent shall, as soon as practicable, 

notify the Fiscal Agent of any determination made by 

it pursuant to paragraph (b) above and the Fiscal 

Agent shall make available for inspection by 

Noteholders copies of any such determinations. 

(d) Upon the occurrence of any Index Adjustment Event, 

the Issuer shall give notice as soon as practicable to 

the Principal Paying Agent, the Calculation Agent 

and the Noteholders in accordance with Condition 

17 stating the occurrence of the Index Adjustment 

Event, giving details thereof and the action proposed 

to be taken in relation thereto. 

9. Settlement 

(a) Payment of amounts (including accrued interest) 

due on the redemption of the Notes and/or delivery 

of the Entitlement deliverable on redemption of the 

Notes will be made against presentation and, save in 

the case of a partial redemption, surrender of the 

relevant Notes at the specified office of any of the 

Paying Agents provided that delivery to any Holder 

of Notes of any Entitlement deliverable on 

redemption of the Notes shall be subject to delivery 

by such Holder to the Issuer of such Holder’s 

payment and settlement details required by the 

Issuer for purposes of delivering the Entitlement to 

such Holder. 

(b) Payment of amounts due in respect of interest on the 

Notes will be made in accordance with the following 

provisions: 

(i) in the case of Definitive Notes without Coupons 

attached thereto at the time of their initial 

delivery, against presentation of the relevant 

Definitive Notes at the specified office of any of 

the Paying Agents outside the United States; 

and 

(ii) in the case of Definitive Notes delivered with 

Coupons attached thereto at the time of their 

initial delivery, against presentation and 

surrender of the relevant Coupons at the 

specified office of any of the Paying Agents 

outside the United States. 

(c) If the due date for payment of any amount due in 

respect of any Note is not a Business Day, then the 

Holder thereof will not be entitled to payment thereof 

until the next following day which is a Business Day, 

and no further interest or other payment shall be due 

in respect of such postponed payment unless there

anderer Beträge aufgrund einer solchen späteren 

Zahlung ist ausgeschlossen, es sei denn, die Zahlung 

wird nicht am nächstfolgenden Geschäftstag 

geleistet. In einem solchen Fall läuft die Verzinsung 

gemäß Ziffer 5 (i) weiter. 

(d) Die Anleiheschuldnerin verpflichtet sich, Kapital, 

Zinsen sowie etwa gemäß Ziffer 11 zu zahlende 

zusätzliche Beträge hinsichtlich der Schuldverschreibungen 

in frei verfügbarer und konvertierbarer 

gesetzlicher Währung des Landes, auf die die 

Schuldverschreibungen lauten an die Hauptzahlstelle 

zu transferieren. Der Transfer an die Hauptzahlstelle 

muss rechtzeitig, unter allen Umständen 

und unabhängig von allen derzeitigen oder zukünftigen 

Zahlungs- und Clearingabkommen und ohne 

Rücksicht auf die Staatsangehörigkeit, den Sitz oder 

Wohnsitz oder Aufenthaltsort des Anleihegläubigers 

und ohne dass die Ausfertigung eines Affidavits oder 

die Erfüllung irgendeiner sonstigen Förmlichkeit verlangt 

werden darf, vorgenommen werden. Die 

bezüglich der Schuldverschreibungen zahlbaren 

Beträge werden dem Inhaber von Schuldverschreibungen 

unter Beachtung etwaiger Steuer-, Devisenund 

sonstiger Gesetze und Vorschriften des Landes 

der betreffenden Zahlstelle gezahlt, ohne dass die 

Ausfertigung eines Affidavits oder die Erfüllung 

irgendeiner sonstigen Förmlichkeit verlangt werden 

darf, es sei denn, dass das Recht des Landes der 

betreffenden Zahlstelle dies zwingend vorschreibt. 

Die Zahlung erfolgt durch die festgelegte Zahlstelle 

(i) per Scheck (bei Zahlung in Pfund Sterling durch 

einen auf eine Clearing Geschäftsstelle einer Bank 

in der City of London gezogenen Scheck) oder (ii) 

nach Wahl des Zahlungsempfängers durch Überweisung 

auf ein vom Zahlungsempfänger benanntes 

Konto in der vorgesehenen Währung oder, bei Zahlung 

innerhalb der Bundesrepublik Deutschland, in 

frei verfügbarer und konvertierbarer gesetzlicher 

Währung der Bundesrepublik Deutschland bei der 

von der festgelegten Zahlstelle benannten Geschäftsstelle. 

Zahlungen werden unbeschadet der 

Bestimmungen in Ziffer 11 jeweils in Übereinstimmung 

mit allen anwendbaren Steuergesetzen oder 

sonstigen Gesetzen und Vorschriften geleistet. 

(e) Die Anleiheschuldnerin kann mit Zustimmung des 

Fiscal Agent gemäß Ziffer 14 zusätzliche Zahlstellen 


widerrufen. 

(f) Der Fiscal Agent und die Zahlstellen handeln in ihrer 


der Anleiheschuldnerin und, soweit nicht im 

Agency Agreement oder einer sonstigen Vereinbarung 

hinsichtlich ihrer Bestellung ausdrücklich festgelegt, 

übernehmen sie keine Verpflichtungen 

gegenüber oder stehen nicht in einem Auftragsoder 

Treuhandverhältnis zu den Inhabern von Schuldverschreibungen 

oder Zinsscheinen. Jede ist ausschließlich 

für die Erfüllung der von von ihr/ihm 

eingegangenen Verpflichtungen verantwortlich, die 

ihr/ihm ausdrücklich durch das Agency Agreement 

oder durch oder in Verbindung mit ihrer Bestellung 

einer sonstigen Vereinbarung auferlegt sind. 

(g) Die Zahlstellen sind bei der Einlösung von Schuldverschreibungen 

und Zinsscheinen berechtigt, aber 

nicht verpflichtet, die Berechtigung des Einreichenden 

zu prüfen. 

is a subsequent failure to pay, in which event interest 

shall continue to accrue in accordance with the 

provisions of Condition 5 (i). 

(d) The Issuer undertakes to transfer to the Principal 

Paying Agent in freely disposable and convertible 

legal currency of the country of the currency in 

which the relevant Notes are denominated all 

principal, interest and additional amounts which may 

have to be paid according to Condition 11 in respect 

of the Notes. Such transfer to the Principal Paying 

Agent is to be made in a timely manner, under any 

and all circumstances and irrespective of any 

present or future payment and clearing agreements 

and regardless of the nationality, domicile or 

residence of the Noteholder and without any 

requirement to execute an affidavit or to comply with 

any other formality whatsoever. The amounts due in 

respect of Notes shall be paid to the Holder with due 

observance of any tax, foreign exchange or other 

laws and regulations of the country where the 

relevant Paying Agent is located without it being 

permissible to require the execution of an affidavit or 

compliance with any other formality whatsoever, 

unless such affidavit or formality is prescribed by the 

laws of the country in which the Paying Agent is 

resident. Payment shall be made through the 

specified Paying Agent (i) by cheque (in the case of 

payment in sterling, drawn on a town clearing 

branch of a bank in the City of London) or (ii) at the 

option of the payee, by transfer to an account 

denominated in the relevant currency specified by 

the payee or, in the case of payments within the 

Federal Republic of Germany only, in freely 

disposable and convertible legal currency of the 

Federal Republic of Germany at the specified office 

of the relevant Paying Agent. Payments will, without 

prejudice to the provisions of Condition 11, be 

subject in all cases to any applicable fiscal or other 

laws and regulations. 

(e) The Issuer may, with the consent of the Fiscal Agent, 



Condition 14. 

(f) The Fiscal Agent and the Paying Agents, in their 

respective capacities as such, act solely as agents of 

the Issuer and, save as provided in the Agency 

Agreement or any other agreement entered into with 

respect to their appointment, do not assume any 

obligations towards, nor have any relationship of 

agency or trust with, any Holders of any Note or 

Coupon and each of them shall only be responsible 

for the performance of the duties and obligations 

expressly imposed on it in the Agency Agreement or 

other agreement entered into with respect to its 

appointment or incidental thereto. 

(g) When redeeming Notes and making payments in 




91

92 

(h) Die Anleiheschuldnerin teilt umgehend dem Fiscal 

Agent (zur Weiterleitung an die Clearing Systeme 

und die Zahlstellen), der Berechnungsstelle und den 

Anleihegläubigern gemäß Ziffer 17 mit, dass eine 

Marktstörung eingetreten ist. 

10. Abwicklungsstörung 

Wenn bei Physisch Auszuliefernden Anleihen nach Ansicht 

der Berechnungsstelle zu irgendeiner Zeit, zu der die Anleiheschuldnerin 

verpflichtet ist, die Zuteilung zu liefern oder für 

deren Lieferung Sorge zu tragen, die Lieferung der Zuteilung 

entsprechend der im Konditionenblatt angegebenen Methode 

aufgrund des Eintritts einer Abwicklungsstörung (wie nachstehend 

definiert) nicht möglich ist, die am Abrechnungstag 

anhält, so wird der Abrechnungstag auf den nächstfolgenden 

Tag verschoben, an dem eine Lieferung durch die Clearing 

Systeme möglich ist, soweit nicht an den auf den ohne die 

Abwicklungsstörung vorgesehenen ursprünglichen Abrechnungstag 

folgenden acht Geschäftstagen der Clearing Systeme 

die Abwicklungsstörung diese Lieferung verhindert, 

wobei jedoch die Anleiheschuldnerin nach ihrem alleinigen 

Ermessen entscheiden kann, ihre Verpflichtungen in Bezug 

auf die betreffende Schuldverschreibung durch Lieferung der 

Zuteilung in einer anderen von ihr zu wählenden wirtschaftlich 

vertretbaren Weise zu erfüllen (wobei sie dabei jeweils die 

Interessen der Anleihegläubiger berücksichtigen wird). In diesem 

Fall ist der Abrechnungstag der Tag, den die Anleiheschuldnerin 

in Zusammenhang mit der Lieferung der 

Zuteilung in dieser anderen wirtschaftlich vertretbaren Weise 

als angemessen erachtet. Solange die Lieferung der Zuteilung 

aufgrund einer Abwicklungsstörung nicht möglich ist, kann 

die Anleiheschuldnerin sich nach alleinigem Ermessen dafür 

entscheiden, anstelle der physischen Abwicklung und unbeschadet 

einer anderen Bestimmung dieser Bedingungen, ihre 

Verpflichtungen in Bezug auf die betreffende Schuldverschreibung 

durch Zahlung der Barabfindung (wie nachstehend 

definiert) an den betreffenden Anleihegläubiger am 

dritten Geschäftstag, nach dem eine entsprechende Mitteilung 

an die Hauptzahlstelle (zur Weiterleitung an die Clearing Systeme 

und die Zahlstellen) und an die Anleihegläubiger gemäß 

Ziffer 17 abgegeben wurde, zu erfüllen. Die Zahlung der Barabfindung 

erfolgt in der der Hauptzahlstelle und den 

Anleihegläubigern gemäß Ziffer 17 mitgeteilten Weise. Die 

Anleiheschuldnerin wird umgehend die Hauptzahlstelle (zur 

Weiterleitung an die Clearing Systeme und an die Zahlstellen) 

und die Anleihegläubiger gemäß Ziffer 17 über den Eintritt 

einer Abwicklungsstörung informieren. Ein Anleihegläubiger 

hat aufgrund einer verzögerten Lieferung der Zuteilung durch 

den Eintritt einer Abwicklungsstörung keinen Anspruch auf 

Zahlung in Bezug auf die betreffende Schuldverschreibung. 

Die Anleiheschuldnerin unterliegt in dieser Hinsicht keiner 

Haftung. 

Für Zwecke dieser Emissionsbedingungen bedeutet: 

„Barabfindung“ in Bezug auf eine Schuldverschreibung der 

angemessene Marktwert dieser Schuldverschreibung (wobei, 

soweit die Abwicklungsstörung einige, nicht jedoch alle 

Aktien der Zuteilung betrifft, und diese nicht betroffenen 

Aktien ordnungsgemäß wie vorstehend ausgeführt geliefert 

wurden, der Wert dieser gelieferten Aktien zu berücksichtigen 

ist), abzüglich der Kosten der Anleiheschuldnerin für die Auflösung 

etwaiger zugrundeliegender entsprechender Hedging- 

Vereinbarungen, jeweils gemäß dem alleinigen Ermessen der 

Anleiheschuldnerin, und 

„Abwicklungsstörung“ bedeutet ein Ereignis außerhalb der 

Kontrolle der Anleiheschuldnerin, wobei diese auf Grund die- 

(h) The Issuer shall give notice as soon as practicable 

to the Fiscal Agent (for further delivery to the 

Clearing Systems and the Paying Agents), the Calculation 

Agent and the Noteholders in accordance with 

Condition 17 that a Market Disruption Event has 

occurred. 

10. Settlement Disruption 

In the case of Physical Delivery Notes, if in the opinion of the 

Calculation Agent, at any time when the Issuer is obliged to 

deliver or procure delivery of the Entitlement, delivery of the 

Entitlement using the method of delivery specified in the 

Pricing Supplement is not practicable by reason of a 

Settlement Disruption Event (as defined below) having 

occurred and continuing on the Settlement Date, then the 

Settlement Date shall be postponed to the first succeeding 

date on which delivery of the Entitlement can take place 

through the relevant Clearance System unless a Settlement 

Disruption Event prevents settlement on each of the eight 

relevant Clearance System Business Days immediately 

following the original date that, but for the Settlement 

Disruption Event, would have been the Settlement Date 

provided that the Issuer may elect in its sole discretion to 

satisfy its obligations in respect of the relevant Note by delivering 

the Entitlement using such other commercially 

reasonable manner as it may select (always taking into 

account the reasonable interest of the Noteholders) and in 

such event the Settlement Date shall be such as the Issuer 

deems appropriate in connection with delivery of the 

Entitlement in such other commercially reasonable manner. 

For so long as delivery of the Entitlement is not practicable by 

reason of a Settlement Disruption Event, then in lieu of 

physical settlement and notwithstanding any other provision 

hereof, the Issuer may elect in its sole discretion to satisfy and 

discharge its obligations in respect of the relevant Note by 

payment to the relevant Noteholder of the Disruption Cash 

Settlement Price (as defined below) on the third Business Day 

following the date that notice of such election is given to the 

Principal Paying Agent (for further delivery to the Clearing 

System and the Paying Agents) and the Noteholders in 

accordance with Condition 17. Payment of the Disruption 

Cash Settlement Price will be made in such manner as shall 

be notified to the Principal Paying Agent and the Noteholders 

in accordance with Condition 17. The Issuer shall give notice 

as soon as practicable to the Principal Paying Agent (for 

further delivery to the Clearing System and the Paying Agents) 

and the Noteholders in accordance with Condition 17 that a 

Settlement Disruption Event has occurred. No Noteholder 

shall be entitled to any payment in respect of the relevant Note 

as a result of any delay in the delivery of the Entitlement due 

to the occurrence of a Settlement Disruption Event and no 

liability in respect thereof shall attach to the Issuer. 

For the purposes hereof: 

“Disruption Cash Settlement Price” in respect of any Note 

shall be the fair market value of such Note (taking into 

account, where the Settlement Disruption Event affected some 

but not all of the Shares comprising the Entitlement and such 

non-affected Shares have been duly delivered as provided 

above, the value of such Shares), less the cost to the Issuer 

[and/or its Affiliates] of unwinding any underlying related 

hedging arrangements, all as determined by the Issuer in its 

sole and absolute discretion; and 

“Settlement Disruption Event” means an event beyond the 

control of the Issuer as a result of which the Issuer cannot

ses Ereignisses die Lieferung der Zuteilung nicht nach der im 

Konditionenblatt angegebenen Methode vornehmen kann. 

11. Besteuerung 

(a) Alle in Bezug auf die Schuldverschreibungen zu 





Abgaben, die von oder in der Bundesrepublik 

Deutschland oder einem anderen Rechtsgebiet, 

Land oder Territorium, in welchem die im Konditionenblatt 

bestimmte Niederlassung, durch welche die 

Anleiheschuldnerin handelt, ihren Sitz hat, oder 

irgendeiner ihrer Gebietskörperschaften oder 

Behörden mit Steuerhoheit erhoben werden 

(„Quellensteuer“), zu zahlen, es sei denn, die Quellensteuer 

ist gesetzlich vorgeschrieben. In diesem 

Fall, und sofern im Konditionenblatt eine Kompensation 

der Anleihegläubiger für die Quellen-steuer 

nach dieser Ziffer 11 ausdrücklich vorgesehen ist, 

trägt die Anleiheschuldnerin, vorbehaltlich Ziffer 11 

(b), diejenigen zusätzlichen Beträge, die erforderlich 

sind, damit die von jedem Anleihegläubiger zu empfangenden 

Nettobeträge nach einem solchen Abzug 

oder Einbehalt von Quellensteuer den Beträgen entsprechen, 

die der Anleihegläubiger ohne einen solchen 

Abzug oder Einbehalt von Quellensteuer 

erhalten hätte. Die seit dem 1. Januar 1993 in der 

Bundesrepublik Deutschland geltende Zinsabschlagsteuer 

und der seit dem 1. Januar 1995 darauf 

erhobene Solidaritätszuschlag sind keine 

Quellensteuer im oben genannten Sinn. 

(b) Die Anleiheschuldnerin ist jedoch nicht verpflichtet, 

solche zusätzlichen Beträge auf Schuldverschreibungen 

oder Zinsscheine zu zahlen, 




sind, oder 



Gebühren oder Abgaben auf Schuldverschreibungen 

oder Zinsscheine wegen irgendeiner 

anderen Verbindung zur Bundesrepublik 


Land oder Territorium, in welchem die im Konditionenblatt 

bestimmte Niederlassung, durch 

welche die Anleiheschuldnerin handelt, ihren 

Sitz hat, als allein der Tatsache unterliegt, dass 

er Inhaber von Schuldverschreibungen oder 

Zinsscheinen ist, oder 


wenn er seine Schuldverschreibungen oder 

Zinsscheine innerhalb von 30 Tagen nach dem 

Maßgeblichen Tag gemäß Ziffer 11 (d) eingereicht 

hätte, oder 

(iv) die bei Vorlage bei einer Zahlstelle durch diese 

von Zahlungen abgezogen oder einbehalten 

werden, wenn eine andere Zahlstelle bei Vorlage 

die Zahlung ohne einen solchen Abzug 

oder Einbehalt geleistet hätte oder die nur zu 

zahlen sind, weil die Schuldverschreibungen 

oder Zinsscheine effektiv zur Einlösung am 

Schalter einer Zahlstelle vorgelegt werden, oder 

make delivery of the Entitlement using the method specified 

in the Pricing Supplement. 

11. Taxation 

(a) All amounts payable (whether in respect of principal, 







Federal Republic of Germany, or of the jurisdiction, 

country or territory in which the branch through 

which the Issuer is acting specified in the Pricing 

Supplement is located or any political subdivision 

thereof or any authority or agency therein or thereof 

having power to tax, (“Withholding Tax”) unless 

Withholding Tax is required by law. In such event, 

and if the tax gross up contained in this Condition 11 

is expressed to be applicable to the Notes in the 

Pricing Supplement, the Issuer will pay such 

additional amounts as may be necessary, subject to 

Condition 11 (b), in order that the net amounts 

receivable by the Noteholder after the withholding or 

deduction of such Withholding Tax shall equal the 

respective amounts which would have been 

receivable by such Noteholder had not such 

Withholding Tax been required. The tax on interest 

payments (“Zinsabschlagsteuer”) which has been in 

effect in the Federal Republic of Germany since 

1 January 1993 and the solidarity surcharge 



Tax on interest payments as described above. 

(b) However, the Issuer shall not be obliged to pay any 

such additional amounts in relation to any payment 

in respect of any Note or Coupon: 







Note or Coupon by reason of his having some 

connection with the Federal Republic of 

Germany, or of the jurisdiction, country or 

territory in which the branch through which the 

Issuer is acting specified in the Pricing 

Supplement is located other than the mere 

holding of such Note or Coupon; 

(iii) which the relevant Noteholder would not be 


Note or Coupon within thirty days after the 

Relevant Date as defined in Condition 11 (d); or 





because Notes or Coupons are being presented 

for payment effectively at the counter of a 

Paying Agent; or 

93

94 



die Bundesrepublik Deutschland oder ein anderes 

Rechtsgebiet, Land oder Territorium, in welchem 

die im Konditionenblatt bestimmte 

Niederlassung, durch welche die Anleihe- 

(vi) 

schuldnerin handelt, ihren Sitz hat, beigetreten 

ist, oder einer aufgrund eines solchen Vertrages 

ergangenen Direktive oder Ausführungsbestimmung 

zahlbar sind, oder 

wenn ein solcher Abzug an der Quelle oder Einbehalt 














wenn er seine Teilschuldverschreibungen 







sind, oder 


(i) bis(viii) beschriebenen Fälle zahlbar werden. 

(c) Sofern die Anleiheschuldnerin zu einem Zeitpunkt 

nach der Begebung der Schuldverschreibungen 

oder einem an dem im Konditionenblatt bestimmten 

Tag infolge einer Rechtsänderung in der Bundesrepublik 


Land oder Territorium, in welchem die im 

Konditionenblatt bestimmte Niederlassung, durch 

welche die Anleiheschuldnerin handelt, ihren Sitz 

hat, zusätzliche Beträge gemäß dieser Ziffer 11 zu 

zahlen hätte, und falls die Anleiheschuldnerin diese 

Verpflichtung nicht durch nach eigenem Ermessen 

zumutbare Maßnahmen vermeiden kann, ist die 

Anleiheschuldnerin berechtigt, sämtliche (nicht nur 

einige) ausstehende Schuldverschreibungen der 

betreffenden Anleihe durch Veröffentlichung gemäß 

Ziffer 17 mit einer Frist von nicht weniger als 60 

Tagen zur vorzeitigen Rückzahlung zu dem im Konditionenblatt 

bestimmten oder gemäß den Festsetzungen 

des Konditionenblatts zu bestimmenden 

Betrag, oder, falls keine solche Bestimmung getroffen 

wurde, dem Nennbetrag („Rückzahlungsbetrag 

bei Vorzeitiger Steuerkündigung“), einschließlich 

gegebenenfalls aufgelaufener Zinsen, oder, im Fall 

von nicht verzinslichen Schuldverschreibungen, 

dem Amortisationsnennbetrag zu kündigen. Eine 

solche Kündigung darf nicht früher als 90 Tage vor 

dem Termin erfolgen, an dem die Anleiheschuldnerin 

erstmals zusätzliche Beträge auf fällige Schuldverschreibungen 

oder Zinsscheine zu zahlen hätte. 

(d) „Maßgeblicher Tag“ im Sinne dieser Bedingungen 


(v) which is payable pursuant to or in consequence 

of, or as a result of, an international agreement 

to which the Federal Republic of Germany, or of 

the jurisdiction, country or territory in which the 

branch through which the Issuer is acting 

specified in the Pricing Supplement is located is 

a party, or a directive or regulation passed 

pursuant to or in consequence of such 

agreement; or 









in order to conform to, such Directive; or 



such withholding or deduction by presenting 







(c) If, in relation to any issue of Notes, as a result of any 

change in the laws or regulations prevailing in the 

Federal Republic of Germany, or of the jurisdiction, 

country or territory in which the branch through 

which the Issuer is acting specified in the Pricing 

Supplement is located which becomes effective on 

or after the date of issue of such Notes or any other 

date specified in the Pricing Supplement, the Issuer 

would be required to pay additional amounts as 

provided in the foregoing provisions of this 

Condition 11 and such obligation cannot be avoided 

by the Issuer taking reasonable measures which are 

in its sole discretion available to it, the Issuer may, at 

its option and having given no less than sixty days’ 

notice to the relevant Noteholders in accordance 

with Condition 17 call all (but not some only) of the 

outstanding Notes comprising the relevant Issue at 

an amount specified in, or determined according to 

the relevant Pricing Supplement (or, if no such 

amount is specified, their principal amount) (the 

“Early Tax Redemption Amount”) together with 

accrued interest (if any), or, in case of non-interest 

bearing Notes, the Amortised Face Amount, 

Provided, however, that no such notice of 

redemption may be given earlier than 90 days prior 

to the earliest date on which the Issuer would be 

obliged to pay such additional amounts were a 

payment in respect of the Notes or Coupons then 

due. 

(d) For the purposes of these Conditions, the “Relevant 

Date” means, in respect of any payment, the date on


der Hauptzahlstelle vor oder an diesem Tag eingegangen 

ist, ist der Maßgebliche Tag der Tag, an dem 

der zu zahlende Betrag vollständig bei der Hauptzahlstelle 

eingegangen ist, zur Auszahlung an die 

Anleihegläubiger zur Verfügung steht und eine entsprechende 

Bekanntmachung hierüber gemäß Ziffer 

17 erfolgt ist. 

(e) In diesen Bedingungen gilt jede Bezugnahme auf 


gemäß dieser Ziffer 11 zusätzlich zahlbare Beträge. 

Soweit sich aus dem Zusammenhang nichts anderes 

ergibt, umfasst eine Bezugnahme auf „Kapital“ auch 

ein für die jeweilige Schuldverschreibung zu zahlendes 

Aufgeld, jeden Teilzahlungsbetrag oder Rückzahlungsbetrag 

und alle anderen gemäß diesen 

Bedingungen zahlbaren Beträge mit Kapitalcharakter, 

und jede Bezugnahme auf „Zinsen“ umfasst alle 

gemäß Ziffer 5 zu zahlenden Beträge sowie alle 

anderen gemäß diesen Bedingungen zu zahlenden 

Beträge mit Zinscharakter. 

12. Vorlegung, Verjährung 

(a) Jede effektive Urkunde, die ursprünglich mit beigefügten 

Zinsscheinen und Talons ausgeliefert wurde, 

sollte, außer im Fall einer Teilzahlung des Rückzahlungsbetrags, 

zur endgültigen Rückzahlung zusammen 

mit allen zugehörigen noch nicht fälligen 

Zinsscheinen und Erneuerungsscheinen eingereicht 

werden. Sofern noch nicht fällige Zinsscheine und 

Talons zum Zeitpunkt der Vorlage von Schuldverschreibungen 

zur Zahlung nicht eingereicht werden, 

gilt: 

(i) bei effektiven Urkunden, die mit festem Zinssatz 

oder festen Zinssätzen verzinst werden, wird, 

sofern nachfolgend nichts anderes bestimmt ist, 

der zur Rückzahlung fällige Betrag um den 

Betrag der fehlenden Zinsscheine gekürzt 

(Talons bleiben vorbehaltlich Absatz (iii) hierbei 

unberücksichtigt), wobei dieser einbehaltene 

Betrag gegen Einreichung des entsprechenden 

Zinsscheines bei der dafür benannten 

Geschäftsstelle einer jeden Zahlstelle innerhalb 

von zehn Jahren nach dem Maßgeblichen Tag 

zahlbar ist, 

(ii) bei effektiven Urkunden, die mit einem variablen 

Zinssatz verzinst werden oder die Doppelwährungsschuldverschreibungen 

oder Schuldverschreibungen 

mit variablem Zinsbetrag verbriefen, 

verfallen alle noch nicht fälligen Zinsscheine 

(Talons bleiben hierbei vorbehaltlich 

Absatz (iii) unberücksichtigt), zu diesen effektiven 

Urkunden (ob mit den effektiven Stücken 

eingereicht oder nicht), und es erfolgen keine 

Zahlungen mehr auf diese Zinsscheine, 

(iii) bei effektiven Urkunden, die mit beigefügten 

Talons begeben wurden, werden alle nicht zum 

Umtausch fällig gewordenen Talons ungültig 

(ob mit den effektiven Urkunden eingereicht 

oder nicht), und ein Austausch von Talons 

gegen Zinsscheine erfolgt nicht mehr, und 

sofern, ungeachtet der Bestimmungen in (i) dieses 

Absatzes (a), effektive Urkunden, die mit festem 

Zinssatz oder festen Zinssätzen verzinslich sind, mit 



been received by the Principal Paying Agent on or 

prior to such due date, it means the first date on 

which, the full amount of such moneys having been 

so received and being available for payment to 

Noteholders, notice to that effect shall have been 

duly given to the relevant Noteholders in accordance 

with Condition 17. 

(e) Any reference in these Conditions to “principal” 






premium payable in respect of any Note, any 

Instalment Amount or Redemption Amount and any 

other amounts in the nature of principal payable 

pursuant to these Conditions and “interest” shall 

include all amounts payable pursuant to Condition 5 

and any other amounts in the nature of interest 

payable pursuant to these Conditions. 


(a) Each Definitive Note initially delivered with Coupons 

or Talons attached thereto should be presented and, 

save in the case of partial payment of the Redemption 

Amount, surrendered for final redemption 

together with all unmatured Coupons and Talons 

appertaining thereto. If unmatured Coupons and 

Talons are not surrendered at the time when the 

Notes are presented for payment: 

(i) in the case of Definitive Notes which bear 

interest at a fixed rate or rates, subject as 

hereinafter provided, the amount of any missing 

unmatured Coupons (excluding, for this 

purpose, but without prejudice to paragraph (iii) 

below, Talons) will be deducted from the 


(ii) 



Coupon at the specified office of any of the 



Redemption Amount; 

in the case of Definitive Notes which bear 

interest at a floating rate or rates or which are 

Dual Currency Notes or Variable Coupon 

Amount Notes all unmatured Coupons 

(excluding, for this purpose, but without 

prejudice to paragraph (iii) below, Talons) 

relating to such Definitive Notes (whether or not 

surrendered therewith) shall become void and 

no payment shall be made thereafter in respect 

of them; and 

(iii) in the case of Definitive Notes initially delivered 

with Talons attached thereto, all unmatured 

Talons (whether or not surrendered therewith) 

shall become void and no exchange for 

Coupons shall be made thereafter in respect of 

them. 

The provisions of sub-paragraph (i) of this 

paragraph (a) notwithstanding, if any Definitive 

Notes which bear interest at a fixed rate or rates 

95

96 

einer Endfälligkeit und einem solchem Zinssatz oder 

solchen Zinssätzen ausgestattet sind, die dazu führen, 

dass bei Vorlage einer solchen effektiven 

Urkunde ohne beigefügte noch nicht fällige Zinsscheine 

der gemäß (i) abzuziehende Betrag größer 

als der fällige Betrag wäre, so verfallen diejenigen 

Zinsscheine (ob beigefügt oder nicht), die einen den 

entsprechenden Rückzahlungsbetrag übersteigenden 

Betrag verbriefen, bei Fälligkeit solcher effektiven 

Urkunden (und hierauf ist keine Zahlung zu 

leisten). Die betreffenden Zinsscheine verfallen bis 

zu einem Gesamtbetrag, bei dem bei Anwendung 

von (i) auf die nicht verfallenen Zinsscheine der 

gemäß (i) abzuziehende Betrag den andernfalls 

fälligen Betrag nicht übersteigt. Sofern die Anwendung 

des vorstehenden Satzes dazu führt, dass 

einige, aber nicht alle, zu einer effektiven Urkunde 

gehörenden noch nicht fälligen Zinsscheine verfallen, 

dann bestimmt die betreffende Zahlstelle, welche 

der noch nicht fälligen Zinsscheine verfallen, 

und wird hierfür Zinsscheine mit späterer Fälligkeit 

vorrangig vor solchen mit früherer Fälligkeit auswählen. 

(b) Bei effektiven Urkunden, die mit beigefügten Talons 

begeben wurden, kann der Talon eines Zinsscheinbogens 

unter Berücksichtigung der übrigen Bestimmungen 

von Ziffer 12 an oder nach dem 

Zinsfälligkeitstag des letzten Zinsscheines des entsprechenden 

Zinsscheinbogens bei der hierfür 

benannten Geschäftsstelle jeder Zahlstelle außerhalb 

der Vereinigten Staaten im Austausch für einen 

weiteren Zinsscheinbogen (einschließlich eines weiteren 

Talons, soweit vorgesehen) vorgelegt werden. 

Für jeden Talon wird als Fälligkeitstag zum Zweck 

dieser Bedingungen der Tag bestimmt, an dem der 

letzte Zinsschein des entsprechenden Zinsscheinbogens 

fällig ist. 

Englisches Recht 

(c) Sofern im Konditionenblatt bestimmt ist, dass die 

Schuldverschreibungen englischem Recht unterliegen, 

gelten die Bestimmungen dieses Absatzes (c). 

(i) Schuldverschreibungen und Zinsscheine werden 

ungültig, wenn sie nicht jeweils innerhalb 

von zehn oder fünf Jahren nach dem Maßgeblichen 

Tag vorgelegt werden. 

(ii) Bei effektiven Urkunden, die mit beigefügten 

Talons begeben wurden, darf beim Austausch 

eines Talons gegen einen Zinsscheinbogen dieser 

keinen Zinsschein enthalten, dessen 

Fälligkeitstag nach dem Fälligkeitstag für die 

Rückzahlung der betreffenden Schuldverschreibung 

läge oder der gemäß dieser Ziffer 12 

ungültig wäre. Der Zinsscheinbogen darf keinen 

Talon enthalten, dessen Umtauschtag nach dem 

Fälligkeitstag der Rückzahlung der entsprechenden 

Schuldverschreibung liegt. 

Deutsches Recht 

(d) Es gelten folgende Bestimmungen, soweit nicht im 

Konditionenblatt etwas anderes bestimmt ist. 

(i) Die Vorlegungsfrist gemäß § 801 Absatz 1 Satz 

BGB für fällige Schuldverschreibungen wird auf 

zehn Jahre verkürzt. Die Vorlegungsfrist für 

Zinsscheine beträgt vier Jahre von dem Ende 

should be issued with a maturity date and a fixed 

rate or rates such that, on the presentation for 

payment of any such Definitive Note without any 

unmatured Coupons attached thereto or surrendered 

therewith, the amount required by subparagraph 

(i) to be deducted would be greater than 

the amount otherwise due for payment, then, upon 

the due date for redemption of any such Definitive 

Note, such unmatured Coupons (whether or not 

attached) being Coupons representing an amount in 

excess of the relevant Redemption Amount shall 

become void (and no payment shall be made in 

respect thereof) as shall be required so that, upon 

application of the provisions of sub-paragraph (i) in 

respect of such Coupons as have not so become 

void, the amount required by sub-paragraph (i) to be 

deducted would not be greater than the amount 

otherwise due for payment. Where the application of 

the foregoing sentence requires some but not all of 

the unmatured Coupons relating to a Definitive Note 

to become void, the relevant Paying Agent shall 

determine which unmatured Coupons are to become 

void, and shall select for such purpose Coupons 

maturing on later dates in preference to Coupons 

maturing on earlier dates. 

(b) In relation to Definitive Notes initially delivered with 

Talons attached thereto, on or after the due date for 

the payment of interest on which the final Coupon 

comprised in any Coupon sheet matures, the Talon 

comprised in the Coupon sheet may be surrendered 

at the specified office of any Paying Agent outside 

the United States in exchange for a further Coupon 

sheet (including any appropriate further Talon), 

subject to the remaining provisions of this Condition 

12. Each Talon shall, for the purpose of these Conditions, 

be deemed to mature on the Interest Payment 

Date on which the final Coupon comprised in the 

respective Coupon sheet matures. 

English law 

(c) If the Pricing Supplement specifies that English law 

governs the Notes, the provisions of this Condition 

12 (c) shall apply. 

(i) Notes and Coupons will become void unless 

presented for payment within ten years or five 

years respectively after the Relevant Date. 

(ii) In relation to Definitive Notes initially delivered 

with Talons attached thereto, there shall not be 

included in any Coupon sheet issued upon 

exchange of a Talon any Coupon the due date 

for the payment of which would fall after the due 

date for the redemption of the relevant Note or 

which would be void pursuant to this Condition 

12 or any Talon the maturity date of which 

would fall after the due date for redemption of 

the relevant Note. 

German law 

(d) The following provisions shall apply, unless the 

Pricing Supplement specifies otherwise. 

(i) The period for presentation of Notes due, as 

established in Section 801 paragraph 1 

sentence 1 of the German Civil Code, is 

reduced to ten years; the period for presen-

des Kalenderjahres an, in dem der betreffende 

Zinsschein fällig wird. 

(ii) Die Verjährungsfrist für innerhalb der Vorlegungsfrist 

zur Zahlung vorgelegte Schuldvertheschreibungen 

und Zinsscheine beträgt 

zwei Jahre von dem Ende der betreffenden Vorlegungsfrist 

an. 

(iii) Die Anleiheschuldnerin kann die von 

(iv) 

Anleihegläubigern innerhalb von zwölf Monaten 

nach dem Maßgelbichen Tag nicht erhobenen 

Beträge an Kapital und Zinsen auf Gefahr und 

Kosten dieser Anleihegläubiger beim Amtsgericht 

Frankfurt am Main unter Verzicht auf das 

Recht der Rücknahme hinterlegen. Mit der 

Hínterlegung erlischt jeglicher Anspruch dieser 

Anleihegläubiger gegen die Anleiheschuldnerin. 

Für den Fall, dass zum Zeitpunkt der Vorlage 

von Schuldverschreibungen noch nicht fällige 

Zinsscheine nicht eingereicht werden, wird, bei 

festverzinslichen Schuldverschreibungen, der 


der fehlenden Zinsscheine gekürzt, wobei dieser 

einbehaltene Betrag gegen Einreichung der 




Tag hinsichtlich einer solchen Rückzahlung 

des Betrags zahlbar ist. Bei variabel 

verzinslichen Schuldverschreibungen verfallen 

alle noch nicht fälligen Zinsscheine, und es 


(v) Der Anspruch gemäß § 804 Absatz 1 Satz 1 

BGB wegen abhanden gekommener oder vernichteter 

Zinsscheine ist ausgeschlossen (§ 804 

Absatz 2 BGB). 

13. Kündigungsgründe für die Anleihegläubiger 

Jeder Anleihegläubiger (mit Ausnahme eines Inhabers von 

nachrangigen Schuldverschreibungen) ist berechtigt, seine 

sämtlichen Forderungen aus den von ihm gehaltenen Schuldverschreibungen 

durch Kündigung fällig zu stellen und Rückzahlung 

des Kapitalbetrages einschließlich etwaiger 

aufgelaufener Zinsen oder des Amortisierungsnennbetrages 

(wie in § 6 (o) bestimmt oder, gegebenenfalls, eines anderen 

im Konditionenblatt zur vorzeitigen Rückzahlung bestimmten 

Betrages) zu verlangen, wenn einer der folgenden Kündigungsgründe 

(jeweils ein „Kündigungsgrund“) vorliegt: 

(a) die Anleiheschuldnerin, gleichgültig aus welchen 

Gründen, Kapital oder Zinsen aus den Schuldverschreibungen, 

einschließlich etwaiger gemäß § 11 

zu zahlender zusätzlicher Beträge, innerhalb von 30 

Tagen nach dem betreffenden Fälligkeitstag nicht 

zahlt, oder 

(b) die Anleiheschuldnerin, gleichgültig aus welchen 

Gründen, eine sonstige wesentliche Verpflichtung 

aus diesen Bedingungen nicht erfüllt, und die Unterlassung 

länger als 30 Tage andauert, nachdem die 

Anleiheschuldnerin hierüber eine schriftliche Mitteilung 

von dem betreffenden Anleihegläubiger erhalten 

hat, oder 

(c) gegen die Anleiheschuldnerin ein Insolvenzverfahren 

gerichtlich eröffnet wird, das nicht innerhalb von 

tation of Coupons shall be four years beginning 

at the end of the calendar year in which the 

respective Coupon falls due. 

(ii) The period for prescription for Notes and 

Coupons presented for payment during the 

presentation period shall be two years 

beginning at the end of the relevant presentation 

period. 

(iii) The Issuer may deposit with the “Amtsgericht” 

(lower court) of Frankfurt am Main principal and 

interest not claimed by Noteholders within 

twelve months after the Relevant Date with the 

waiver of the right to withdraw such deposit. 

Such deposit will be at the risk and cost of such 

Noteholders. Upon such deposit all claims of 

such Noteholders against the Issuer shall 

cease. 

(iv) If unmatured Coupons are not surrendered at 

the time when the Notes are presented for 

payment, in the case of Notes which bear fixed 

rate interest, the amount of any missing 

unmatured Coupons will be deducted from the 




Coupons at the specified office of any of the 



redemption amount. In the case of Notes which 

bear floating rate interest all unmatured 

(v) 

Coupons will become void and no payment 

shall be made thereafter in respect of such 

Coupons. 

The right under Section 804 paragraph 1 

sentence 1 of the German Civil Code in respect 

of lost or destroyed Coupons is excluded 

(Section 804 paragraph 2 of the German Civil 

Code). 


Any Noteholder, other than a Holder of Subordinated Notes, 

may give notice to the Issuer that any Note held by such 

Holder is, and it shall accordingly become, due and payable 

at its principal amount together with accrued interest, if any 

or, if appropriate, at its Amortised Face Amount as defined in 

Condition 6 (o) (or, if applicable, such other Early Redemption 

Amount as is specified in the Pricing Supplement) if any of the 

following events (each an “Event of Default”) occurs and is 

subsisting: 

(a) the Issuer for any reason whatsoever, fails to pay 

within 30 days after the relevant due date principal 

or interest on the Notes, including additional 

amounts which may have to be paid according to 

Condition 11, or 

(b) the Issuer for any reason whatsoever, fails to duly 

perform any other essential obligation under these 

Conditions and this failure lasts more than 30 days 

after the Issuer has received a written notice to this 

effect from the Noteholder, or 

(c) Insolvenzverfahren (German insolvency proceedings) 

are commenced by court against the Issuer which 

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98 

60 Tagen nach dessen Eröffnung aufgehoben oder 

ausgesetzt worden ist, oder die Anleiheschuldnerin 

ein solches Verfahren beantragt oder ihre Zahlungen 

einstellt oder einen generellen Vergleich mit der 

Gesamtheit ihrer Gläubiger anbietet oder durchführt, 

oder 

(d) die Anleiheschuldnerin in Liquidation tritt, es sei 

denn, eine solche Liquidation wird im Zusammenhang 

mit einer Verschmelzung, Konsolidierung oder 

anderen Form des Zusammenschlusses mit einer 

anderen Gesellschaft vorgenommen, und diese 

Gesellschaft übernimmt anstelle der Anleiheschuldnerin 

alle Verpflichtungen aus den Schuldverschreibungen. 

Eine derartige Kündigung zur Rückzahlung ist von den 

Anleihegläubigern durch eingeschriebenen Brief an die 

benannte Geschäftsstelle des Fiscal Agent zu richten und wird 

mit Zugang bei diesem wirksam. Die Fälligkeit tritt am 30. Tag 

nach Zugang der Kündigung ein, es sei denn, dass im Falle 

der Absätze (a) oder (b) die Verpflichtung vorher erfüllt oder 

mit Zustimmung der entsprechenden Anleihegläubiger auf die 

Erfüllung verzichtet oder die Erfüllung aufgeschoben worden 

ist. 

14. Fiscal Agent, Berechnungsstelle und Zahlstellen 

(a) Der ursprüngliche Fiscal Agent, die Hauptzahlstelle 

und die anderen Zahlstellen sowie ihre jeweils 

benannten Geschäftsstellen sind im Konditionenblatt 

bestimmt. Jede Berechnungsstelle für die Schuldverschreibungen 

wird ebenfalls im Konditionenblatt 

aufgeführt. Die Anleiheschuldnerin behält sich das 

Recht vor, die Ernennung des Fiscal Agent, der 

Berechnungsstelle oder einer jeden Zahlstelle 

(einschließlich der Hauptzahlstelle) jederzeit anders 

zu regeln oder zu beenden und zusätzliche oder 

andere Zahlstellen oder einen anderen Fiscal Agent 

zu ernennen. Sie wird sicherstellen, dass jederzeit (i) 

ein Fiscal Agent, (ii) eine Berechnungsstelle, (iii) 

eine Zahlstelle (die die Hauptzahlstelle sein kann) 

mit einer Geschäftsstelle in einer Stadt auf dem 

europäischen Festland, (iv) eine Zahlstelle mit einer 

Geschäftsstelle außerhalb der Europäischen 

Gemeinschaft, (v) falls die Ergebnisse des Ministerrattreffens 

der Finanzminister der Europäischen 

Union vom 26.–27. November 2000 bezüglich der 

Besteuerung von Kapitaleinkünften rechtlich umgesetzt 

werden, eine Zahlstelle in einem Mitgliedsstaat 

der Europäischen Union, die nicht gemäß der diese 

Ergebnisse umsetzenden Richtlinie des Europäischen 

Rats 2003/48/EC oder jeder anderen Richtlinie 

oder gemäß eines Gesetzes, das eine solche 

Umsetzung bezweckt, zur Einbehaltung oder zum 

Abzug von Quellensteuern oder sonstigen Abzügen 

verpflichtet ist, sofern dies in irgendeinem Mitgliedsstaat 

der Europäischen Union möglich ist, und (vi), 

solange die Schuldverschreibungen an einer Börse 

notiert werden, eine Zahlstelle (die die Hauptzahlstelle 

sein kann) mit einer benannten Geschäftsstelle 

an dem von der betreffenden Börse vorgeschriebenen 

Ort bestimmt ist. Der Fiscal Agent, die Berechnungsstelle, 

die Hauptzahlstelle und die Zahlstellen 

behalten sich das Recht vor, jederzeit anstelle ihrer 

jeweils benannten Geschäftsstelle eine andere 

Geschäftsstelle in derselben Stadt zu bestimmen. 

Bekanntmachungen hinsichtlich aller Veränderungen 

im Hinblick auf den Fiscal Agent, die Berechnungsstelle, 

die Hauptzahlstelle und die Zahlstellen 

shall not have been dismissed or stayed within 60 

days after the commencement thereof, or the Issuer 

institutes such proceedings or suspends payments, 

or offers or makes a general arrangement for the 

benefit of all its creditors, or 

(d) the Issuer enters into liquidation, unless such liquidation 

is to take place in connection with a merger, 

consolidation or any other form of combination with 

another company and such company assumes all 

obligations arising from the Notes. 

Such notice for repayment shall be addressed by the 

Noteholder to the specified office of the Fiscal Agent by registered 

letter; such notice will become effective upon receipt by 

the Fiscal Agent. Claims fall due 30 days after receipt of such 

notice unless, in the case of paragraph (a) or (b) above, the 

obligation has been fulfilled or waived or the fulfilment has 

been postponed with the agreement of the relevant Noteholder. 

14. Fiscal Agent, Calculation Agent and Paying Agents 

(a) The initial Fiscal Agent, the Principal Paying Agent 

and the other Paying Agents and their respective 

specified offices are specified in the Pricing 

Supplement. Any Calculation Agent in respect of any 

Notes shall be specified in the Pricing Supplement. 

The Issuer reserves the right at any time to vary or 

terminate the appointment of the Fiscal Agent, 

Calculation Agent or any Paying Agent (including the 

Principal Paying Agent) and to appoint additional or 

other Paying Agents or another Fiscal Agent 

provided that it will at all times maintain (i) a Fiscal 

Agent, (ii) a Calculation Agent, (iii) a Paying Agent 

(which may be the Principal Paying Agent) with a 

specified office in a continental European city (iv) a 

Paying Agent with a specified office outside the 

European Union, (v) if the conclusions of the ECOFIN 

Council meeting of 26–27 November 2000 on the 

taxation of savings income are implemented, a 

Paying Agent in an EU member state, if any, that will 

not be obliged to withhold or deduct tax pursuant to 

the European Council Directive 2003/48/EC or any 

other Directive implementing such conclusions or 

any law implementing or complying with, or introduced 

to conform to, such Directive, and (vi) so long 

as the Notes are listed on a stock exchange, a 

Paying Agent (which may be the Principal Paying 

Agent) with a specified office in such city as may be 

required by the rules of the relevant stock exchange. 

The Fiscal Agent, the Calculation Agent, the 

Principal Paying Agent and the Paying Agents 

reserve the right at any time to change their 

respective specified offices to some other specified 

office in the same city. Notice of all changes in the 

identities or specified offices of the Fiscal Agent, the 

Calculation Agent, the Principal Paying Agents or 

any Paying Agent will be given promptly by the 

Issuer to the Noteholders in accordance with 

Condition 17.

erfolgen unverzüglich durch die Anleiheschuldnerin 

gemäß § 17. 

(b) Die Anleiheschuldnerin wird dafür Sorge tragen, 

dass jede gemäß diesen Bedingungen durch sie 

oder die Berechnungsstelle vorzunehmende Bestimmung 

oder Berechnung des Rückzahlungsbetrags 

oder der Zuteilung unverzüglich erfolgt und, zusammen 

mit jeder Verschiebung des Abrechnungstags, 

die auf eine Verschiebung des letzten Bewertungstags 

oder des letzten Durchschnittsermittlungstags, 

wie in den Definitionen dieser Begriffe vorgesehen, 

folgt, dem Fiscal Agent, jeder Zahlstelle (bei deren 

jeweiliger benannter Geschäftsstelle diese Informationen 

erhältlich sind), dem betreffenden Clearing 

System und, im Falle von Schuldverschreibungen, 

die an der Luxemburger Börse und/oder einer anderen 

Börse notiert sind, der jeweiligen Börse umgehend 

nach dieser Bestimmung oder Berechnung, in 

jedem Fall jedoch spätestens am vierten darauf folgenden 

Geschäftstag. 

(c) Die Bestimmung oder Berechnung durch die Anleiheschuldnerin 

oder gegebenenfalls die Berechnungsstelle 

des Rückzahlungsbetrags oder der 

Zuteilung und der anderen Angelegenheiten, die 

durch sie für Zwecke dieser Bedingungen zu bestimmen 

oder zu berechnen sind, ist, sofern kein offenkundiger 

Fehler vorliegt, für alle Parteien endgültig 

und bindend. Die Berechnungsstelle (die Anleiheschuldnerin 

oder eine andere Institution) handelt 

ausschließlich als Beauftragte der Anleiheschuldnerin 

und übernimmt keine Verpflichtungen gegenüber 

und steht nicht in einem Auftrags- oder Treuhandverhältnis 

zu den Anleihegläubigern. Die Berechnungsstelle 

kann mit Zustimmung der Anleiheschuldnerin 

jede ihrer Verpflichtungen und Funktionen 

auf einen Dritten übertragen, soweit es ihr angemessen 

erscheint. 

(d) Weder die Anleiheschuldnerin noch die Berechnungsstelle 

sind für Fehler oder Unterlassungen bei 

der Berechnung eines Rückzahlungsbetrags oder 

einer Zuteilung haftbar. 

15. Schuldnerersetzung 

(a) Die Anleiheschuldnerin ist jederzeit berechtigt, ohne 

Zustimmung der Anleihegläubiger eine andere 

Gesellschaft als Schuldnerin (die „Neue Anleiheschuldnerin“) 

hinsichtlich aller Verplichtungen aus 

oder in Verbindung mit den Schuldverschreibungen 

an die Stelle der Anleiheschuldnerin zu setzen, 

sofern 



mit den Teilschuldverschreibungen übernimmt, 

(ii) die Neue Anleiheschuldnerin alle notwendigen 

Genehmigungen und Erlaubnisse von den 

zuständigen Behörden erhalten hat, so dass die 

Neue Anleiheschuldnerin alle Beträge, die zur 

Erfüllung der aus oder in Verbindung mit den 

Schuldverschreibungen entstehenden Zahlungsverpflichtungen 

erforderlich sind, in frei 

verfügbarer und konvertierbarer gesetzlicher 

Währung des Landes der entsprechenden Währung 

ohne Einbehalt an der Quelle oder Abzug 

an der Quelle von irgendwelchen Steuern, 

(b) The Issuer will cause each determination or calculation 

of the Redemption Amount or the Entitlement 

required by these Conditions to be determined or 

calculated by it or the Calculation Agent promptly 

and, together with any postponement of the 

Settlement Date following any postponement of the 

final Valuation Date or the final Averaging Date, as 

the case may be, as specified in the definitions of 

these terms, to be notified to the Fiscal Agent, any 

Paying Agent (from whose respective specified 

offices such information will be available), the 

relevant Clearing System and in the case of Notes 

listed on the Luxembourg Stock Exchange and/or 

any other stock exchange to the respective stock 

exchange(s) as soon as practicable after such determination 

or calculation but in any event not later 

than the fourth Business Day thereafter. 

(c) The determination or calculation by the Issuer or the 

Calculation Agent (as applicable) of the Redemption 

Amount or the Entitlement and other items falling to 

be determined or calculated by it for the purposes of 

these Conditions shall, in the absence of manifest 

error, be final and binding on all parties. The Calculation 

Agent (whether it be the Issuer or another 

entity) acts solely as agent of the Issuer and does not 

assume any obligation or duty to, or any relationship 

of agency or trust for or with, the Noteholders. The 

Calculation Agent may, with the consent of the 

Issuer, delegate any of its obligations and functions 

to a third party as it deems appropriate. 

(d) Neither the Issuer nor the Calculation Agent shall 

have any responsibility for any errors or omissions 

in the calculation of any Redemption Amount or of 

any Entitlement. 


(a) The Issuer shall be entitled at any time without the 

consent of the Noteholders to substitute for the 

Issuer any other company as debtor (the “New 

Issuer”) in respect of all obligations arising from or 

in connection with the Notes, if: 



Notes; 




Principal Paying Agent in freely disposable and 

convertible legal currency of the country of the 

relevant currency, without withholding at source 

or deduction at source of any taxes, fees or 

duties, all amounts required for the performance 

of the payment obligations arising from 

or in connection with the Notes; 

99

100 

Gebühren oder Abgaben an die Hauptzahlstelle 

transferieren darf, 

(iii) die Anleiheschuldnerin unbedingt und unwiderruflich 

die Verpflichtungen der Neuen Anleiheschuldnerin 

garantiert. 




bezogen, und jede Bezugnahme in 

diesen Bedingungen auf das Land der Anleiheschuldnerin 

gilt als Bezugnahme auf das Land, in 

dem die Neue Anleiheschuldnerin ihren Sitz hat 

oder, falls abweichend, als Steuerinländerin gilt. 



gemäß Ziffer 17 bekannt zu machen. 

16. Ersatz von Schuldverschreibungen 

Sofern eine Schuldverschreibung oder ein Zinsschein verloren, 

gestohlen, beschädigt, verunstaltet oder zerstört ist, kann 

diese oder dieser bei den hierfür im Konditionenblatt bestimmten 

Geschäftsstellen des Fiscal Agent oder der Zahlstelle(n) 

ersetzt werden (in dieser Funktion die „ersetzende 

Stelle“). Der Ersatz erfolgt nach Maßgabe des anwendbaren 

Rechts und den Bestimmungen der jeweiligen Börse, an 

denen die Schuldverschreibungen notiert sind, nach Zahlung 

aller hiermit verbundenen Kosten durch den Antragsteller, 

sowie nach Erbringung der von der Anleiheschuldnerin und 

der ersetzenden Stelle für notwendig gehaltenen Beweisführung, 

Sicherheit, Haftungsfreistellung und sonstigen Maßnahmen. 

Beschädigte oder verunstaltete Schuldverschreibungen, 

Zinsscheine und Talons müssen vor Ersatz eingereicht werden. 

Soweit gemäß Konditionenblatt deutsches Recht anzuwenden 

ist, entscheiden ausschließlich deutsche Gerichte über die 

Kraftloserklärung verlorener oder zerstörter effektiver Urkunden. 

Die Anleiheschuldnerin ist gemäß § 798 BGB verpflichtet, 

Ersatzurkunden für beschädigte oder verunstaltete Inhaberschuldverschreibungen 

auszustellen. Für abhanden gekommene 

oder vernichtete Zinsscheine gilt Ziffer 12 d (v). 

17. Bekanntmachungen 

Bekanntmachungen für Anleihegläubiger gelten, soweit nicht 

in den Bedingungen oder im Konditionenblatt eine andere 

wirksame Form der Mitteilung bestimmt ist, als wirksam 

erfolgt, sofern sie (i) im Fall von Schuldverschreibungen, die 

an der Luxemburger Börse notiert sind (für die Dauer ihrer 

Notierung und soweit es die Bestimmungen dieser Börse verlangen), 

in einer führenden Tageszeitung mit allgemeiner Verbreitung 

in Luxemburg (voraussichtlich dem „Luxemburger 

Wort“) erfolgen oder (ii) im Fall von Schuldverschreibungen, 

die in einer vorläufigen oder einer dauerhaften Sammelschuldverschreibung 

verbrieft sind und dies von der betreffenden 

Börse erlaubt ist, an Euroclear Bank S.A./N.V., als 

Betreiberin des Euroclear Systems („Euroclear“) und Clearstream 

Banking, Société anonyme, Luxemburg („Clearstream 

Luxemburg“) und/oder ein anderes Clearingsystem zur Weitergabe 

durch diese Stellen an die Personen erfolgt, die in 

deren jeweiligen Unterlagen als Personen mit berechtigtem 

Interesse geführt werden, vorausgesetzt, dass im Fall von 

Schuldverschreibungen, die an der Luxemburger Börse 

notiert sind (für die Dauer ihrer Notierung und soweit es die 

Bestimmungen dieser Börse verlangen), die Bekanntmachung 

auch in einer führenden Tageszeitung mit allgemeiner 

Verbreitung in Luxemburg (voraussichtlich dem Luxemburger 

(iii) the Issuer irrevocably and unconditionally 

guarantees such obligations of the New Issuer. 


these Conditons to the Issuer shall from then on be 


these Conditions to the Issuer’s country of domicile 







17. 

16. Replacement of Notes 

If any Note or Coupon is lost, stolen, mutilated, defaced or 

destroyed, it may be replaced at the specified office of the 

Fiscal Agent or such Paying Agent or Paying Agents as may 

be specified for such purpose in the Pricing Supplement (in 

such capacity, the “Replacement Agent”), subject to all 

applicable laws and the requirements of any stock exchange 

on which the Notes are listed, upon payment by the claimant 

of all expenses incurred in connection with such replacement 

and upon such terms as to evidence, security, indemnity and 

otherwise as the Issuer and the Replacement Agent may 

require. Mutilated or defaced Notes, Coupons and Talons 

must be surrendered before replacements will be delivered. 

Alternatively, under German law if so specified in the Pricing 

Supplement, the German courts shall have exclusive jurisdiction 

over the annulment of lost or destroyed Definitive 

Notes. Furthermore, the Issuer shall be obliged to issue 

replacement Notes for mutilated or defaced Notes in 

accordance with Section 798 of the German Civil Code. In 

respect of lost or destroyed Coupons Condition 12 (d) (v) shall 

apply. 

17. Notices 

Notices to Holders of Notes will, save where another means of 

effective communication has been specified herein or in the 

Pricing Supplement, be deemed to be validly given (i) in the 

case of any Notes which are listed on the Luxembourg Stock 

Exchange (so long as such Notes are listed on the Luxembourg 

Stock Exchange and that the rules of such stock 

exchange so require), in a leading newspaper having general 

circulation in Luxembourg (which is expected to be the 

“Luxemburger Wort”) or (ii) if the Notes are represented by a 

Temporary Global Note or a Permanent Global Note, and if 

permitted by the relevant stock exchange, if delivered to 

Euroclear Bank S.A./N.V., (“Euroclear”) and Clearstream 

Banking, Société anonyme, Luxembourg (“Clearstream 

Luxembourg”), and/or any other relevant clearing system for 

communication by them to the persons shown in their 

respective records as having interests therein, provided, 

however, that, so long as the Notes are listed on the Luxembourg 

Stock Exchange and its rules so require, notices will 

also be published in a leading newspapers having general 

circulation in Luxembourg (which is expected to be the 

Luxemburger Wort). The Issuer shall also ensure that notices 

are duly published in compliance with the requirements of the 

relevant authority of each stock exchange on which the Notes

Wort) erfolgt. Die Anleiheschuldnerin stellt sicher, dass alle 

Bekanntmachungen ordnungsgemäß in Übereinstimmung mit 

den Erfordernissen der zuständigen Stellen der jeweiligen 

Börsen, an denen die Schuldverschreibungen notiert sind, 

erfolgen. Jede so erfolgte Bekanntmachung wird am Tag der 

ersten Veröffentlichung (oder, soweit eine Veröffentlichung in 

mehr als einer Zeitung vorgeschrieben ist, am ersten Tag, an 

dem die Veröffentlichung in allen vorgeschriebenen Zeitungen 

erfolgt ist) wirksam. Inhaber von Zinsscheinen gelten als 

in gleicher Weise unterrichtet wie gemäß dieser Bedingung 

unterrichtete Inhaber von Inhaberschuldverschreibungen. 

Jede Bekanntmachung für die Anleihegläubiger muß schriftlich 

auch an Euroclear, Clearstream Luxemburg und an 

andere beteiligte Clearingsysteme erfolgen. 

18. Begebung weiterer Schuldverschreibungen 


Zustimmung der Inhaber weitere Schuldverschreibungen mit 

gleicher Ausstattung (gegebenenfalls mit Ausnahme der ersten 

Zinszahlung und/oder der Nennbeträge) wie die vorliegenden 

Schuldverschreibungen zu begeben, so dass sie mit 

diesen eine Einheit bilden. Der Begriff „Schuldverschreibungen“ 

umfasst im Fall einer solchen weiteren Begebung 

auch solche zusätzlich begebenen Schuldverschreibungen. 

19. Nennwertumstellung, Neubestimmung und Zahlung 

Falls die Schuldverschreibungen auf die Währung eines Mitgliedstaats 

der Europäischen Wirtschafts- und Währungsunion 

(„EWWU“) lauten und im Konditionenblatt angegeben 

ist, dass die Schuldverschreibungen englischem Recht unterliegen, 

sowie vorbehaltlich gegenteiliger Bestimmungen im 

Konditionenblatt in Bezug auf die nachfolgenden Bedingungen, 

finden die Bestimmungen diese Ziffer 19 Anwendung. 

Die Anleiheschuldnerin kann ohne Zustimmung der Anleihegläubiger 

durch vorherige Mitteilung an die Anleihegläubiger, 

Euroclear, Clearstream, Luxemburg, Clearstream Banking 

Aktiengesellschaft, Frankfurt, und die Zahlstellen unter Einhaltung 

einer Frist von mindestens 30 Tagen einen Währungsumstellungstermin 

(„Umstellungstermin“) festlegen, 

der ein Zinszahlungstag für die Schuldverschreibungen ist 

(davon ausgehend, dass es sich um verzinsliche Schuldverschreibungen 

handelt), der auf einen Termin nach dem 

Beginn der dritten Phase der EWWU fällt (oder, im Falle von 

Schuldverschreibungen, die auf eine Währung eines EU-Mitgliedsstaates 

lauten, der nicht zu den Ländern zählt, die dann 

an dieser dritten Phase teilnehmen, die auf einen Termin fällt, 

zu oder nach dem dieses Land beteiligt ist). 

„Euro“ bedeutet die in der dritten Phase der Europäischen 

Wirtschafts- und Währungsunion gemäß des EU-Vertrages 

eingeführte Währung. Mit Wirkung ab dem Umstellungstermin 

gilt, unbeschadet der anderen Bestimmungen dieser Bedingungen, 

folgendes: 

(a) Die Schuldverschreibungen sind (sofern nicht 

bereits durch anwendbare Gesetze vorgeschrieben) 

auf Euro umgestellt, wobei die kleinste Einheit 

0,01 Euro beträgt und der Nennbetrag jeder auf Euro 

umgestellten Schuldverschreibungen gleich dem 

Nennbetrag ist, der sich aus der Umrechnung der 

ursprünglichen Währung dieser Schuldverschreibung 

in Euro zu dem Kurs ergibt, der von der 

Europäischen Union gemäß des EU-Vertrages für die 

Umrechnung bestimmt wurde (unter Berücksichtigung 

anwendbarer Bestimmungen der EG zu Rundungen); 

sofern jedoch die Anleiheschuldnerin mit 

Zustimmung des Fiscal Agent feststellt, dass die zu 

diesem Zeitpunkt marktübliche Vorgehensweise bei 

der Umstellung auf die kleinste Einheit von 0,01 Euro 

are listed. Any notice so given will be deemed to have been 

validly given on the date of first such publication (or, if 

required to be published in more than one newspaper, on the 

first date on which publication shall have been made in all the 

required newspapers). Holders of Coupons will be deemed for 

all purposes to have notice of the contents of any notice given 

to Holders of Bearer Notes in accordance with this Condition. 

Any notice given to Noteholders must also be given in writing 

to Euroclear, Clearstream Luxembourg and any other relevant 

clearing system. 



consent of the Holders of any Issue of Notes, to issue 

additional notes with identical terms and conditions as such 

Notes in all respects (or in all respects except for the first 

payment of interest, if any, on them and/or the denomination 

thereof) so as to be consolidated and form a single Issue with 

such Notes. The term “Notes” shall, in the event of such further 

issue, also comprise such further notes. 

19. Redenomination, Reconventioning and Payment 

In the event that the Notes are denominated in the currency of 

a member state of the European Economic and Monetary 

Union (“EMU”) and the Pricing Supplement specifies that the 

Notes are governed by English law, and subject to any provisions 

to the contrary in the Pricing Supplement in respect of 

the understated conditions, the provisions of this Condition 19 

shall apply. 

The Issuer may, without the consent of the Noteholders, on 

giving at least 30 days’ prior notice to Noteholders, Euroclear, 

Clearstream, Luxembourg, Clearstream Banking, Aktiengesellschaft, 

Frankfurt and the Paying Agents, designate a 

redenomination date (“Redenomination Date”), being a date 

for payment of interest under the Notes (assuming the Notes 

bear interest) falling after the start of the third stage of the 

EMU (or, in the case of Notes denominated in a currency of 

an EU member state that is not one of the countries then 

participating in such third stage, falling on or after such later 

date as it does so participate). 

“Euro” means the currency introduced at the third stage of 

European Economic and Monetary Union pursuant to the 

Treaty. With effect from the Redenomination Date, notwithstanding 

the other provisions of the Conditions: 

(a) The Notes shall (unless already so provided by 

mandatory provisions of applicable law) be deemed 

to be redenominated in Euro in the denomination of 

Euro 0.01 with a principal amount for each Note 

equal to the principal amount of the currency of that 

Note converted into Euro at the rate of conversion of 

such original currency into Euro established by the 

Council of the European Union pursuant to the 

Treaty (including compliance with rules relating to 

rounding in accordance with EC regulations) 

provided that, if the Issuer determines, with the 

agreement of the Fiscal Agent, that the then market 

practice in respect of the redenomination into Euro 

0.01 of internationally offered securities, is different 

from the provision specified above, such provisions 

101

102 

von dem vorstehenden abweicht, sind diese Bestimmungen 

der marktüblichen Vorgehensweise anzupassen, 

und die Anleiheschuldnerin hat die 

Anleihegläubiger, die jeweilige Wertpapierbörse 

(soweit zutreffend) und die Zahlstellen von diesen 

Anpassungen zu unterrichten. 

(b) Ist die Ausgabe effektiver Urkunden vorgesehen, 

werden diese auf Kosten der Anleiheschuldnerin in 

Stückelungen von 0,01 Euro, 1.000 Euro, 10.000 

Euro und 100.000 Euro oder einer anderen vom Fiscal 

Agent zu bestimmenden und den Anleihegläubigern 

bekanntzumachenden Stückelung ausgegeben. 

(c) Wenn sich die Anleiheschuldnerin dafür entscheidet, 

in diesem Fall erfolgt eine entsprechende Mitteilung 

an die Anleihegläubiger, werden, falls effektive 

Urkunden ausgegeben wurden, alle nicht fälligen 

Zinsscheine, die auf die ursprüngliche Währung lauten 

(ob den Schuldverschreibungen beigefügt oder 

nicht), ungültig, und eine Zahlung auf diese Zinsscheine 

erfolgt nicht. Neue Urkunden für auf Euro 

umgestellte Schuldverschreibungen und Zinsscheine 

werden im Austausch für die auf die 

ursprüngliche Währung lautenden Schuldverschreibungen 

und Zinsscheine nach Maßgabe des Fiscal 

Agent, die den Anleihegläubigern anzuzeigen ist, 

ausgegeben. 

(d) Alle Zahlungen auf die Schuldverschreibungen werden 

ausschließlich in Euro geleistet (außer Zinszahlungen 

für Zinsperioden, die vor dem Umstellungstag 

begonnen haben, sofern nicht der Umstellungstag 

ein Tag an oder nach dem Zeitpunkt ist, an dem 

die ursprüngliche Währung aufgehört hat, eine Komponente 

des Euro zu sein). Solche Zahlungen erfolgen 

in Euro durch Überweisung auf ein vom 

Zahlungsempfänger zu benennendes auf Euro lautendes 

Konto (oder ein anderes zur Gutschrift oder 

zum Transfer von Euro geeignetes Konto) oder 

durch Scheck. 

(e) Schuldverschreibungen und Zinsscheine können 

nur an einem Tag zur Zahlung vorgelegt werden, der 

ein Bankarbeitstag ist und an dem das TARGET System 

zur Verfügung steht. 

(f) Der auf Schuldverschreibungen zahlbare Zinsbetrag 

wird unter Bezug auf den Gesamtbetrag der von 

einem Anleihegläubiger zur Zahlung vorgelegten 

Schuldverschreibungen berechnet (oder gegebenenfalls 

auf den Gesamtbetrag der vorgelegten Zinsscheine), 

und dieser Zinsbetrag wird bis auf 0,01 

Euro gerundet. 

(g) Im Fall eines jährlich zahlbaren festen Zinssatzes 

erfolgt die Berechnung, sofern Stückzinsen zu 

berechnen sind, auf der Basis der „Actual/Actual- 

ISMA“ Methode, wie in Ziffer 5(a)(i) beschrieben. 

Im Fall von halbjährlich zahlbaren Zinsen beläuft sich der 

Betrag, der an jedem Zinstermin zahlbar ist, auf die Hälfte des 

Betrages, der für ein ganzes Jahr zahlbar wäre, gerundet auf 

0,01 Euro. Sofern Zinsen für einen Zeitraum von weniger als 

einem halben Jahr zu berechnen sind, erfolgt die Berechnung 

auf der Basis der „Actual/Actual-ISMA“ Methode, wie in Ziffer 

4(a)(i) beschrieben. 

shall be deemed to be amended so as to comply 

with such market practice and the Issuer shall 

promptly notify the Noteholders, the stock exchange 

(if any) on which the Notes may be listed and the 

Paying Agents of such deemed amendments. 

(b) If Definitive Notes are required to be issued, they 

shall be issued at the expense of the Issuer in the 

denominations of Euro 0.01, Euro 1,000, Euro 10,000 

and Euro 100,000 and such other denominations as 

the Fiscal Agent shall determine and notify to 

Noteholders. 

(c) If so elected by the Issuer, who shall then give notice 

of such election to the Noteholders, if Definitive 

Notes have been issued, all unmatured Coupons 

denominated in the original currency of the Notes 

(whether or not attached to the Notes) will become 

void and no payments will be made in respect of 

them. New certificates in respect of Euro-denominated 

Notes and Coupons will be issued in 

exchange for the original currency denominated 

Notes and Coupons in such manner as the Fiscal 

Agent may specify and notify to Noteholders. 

(d) All payments in respect of the Notes (other than, 

unless the Redenomination Date is on or after such 

date as the original currency of the Notes ceases to 

be a sub-division of the Euro, payments of interest in 

respect of periods commencing before the 

Redenomination Date) will be made solely in Euro. 

Such payments will be made in Euro by transfer to a 

Euro account (or any other account to which Euro 

may be credited or transferred) specified by the 

payee or by cheque. 

(e) A Note or Coupon may only be presented for 

payment on a day which is a Business Day in the 

place of presentation and which is a day on which 

the TARGET System is open. 

(f) The amount of interest payable in respect of Notes 

will be calculated by reference to the aggregate 

principal amount of Notes presented (or, as the case 

may be, in respect of which Coupons are presented) 

for payment by the relevant holder and the amount 

of such payment shall be rounded down to the 

nearest Euro 0.01). 

(g) In respect of fixed rate interest payable annually, if 

interest is required to be calculated for a period of 

less than one year, it will be calculated on the basis 

of the “Actual/Actual-ISMA” Day Count Fraction, as 

such term is defined in Condition 5 (a) (i). 

In respect of fixed rate interest payable semi-annually, the 

amount of interest payable on each Interest Payment Date 

shall be half the amount which would be payable if interest 

were calculated for a period of one year and shall be rounded 

down to the nearest Euro 0.01. If interest is required to be 

calculated for a period of less than half a year, it will be calculated 

on the basis of the “Actual/Actual-ISMA” Day Count 

Fraction, as such term is defined in Condition 5 (a) (i).

20. Anwendbares Recht 

(1) Englisches Recht 

Soweit im Konditionenblatt und vorbehaltlich einer entgegenstehenden 

Bestimmung im Konditionenblatt hinsichtlich einzelner 

Bedingungen bestimmt ist, dass die Schuldverschreibungen 

englischem Recht unterliegen, gelten die Regelungen 

dieser Ziffer 20(1). 

(a) Die Schuldverschreibungen und der Deed of 

Covenant unterliegen englischem Recht und sind 

nach englischem Recht auszulegen. 

(b) Zugunsten der Anleihegläubiger erklärt sich die 

Anleiheschuldnerin damit einverstanden, dass die 

Gerichte von England zuständig sind für die Entscheidung 

über Klagen oder andere Gerichtsverfahren 

und zur Klärung von Streitfragen („Rechtsstreitigkeiten“ 

und „Streitfragen“), die sich aufgrund 

von oder in Verbindung mit den Schuldverschreibungen 

ergeben, und sie unterwirft sich für 

diese Zwecke unwiderruflich der Zuständigkeit dieser 

Gerichte. 

(c) Die Anleiheschuldnerin verzichtet unwiderruflich auf 

alle ihr gegenwärtig oder künftig zur Verfügung stehenden 

Einwände oder Einreden gegen die hiermit 

begründete Zuständigkeit der Gerichte in England; 

sie wird ferner nicht geltend machen, dass die so 

begründete Zuständigkeit ungeeignet oder nicht 

zweckdienlich sei. 

(d) Die Anleiheschuldnerin erklärt sich damit einverstanden, 

dass in England Gerichtsverfahren gegen 

sie durch Zustellung zu Händen des General Manager 

der Niederlassung London der Dresdner Bank 

Aktiengesellschaft in Gang gesetzt werden können. 

Sofern die Ernennung der in dieser Ziffer 20(1) (d) 

genannten Person ungültig wird, wird die Anleiheschuldnerin 

anschließend eine andere Person als 

Zustellungsbevollmächtigte in England ernennen 

und den Namen und die Adresse dem Fiscal Agent 

mitteilen. Sofern eine solche Ernennung nicht innerhalb 

von fünfzehn Tagen erfolgt ist, hat jeder 

Anleihegläubiger das Recht, durch schriftliche Mitteilung, 

die der Anleiheschuldnerin oder der hierfür 

benannten Geschäftsstelle des Fiscal Agent zuzustellen 

ist, eine Person als Zustellungsbevollmächtigte 

zu benennen. Die vorstehende Bestimmung 

berührt nicht das Recht des Anleihegläubigers, auf 

andere rechtlich zulässige Weise Zustellungen zu 

bewirken. 

(e) Die Vereinbarung der Zuständigkeit der Gerichte 

von England beschränkt nicht das Recht der Inhaber 

von Schuldverschreibungen, Gerichtsverfahren bei 

einem anderen zuständigen Gericht anhängig zu 

machen und kann nicht als Einschränkung hierfür 

angesehen werden. Das Anhängigmachen von 

Gerichtsverfahren bei einem oder mehreren Gerichten 

schließt nicht das gleichzeitige oder nicht gleichzeitige 

Anhängigmachen von Rechtsstreitigkeiten 

vor einem anderen Gericht aus, sofern und soweit 

anwendbares Recht dies zulässt. 

(2) Deutsches Recht 

Sofern die Schuldverschreibungen laut Konditionenblatt deutschem 

Recht unterliegen, finden die Bestimmungen dieses 

§ 20 (2) Anwendung. 

(a) Form und Inhalt der Schuldverschreibungen und 

Zinsscheine sowie alle sich daraus ergebenden 

20. Governing Law and Jurisdiction 

(1) English Law 


Notes are governed by English law, and subject to any 

provision to the contrary in the Pricing Supplement in respect 

of individual Conditions, the provisions of this Condition 20 (1) 

shall apply. 

(a) The Notes and the Deed of Covenant are governed 

by, and shall be construed in accordance with, 

English law. 

(b) The Issuer irrevocably agrees for the benefit of the 

Noteholders that the courts of England 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 the Notes (respectively, 

“Proceedings” and “Disputes”) and, for such 

purposes, irrevocably submits to the jurisdiction of 

such courts. 

(c) The Issuer irrevocably waives any objection which it 

might now or hereafter have to the courts of England 

being nominated as the forum to hear and determine 

any Proceedings and to settle any Disputes and 

agrees not to claim that any such court is not a 

convenient or appropriate forum. 

(d) The Issuer agrees that the process by which any 

Proceedings in England are begun may be served 

on it by being delivered to the London branch for the 

time being of Dresdner Bank Aktiengesellschaft, 

marked for the attention of the General Manager. If 

the appointment of the person mentioned in this 

Condition 20 (1) (d) ceases to be effective, the Issuer 

shall forthwith appoint a further person in England to 

accept service of process on its behalf in England 

and notify the name and address of such person to 

the Fiscal Agent and, failing such appointment within 

fifteen days, any Noteholder shall be entitled to 

appoint such a person by written notice addressed 

to the Issuer and delivered to the Issuer or to the 

specified office of the Fiscal Agent. Nothing 

contained herein shall affect the right of any 

Noteholder to serve process in any other manner 

permitted by law. 

(e) The submission to the jurisdiction of the courts of 

England shall not (and shall not be construed so as 

to) limit the right of the Holders of the Notes or any 

of them to take Proceedings in any other court of 

competent jurisdiction nor shall the taking of 

Proceedings in any one or more jurisdictions 

preclude the taking of Proceedings in any other 

jurisdiction (whether concurrently or not) if and to 

the extent permitted by applicable law. 

(2) German Law 


Notes are governed by German law, the provisions of this 

Condition 20 (2) shall apply. 

(a) The form and content of the Notes and the Coupons 

as well as all the rights and duties arising therefrom 

103

104 


nach dem Recht der Bundesrepublik Deutschland. 

Erfüllungsort ist Frankfurt am Main. 




der Anleiheschuldnerin ist Frankfurt am Main. 

(3) Anderes Recht 

Die Schuldverschreibungen können jedem anderen Recht 

unterliegen, wenn und soweit dies im Konditionenblatt 

bestimmt ist. 

21. Teilunwirksamkeit 

Sollte eine der Bestimmungen dieser Bedingungen unwirksam 

oder undurchführbar sein oder werden, so bleibt die 

Wirksamkeit oder die Durchführbarkeit der übrigen Bestimmungen 

hiervon unberührt. Anstelle der unwirksamen Bestimmung 

soll, soweit rechtlich möglich, eine dem Sinn und Zweck 

dieser Bedingungen zum Zeitpunkt der Begebung der 

Schuldverschreibungen entsprechende Regelung gelten. 






22. Rechtsverbindliche Sprache 

(a) Sofern das Konditionenblatt bestimmt, dass die englische 

Fassung dieser Bedingungen rechtlich maßgebend ist, gilt 

die folgenden Regelung: 

Ausschließlich die englische Fassung dieser Bedingungen 

ist rechtlich maßgebend. Die deutsche Übersetzung der 

englischen Originalfassung ist rechtlich unverbindlich. 

(b) Sofern das Konditionenblatt bestimmt, dass die deutsche 

Fassung dieser Bedingungen ist rechtlich maßgebend ist, 

gilt die folgenden Regelung: 

Ausschließlich die deutsche Fassung dieser Bedingungen 

ist rechtlich maßgebend. Die englische Übersetzung der 

deutschen Originalfassung ist rechtlich unverbindlich. 

are governed exclusively by the laws of the Federal 

Republic of Germany. Place of performance is 




these Conditions is Frankfurt am Main. 

(3) Other Law 

The Notes may be governed by any other law if and to the 

extent specified in the Pricing Supplement. 





be affected or impaired thereby. In this case, the invalid 

provision shall be replaced by a provision which to the extent 

legally possible provides for an interpretation in keeping with 







applied. 


(a) In the event that the Pricing Supplement specifies that the 

binding language is English, the following provision apply: 

This English version of these Conditions is the exclusively 


only. 

(b) In the event that the Pricing Supplement specifies that the 

binding language is German at the following provision 

apply: 

The German version of these Conditions is the exclusively 

legally binding one. This English version is for convenience 

only.

Garantie 

der 

Dresdner Bank Aktiengesellschaft, 

Frankfurt am Main, 

Bundesrepublik Deutschland, 

für 

Schuldverschreibungen, die von der Dresdner 

Finance B.V. oder einer anderen Anleiheschuldnerin 

unter dem EUR 20.000.000.000,– 

Euro-Medium Term Note Programme 

(in der jeweils geltenden Fassung) 

(„Programm“) 

begeben werden. 

Die Dresdner Bank Aktiengesellschaft, Frankfurt am Main 

(nachstehend „Garantin“ genannt), übernimmt hiermit 

gegenüber den Anleihegläubigern ( „Anleihegläubiger“ ), die 

unbedingte und unwiderrufliche Garantie für die ordnungsgemäße 

Zahlung des Kapitals, der Zinsen sowie etwaiger 

zusätzlich zu zahlender Beträge nach Maßgabe der Bedingungen 

der von der Dresdner Finance B.V. oder einer 

anderen Anleiheschuldnerin (außer der Dresdner Bank 

Aktiengesellschaft) (nachstehend „Anleiheschuldnerin“ ) 

unter dem Programm begebenen jeweiligen Anleihe. 

Als Anleihegläubiger gelten auch die jeweiligen Kontoinhaber, 

auf die in einem unter dem Programm von einer 

Anleiheschuldnerin unterzeichneten Deed of Covenant Bezug 

genommen wird. 

Sinn und Zweck dieser Garantie ist es, sicherzustellen, dass 

die Anleihegläubiger und, sofern anwendbar, die jeweiligen 

Kontoinhaber unter allen Umständen und ungeachtet der 

tatsächlichen oder rechtlichen Umstände, Beweggründe oder 

Erwägungen, aus denen eine Zahlung durch die Anleiheschuldnerin 

unterbleiben mag, Kapital und Zinsen sowie 

etwaige gemäß den Bedingungen der jeweiligen Anleihe bzw. 

den entsprechenden Deeds of Covenant zusätzlich zahlbare 

Beträge zu den Fälligkeitsterminen nach Maßgabe der jeweiligen 

Bedingungen erhalten. Diese Garantie ist ein Vertrag 

zugunsten der Anleihegläubiger als begünstigte Dritte gemäß 

§ 328 Absatz 1 BGB, der jedem Anleihegläubiger das Recht 

gibt, die Erfüllung der hierin übernommenen Verpflichtungen 

von der Garantin zu verlangen und gegen die Garantin durchzusetzen. 

Die Garantin wird demgemäß alle erforderlichen 

Zahlungen ohne jede Einschränkung leisten, falls die Anleiheschuldnerin 

aus irgendeinem Grunde die fälligen Beträge 

nicht zahlt. Die Garantin kann die von den Anleihegläubigern 

innerhalb von zwölf Monaten nach Fälligkeit nicht erhobenen 

Beträge an Kapital und Zinsen auf Gefahr und Kosten dieser 

Anleihegläubiger beim Amtsgericht in Frankfurt/Main unter 

Verzicht auf das Recht der Rücknahme hinterlegen. Mit der 

Hinterlegung erlischt jeglicher Anspruch dieser Anleihegläubiger 

gegen die Anleiheschuldnerin und die Garantin. 

Die Garantin und die PwC Deutsche Revision Aktiengesellschaft 

Wirtschaftsprüfungsgesellschaft, Olof-Palme-Straße 35, 

60439 Frankfurt am Main („ PwC“) 

vereinbaren, dass die PwC 

das Original dieser Garantie bis zur Erfüllung der Verpflich- 

Guarantee 

of 


Frankfurt am Main 

Federal Republic of Germany 

for 

Notes issued by Dresdner Finance B.V. 

or another Issuer under the 

EUR 20,000,000,000 

Euro-Medium Term Note Programme 

(as in force from time to time) 

(the “Programme”) 

The German text of the Guarantee will be legally binding. 

Dresdner Bank Aktiengesellschaft, Frankfurt am Main 

( “Guarantor” ) hereby unconditionally and irrevocably 

guarantees to the holders of Notes ( “Noteholders” ), the due 

payment of the amounts corresponding to the principal, 

interest and any additional amounts payable pursuant to the 

Terms and Conditions of the relevant Notes issued by 

Dresdner Finance B.V. or another issuer (other than Dresdner 

Bank Aktiengesellschaft) under the Programme ( “Issuer” ). 

For the purpose of this Guarantee, also the Relevant Account 

Holders referred to in the Deeds of Covenant executed by an 

Issuer in connection with the Programme shall be deemed to 

be Noteholders. 

The intent and purpose of this Guarantee is to ensure that the 

Noteholders and, if applicable, the Relevant Account Holders 

under all circumstances and regardless of the factual or legal 

circumstances, motives or considerations, by reasons of 

which the Issuer may fail to effect payment, shall receive on 

the due date(s) the amounts of principal, interest and any 

additional amounts payable under the Terms and Conditions 

of the relevant Notes and/or under such Deeds of Covenant, 

all in accordance with their respective terms. This Guarantee 

constitutes a contract in favour of the Noteholders from time 

to time as third party beneficiaries pursuant to § 328 (1) of the 

German Civil Code giving rise to the right of each Noteholder 

to require performance of the obligations undertaken herein 

from the Guarantor and to enforce such obligations against 

the Guarantor. Accordingly, the Guarantor will effect all 

necessary payments without any limitation, if the Issuer for 

any reason fails to effect payment of the amounts due. The 

Guarantor may deposit with the Amtsgericht (lower court) of 

Frankfurt/Main principal and interest not claimed by 

Bondholders within twelve months after having become due 

with the waiver of the right to withdraw such deposit; such 

deposit will be at the risk and cost of such Bondholders. Upon 

such deposit all claims of such Bondholders against the 

Issuer and the Guarantor shall cease. 

The Guarantor and PwC Deutsche Revision Aktiengesellschaft 

Wirtschaftsprüfungsgesellschaft, Olof-Palme-Straße 35, 

60439 Frankfurt am Main (“ PwC”) 

agree that PwC holds the 

original copy of this Guarantee until all obligations under an 

105

tungen aus den Teilschuldverschreibungen und der Garantie 

in Verwahrung hält. Die PwC handelt in ihrer Eigenschaft als 

Verwahrstelle nicht als Treuhänderin für die Anleihegläubiger. 

Die Verpflichtungen aus dieser Garantie werden durch 

Änderung der Rechtsform der Anleiheschuldnerin oder einen 

Wechsel ihrer Gesellschafter nicht berührt. 

Die Rechte und Pflichten aus dieser Garantie bestimmen sich 

ausschließlich nach dem Recht der Bundesrepublik 

Deutschland. Erfüllungsort und Gerichtsstand ist Frankfurt am 

Main, Bundesrepublik Deutschland. 

Frankfurt am Main, am 4. Mai 2004 

Dresdner Bank 

Aktiengesellschaft 

Wir nehmen hiermit die oben stehende Erklärung an. 

Frankfurt am Main, am 4. Mai 2004 

PwC Deutsche Revision Aktiengesellschaft 

Wirtschaftsprüfungsgesellschaft 

106 

Issue and the Guarantee have been fulfilled. PwC as holder of 

the original copy of this Guarantee is not acting as trustee for 

the Bondholders. 

The obligations arising from this Guarantee will not be 

affected by a change of the legal form of the Issuer or by a 

change in its ownership. 

The rights and duties arising from this Guarantee shall be 

governed exclusively by the laws of the Federal Republic of 

Germany. Place of performance and place of jurisdiction shall 

be Frankfurt am Main, Federal Republic of Germany. 

Frankfurt am Main, on 4 May 2004 



We hereby accept the above declaration. 

Frankfurt am Main, on 4 May 2004 

PwC Deutsche Revision Aktiengesellschaft 

Wirtschaftsprüfungsgesellschaft

[This page has been intentionally left blank] 

107

108 

Muster eines Konditionenblattes für Bedingungen (A) und (B) 

Ein Muster eines Konditionenblattes, wie es im Zusammenhang mit den Bedingungen (A) und (B) des Programms 

zu erstellen ist, ist nachfolgend aufgeführt. Dieses Muster ist so zu vervollständigen und ergänzen, dass die 

jeweiligen Bedingungen jeder Tranche vollständig abgebildet werden. 

Konditionenblatt vom � 

[Dresdner Bank Aktiengesellschaft] 

[Dresdner Finance B.V. 

garantiert durch 

Dresdner Bank Aktiengesellschaft] 

Emission von 

[Gesamtnennbetrag der Tranche] 

[Bezeichnung der Schuldverschreibungen] 

Emittiert unter dem 

EUR 20.000.000.000,– 

Euro Medium Term Note Programm 

Dieses Konditionenblatt bezieht sich auf die Emission der hierin beschriebenen Schuldverschreibungen. Die hierin 

verwendeten Begriffe haben die für sie in den im Information Memorandum vom 4. Mai 2004 [und im ergänzenden 

Information Memorandum vom �] 

(das „Information Memorandum“) enthaltenen Emissionsbedingungen (A)/(B) (die 

„Bedingungen“) festgelegte Bedeutung. Dieses Konditionenblatt enthält die endgültigen Begriffe, die in Verbindung 

mit den Schuldverschreibungen verwendet werden, und ist in Verbindung mit dem Information Memorandum zu 

lesen. 

[Die als Annex � beigefügten Bedingungen ersetzen vollständig die im Information Memorandum vom 4. Mai 2004 

[und im ergänzenden Information Memorandum vom �] 

enthaltenen Bedingungen (A)/(B).] 

[Anwendbare Bestimmung einfügen oder als „Nicht anwendbar“ (N/A) kennzeichnen. Achtung: Reihenfolge der 

Nummerierung bleibt unverändert, auch wenn einzelne Abschnitte oder Unterabschnitte als „Nicht anwendbar“ gekennzeichnet 

sind. Kursivschrift kennzeichnet Erläuterungen für die Bearbeitung des Konditionenblattes.] 

Allgemein 

1. [(i)] Anleiheschuldnerin: [ ] 

[(ii) Garantin: [ ]] 

2. [(i)] Nummer der Anleihe: [ ] 

[(ii) Nummer der Tranche 

[(falls fungibel mit einer bestehenden Anleihe, 

Einzelheiten dieser Anleihe, einschließlich des Tages, 

an dem die Schuldverschreibungen fungibel werden)]: [ ] 

3. Währung(en): [ ] 

4. Nennbetrag 

[(i)] der Gesamtanleihe: [ ] 

[(ii) der Tranche: [ ]]

Pro Forma Pricing Supplement for Terms and Conditions Set (A) and (B) 

A pro forma Pricing Supplement for use in connection with the Set (A) and (B) Terms and Conditions of the 

Programme is set out below. This pro forma is subject to completion and amendment to set forth the relevant terms 

upon which each Tranche of Notes is to be issued. 

Pricing Supplement dated � 

[Dresdner Bank Aktiengesellschaft] 

[Dresdner Finance B.V. 

guaranteed by 

Dresdner Bank Aktiengesellschaft] 

Issue of 

[Aggregate Principal Amount of Tranche] 

[Title of Notes] 

Issued under the 

EUR 20,000,000,000 


This document constitutes the Pricing Supplement relating to the issue of Notes described herein. Terms used 

herein shall be deemed to be defined as such for the purposes of the Terms and Conditions (A)/(B) (the “Conditions”) 

set forth in the Information Memorandum dated 4 May 2004 [and the supplemental Information Memorandum 

dated �] 

(the “Information Memorandum”). This Pricing Supplement contains the final terms of the Notes and must 

be read in conjunction with the Information Memorandum. 

[The Conditions of the Notes annexed hereto as Annex � shall replace in their entirety the Conditions set out in the 

Information Memorandum dated 4 May 2004 [and the supplemental Information Memorandum dated �.] 

[Include whichever of the following apply or specify as “Not Applicable” (N/A). Note that the numbering should 

remain as set out below, even if “Not Applicable” is indicated for individual paragraphs or sub-paragraphs. Italics 

denote directions for completing the Pricing Supplement]. 

General 

1. [(i)] Issuer: [Insert the Issuer’s name] 

[(ii) Guarantor: [Insert the Issuer’s name]] 

2. [(i)] Issue Number: [Insert the Issuer’s name] 

[(ii) Tranche Number: [Insert the Issuer’s name] 

(If fungible with an existing Issue, details of 

that Issue, including the date on which 

the Notes become fungible).] 

3. Specified Currency or Currencies: [Insert the Issuer’s name] 

4. Principal Amount: [Insert the Issuer’s name] 

[(i)] Issue: [Insert the Issuer’s name] 

[(ii) Tranche: [Insert the Issuer’s name]] 

109

5. Emissionspreis: [ ] % des Nennbetrags 

[zuzüglich aufgelaufener Zinsen ab 

[Datum einfügen] 

(nur bei fungiblen Tranchen, falls zutreffend) ] 

6. Nennbeträge: [ ] 

[ ] 

7. [(i)] Begebungstag: [ ] 

110 

[(ii) Beginn der Verzinsung: 

(falls abweichend vom Begebungstag) 

[ ]] 

8. Endfälligkeitstag*: 

[genaues Datum oder (für variabel verzinsliche 

Anleihen) letzter Zinszahltag im betreffenden Monat 

und Jahr] 

9. Zinsmodalität: [ � % Festzinssatz (Bedingung 4(a))] 

[[festzulegender Referenzzinssatz] +/– � % Marge 

variabel verzinslich (Bedingung 4(b))] 

[Swap-bezogene Verzinsung (ISDA) (Bedingung 4(c))] 

[andere zu bestimmende Zinsmodalität 

(Bedingung 4(d))] 

[Aufzinsung (Null-Kupon-Schuldverschreibung)] 

(zusätzliche Einzelheiten unten aufzuführen) 

10. Rückzahlungsmodalität: [Rückzahlung zum Nennbetrag] 

[Rückzahlung in anderer Währung] 

[Rückzahlung einzelner Schuldverschreibungen] 

[Rückzahlung in Teilbeträgen] 

[andere zu bestimmende Rückzahlungsart]** 

11. Wechsel der Zins- oder 

Tilgungs-/Rückzahlungsmodalität: 

[Einzelheiten jedweder Vereinbarung einer Umstellung 

der Schuldverschreibungen auf eine andere Zinsoder 

Tilgungs-/Rückzahlungsart] 

12. Gläubiger-/Schuldnerkündigungsrechte: [Gläubigerkündigungsrecht (Bedingung 5(f))] 

Schuldnerkündigungsrecht (Bedingung 5(c))] 

[zusätzliche Einzelheiten unten aufzuführen] 

13. [(i)] Status der Schuldverschreibungen: [nicht nachrangig / nachrangig] 

[(ii) Status der Garantie: [nicht nachrangig / nachrangig]] 

14. Börsennotierung: [Frankfurter Wertpapierbörse / 

Luxemburger Börse / 

andere (zu bestimmen) / nicht-börsennotiert] 

15. Art der Platzierung: [syndiziert / nicht syndiziert] 

* Sofern die Emissionserlöse der Dresdner Finance B.V. im Vereinigten Königreich zufließen und der Endfälligkeitstag weniger als ein Jahr 

nach dem Begebungstag liegt, müssen die Schuldverschreibungen einen Mindestrückzahlungswert von £ 100.000,– (oder einen entsprechenden 

Betrag in einer anderen Währung) haben, und sie dürfen nur an „qualifizierte Investoren“ verkauft werden (sofern keine andere 

anwendbare Ausnahme von § 19 FSMA gilt). 

** Anwendbar auf alle Schuldverschreibungen, mit Ausnahme von Schuldverschreibungen, die an der Frankfurter Wertpapierbörse zugelassen 

sind.

5. Issue Price: [Insert the I] per cent. of the Principal Amount 

[plus accrued interest from [ insert date] 

( in the case of fungible issues only, if applicable)] 

6. Specified Denominations: [Insert the Issuer’s name] 

[Insert the Issuer’s name] 

7. [(i)] Issue Date: [Insert the Issuer’s name] 

[(ii) Interest Commencement Date [Insert the Issuer’s name]] 

(if different from the Issue Date: 

8. Maturity Date*: [ specify date or (for Floating Rate Notes) 

Interest Payment date falling in the relevant 

month and year] 

9. Interest Basis: [ � % Fixed Rate (Condition 4(a))] 

[[ specify reference rate] 

+/– � % 

Floating Rate (Condition 4(b))] 

[Swap related (ISDA) Condition (4(c))] 

[Other (specify) (Condition 4(d))] 

[Zero Coupon (Condition 4(d))] 

(further particulars specified below) 

10. Redemption/Payment Basis: [Redemption at par] 

[Dual Currency] 

[Partly paid] 

[Instalment] 

[Other ( specify)]** 

11. Change of Interest of Redemption/Payment Basis: [ Specify details of any provision 

for convertibility of Notes into 

another interest or redemption/payment basis] 

12. Put/Call Options: [Investor Put (Condition 5(f))] 

[Issuer Call (Condition 5(c))] 

[(further particulars specified below)] 

13. [(i)] Status of the Notes: [Unsubordinated/Subordinated] 

[(ii Status of the Guarantee: [Unsubordinated/Subordinated]] 

14. Listing: [Frankfurt Stock Exchange/ 

Luxembourg Stock Exchange/ 

other ( specify)/ 

None] 

15. Method of distribution: [Syndicated / Non-syndicated] 

* If the issue proceeds are received by Dresdner Finance B.V. in the United Kingdom and the Maturity Date is less than one year from the Issue 

Date, the Notes must have a minimum redemption value of £ 100,000 (or its equivalent in other currencies) and be sold only to “professional 

investors” (or another applicable exemption from section 19 of the FSMA must be available). 

** Applicable to any Notes except for Notes to be listed on the Frankfurt Stock Exchange. 

111

Einzelheiten zur Verzinsung 

16. Festzinsmodalitäten: [anwendbar / nicht anwendbar] 

112 

(falls nicht anwendbar, entfallen die Unterabschnitte 

dieses Absatzes) 

(i) Zinssatz (Zinssätze): [ ] % per annum 

[zahlbar [jährlich / halbjährlich / vierteljährlich / 

monatlich] nachträglich] 

(ii) Zinszahltag(e): [ in jedem Jahr] 

(iii) Festsatzbetrag (Festbeträge): [ ] pro [ ] Stückelung 

(iv) Stückzinsen: 

(v) Zinstageregelung: [ ] 

(vi) sonstige Einzelheiten zur Zinsberechnungsmethode 

bei festverzinslichen 

Schuldverschreibungen: [nicht anwendbar / 

[hier Angabe aller anfänglich oder am Ende anfallenden 

Stückzinsen, die nicht mit dem(den) Festsatzbeträgen 

übereinstimmen] 

17. Modalitäten bei variabler Verzinsung: [anwendbar / nicht anwendbar] 

(i) festgelegte Zinsperiode(n) / 

festgelegte Zinszahlungstage: [ ] 

(Angabe von Einzelheiten) ] 



(ii) Zinstageregelung: [Floating Rate Convention / 

Following Business Day Convention / 

Modified Following Business Day Convention / 

Preceding Business Day Convention / 

andere Regelung (Angabe von Einzelheiten) ] 

(iii) zusätzliche(s) Maßgebliche(s) 

Finanzzentrum(-zentren): [ ] 

(iv) Art und Weise, in der [Bestimmung vom Bildschirm / Bestimmung gemäß 

der Zinssatz bestimmt wird: ISDA / andere Art der Bestimmung (Angabe von 

Einzelheiten) ] 

(v) Verantwortlicher für die Bestimmung des 

Zinssatzes (der Zinssätze) und des 

Zinsbetrags (der Zinsbeträge) 

(falls nicht der Fiscal Agent) [ ] 

(vi) Zinsbestimmung vom Bildschirm 

(vi) – Referenzzinssatz: [ ] 

(vi) – Zinsfeststellungstag(e): [ ] 

(vi) – Maßgebliche Bildschirmseite: [ ]

Provisions Relating to interest (if any) payable 

16. Fixed Rate Note Provisions [Applicable / Not Applicable] 

(if not applicable, delete the remaining sub-paragraphs 

of this paragraph) 

(i) Rate[(s)] of Interest: [Insert the I] per cent. per annum 

[payable [annually / semiannually / quarterly / monthly] 

in arrear] 

(ii) Interest Payment Date(s): [Insert the I] in each year 

(iii) Fixed Coupon Amount[(s)]: [Insert the I] per [Insert the I] in Principal Amount 

(iv) Broken Amount(s): [ Insert particulars of any initial or final broken interest 

amounts which do not correspond with the Fixed 

Coupon Amount[(s)]] 

(v) Day Count Fraction: [ ] 

(vi) Other terms relating to the method of 

calculating interest for Fixed Rate Notes: [Not Applicable / give 

details] 

17. Floating Rate Note Provisions [Applicable / Not Applicable] 

(If not applicable, delete the 

remaining sub-paragraphs of this paragraph). 

(i) Specified Period(s) / Specified Interest: 

Payment Dates: [ ] 

(ii) Business Day Convention: [Floating rate Convention / 

Following Business Day Convention / 

Modified Following Business Day Convention / 

Preceding Business Day Convention / 

other ( give details)] 

(iii) Additional Business Centre(s): [ ] 

(iv) Manner in which the Rate(s) of Interest [Screen Rate Determiation / ISDA 

is/are to be determined: Determination / other ( give details)] 

(v) Party responsible for calculating the 

Rate(s) of Interest and Interest 

Amount(s) (if not the [Agent]): [ ] 

(vi) Screen Rate Determination: 

– Reference Rate: [ ] 

– Interest Determination Date(s): [ ] 

– Relevant Screen Page: [ ] 

113

114 

(vii) Zinsbestimmung gemäß ISDA 

(vii) – Wahlrecht variabel verzinslich: [ ] 

(vii) – vorbestimmte Laufzeit: [ ] 

(vii) – Neufeststellungstag: [ ] 

(viii) Aufschlag/Abschlag (Marge): [+ / –] [ ] % 

(ix) Mindestzinssatz: [ ] % per annum 

(x) Höchstzinssatz: [ ] % per annum 

(xi) Zinstageregelung: [ ] 

(xii) Zusatzvereinbarungen, Regelungen betreffend 

Rundungen, Nenner und andere Einzelheiten im 

Zusammenhang mit der Berechnung von Zinsen 

bei variabel verzinslichen Schuldverschreibungen, 

sofern abweichend von den Anleihebedingungen: [ ] 

18. Nullkupon-Modalitäten: [anwendbar / nicht anwendbar] 

(falls nicht anwendbar, entfallen die 

Unterabschnitte dieses Absatzes) 

(i) Rendite: [ ] % per annum 

(ii) Referenzkurs [ ] 

(iii) Andere Formel/Berechnung des fälligen Betrags: [ ] 

19. Doppelwährungs-Modalitäten: [anwendbar / nicht anwendbar] 

(i) Umechnungskurs / Art der Umrechnung: 



[Angabe von Einzelheiten] 

(ii) Berechnungsstelle, falls zutreffend, für die 

Berechnung des fälligen Rückzahlungsbetrages 

und/oder fälliger Zinsen: [ ] 

(iii) anwendbare Bestimmungen für den Fall, dass die 

Berechnung unter Bezugnahme auf einen Umrechnungskurs 

nicht möglich oder nicht sinnvoll ist: [ ] 

(iv) Person, die die Art der Währung(en) 

für die Zahlung(en) bestimmt: [ ] 

Einzelheiten zur Rückzahlung 

20. Vorzeitige Rückzahlung nach Wahl der [anwendbar / nicht anwendbar] 

Anleiheschuldnerin: 

(falls nicht anwendbar, entfallen die 

Unterabschnitte dieses Absatzes) 

(i) Tag(e) der vorzeitigen Rückzahlung: [ ]

(vii) ISDA Determination: 

– Floating Rate Option: [ ] 

– Designated Maturity: [ ] 

– Reset Date: [ ] 

(viii)Margin(s): [+/–] [Insert the ] per cent. per annum 

(ix) Minimum Rate of Interest: [ ] per cent. per annum 

(x) Maximum Rate of Interest: [ ] per cent. per annum 

(xi) Day Count Fraction: [ ] 

(xii) Fall back provisions, rounding 

provisions, denominator and any other 

terms relating to the method of 

calculating interest on Floating Rate Notes, 

if different from those set out in the Conditions: [ ] 

18. Zero Coupon Note Provisions [Applicable / Not Applicable] 



(i) Amortisation Yield: [ ] per cent. per annum 

(ii) Reference Price: [ ] 

(iii) Any other formula/basis of 

determining amount payable: [ ] 

19. Dual Currency Note Provisions [Applicable / Not Applicable] 



(i) Rate of Exchange / method of calculating 

Rate of Exchange: [give details] 

(ii) Calculation Agent, if any, responsible 

for calculating the principal and/or interest due: [ ] 

(iii) Provisions applicable where calculation 

by reference to Rate of Exchange 

impossible or impracticable: [ ] 

(iv) Person at whose option Specified 

Currency(ies) is/are payable: [ ] 

Provisions Relating to redemption 

20. Call Option [Applicable / Not Applicable] 



(i) Early Redemption Date(s) [ ] 

115

116 

(ii) [Betrag bei vorzeitiger Rückzahlung / 

Amortisierungsnennbetrag (bzw. Beträge)] und, 

falls zutreffend, Methode zu deren Berechnung: [ ] 

(iii) Bei Rückzahlung in Teilbeträgen: [ ] 

(a) Minimum-Rückzahlungbetrag: [ ] 

(b) Maximum-Rückzahlungsbetrag: [ ] 

(iv) Kündigungsfrist 

(falls abweichend von den Bedingungen): [ ] 

21. Vorzeitige Rückzahlung nach Wahl [anwendbar / nicht anwendbar] 

der Anleihegläubiger: 



(i) Tag(e) der vorzeitigen Rückzahlung: [ ] 

(ii) [Betrag bei vorzeitiger Rückzahlung / Amortisierungsnennbetrag 

(bzw. Beträge)] und, falls 

zutreffend, Methode zu deren Berechnung: [ ] 

(iii) Kündigungsfrist (falls abweichend von den 

Bedingungen): [ ] 

22. Rückzahlungsbetrag bei Endfälligkeit: [zum Nennbetrag / anderer Betrag / gemäß Anhang] 

23. Betrag bei vorzeitiger Rückzahlung: 

Betrag (Beträge) bei vorzeitiger Rückzahlung aus 

Steuergründen oder bei Vorliegen von Kündigungsgründen 

für die Anleihegläubiger und Methode zu 

deren Berechnung (falls erforderlich oder falls 

abweichend von den Bedingungen): [ ] 

Allgemeine Angaben zu den Schuldverschreibungen 

24. Form (Verbriefung): Inhaberschuldverschreibungen: 

[Vorläufige Globalurkunde, austauschbar gegen eine 

Dauerglobalurkunde[, die gegen effektive Stücke auf 

Anforderung nach [ ] Tagen, jederzeit, oder 

unter bestimmten, in der Globalurkunde festgelegten 

Umständen austauschbar ist]] 

[Vorläufige Globalurkunde, austauschbar gegen 

effektive Stücke auf Anforderung nach [ ] Tagen] 

[Globalurkunde, austauschbar gegen effektive Stücke 

auf Anforderung nach [ ] Tagen, jederzeit, oder unter 

bestimmten in der Dauerglobalurkunde festgelegten 

Umständen] 

Namensschuldverschreibungen: 

[Namensglobalurkunde]

(ii) [Early Redemption Amount(s) / 

Amortised Face Amount(s)] and method, 

if any, of calculation of such amount(s): [ ] 

(iii) If redeemable in part: [ ] 

(a) Minimum Redemption Amount: [ ] 

(b) Maximum Redemption Amount: [ ] 

(iv) Notice period (if other than as set out 

in the Conditions): [ ] 

21. Put Option [Applicable / Not Applicable] 

(i) Early Redemption Date(s): [ ] 

(ii) [Early Optional Redemption Amount(s) / 

Amortised Face Amount(s)] and method, 

if any, of calculation of such amount(s): [ ] 

(iii) Notice period (if other than as set out 




22. Final Redemption Amount [Par / other / see Appendix] 

23. Early Redemption Amount 

Early Redemption Amount(s) payable on 

redemption for taxation reasons or on event 

of default and/or the method of calculating the 

same (if required or if different from that set 

out in the Conditions): [ ] 

General Provisions Applicable to the Notes 

24. Form of Notes: Bearer Notes: 

[Temporary Global Note exchangeable for a Permanent 

Global Note [which is exchangeable for Definitive 

Notes on [days] days’ notice/at any time/in the limited 

circumstances specified in the Permanent Global Note.]] 

[Temporary Global Note exchangeable for Definitive 

Notes on [days] days’ notice] 

[Permanent Global Note exchangeable for Definitive 

Notes on [days] days’ notice at any time/in the limited 

circumstances specified in the Permanent Global 

Note]. 

Registered Notes: 

[Global Registered Note] 

117

25. Zusätzliches Maßgebliches Finanzzentrum [nicht anwendbar / Angabe von Einzelheiten] 

118 

oder andere spezielle Vereinbarungen 

in Bezug auf Zahltage: 

26. Beifügung von Talons oder Empfangsbescheinigungen 

an effektive Stücke 

(und Verfalldatum der Talons): [Ja / Nein 

27. Einzelheiten in Bezug auf Teileingezahlte 

Schuldverschreibungen: Betrag jeder 

Zahlung unter Angabe des Emissionspreises 

und dem Tag, an dem die betreffende Einzahlung 

zu leisten ist, sowie (falls zutreffend) Rechtsfolgen 

bei Nichteinzahlung, einschließlich jedwedes Recht 

der Emittentin, bei verspäteter Einzahlung 

Schuldverschreibungen nicht zu übertragen und 

Zinsen nicht zu zahlen: [nicht zutreffend / 

28. Einzelheiten in Bezug auf in Teilbeträgen 

rückzahlbare Schuldverschreibungen: 

Betrag jeder Teilrückzahlung und Tag, an dem 

die Zahlung zu leisten ist: [nicht zutreffend / 

(Bitte beachten, dass diese Angabe sich auf den Ort 

der Zahlung bezieht und nicht auf die Länge der 

Zinsperiode, die in Punkt 17 (iii) geregelt ist) 

(falls Ja, Angabe von Einzelheiten) ] 

Angabe von Einzelheiten] 


29. Währungsumstellung, Nennwertumstellung [nicht zutreffend / Die Bestimmungen in [Bedingung 

und Umstellungsbestimmungen: [im Anhang zum Konditionenblatt] sind gültig 

30. Konsolidierungsbestimmungen: [nicht zutreffend / Die Bestimmungen in [Bedingung 

[im Anhang zum Konditionenblatt] sind gültig 

31. Andere Bedingungen oder spezielle Bestimmungen [nicht zutreffend / 

Angaben zur Platzierung 

32. Falls syndiziert: (i) Namen der Manager [nicht zutreffend / 

(ii) für Kurspflege verantwortlicher 

Manager [nicht zutreffend / 

33. Falls nicht syndiziert: Name des Dealers [nicht zutreffend / 

34. Zusätzliche Verkaufsbeschränkungen [nicht zutreffend / 






Niederländische/weltweite Verkaufsbeschränkungen [Bezüglich Schuldverschreibungen, die an der Euronext 

gelisted sind, ist Verkaufsbeschränkung I (i) 

anzuwenden.] 

[Bezüglich Schuldverschreibungen mit hohem 

Nennbetrag ist Verkaufsbeschränkung I (ii) anzuwenden.] 

[Bezüglich des Angebots einer Einheit ist Verkaufsbeschränkung 

I (iii) anzuwenden.] 

[Bezüglich der Principal-Dealer-Ausnahme (lediglich 

für Dresdner Finance B.V.) ist Verkaufsbeschränkung I 

(iv) anzuwenden.] 

�] 

�]

25. Additional Financial Centre(s) or other special [Not Applicable/ give details. Note that this item relates 

provisions relating to Payment Dates: 

26. Talons for future Coupons or Receipts to be 

attached to Definitive Notes (and dates on 

which such Talons mature): [Yes/No. 

27. Details relating to Partly Paid Notes: amount of 

each payment comprising the Issue Price and 

date on which payment is to be made and 

consequences (if any) of failure to pay, 

including any right of the Issuer to forfeit the 

Notes and interest due on late payment: [Not Applicable / 

28. Details relating to Instalment Notes: amount of 

each instalment, date on which each payment 

is to be made: [Not Applicable / 

to the place of payment, and not interest period end 

dates, to which item 17(iii) relates] 

If yes, give details] 

give details] 

give details] 

29. Redenomination, renominalisation and [Not Applicable / The provisions [in Condition 

reconventioning provisions: [annexed to this Pricing Supplement] apply] 

30. Consolidation provisions: [Not Applicable / The provisions [in Condition 

[annexed to this Pricing Supplement] apply] 

31. Other terms or special conditions: [Not Applicable / give 

Distribution 

32. If syndicated (i) Names of Managers: [Not Applicable / give 

(ii) Stabilising Manager (if any): [Not Applicable / give 

33. If non-syndicated, name of Dealer: [Not Applicable / give 

34. Additional selling restrictions: [Not Applicable / give 

details] 

names] 

name] 

name] 

details] 

Netherlands/Global selling restrictions [Notes listed on Euronext: selling restriction I(i) applies] 

[High denomination Notes: selling restriction I(ii) applies] 

[Unit offering: selling restriction I(iii) applies] 

[Principal-Dealer exemption (only for Dresdner Finance 

B.V.): selling restriction I(iv) applies] 

�] 

�] 

119

Angaben zur Abwicklung 

35. ISIN Code: [ ] 

36. Common Code: [ ] 

37. Wertpapier-Kenn-Nummer / interne Kenn-Nr. [ ] 

120 

[Bezüglich professioneller Investoren ist allein 

Verkaufsbeschränkung I (v) anzuwenden.] 

[Bezüglich von außerhalb der Niederlande angebotenen 

Schuldverschreibungen (lediglich für Dresdner 

Finance B.V.) ist Verkaufsbeschränkung I (vi) anzuwenden.] 

[Bezüglich eine Kombination von Professionellen und 

Embargo (lediglich für Dresdner Finance B.V.) ist 

Verkaufsbeschränkung I (vii) anzuwenden.] 

[Bezüglich Schuldverschreibungen, für die die Euro- 

Wertpapier-Ausnahme gilt, ist Verkaufsbeschränkung I 

(viii) anzuwenden.] 1 

38. Clearing System und betreffende Identitäts- [Clearstream Frankfurt] 

nummer: [Clearstream Luxembourg/Euroclear] 

[anderes / zusätzliches Clearing System] 

(Angabe von Einzelheiten) 

[nicht zutreffend] 

39. Lieferung: [Lieferung gegen Zahlung / frei von Zahlung] 

40. Fiscal Agent und Hauptzahlstelle: [Dresdner Bank AG / The Chase Bank, London Branch] 

41. Weitere Zahlstell(en) (falls zutreffend): [ ] 

42. Anzuwendende TEFRA Regeln: [C Rules / D Rules] 

43. Anwendbares Recht / Rechtsverbindliche Sprache: Recht: [Deutsch / Englisch / anderes Recht] 

Sprache: [Deutsch / Englisch] 

44. Der Gesamtnennbetrag der Schuldverschreibungen 

wurde in Euro zum Kurs von [ � Betrag] [Währung] = 

1 Euro umgerechnet, dies ergibt einen Betrag von: Euro [ ] 

1 Soweit nicht anwendbar, streichen oder alle Alternativen streichen, falls eine andere niederländische wertpapierrechtliche Ausnahme (wie die 

gegenseitige Anerkennung oder Einzelfallsdispens) gewählt wird. In diesem Fall Ausnahme benennen.

Operational Information 



37. Wertpapier-Kenn-Nummer / German Security Code 

or Internal Code: [ ] 

[Professional Investors only: selling restriction I(v) applies] 

[Notes offered outside Netherlands (only for Dresdner 

Finance B.V.): selling restriction I(vi) applies] 

[Combination professionals and embargo (only for 

Dresdner Finance B.V.): selling restriction I(vii) applies] 

[Euro-securities exemption: selling restriction: selling 

restrictions I(viii) applies] 1 

38. Clearing system(s) and the relevant identification [Clearstream Frankfurt] 

number(s): [Clearstream Luxembourg/Euroclear] 

[other/additional Clearing System] 

(give name(s) and number(s)) 

[Not Applicable] 

39. Delivery: Delivery [against/free of] payment 

40. Fiscal Agent and Principal Paying Agent: [Dresdner Bank AG / The Chase Bank, London Branch] 

41. Additional Paying Agent(s) (if any): [ ] 

42. Applicable TEFRA Rules: C Rules/D Rules 

43. Governing Law/Binding Language: Law: [German/English/other] 

Language: [German/English] 

44. The aggregate principal amount of Notes has been 

translated into Euro at the rate of [ � amount] 

[currency] = 1 Euro producing the sum of: Euro [ ] 

1 Delete in each case as not applicable or delete all of these alternatives if another Netherlands securities law exemption is chosen such as 

mutual recognition or individual dispensation. In that case, specify such exemption. 

121

[ANTRAG AUF BÖRSENNOTIERUNG 

Dieses Konditionenblatt enthält die Details, die erforderlich sind, um die hierin beschriebenen Schuldverschreibungen 

des 3 20.000.000.000,– Euro Medium Term Note Programme vom 4. Mai 2 004 an der [Name der Börse] zu 

notieren.] 

VERANTWORTLICHKEIT 

Die Emittentin [und die Garantin] übernehmen/übernimmt die Verantwortung für die Informationen, die dieses 

Konditionenblatt enthält. 

[Unterschrift für die Anleiheschuldnerin: Unterschrift für die Garantin: 

Von: Von: 

Ordnungsgemäß bevollmächtigt Ordnungsgemäß bevollmächtigt] 

122

[LISTING APPLICATION 

This Pricing Supplement comprises the details required to list the issue of Notes described herein pursuant to the 

3 20,000,000,000 Euro Medium Term Note Programme of4 May 2004 on the [name of the stock exchange].] 

RESPONSIBILITY 

The Issuer [and the Guarantor] accept[s] responsibility for the information contained in this Pricing Supplement. 

[Signed on behalf of the Issuer: Signed on behalf of the Guarantor: 

By: By: 

Duly authorised Duly authorised] 

123

124 

Muster des Konditionenblattes für Bedingungen (C) 

Ein Muster eines Konditionenblatts, wie es im Zusammenhang mit dem Set (C) der Anleihebedingungen 

unter dem Programm zu erstellen ist, ist angefügt. 

Dieses Muster ist so zu vervollständigen, dass die Bedingungen jeder Tranche vollständig abgebildet werden. 

Wenn die Schuldverschreibungen an einer Börse zugelassen werden sollen, sind die erforderlichen Angaben zum 

Underlying (wie auf Seite 15 definiert) dem Konditionenblatt als Anhang beizufügen. 

Konditionenblatt vom � 


Emission von 

[Gesamtnennbetrag der Tranche] 

[Bezeichnung der Schuldverschreibungen] 

Emittiert unter dem 

EUR 20.000.000.000,– 

Euro Medium Term Note Programm 

Dieses Konditionenblatt bezieht sich auf die Emission der hierin beschriebenen Schuldverschreibungen wie oben 

genannt. Die hierin verwendeten Begriffe haben die für sie in den im Information Memorandum vom 4. Mai 2004 

[und im ergänzenden Information Memorandum vom �] (das „Information Memorandum“) enthaltenen Emissionsbedingungen 

(C) (die „Bedingungen“) festgelegte Bedeutung. Dieses Konditionenblatt enthält die endgültigen 

Begriffe, die in Verbindung mit den Schuldverschreibungen verwendet werden und ist in Verbindung mit dem Information 

Memorandum zu lesen. 

[Die als Annex � beigefügten Bedingungen ersetzen vollständig die im Information Memorandum vom 4. Mai 2004 

[und im ergänzenden Information Memorandum vom �] enthaltenen Bedingungen (C).] 1 

[Anwendbare Bestimmungen einfügen oder als „Nicht anwendbar“ (N/A) kennzeichnen. Achtung: Reihenfolge der 

Nummerierung bleibt unverändert, auch wenn einzelne Abschnitte oder Unterabschnitte als „Nicht anwendbar“ gekennzeichnet 

sind. Kursivschrift kennzeichnet Erläuterungen für die Bearbeitung des Konditionenblatts.] 

1. Anleiheschuldnerin: Dresdner Bank Aktiengesellschaft 

2. [(i)] Nummer der Anleihe: [ ] 

[(ii) Nummer der Tranche: 

(falls fungibel mit einer bestehenden Anleihe, 

Einzelheiten dieser Anleihe, einschließlich 

des Tags, an dem die Schuldverschreibungen 

fungibel werden).] [ ] 

3. Währung(en): [ ] 

4. Nennbetrag: 

[(i)] der Gesamtanleihe: [ ] 

[(ii) der Tranche: [ ]] 

1 Die Bedingungen C sind auf Basis der 2002 ISDA Equity Derivatives Definitionen erstellt. Für den Fall, dass eine Emission auf Basis der 1996 

ISDA Equity Derivatives Definitionen abgeschlossen wird, müssen die Bedingungen C aus dem Information Memorandum vom 25. Juni 2003 

verwendet werden.

Pro Forma Pricing Supplement for Terms and Conditions (C) 

A pro forma Pricing Supplement for use in connection with the Set (C) Terms and Conditions of the Programme 

is set out below. 

This pro forma is subject to completion and amendment to set forth the terms upon which each Tranche of Notes 

is to be issued. 

If the Notes are to be listed on a stock exchange the necessary information about the Underlying (as defined on 

page 15) have to be included as Annex to the Pricing Supplement. 

Pricing Supplement dated � 


Issue of 

[Aggregate Principal Amount of Tranche] 

[Title of Notes] 

Issued under the 

EUR 20,000,000,000 


This document constitutes the Pricing Supplement relating to the issue of Notes described herein. Terms used herein 

shall be deemed to be defined as such for the purposes of the Terms and Conditions (C) (the “Conditions”) set 

forth in the Information Memorandum dated 4 May 2004 [and the supplemental Information Memorandum dated �] 

(the “Information Memorandum”). This Pricing Supplement contains the final terms of the Notes and must be read 

in conjunction with the Information Memorandum. 

[The Conditions of the Notes annexed hereto as Annex � shall replace in their entirety the Conditions set out in the 

Information Memorandum dated 4 May 2004 [and the supplemental Information Memorandum dated �.] 1 

[Include whichever of the following apply or specify as “Not Applicable” (N/A). Note that the numbering should 

remain as set out below, even if “Not Applicable” is indicated for individual paragraphs or sub-paragraphs. Italics 

denote directions for completing the Pricing Supplement.] 

1. Issuer: Dresdner Bank Aktiengesellschaft 

2. [(i)] Issue Number: [ ] 

[(ii) Tranche Number: 

(If fungible with an existing Issue, details 

of that Issue, including the date on which 

the Notes become fungible).] [ ] 

3. Specified Currency or Currencies: [ ] 

4. Principal Amount: 

[(i)] Issue: [ ] 

[(ii) Tranche: [ ]] 

1 The Conditions C have been created on the basis of the 2002 ISDA Equity Derivatives Definitions. In the case of the usage of the 1996 ISDA 

Equity Derivatives Definitions, the Conditions C of the Information Memorandum dated 25 June 2003 shall apply. 

125

5. Emissionspreis: [ ] % des Nennbetrags [zuzüglich aufgelaufener 

Zinsen ab [Datum einfügen] (nur bei fungiblen Anleihen, 

falls zutreffend)] 

6. Nennbeträge: [ ] 

126 

[ ] 

7. [(i)] Begebungstag: [ ] 

[(ii) Beginn der Verzinsung 

(falls abweichend vom Begebungstag): [ ]] 

8. Endfälligkeitstag: [genaues Datum oder (für variable verzinsliche 

Schuldverschreibungen) letzter Zinszahlungstag im 

betreffenden Monat und Jahr angeben] 

9. Zinsmodalität: [� % Festzinssatz (Bedingung 5(a))] 

[[festzulegender Referenzinssatz] +/– � % variable 

verzinslich (Bedingung 5(b))] 

[Swapbezogene Verzinsung (ISDA) Bedingung 5(c))] 

[Indexbezogene Verzinsung (Bedingung 5(d)] 

[sonstige (aufzuführen) (Bedingung 5(d))] 

(zusätzliche Einzelheiten unten aufzuführen) 

10. Rückzahlungsmodalität: [Aktienbezogene Rückzahlung] / [Indexbezogene 

Rückzahlung] 

11. Wechsel der Zins- oder Tilgungs-/ 

Rückzahlungsmodalität: [Einzelheiten jedweder Vereinbarung einer Umstellung 

der Schuldverschreibungen auf eine andere Zinsoder 

Tilgungs-/Rückzahlungsart] 

12. Gläubiger-/Schuldnerkündigungsrechte: [Gläubigerkündigungsrecht (Bedingung 6(l))] 

[Schuldnerkündigungsrecht (Bedingung 6(i))] 

[(zusätzliche Einzelheiten unten aufzuführen)] 

13. Status der Schuldverschreibungen: [nicht nachrangig/nachrangig] 

14. Börsennotierung: [Luxemburger Wertpapierbörse / andere (zu 

bestimmen) / nicht börsennotiert] 

15. Art der Platzierung: [syndiziert / nicht syndiziert] 

Einzelheiten zur Verzinsung 

16. Festzinsmodalitäten [anwendbar / nicht anwendbar] 

(i) Zinssatz/Zinssätze: [ ] % per annum 



[zahlbar [jährlich / halbjährlich / vierteljährlich / 

monatlich] nachträglich] 

(ii) Zinszahlungstag(e): [ ] in jedem Jahr

5. Issue Price: [ ] per cent. of the Principal Amount [plus accrued 

interest from [insert date] (in the case of fungible 

issues only, if applicable)] 

6. Specified Denominations: [ ] 

[ ] 

7. [(i)] Issue Date: [ ] 

[(ii) Interest Commencement Date (if different 

from the Issue Date): [ ]] 

8. Maturity Date: [specify date or (for Floating Rate Notes) Interest 

Payment Date falling in the relevant month and year] 

9. Interest Basis: [� % Fixed Rate (Condition 5(a))] 

[[specify reference rate] +/- � % Floating Rate 

(Condition 5(b))] 

[Swap Related (ISDA) Condition 5(c))] 

[Index Linked Interest (Condition 5(d)] 

[Other (specify) (Condition 5(d))] 

(further particulars specified below) 

10. Redemption / Payment Basis: [Equity Linked Redemption] / [Index Linked 

Redemption] 

11. Change of Interest or Redemption / Payment Basis: [Specify details of any provision for convertibility of 

Notes into another interest or redemption / payment 

basis] 

12. Put/Call Options: [Investor Put (Condition 6(l))] 

[Issuer Call (Condition 6(i))] 

[(further particulars specified below)] 

13. Status of the Notes: [Unsubordinated / Subordinated] 

14. Listing: [Luxembourg Stock Exchange / other (specify)/None] 

15. Method of distribution: [Syndicated / Non-syndicated] 

Provisions Relating to Interest (if any) payable 

16. Fixed Rate Note Provisions [Applicable / Not Applicable] 

(If not applicable, delete the remaining subparagraphs 


(i) Rate[(s)] of Interest: [ ] per cent. per annum 

[payable [annually / semi-annually / quarterly / 

monthly] in arrear] 

(ii) Interest Payment Date(s): [ ] in each year 

127

128 

(iii) Festsatzbetrag [Festsatzbeträge]: [ ] pro [ ] an Nennbetrag 

(iv) Stückzinsen: [hier Angabe aller anfänglich oder am Ende anfallenden 

Stückzinsen, die nicht mit dem(den) Festsatzbeträgen 

übereinstimmen]] 

(v) Zinstagequotient: [ ] 

(vi) sonstige Einzelheiten zur Zinsberechnungsmethode 

bei festverzinslichen 

Schuldverschreibungen: [Nicht anwendbar / Einzelheiten angeben] 

17. Modalitäten bei variabler Verzinsung [anwendbar / nicht anwendbar] 

(i) Zinsperiode(n)/Zinszahlungstage: [ ] 



(ii) Geschäftstageregelung: [Floating Rate Business Day Convention / Following 

Business Day Convention / Modified Following 

Business Day Convention / Preceding Business Day 

Convention / andere Regelung (Einzelheiten angeben)] 

(iii) zusätzliche(s) Maßgebliche(s) Finanzzentrum(-zentren): 

[ ] 

(iv) Art und Weise, in der der Zinssatz bestimmt 

wird: [Bestimmung vom Bildschirm/Bestimmung gemäß ISDA/ 

andere Art der Bestimmung (Angabe von Einzelheiten)] 

(v) Berechnungsstelle (falls nicht der Fiscal Agent): [ ] 

(vi) Zinsbestimmung vom Bildschirm 

(Bedingung 5.(b)): 

– Referenzzinssatz: [LIBOR / EURIBOR / anderen Zinssatz angeben] 

– Zinsfeststellungstag(e): [ ] 

– Maßgebliche Bildschirmseite: [Reuters Screen / Moneyline Telerate / andere 

Bildschirmseite angeben] 

(vii) Zinsbestimmung gemäß ISDA 

(Bedingung 5.(c)): 

– Wahlrecht variable verzinslich: [ ] 

– vorbestimmte Laufzeit: [ ] 

– Zinsfestsetzungstag: [angeben, falls dies nicht der erste Tag der jeweiligen 

Zinsperiode sein soll] 

(viii) Maßgebliche Marge(n): [+/-][ ] % per annum 

(ix) Mindestzinssatz: [ ] % per annum 

(x) Höchstzinssatz: [ ] % per annum

(iii) Fixed Coupon Amount[(s)]: [ ] per [ ] in Principal Amount 

(iv) Broken Amount(s): [Insert particulars of any initial or final broken interest 

amounts which do not correspond with the Fixed 

Coupon Amount[(s)]] 

(v) Day Count Fraction: [ ] 

(vi) Other terms relating to the method of 

calculating interest for Fixed Rate Notes: [Not Applicable / give details] 

17. Floating Rate Note Provisions [Applicable / Not Applicable] 

(i) Interest Period(s) / Interest Payment Dates: [ ] 



(ii) Business Day Convention: [Floating Rate Business Day Convention / Following 



Convention / other (give details)] 

(iii) Additional Business Centre(s): [ ] 

(iv) Manner in which the Rate(s) of Interest 

is/are to be determined: [Screen Rate Determination / ISDA Determination / 

other 

(give details)] 

(v) Calculation Agent (if not the Fiscal Agent): [ ] 

(vi) Screen Rate Determination (Condition 5.(b)): 

– Reference Rate: [LIBOR / EURIBOR / specify other] 

– Interest Determination Date(s): [ ] 

– Relevant Screen Page: [Reuters Screen / Moneyline Telerate / specify other] 

(vii) ISDA Determination (Condition 5.(c)): 

– Floating Rate Option: [ ] 

– Designated Maturity: [ ] 

– Reset Date: [specify, if different from first day of relevant Interest 

Period] 

(viii) Relevant Margin(s): [+/-][ ] per cent. per annum 

(ix) Minimum Rate of Interest: [ ] per cent. per annum 

(x) Maximum Rate of Interest: [ ] per cent. per annum 

129

130 

(xi) Zinstagequotient: [ ] 

(xii) Zusatzvereinbarungen, Regelungen betreffend 

Rundungen, Nenner und andere Einzelheiten 

im Zusammenhang mit der Berechnung von 

Zinsen bei variabel verzinslichen Schuldverschreibungen, 

sofern abweichend von 

den Anleihebedingungen: [ ] 

18. Nullkupon-Modalitäten: [anwendbar / nicht anwendbar] 

(i) Rendite: [ ] % per annum 

(ii) Andere Formel / Bestimmungsmethode 

des zur Zahlung fälligen Betrags: [ ] 



19. Indexbezogene Zinsmodalitäten [anwendbar/nicht anwendbar] 



(i) Index/Indexkorb/Formel: [Angaben, ggf. als Annex, beifügen, inklusive der 

jeweiligen Daten, zu denen der betreffende Indexstand 

bzw. Stand des Indexkorbs ermittelt wird] 

(ii) Berechnungsstelle für die Berechnung 

der fälligen Zinsen: [ ] 

(iii) Vereinbarungen zur Zinsbestimmung für 

den Fall, dass die Berechnung unter Bezugnahme 

auf einen Index / einen Indexkorb 

und/oder eine Formel nicht möglich oder 

nicht sinnvoll ist: [ ] 

(iv) Zinsperiode(n) / Zinszahlungstage: [ ] 

(v) Geschäftstageregelung (wie jeweils in 

Bedingung 5.(b) definiert): [Floating Rate Business Day Convention / Following 



Convention andere Geschäftstageregelung 

(Einzelheiten angeben)] 

(vi) zusätzliche(s) Maßgebliche(s) 

Finanzzentrum(-zentren): [ ] 

(vii) Mindestzinssatz: [ ] % per annum 

(viii) Höchstzinssatz: [ ] % per annum 

(ix) Zinstagequotient: [ ] 

20. Doppelwährungsmodalitäten [anwendbar / nicht anwendbar] 


dieses Absatzes)

(xi) Day Count Fraction: [ ] 

(xii) Fall back provisions, rounding provisions, 

denominator and any other terms relating 

to the method of calculating interest on 

Floating Rate Notes, if different from those 

set out in the Conditions: [ ] 

18. Zero Coupon Note Provisions: [Applicable / Not Applicable] 



(i) Amortisation Yield: [ ] per cent. per annum 

(ii) Any other formula / basis of determining 

amount payable: [ ] 

19. Index-Linked Interest Note Provisions [Applicable / Not Applicable] 



(i) Index / Basket of Indices / Formula: [give or annex details, including any relevant dates for 

determination of relevant level of Index or Basket of 

Indices] 

(ii) Calculation Agent responsible for calculating 

the interest due: [ ] 

(iii) Provisions for determining Coupon where 

calculation by reference to Index / Basket 

of Indices and/or Formula is impossible 

or impracticable: [ ] 

(iv) Interest Period(s) / Interest Payment Dates: [ ] 

(v) Business Day Convention (each as 

defined in Condition 5.(b)): [Floating Rate Business Day Convention / Following 



Convention / other (give details)] 

(vi) Additional Business Centre(s): [ ] 

(vii) Minimum Rate of Interest: [ ] per cent. per annum 

(viii) Maximum Rate of Interest: [ ] per cent. per annum 

(ix) Day Count Fraction: [ ] 

20. Dual Currency Note Provisions [Applicable / Not Applicable] 



131

132 

(i) Umechnungskurs / Art der Umrechnung: [Einzelheiten angeben] 

(ii) Berechnungsstelle, falls zutreffend, für die 

Berechnung des fälligen Rückzahlungsbetrages 

und / oder fälliger Zinsen: [ ] 

(iii) anwendbare Bestimmungen für den Fall, 

dass die Berechnung unter Bezugnahme auf 

einen Umrechnungskurs nicht möglich 

oder nicht sinnvoll ist: [ ] 

(iv) Person die die Art der Währung(en) 

für die Zahlung(en) bestimmt: [ ] 

Bestimmungen zur Rückzahlung 

21. Vorzeitige Rückzahlung nach Wahl der 

Anleiheschuldnerin [anwendbar / nicht anwendbar] 




(ii) [Rückzahlungsbetrag bei Vorzeitiger Kündigung 

/ Amortisierungsnennbetrag 

(bzw. Beträge)] und, falls zutreffend, 

Methode zu deren Berechnung: [angeben, soweit unterschiedlich zu den in Bedingung 

6 (i) dargestellten Beträgen] 

(iii) Bei Rückzahlung in Teilbeträgen: 

(a) Minimum Rückzahlungsbetrag: [ ] 

(b) Maximum Rückzahlungsbetrag: [ ] 

(iv) Kündigungsfrist (falls abweichend von den 

Bedingungen): [ ] 

22. Vorzeitige Rückzahlung nach Wahl der Anleihegläubiger 

[anwendbar/nicht anwendbar] 




(ii) [Rückzahlungsbetrag bei Vorzeitiger 

Kündigung / Amortisierungsnennbetrag 

(bzw. Beträge)] und falls zutreffend, 

Methode zu deren Berechnung: [angeben, soweit unterschiedlich zu den in Bedingung 

6 (j) dargestellten Beträgen] 

(iii) Kündigungsfrist (falls abweichend von den 

Bedingungen): [ ]

(i) Rate of Exchange / method of calculating 

Rate of Exchange: [give details] 

(ii) Calculation Agent, if any, responsible for 

calculating the principal and/or interest due: [ ] 

(iii) Provisions applicable where calculation 

by reference to Rate of Exchange impossible 

or impracticable: [ ] 

(iv) Person at whose option Specified 

Currency(ies) is/are payable: [ ] 

Provisions Relating to Redemption 

21. Call Option [Applicable / Not Applicable] 




(ii) [Early Redemption Amount(s) / Amortised 

Face Amount(s)] and method, if any, 

of calculation of such amount(s): [specify, if different from amounts set out in Condition 

6 (i)] 

(iii) If redeemable in part: 

(a) Minimum Redemption Amount: [ ] 

(b) Maximum Redemption Amount: [ ] 

(iv) Notice period (if other than as set out 


22. Put Option [Applicable / Not Applicable] 




(ii) [Early Redemption Amount(s) / Amortised 

Face Amount(s)] and method, if any, 

of calculation of such amount(s): [specify, if different from amounts set out in Condition 

6 (i)] 

(iii) Notice period (if other than as set out 


133

23. Bestimmung des Rückzahlungsbetrags 

134 

(i) Barzahlungs-Anleihen oder Physisch auszuliefernde 

Anleihen: [Barzahlungs-Anleihen / Physisch auszuliefernde 

Anleihen] 

(ii) Option der Anleiheschuldnerin zur 

Modifizierung der Abrechnung: [Anwendbar / Nicht anwendbar] 

(iii) Abschlusstag: [ ] 

[Soweit die Option gemäß Bedingung 1 (c) oder (d) 

anwendbar ist, Einzelheiten zur Ausübung der Option 

angeben, einschließlich eines vom letzten Bewertungstag 

oder dem letzten Durchschnittsermittlungstag 

verschiedenen Ausübungstags (vgl. 

Bedingung 6 (g)).] 

(iv) [Aktie / Index] / [Aktienkorb / Indexkorb]: [Anzahl und Art der Aktien jeder Korbgesellschaft 

angeben, aus denen sich der Aktienkorb zusammensetzt 

/ Index oder Indizes angeben, aus denen sich 

der Indexkorb zusammensetzt] 

(v) Börse(n): [Börse oder Handelssystem für jede Aktie bzw. jeden 

Index angeben] 

(vi) Verbundene Börse(n): [Börse oder Handelssystem für jede Aktie bzw. jeden 

Index angeben; angeben, ob „alle Börsen“ anwendbar 

sein soll (wie in der Definition von Verbundene Börsen 

in Bedingung 2 dargestellt)] 

(vii) Bewertungstag: [ ] 

(viii) Bewertungszeitpunkt: [ ] 

(ix) Durchschnittsermittlung: [anwendbar / nicht anwendbar] 

(a) Durchschnittsermittlungstage: [ ] 

(b) Auslassung, Aufschub oder modifizierter 

Aufschub (wie in Bedingung 2 definiert): Nicht anwendbar / Auslassung / Aufschub / 

modifizierter Aufschub] 

(c) Sonstige Bestimmungen für die Festlegung 

der Durchschnittsermittlungstage: [ ] 

[Falls modifizierter Aufschub anwendbar ist, jedes in 

Bezug auf die Schuldverschreibungen anwendbare 

Zusätzliche Störungsereignis angeben. Bedingung 2 

enthält lediglich eine Definition von Gesetzesänderung; 

sofern weitere Zusätzliche Störungsereignisse 

als anwendbar genannt sind, sollten 

entsprechende Definitionen eingefügt werden]

23. Determination of Redemption Amount 

(i) Cash Settled Notes or Physical Delivery Notes: [Cash Settled Notes / Physical Delivery Notes] 

(ii) Issuer’s option to vary settlement [Applicable / Not Applicable] 

(iii) Trade Date: [ ] 

[If option set out in Condition 1 (c) or (d) shall be 

applicable, specify details for exercise of such option 

including any exercise date different from the final 

Valuation Date or the final Averaging Date (see 

Condition 6 (g)).] 

(iv) [Share / Index] [Basket of Shares / 

Basket of Indices]: [Specify number and type of shares of each Basket 

Company to be included in the Basket of Shares / 

Specify Index or Indices to be included in the Basket 

of Indices.] 

(v) Exchange(s): [Specify exchange or quotation system for each Share 

or Index] 

(vi) Related Exchange(s): [Specify exchange or quotation system for each Share 

or Index; specify, whether “All Exchanges” shall be 

applicable (as set out in the definition of Related 

Exchange in Condition 2] 

(vii) Valuation Date: [ ] 

(viii) Valuation Time: [ ] 

(ix) Averaging: [Applicable / Not Applicable] 

(a) Averaging Dates: [ ] 

(b) Omission, Postponement or Modified 

Postponement (as defined in Condition 2) [Not Applicable / Omission / Postponement /Modified 

Postponement] 

(c) Other provisions for determining the 

Averaging Dates: [ ] 

[If Modified Postponement is applicable, specify any 

Additional Disruption Event applicable to the Notes. 

Condition 2 only provides for a definition of Change 

in Law; if other Additional Disruption Events are 

specified as applicable, appropriate definitions should 

be included.] 

135

136 

(x) Abrechnungstag: [Für Barzahlungs-Anleihen von Bedingung 2 abweichenden 

Termin angeben. Für Physisch Auszuliefernde 

Anleihen Termin oder ggf. anwendbare 

Lieferungsperiode angeben] 

(xi) Rückzahlungsbetrag: [Im Fall von Physisch Auszuliefernden Anleihen nicht 

anwendbar. Im Fall von Barzahlungs-Anleihen Formel 

zur Bestimmung des Rückzahlungsbetrags inklusive 

von in den Bedingungen nicht bereitgestellter Definitionen 

angeben] 

(xii) Zuteilung: 

(a) Zuteilung: [Nicht anwendbar im Fall von Barzahlungs-Anleihen. 

Im Fall von Physisch Auszuliefernden Anleihen Anzahl 

der in der Zuteilung enthaltenen Aktien oder Formel 

zur Bestimmung dieser Anzahl inklusive von in den 

Bedingungen nicht bereitgestellten Definitionen 

angeben] 

(b) Methode der Rundung: [Von den Bestimmungen in Bedingung 6(d) 

verschiedene Methode der Rundung angeben] 

(c) Liefermethode: [Angabe der Liefermethode für die Zuteilung] 

(d) Andere Voraussetzungen: [Neben der Mitteilung eines Kontos für Dividendenzahlungen 

(vgl. Bedingung 6(c))] 

(e) Clearing System [Einzelheiten zum Clearing-System, über welches die 

Zuteilung geliefert werden soll] 

24. Rückzahlungsbetrag bei Vorzeitiger Kündigung 

(i) Rückzahlungsbetrag bei Vorzeitiger 

Steuerkündigung: [Vom in Bedingung 11 genannten Betrag 

abweichenden Betrag angeben] 

(ii) Rückzahlungsbetrag bei Vorzeitiger Kündigung 

nach Eintritt eines Kündigungsrechts: [Vom in Bedingung 13 genannten Betrag 

abweichenden Betrag angeben] 

Allgemeine Angaben zu den Schuldverschreibungen 

25. Form (Verbriefung): Inhaberschuldverschreibungen: 

[Vorläufige Globalurkunde, austauschbar gegen eine 

Dauerglobalurkunde, die gegen effektive Stücke auf 

Anforderung nach [ ] Tagen, jederzeit, oder unter 

bestimmten, in der Globalurkunde festgelegten 

Umständen austauschbar ist] 

[Vorläufige Globalurkunde, austauschbar gegen 

effektive Stücke auf Anforderung nach [ ] Tagen]

(x) Settlement Date: [For Cash Settled Notes, specify date if not as per 

Condition 2. For Physical Delivery Notes, specify date 

or, as the case may be, any applicable delivery 

period.] 

(xi) Redemption Amount: [Not Applicable if Physical Delivery Notes. If Cash 

Settled Notes, specify formula for determination of 

Redemption Amount including any definitions not 

provided for in the Conditions.] 

(xii) Entitlement: 

(a) Entitlement: [Not Applicable if Cash Settled Notes. If Physical 

Delivery Notes, specify quantity of shares to be 

included in Entitlement or formula for the determination 

of such quantity, including any definitions not 

provided for in the Conditions.] 

(b) method of rounding: [Specify method of rounding if different than as set 

out in Condition 6(d)] 

(c) method of delivery: [Specify method of delivery of Entitlement] 

(d) further conditions precedent: [Specify any conditions precedent for delivery of 

Entitlement other than notification of an account for 

dividend payments (see Condition 6 (c)).] 

(e) Clearance System [Specify details of Clearance System through which 

the Entitlement is expected to be delivered.] 

24. Early Redemption Amount 

(i) Early Tax Redemption Amount: [Specify if different from the amount provided for in 


(ii) Early Redemption Amount following 

occurrence of an Event of Default: [Specify if different from the amount provided for in 


General Provisions Applicable to the Notes 

25. Form of Notes: Bearer Notes: 

[Temporary Global Note exchangeable for a 

Permanent Global Note which is exchangeable for 

Definitive Notes on [ ] days’ notice/at any time/in 

the limited circumstances specified in the Permanent 

Global Note.] 

[Temporary Global Note exchangeable for Definitive 

Notes on [ ] days’ notice.] 

137

138 

Dauerglobalurkunde, austauschbar gegen effektive 

Stücke auf Anforderung nach [ ] Tagen / jederzeit / 

unter bestimmten in der Dauerglobalurkunde festgelegten 

Umständen 

Namensschuldverschreibungen: 

[Globalurkunde lautend auf einen Namen] 

26. Maßgebliches Finanzzentrum oder andere spezielle 

Vereinbarungen in Bezug auf Zahlungstage: [nicht anwendbar / Angabe von Einzelheiten] 

(Bitte beachten, dass diese Angabe sich auf den Ort 

der Zahlung bezieht und nicht auf die Länge der 

Zinsperiode, die in Punkt 17 (iii) geregelt ist) 

27. Geschäftstag: [Einfügen, soweit unterschiedlich zu Bedingung 2 

oder falls zusätzliche Orte erforderlich sind] 

28. Beifügung von Talons oder Empfangsbescheinigungen 

an effektive Stücke (und Verfalldatum 

der Talons): [Ja / Nein (falls Ja, Angabe von Einzelheiten)] 

29. Währungsumstellung, Nennwertumstellung und 

Umstellungsbestimmungen: [Nicht anwendbar / Die Bestimmungen [in Bedingung 

19] [, die diesem Konditionenblatt beigefügt sind] sind 

anwendbar] 

30. Konsolidierungsbestimmungen: [Nicht anwendbar / Die Bestimmungen, die diesem 

Konditionenblatt beigefügt sind, sind anwendbar] 

31. Andere Bedingungen oder spezielle Bestimmungen: [nicht zutreffend / Angabe von Einzelheiten] 

Angaben zur Platzierung 

32. Falls syndiziert 

(i) Namen der Manager: [nicht zutreffend / Angabe der Namen] 

(ii) Für Kurspflege verantwortlicher Manager: [nicht zutreffend / Angabe des Namens] 

33. Falls nicht syndiziert, Name des Dealers: [nicht zutreffend / Angabe des Namens] 

34. Zusätzliche Verkaufsbeschränkungen: [nicht zutreffend / Angabe von Einzelheiten] 

Niederländische/weltweite Verkaufsbeschränkungen [Bezüglich Schuldverschreibungen, die an der Euronext 

gelistet sind, ist Verkaufsbeschränkung I (i) 

anzuwenden.] 

[Bezüglich Schuldverschreibungen mit hohem 

Nennbetrag ist Verkaufsbeschränkung I (ii) anzuwenden.] 

[Bezüglich des Angebots einer Einheit ist Verkaufsbeschränkung 

I (iii) anzuwenden.]

[Permanent Global Note exchangeable for Definitive 

Notes on [ ] days’ notice/at any time/in the limited 

circumstances specified in the Permanent Global 

Note]. 

Registered Notes: 

[Global Registered Note] 

26. Relevant Financial Centre(s) or other special 

provisions relating to Payment Dates: [Not Applicable / give details. Note that this item relates 

to the place of payment, and not interest period end 

dates, to which item 17(iii) relates] 

27. Business Day: [Specify if different from Condition 2 or if additional 

places are required.] 

28. Talons for future Coupons or Receipts to be 

attached to Definitive Notes (and dates on which 

such Talons mature): [Yes / No. If yes, give details] 

29. Redenomination, renominalisation and 

reconventioning provisions: [Not Applicable / The provisions [in Condition 19] 

[annexed to this Pricing Supplement] apply] 

30. Consolidation provisions: [Not Applicable / The provisions annexed to this 

Pricing Supplement apply] 

31. Other terms or special conditions: [Not Applicable / give details] 

Distribution 

32. If syndicated 

(i) names of Managers: [Not Applicable / give names] 

(ii) Stabilising Manager (if any): [Not Applicable / give name] 

33. If non-syndicated, name of Dealer: [Not Applicable / give name] 

34. Additional selling restrictions: [Not Applicable / give details] 

Netherlands/Global selling restrictions [Notes listed on Euronext: selling restriction I(i) applies] 

[High denomination Notes: selling restriction I(ii) applies] 

[Unit offering: selling restriction I(iii) applies] 

139

Angaben zur Abwicklung 



37. Wertpapier-Kenn-Nummer: [ ] 

38. Clearing System(e) und betreffende 

Identifikationsnummer(n) [Clearstream Frankfurt] 

140 

[Bezüglich der Principal-Dealer-Ausnahme (lediglich 

für Dresdner Finance B.V.) ist Verkaufsbeschränkung I 

(iv) anzuwenden.] 

[Bezüglich professioneller Investoren ist allein 

Verkaufsbeschränkung I (v) anzuwenden.] 

[Bezüglich von außerhalb der Niederlande angebotenen 

Schuldverschreibungen (lediglich für Dresdner 

Finance B.V.) ist Verkaufsbeschränkung I (vi) anzuwenden.] 

[Bezüglich eine Kombination von Professionellen und 

Embargo (lediglich für Dresdner Finance B.V.) ist 

Verkaufsbeschränkung I (vii) anzuwenden.] 

[Bezüglich Schuldverschreibungen, für die die Euro- 

Wertpapier-Ausnahme gilt, ist Verkaufsbeschränkung I 

(viii) anzuwenden.] 1 

[Clearstream Luxembourg / Euroclear Operator] 

[Andere / zusätzliche Clearing Systeme 

(Namen und Nummern angeben] 

[nicht anwendbar] 

39. Lieferung: [Lieferung gegen Zahlung / frei von Zahlung] 

40. Fiscal Agent/und Hauptzahlstelle: [Dresdner Bank AG / JPMorgan Chase Bank, London 

Branch] 

41. Weitere Zahlstell(en) (falls zutreffend): [ ] 

42. Anzuwendende TEFRA Regeln: [C Rules / D Rules] 

43. Anwendbares Recht / Rechtsverbindliche Sprache: Recht: [Deutsch / Englisch / anderes Recht] 

Sprache: [Deutsch / Englisch] 

44. Der Gesamtnennbetrag der Schuldverschreibungen 

wurde in Euro zum Kurs von [� Betrag] 

[Währung] = 1 Euro umgerechnet, dies ergibt einen 

Betrag von: [Betrag in Euro einfügen] 

1 Soweit nicht anwendbar, streichen oder alle Alternativen streichen, falls eine andere niederländische wertpapierrechtliche Ausnahme (wie die 

gegenseitige Anerkennung oder Einzelfallsdispens) gewählt wird. In diesem Fall Ausnahme benennen.

Operational Information 



37. Wertpapier-Kenn-Nummer / German Security Code: [ ] 

38. Clearing System(s) and the relevant identification 

number(s) [Clearstream Frankfurt] 

[Principal-Dealer exemption (only for Dresdner Finance 

B.V.): selling restriction I(iv) applies] 

[Professional Investors only: selling restriction I(v) applies] 

[Notes offered outside Netherlands (only for Dresdner 

Finance B.V.): selling restriction I(vi) applies] 

[Combination professionals and embargo (only for 

Dresdner Finance B.V.): selling restriction I(vii) applies] 

[Euro-securities exemption: selling restriction: selling 

restrictions I(viii) applies] 1 

[Clearstream Luxembourg / Euroclear Operator] 

[Other/additional Clearing Systems 

(give name(s) and number(s))] 

[not applicable] 

39. Delivery: Delivery [against / free of] payment 

40. Fiscal Agent / and Principal Paying Agent [Dresdner Bank AG / JPMorgan Chase Bank, London 

Branch] 

41. Additional Paying Agent(s) (if any): [ ] 

42. Applicable TEFRA Rules: [C Rules / D Rules] 

43. Governing Law / Binding Language: Law: [German / English / other] 

Language: [German / English] 

44. The aggregate principal amount of Notes has been 

translated into Euro at the rate of [� amount] 

[currency] = 1 Euro, producing the sum of: [Insert Euro amount] 

1 Delete in each case as not applicable or delete all of these alternatives if another Netherlands securities law exemption is chosen such as 

mutual recognition or individual dispensation. In that case, specify such exemption. 

141

ANTRAG AUF BÖRSENNOTIERUNG 

Dieses Konditionenblatt samt Anlage(n) enthält die Details, die erforderlich sind, um die hierin beschriebenen 

Schuldverschreibungen des 3 20.000.000.000,– Euro Medium Term Note Programms vom 4. Mai 2004 an der [Name 

der Börse] zu notieren] 

Verantwortlichkeit 

Die Anleiheschuldnerin übernimmt die Verantwortung für die Informationen, die dieses Konditionenblatt enthält. 

Unterschrift für die Anleiheschuldnerin: 

Von: ............................................................. 

142 

Ordnungsgemäß bevollmächtigt 

[Anhang zum Konditionenblatt – Zusatzangaben zum Underlying 

Der Umfang der Zusatzangaben wird in jedem Einzelfall durch die Anforderungen der betreffenden Börse bestimmt. 

Die Börsennotierung erfolgt daher gegebenenfalls erst nach dem Begebungstag. Generell sollten folgende Angaben 

gemacht werden: 

(a) allgemein: Risikohinweise 

Angaben zu wesentlichen Risikofaktoren unter Berücksichtigung der Tatsache, dass börsennotierte Schuldverschreibungen 

von jedermann, einschließlich Privatanlegern, erworben werden können. 

(b) für Aktien und Indizes: Kursentwicklung des Underlying, Volatilität etc. 

Angaben für einen Zeitraum, der dem potenziellen Investor eine vernünftige Risikoeinschätzung ermöglicht; 

grafische Darstellung über die Art und Weise, wie die Kurs- und Zinsentwicklung der Schuldverschreibungen 

von der Entwicklung des Underlying abhängt. 

(c) für Aktien- und Indexkörbe 

Zusammensetzung des betreffenden Korbes; ggf. Angaben entsprechend b) zu jedem einzelnen im Korb 

enthaltenen Wert.]

LISTING APPLICATION 

This Pricing Supplement including the Annexes comprises the details required to list the issue of Notes described 

herein pursuant to the Euro 20,000,000,000 Euro Medium Term Note Pro gramme of 4 May 2004 on the [name of 

stock exchange].] 

Responsibility 

The Issuer accepts responsibility for the information contained in this Pricing Supplement. 

Signed on behalf of the Issuer: 

By: ............................................................. 

Duly authorised 

[Annex to the Pricing Supplement – Additional Information Relating to the Underlying 

The scope of the additional information will in each case be determined by the requirements of the relevant stock 

exchange. Therefore the listing may be effected only after the issue date. In general, the following information 

should be provided: 

(a) general: Investor Considerations 

Information about main risk factors taking into consideration the fact that listed Notes can be purchased by 

anybody, including retail investors. 

(b) for Shares and Indices: Price History of the Underlying, Volatility etc. 

Information for a period which enables the potential investor to make a reasonable risk assessment, graphical 

description about the dependency of the price and interest development of the Notes from the development 

of the Underlying. 

(c) for Baskets of Shares and Indices 

Composition of the relevant basket; if feasible, information as under b) above for each Share of Index 

comprising the Basket.] 

143

Use of Proceeds 

The net proceeds from each issue of Notes will be used by the relevant Issuer for the general purposes of the 

Dresdner Bank Group. 

Subscription and Sale 

Subject to all legal and regulatory requirements, Notes may be sold from time to time by an Issuer to any one or 

more of Barclays Bank PLC, BNP PARIBAS, Credit Suisse First Boston (Europe) Limited, Dresdner Bank 

Aktiengesellschaft, J.P. Morgan Securities Ltd., Lehman Brothers International (Europe), Merrill Lynch International, 

Mizuho International plc, Morgan Stanley & Co. International Limited, Tokyo-Mitsubishi International plc 

and UBS Limited (the “Dealers”). Notes may also be sold by an Issuer direct to institutions who are not Dealers. 

The arrangements under which Notes may from time to time be agreed to be sold by an Issuer to, and purchased 

by, Dealers are set out in an amended and restated dealer agreement dated 4 May 2004 (as amended or supplemented 

from time to time the “Dealer Agreement”) and made between the Issuers, the Guarantor and the 

Dealers. Any such agreement 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 an Issuer in respect of such purchase. The Dealer Agreement makes 

provision for the resignation or termination of appointment of existing Dealers and for the appointment of additional 

or other Dealers either generally in respect of the Programme or in relation to a particular Issue of Notes. 

The Dealer Agreement also makes provisions for syndicated issues of Notes to managers who may or may not 

also be Dealers. 

Each of the Dealers has, pursuant to the Dealer Agreement, agreed to comply with the various selling restrictions 

set forth below. Each purchaser or prospective purchaser is required by the Issuers, the Guarantor and the 

Dealers likewise to comply with such selling restrictions. 

General 

No action has been or will be taken in any jurisdiction by the Issuers or the Guarantor that would permit a public 

offering of Notes, or possession or distribution of any offering material in relation thereto, in any country or jurisdiction 

where action for that purpose is required other than the listing of the Programme and/or any individual 

Issue of Notes on the Frankfurt Stock Exchange, and/or the Luxembourg Stock Exchange. Each purchaser or 

prospective purchaser of Notes must comply with all applicable laws and regulations in each country or jurisdiction 

in which it purchases, offers, sells or delivers Notes or has in its possession or distributes such offering material, 

in all cases at its own expense. 

United States of America 

Regulation S Category 2; TEFRA C; TEFRA D; Not 144A eligible. 

The Notes have not been and will not be registered under the United States Securities Act as amended (the 

“Securities Act”) and may not be offered or sold within the United States or to, or for the account or benefit of, 

U.S. persons except in accordance with Regulation S under the Securities Act or pursuant to an exemption from 

the registration requirements of the Securities Act. 

Each Dealer has represented and agreed that it will offer and sell Notes (i) as part of their distribution at any time 

and (ii) otherwise until forty days after the completion of the distribution of the series of which such Notes are a 

part, as determined and certified to the relevant Fiscal Agent or the Issuer by the relevant Dealer (or in the case 

of a sale of a series of Notes to or through more than one Dealer, by each of such Dealers as to the Notes of 

such Series purchased by or through it, in which case the relevant Agent or the Issuer shall notify each such 

Dealer when all such Dealers have so certified), only in accordance with Rule 903 of Regulation S under the 

Securities Act and that neither the Dealers, their affiliates (if any) nor any person acting on their behalf have 

engaged or will engage in any directed selling efforts with respect to the Notes, and that the Dealers, their affil- 

144

iates (if any) and any person acting on their behalf have complied with and will comply with the offering restrictions 

requirements of Regulation S. Each Dealer has further agreed that, at or prior to confirmation of 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 or through it during the restricted period a confirmation or notice to substantially 

the following effect: 

“The Notes covered hereby have not been registered under the U.S. Securities Act of 1933, as amended (the 

“Securities Act”) and may not be offered or sold within the United States or to or for the account or benefit of U.S. 

persons (I) as part of their distribution at any time or (II) otherwise until 40 days after the completion of the distribution 

of the series of Notes of which such Notes are a part, determined and certified by (Name of Dealer or 

Dealers, as the case may be), except in either case in accordance with Regulation S under, or pursuant to an 

available exemption from, the registration requirements of the Securities Act. Terms used above have the 

meaning given to them by Regulation S“. 

Terms used above have the meanings given to them by Regulation S. 

The bearer Notes are also subject to United States tax law requirements and may not be offered, sold or delivered 

within the United States or its possessions or to a U.S. person, except in certain transactions permitted by United 

States tax regulations. Terms used in this paragraph have the meanings given to them by the U.S. Internal 

Revenue Code of 1986; as amended and the regulations thereunder. 

Each Dealer (or, in the case of a sale of a series of Notes to or through more than one Dealer, each of such 

Dealers, as to Notes of such series purchased by or through more than one Dealer, each of such Dealers, as to 

Notes of such series purchased by or through it, in which case the relevant Principal Paying Agent or the relevant 

Issuer shall notify each such Dealer when all such Dealers have certified as provided in this paragraph) who has 

purchased Notes of any series in accordance with the Dealership Agreement will agree to determine and certify 

to the relevant Principal Paying Agent or the relevant Issuer the completion of the distribution of such series of 

Notes as aforesaid. In order to facilitate compliance by each Dealer with the foregoing, the relevant Issuer will 

agree that, prior to such certification with respect to such series, it will notify each relevant Dealer in writing of 

each acceptance by the relevant Issuer of an offer to purchase and of any issue of, Notes or other debt obligations 

of the relevant Issuer which are denominated in the same currency or composite currency and which have 

substantially the same terms and maturity date as the Notes of such series. 

United Kingdom 

In relation to each issue of Notes, each Dealer has represented, warranted and agreed with Dresdner Bank AG, 

Dresdner Bank Finance B.V. and the other Dealer(s) that: 

(a) in relation to Notes which have a maturity of one year or more, it has not offered or sold and will not offer or 

sell any such Notes to persons in the United Kingdom prior to the expiry of the period of six months from the 

issue date of such Notes 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 businesses or 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; 

(b) it has complied and will comply with all applicable provisions of the Financial Services and Markets Act 2000 

(the “FSMA”) with respect to anything done by it in relation to any Notes in, from or otherwise involving the 

United Kingdom; and 

(c) it has only communicated or caused to be communicated and it will only communicate or cause to be 

communicated any invitation or inducement to engage in investment activity (within the meaning of section 

21 of the FSMA) received by it in connection with the issue or sale of any Notes in circumstances in which 

section 21 (1) of the FSMA: 

(i) in the case of Notes issued or guaranteed by Dresdner Bank AG, would not, if it was not an authorised 

person, apply to Dresdner Bank AG; and 

145

146 

(ii) in the case of Notes issued by Dresdner Finance B.V., does not apply to Dresdner Finance B.V.; and 

(d) with respect to any issue of Notes by Dresdner Finance B.V. which have a maturity of less than one year: 

(i) it is a person whose ordinary activities involve it in acquiring, holding, managing or disposing of investments 

(as principal or agent) for the purposes of its business, and (ii) it has not offered or sold and will not 

offer or sell any such Notes other than to persons: 

(1) whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as 

principal or agent) for the purposes of their businesses; or 

(2) who it is reasonable to expect will acquire, hold, manage or dispose of investments (as principal or 

agent) for the purposes of their businesses, 

where the issue of the Notes would otherwise constitute a contravention of section 19 of the FSMA by Dresdner 

Finance B.V. 

Japan 

The Notes have not been and will not be registered under the Securities and Exchange Law of Japan and, accordingly, 

each Dealer has undertaken that it will not offer or sell any Notes directly or indirectly, in Japan or to, or 

for the benefit of, any Japanese Person or to others for re-offering or resale, directly or indirectly, in Japan or to 

any Japanese Person except under circumstances which will result in compliance with all applicable laws, regulations 

and guidelines promulgated by the relevant Japanese governmental and regulatory authorities and in 

effect at the relevant time. For the purposes of this paragraph, “Japanese Person” shall mean any person resident 

in Japan, including any corporation or other entity organised under the laws of Japan. 

In connection with the issue of the Notes which are denominated or payable in yen (“Yen Notes”), the Issuer is 

required to comply with all applicable laws, regulations, and guidelines, as amended from time to time, of the 

Japanese governmental and regulatory authorities. Each Dealer has agreed and each further Dealer appointed 

under the Programme will be required to agree to provide any necessary information of Yen Notes to the Issuer 

(which shall not include the names of clients) so that the Issuer may make any required reports to the Japanese 

Minister of Finance through its designated agent. 

The Netherlands/Global 

(I) Any Notes (including rights representing an interest in a Note in global form) issued under the Programme 

that are offered anywhere in the world (as far as Notes issued by Dresdner Finance B.V. are concerned) or 

offered, as part of their initial distribution or by way of re-offering, in The Netherlands (as far as Notes issued 

by Dresdner Bank AG. are concerned), 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 any one of the 

following restrictions 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 

advertisement mentioned in article 47.7 of its Listing and Issuing Rules (Fondsenreglement) 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: 

(1) 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);

(2) on a partly-paid basis, they may only be offered if paid-up by their initial holders to at least such 

amount; 

(3) 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) if, regardless of their denomination, Notes can only be acquired by investors during primary distribution 

(or by way of a re-offering in The Netherlands) in units comprising several Notes (each a “Unit”) against 

a purchase price of at least EUR 50,000 (or the equivalent in any other currency) per Unit, provided that: 

(a) 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 will consist of Units with a purchase price of at least EUR 50,000 (or the 

equivalent in any other currency); and 

(b) a copy of this Information Memorandum and the applicable Pricing Supplement are submitted to 

the Authority for the Financial Markets (Stichting Autoriteit Financiële Markten, hereinafter the 

“AFM”) before the issue date. 

(iv) if all Notes pertaining to any particular series are purchased by one or more Dealers acting as principals, 

and such Dealers: 

(a) are not incorporated in or acting through a branch office in The Netherlands; and 

(b) qualify as professional investors (as described under (v) below): and 

(c) offer all such Notes exclusively outside The Netherlands; 

(v) to individuals or legal entities situated anywhere in the world (in the case of Notes issued by Dresdner 

Finance B.V.) or in The Netherlands (in the case of Notes issued by Dresdner Bank AG) 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) anywhere 

in the world it is stated that such offer is and will be exclusively made to such Professional Investors; 

(vi) to individuals or legal entities who or which are established, domiciled or have their usual residence 

(collectively, “are resident”) outside The Netherlands (only in the case of Notes issued by Dresdner 

Finance B.V.), 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 

Dresdner Finance B.V. that those laws and regulations are complied with is submitted to the AFM before 

the offer or any such announcement is made and is included in the applicable Pricing Supplement and 

each such announcement; or 

(vii) to persons and entities (only in the case of Notes issued by Dresdner Finance B.V.) as referred to in (vi) 

above and to Professional Investors situated in The Netherlands, provided that all the conditions referred 

to in (v) and (vi) above are complied with; or 

(viii) if the following criteria are met: 

147

148 

(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 (for Dresdner Finance B.V.) or Germany (for Dresdner Bank AG); 

(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 

(d) no general advertising or cold-calling campaign is conducted in respect of the Notes anywhere in 

the world (in case of Notes issued by Dresdner Finance B.V.) or in The Netherlands (in case of Notes 

issued by Dresdner Bank AG); or 

(ix) only for Notes issued by Dresdner Bank AG: if the Notes have a maturity of up to one (1) year; or 

(x) 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 Information Memorandum 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 

(xi) 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 (x) above is selected for any issue of Notes, the 

offer is made within one year after the date of this Information Memorandum, 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 Information Memorandum and the applicable Pricing Supplement will be 

or have been made generally available; and 

(b) prior to the submission of this Information Memorandum (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: 

(i) each relevant Dealer shall not offer, transfer or sell any Notes except to Professional Investors; and 

(ii) 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 (v) above; and 

(iii) 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 Information Memorandum 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.

(II) In addition and without prejudice to the relevant restrictions set out under (I) above, Zero Coupon Notes (as 

defined below) in definitive form of any Issuer may only be transferred and accepted, directly or indirectly, 

within, from or into The Netherlands through the mediation of either the [relevant] 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 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 relevant Issuer and on which interest does not become due 

during their tenor or on which no interest is due whatsoever. 


Each Dealer has represented and agreed not to offer or sell Notes in the Federal Republic of Germany other than 

in compliance with the Securities Selling Prospectus Act (Wertpapier-Verkaufsprospektgesetz) of 13 th December 

1990 (as amended), or any other laws applicable in the Federal Republic of Germany governing the issue, 

offering and sale of securities. 

Republic of France 

The Issuer and each Dealer has represented and agreed, and each further Dealer appointed under the 

Programme will be required to represent and agree that, in connection with their initial distribution, it has not 

offered or sold, and will not offer or sell, directly or indirectly, Notes (including Pfandbriefe) to the public in France, 

and has not distributed or caused to be distributed and will not distribute or cause to be distributed to the public 

in France this Information Memorandum or any other offering material relating to the Notes (including Pfandbriefe), 

and that such offers, sales and distributions have been and shall be made in France only to qualified 

investors (investisseurs qualifiès) as defined in Article L 411-1 and L 441-2 of the Code monètaire et financier 

and decret no. 98-880 dated October 1, 1998 and in compliance with all relevant regulations issued from time 

to time by Autorité des Marchés Financiers. 

149

Clearing and Settlement 

The information set out below is subject to any change in or re-interpretation of the rules, regulations and procedures 

of Euroclear or Clearstream Luxembourg (together, the “Clearing Systems”) in effect for the time being. 

Investors wishing to use the facilities of any of the Clearing Systems must check the rules, regulations and 

procedures of the relevant Clearing System in effect for the time being. 

Bearer Notes and Registered Notes held outside the United States may be held through Euroclear or Clearstream 

Luxembourg. Euroclear and Clearstream Luxembourg will operate with respect to the Notes in accordance with 

customary Euromarket practice. 

Neither the Issuer, the Guarantor nor the Registrar will have any liability for any aspect of the records relating to 

or payments made on account of beneficial ownership interest of Notes held by Euroclear or Clearstream Luxembourg, 

or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

Secondary Trading, Same-Day Settlement and Payment 

In relation to secondary market trading, since the purchaser determines the place of delivery, it is important to 

establish at the time of the trade where both the purchaser’s and seller’s accounts are located to ensure that 

settlement can be made on the desired value date. 

Trading Between Euroclear or Clearstream Luxembourg Accountholders 

If an Owner holding in Euroclear or Clearstream Luxembourg sells to a third party that wishes to hold such Note 

in either Euroclear or Clearstream Luxembourg, the trade will be settled using either Euroclear or Clearstream 

Luxembourg and procedures applicable to conventional Eurobonds. 

150

Forms of Notes 

Global Registered Notes 

Notes in registered form will be represented by a global registered note (“Global Registered Note”) registered in 

the name of a nominee for, and deposited with, a common depositary for Euroclear and Clearstream, Luxembourg. 

So long as the depositary for a Global Registered Note, or its nominee, is the registered owner or holder of such 

Global Registered Note, such depositary or such nominee, as the case may be, will be considered the sole owner 

or holder of the Notes represented by such Global Registered Note for all purposes under the Agency Agreement 

and the Notes. No owner of a beneficial interest in a Global Registered Note will be able to transfer that interest 

except in accordance with the depositary’s applicable procedures. 

Investors may hold their beneficial interests in the Global Registered Note directly through Euroclear or 

Clearstream Luxembourg if they are participants in such systems, or indirectly through organizations which are 

participants in such systems. 

Subject to the restrictions on transfer and exchange set forth in the Agency Agreement and the Notes, the holder 

of any Definitive Registered Note may transfer or exchange the same in whole or in part (in a principal amount 

equal to the minimum authorized denomination or any integral thereof) by surrendering such Note at the specified 

office of the Registrar or any Transfer Agent. 

Global Bearer Notes 

Notes in bearer form will be issued in accordance with TEFRA D, unless the relevant Pricing Supplement provides 

that such Notes will be issued in accordance with TEFRA C. Subject to certain exceptions, Notes issued in bearer 

form may not be offered, sold or delivered within the United States to United States persons. Bearer Notes of any 

particular Series issued in accordance with TEFRA C or TEFRA D, as specified in the relevant Pricing Supplement, 

will be represented upon issue by a Temporary Global Note or, in the case of Bearer Notes of any particular 

Series issued in accordance with TEFRA C, as specified in the Pricing Supplement, a Permanent Global Note, 

which will be deposited on or about the Closing Date in relation to the relevant Series with Clearstream Frankfurt 

or a common depositary or depositaries for Euroclear and Clearstream Luxembourg and any other relevant 

clearing system. Interests in a Temporary Global Note will be exchangeable for interests in a Permanent Global 

Note or for Notes in definitive bearer form in accordance with its terms and conditions, on or after the date which 

is 40 days after the date on which such Temporary Global Note is issued and upon certification as to non-U.S. 

beneficial ownership thereof or otherwise as required by U.S. Treasury Regulations in accordance with the terms 

of such Temporary Global Note and as specified in the relevant Pricing Supplement. 

Any Permanent Global Note will only be exchangeable, if and as so specified in the relevant Pricing Supplement, 

for Definitive Bearer Notes against presentation and (in the case of final exchange) surrender of such Permanent 

Global Note at the specified office from time to time of the relevant Fiscal Agent (a) if Clearstream Frankfurt, Euroclear, 

Clearstream Luxembourg or any clearing system by which the Notes have been accepted for clearing is 

closed for business for a continuous period of 14 days other than by reason of legal holidays or announces an 

intention to cease business permanently, (b) if an event of default occurs as set out in Condition 9, or (c) if so 

specified in the relevant Pricing Supplement, upon the bearer’s request. 

151

Taxation 

The information provided below provides a brief summary of general principles of German and Dutch tax law 

applicable at the time of printing the prospectus and does not purport to be a complete summary of all aspects 

regarding taxation which have or might in the future have impact on the tax position of the noteholders. Prospective 

investors who are in any doubt as to their tax position should consult with their own professional advisers. 


Interest including accrued interest may be subject to withholding tax in Germany (“Kapitalertragsteuer”) regardless 

of whether paid on notes, bonds, similar debt instruments, convertible bonds (“Wandelschuldverschreibungen”) 

or on certain convertible bonds which grant the investor at the date of maturity the right to convert 

the bond into certain shares (“Umtauschanleihen”) or on reverse convertible bonds (“Aktienanleihen”). As long 

as any Note is deposited with a German credit institution or with the German branch of a foreign credit institution 

or with the German issuer 30 % withholding tax on interest payments on such Note plus 5.5 % solidarity surcharge 

(“Solidaritätszuschlag”) thereon will be imposed on tax residents (“Steuerinländer”) (“Zinsabschlagsteuer”). In the 

case of payment upon presentation of Notes or Coupons at the counter (“Over-The-Counter-Transaction”) withholding 

tax is levied at a rate of 35 % plus 5.5 % solidarity surcharge thereon. In the case of a Wandelschuldverschreibung 

within the meaning of Section 43 Subpara. 1 No. 2 German Income Tax Code (“Einkommensteuergesetz”) 

a withholding tax at a rate of 25 % plus 5.5 % solidarity surcharge thereon will be levied if the issuer is a 

German tax resident and regardless of whether the issuer or a German credit institution or a German branch of 

a foreign credit institution holds the Notes in safe custody. This reduced withholding tax rate may not apply to 

Umtauschanleihen and does not apply to Aktienanleihen. If the Issuer of such Wandelschuldverschreibung is not 

a German tax resident interest deriving therefrom may be subject to Zinsabschlagsteuer as described above. 

Since January 1, 1994 accrued interest (“Stückzinsen”) paid upon acquisition of a Note in the same calendar 

year as the interest payment can be deducted up to the amount of the interest payment when held in safe costody. 

These interest payments in Germany are generally exempt from withholding tax for persons who are not residents 

for tax purposes (“Steuerausländer”) unless (i) such investments are part of the business assets of German 

permanent establishment, (ii) the Notes are directly or indirectly secured by domestic real estate or rights which 

are subject to German real estate law, or (iii) interest is paid in an Over-The-Counter-Transaction. In the case of 

Wandelschuldverschreibungen non resident investors are subject to tax with their interest income if either the 

Issuer is a German tax resident company or the Issuer is a non German tax resident company and one of the 

requirements as described in (i) – (iii) above are met. This withholding tax is a prepayment on the income or 

corporation tax of the recipient. Notwithstanding this withholding tax interest on the Notes is subject to German 

income or corporation tax (each plus solidarity surcharge) and trade tax (if applicable). For domestic private 

investors a tax allowance for income derived from capital investments (“Freibetrag”) in the amount of 3 1,370 (3 

2,740 in case of married couples who file a joint tax return) has been granted. Up to the amounts mentioned 

above plus a lump-sum professional expense allowance of 3 51/3 102 (single persons/married couples) interest 

payments can be paid without the imposition of a withholding tax if the credit institution that holds the Notes or 

the account in safe custody through which an investor holds the Notes has received an exemption instruction 

(“Freistellungsauftrag”) to that respect. 

Revenue from the sale or assignment or redemption of the Notes is – if certain requirements are met – subject 

to corporation tax or income tax (each plus solidarity surcharge) and trade tax (if applicable). Revenue from the 

sale or assignment or redemption of certain Notes and the conversion of debt into shares in the case of Aktienanleihen 

and Umtauschanleihen is also subject to withholding tax on interest payments. In this case, the difference 

between the amount paid for the acquisition and the proceeds resulting from the sale, assignment or 

redemption of the Notes will be the basis for such withholding tax, provided that the Notes have been purchased 

on behalf of the holder by the agent effecting the payments or have been sold to the holder and since then deposited 

with and held by such agent. 

If this is not the case and in the case of a gain deriving from a conversion of debt into shares in the case of 

Aktienanleihen or Umtauschanleihen, the basis for the withholding tax will be 30 % of the proceeds resulting from 

the sale, assignment, redemption or conversion of the Notes. 

152

The Netherlands 

General 

The following describes the principal Netherlands tax consequences of the acquisition, holding and disposal of 

the Notes. This summary does not purport to be a comprehensive description of all Netherlands 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 tax adviser with respect to the tax consequences of an investment in the 

Notes. The discussion of certain Netherlands 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 April 2002, 

without prejudice to any amendments introduced at a later date and implemented with or without retroactive 

effect. 

Under present Netherlands law and subject to the foregoing: 

1. No registration, stamp, transfer or turnover taxes or other similar duties or taxes will be payable in the Netherlands 

in respect of the offering and the Issue of the Notes by the Company or in respect of the signing and 

delivery of the Issue Documents. 

2. No Netherlands withholding tax will be due on payments of principal and/or interest, or on any other amounts 

payable under the Notes that may be issued pursuant to the Program, and/or payments under the Guarantee, 

provided that: 

(i) neither the remuneration, nor the indebtedness of the remuneration, on the Notes is, in whole or in part, 

legally or actually, contingent upon the profits or the distribution of profits by Metro Finance B.V. or any 

of its affiliated companies as defined in Article 10, paragraph 1 sub d of the Dutch Corporate Income 

Tax Act 1 ; and: 

(ii) the Notes will be treated as debt obligations of the Company and can not, partly or wholly, be reclassified 

as equity nor actually function as equity for Dutch tax purposes. 

3. A holder of Notes (a „Holder”) will not be subject to Netherlands taxes on income or capital gains in respect 

of the acquisition or holding of Notes or any payment under the Notes or in respect of any gain realised on 

the disposal or redemption of the Notes, provided that: 

(i) such Holder is neither a resident nor deemed to be a resident nor has opted to be treated as a resident 

in the Netherlands; and 

(ii) such Holder does not have an enterprise or an interest in an enterprise which, in whole or in part, is 

carried on through a permanent establishment or a permanent representative in the Netherlands and to 

which permanent establishment or permanent representative the Notes are attributable; 

and, if the Holder is a legal person, or an open limited partnership (“open commanditaire vennootschap”) 

or another company with a capital divided into shares, or a special purpose fund (“doelvermogen”), 

1 As of 1 January 2002, new provisions in the Corporate Income Tax Act 1969 and the Dividend withholding tax Act 1965 have come into force as a result of which the 

remuneration for certain kind of loans (“hybrid loans”) as well as the depreciation will not be tax deductible, while the remuneration is subject to dividend withholding 

tax. These rules apply to loans that, in fact, function as equity. The following criteria should be applied for determining whether a loan functions as equity. 

1. The amount of remuneration (e. g. interest) on the loan is entirely contingent on the profits or on the profit distribution by the debtor or any of its affiliates and the 

loan has no repayment date, or the repayment date is more than 10 years after the date on which the loan was taken out; or 

2. The amount of remuneration (e. g. interest) on the loan is partly contingent on the profits or on the profit distribution by the debtor or any of its affiliates. At the time 

the remuneration is agreed upon, the part of the remuneration that is not profit-related amounts less than half of the interest market rate applicable to loans with 

the same maturity period but for which the remuneration is not profit-related. The loan has no repayment date or the repayment date is more than 10 years after 

the date on which the loan was taken out; or 

3. The indebtedness of the remuneration is contingent on the profits made or distributed by the debtor of any of its affiliates, while the amount of the remuneration is 

not. The loan is subordinated and the repayment date is not fixed or is more than 50 years after the date on which the loan was taken out. 

153

154 

(iii) such Holder does not have a substantial interest 2 in the share capital of the Company, or in the event 

that such Holder does have such an interest, such interest forms part of the assets of an enterprise; and 

(iv) such Holder does not have a deemed Netherlands enterprise to which enterprise the Notes are attributable; 

and, if the Holder is a natural person, 

(v) such Holder does not derive income and/or capital gains from activities in the Netherlands other than 

business income (as described under 3.(ii)) to which activities the Notes are attributable; and 

(vi) such Holder or a person related to the Holder by law, contract, consanguinity or affinity to the degree 

specified in the tax laws of the Netherlands does not have, or is not deemed to have, a substantial interest 

in the share capital of the Company. 

4. No gift, estate or inheritance tax will arise in the Netherlands on the transfer by way of gift or inheritance of 

the Notes, if the donor or the deceased at the time of the gift or the death is neither a resident nor a deemed 

resident of the Netherlands, unless: 

(i) at the time of the gift or death, the Notes are attributable to a Dutch enterprise, which is an enterprise or 

part of an enterprise that is carried out through a permanent establishment or a permanent representative 

in the Netherlands; or, 

(ii) the donor of the Notes dies within 180 days of making the gift, after becoming a Dutch resident or 

deemed resident. 

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. 

2 Generally speaking, an interest in the share capital of the Company should not be considered as a substantial interest if the Holder of such interest, and if the Holder 

is a natural person his spouse, registered partner, certain other relatives or certain persons sharing the Holder‘s household, do not hold, alone or together, whether 

directly or indirectly, the ownership of, or certain rights over, shares or rights resembling shares representing five percent or more of the total issued and outstanding 

capital, or the issued and outstanding capital of any class of shares, of the Company.

General Information 

1. The establishment of the Programme was authorised by resolutions of the Board of Directors of Dresdner 

Bank AG passed on 11 November 1994 and Dresdner Finance B.V. passed on 28 November 1995 respectively. 

The increase of the original programme amount from USD 3 billion to USD 6 billion, USD 10 billion to 

EUR 15 billion and the increase to EUR 20 billion was authorised by resolutions of the Board of Directors of 

Dresdner Bank AG passed on 20 November 1996, 27 July 1998, 13 July 1999 and 10 May 2001, and of 

Dresdner Finance B. V. passed on 9 December 1996, 18 June 1998, 12 July 1999 and 11 June 2001, respectively, 

and by the Supervisory Board of Dresdner Finance B. V. passed on 10 December 1996, 9 July 1998, 

22 July 1999 and 15 June 2001. 

2. In connection with the application for Notes to be issued under the Programme to be listed on the Luxembourg 

Stock Exchange, copies of the Statutes of each Issuer have been, and a legal notice relating to the issue of 

each Series of Notes which are to be listed on the Luxembourg Stock Exchange will be, registered with the 

Registre de Commerce et des Sociétés à Luxembourg, where such documents are or, as the case may be, 

will be available for inspection and where copies thereof can be obtained or, as the case may be, will be 

obtainable upon request. 

3. Copies of the Pricing Supplement in relation to each Issue of Notes which is listed on the Luxembourg Stock 

Exchange will be available at the office of the Issuers’ Listing Agent in Luxembourg. In the case of a Tranche 

of Notes which is not to be listed on the Luxembourg Stock Exchange or any other stock exchange, copies 

of the relevant Pricing Supplement will only be available for inspection by a holder of, or as the case may be, 

a Relevant Account Holder (as defined in the relevant Deed of Covenant) in respect of, such Notes. 

4. The Notes have been accepted for clearance through Clearstream Frankfurt, Euroclear and Clearstream 

Luxembourg. The appropriate common code and International Securities Identification Number in relation to 

the Notes of each Issue and any other clearing system as shall have accepted the relevant Notes for clearance 

will be specified in the Pricing Supplement relating thereto. 

5. Bearer Notes and any Coupon appertaining thereto will bear a legend substantially to the following effect: 

“Any United States person who holds this obligation will be subject to limitations under the United States 

income tax laws, including the limitations provided in Section 165(j) and 1287(a) of the Internal Revenue 

Code”. The sections referred to in such legend provide that a United States person who holds a Bearer Note 

or Coupon generally will not be allowed to deduct any loss realised on the sale, exchange or redemption of 

such Bearer Note or Coupon and any gain (which might otherwise be characterised as capital gain) recognised 

on such sale, exchange or redemption will be treated as ordinary income. 

6. Settlement arrangements will be agreed between the relevant Issuer, the Guarantor, the Relevant Dealer and 

the Agent or, as the case may be, the Registrar in relation to each Tranche of Notes. 

7. Save as disclosed in this Information Memorandum any Issuer or the Guarantor or as subsidiary of the Guarantor 

was not and is not involved in any judical or arbitration proceedings, and to the best of the Issuer’s and 

the Guarantor’s knowledge no such proceedings are pending or threatened, which have had in the last two 

financial years, or could have a material adverse effect on the financial position of any Issuer or of the Guarantor 

or of the Guarantor and its subsidiaries taken as a whole. 

8. Since 31 December 2003, the last day of the financial period in respect of which the most recent audited 

financial statements of each Issuer and the Guarantor have been prepared, there has been no adverse 

change which is material in the context of the issue of Notes under the Programme in the financial or other 

conditions of any Issuer or of the Guarantor or of the Guarantor and its subsidiaries taken as a whole, from 

that described in the Information Memorandum. 

9. For so long as any Notes shall be outstanding, copies and, where appropriate, English translations of the 

following documents may be obtained free of charge upon request during normal business hours at the specified 

office of each of the Fiscal Agents, the Principal Agents, the Listing Agents and the Registrars: 

155

156 

(a) the Statutes of each Issuer; 

(b) the Information Memorandum (as amended or supplemented from time to time); 

(c) the Agency Agreement; 

(d) the Guarantee; 

(e) the Deeds of Covenant; 

(f) the most recently published audited financial statements of each Issuer from time to time and any interim 

financial statements published subsequently; and 

(g) the most recently published audited non-consolidated and consolidated financial statements of the 

Guarantor from time to time and any interim financial statements published subsequently. 

10. In the case Registered Notes 1 will be listed on the Luxembourg Stock Exchange the Issuer will appoint a 

Registrar in Luxembourg and a Paying Agent in Luxembourg to act as agent for the processing of the form 

of transfers to the relevant Registrar. The names of such Registrar and Paying Agent will be disclosed in the 

Pricing Supplement. So long as the Registered Notes will be listed on the Luxembourg Stock Exchange the 

Issuer will maintain a Registrar in Luxembourg and notices to holders of Registered Notes may be passed on 

through such Paying Agent will be published in a leading newspaper having general circulation in Luxembourg 

(which is expected to be the Luxemburger Wort). 

1 Registered Notes (Namensschuldverschreibungen) governed by German law are not listed on the Frankfurt Stock Exchange.

Aufgrund des vorstehenden Börsenzulassungsprospektes 

(Teil 1 – Hauptdokument und Teil 2 – Ergänzung) 

sind unter dem 

EUR 20.000.000.000,– 


der 



und, sofern die Dresdner Bank Aktiengesellschaft nicht selber Anleiheschuldnerin ist, 

unter der unbedingten und unwiderruflichen Garantie der 


innerhalb der nächsten 12 Monate zu begebende Schuldverschreibungen mit Bedingungen gemäß Fassung (A) 

oder (B) – mit Ausnahme von Namensschuldverschreibungen nach deutschem Recht – zum Zeitpunkt ihrer 

Begebung gemäß § 44 Börsenzulassungsverordnung an der Frankfurter Wertpapierbörse zum Börsenhandel im 

amtlichen Markt zugelassen. 

Frankfurt am Main, im Mai 2004 

Amsterdam, im Mai 2004 



157


Jürgen-Ponto-Platz 1 

D-60301 Frankfurt am Main 

Barclays Bank PLC 

5 The North Colonnade 

Canary Wharf 

GB-London E14 4BB 

Credit Suisse First Boston (Europe) Limited 

One Cabot Square 

GB-London E14 4QJ 

Lehman Brothers International (Europe) 

25 Bank Street 

Canary Wharf 

GB-London E14 5LE 

Mizuho International plc 

Bracken House 

One Friday Street 

GB-London EC4M 9JA 

Morgan Stanley & Co. International Limited 

25 Cabot Square 

Canary Wharf 

GB-London E14 4QA 

ISSUERS 

GUARANTOR 




DEALERS 


Keizersgracht 484 

NL-1017 EH Amsterdam 

BNP PARIBAS 

10 Harewood Avenue 

GB-London NW1 6AA 




Merrill Lynch International 

Merrill Lynch Financial Centre 

2 King Edward Street 

GB-London EC1A 1HQ 

J.P. Morgan Securities Ltd. 

125 London Wall 

GB-London EC2Y 5AJ 

FISCAL AGENTS, PRINCIPAL PAYING AGENTS AND REGISTRARS 




UBS Limited 

1 Finsbury Avenue 

GB-London EC2M 2PP 

Tokyo-Mitsubishi International plc 

6 Broadgate 

GB-London EC2M 2AA 

JPMorgan Chase Bank, London Branch 

Trinity Tower, 9 Thomas More Street 

GB-London E1W 1YT

BNP PARIBAS SECURITIES SERVICES 

GIS Emetteurs 

Les Collines de l’Arche 

F-92057 Paris La Défense 

Dresdner Bank Luxembourg SA 

26 rue du Marché-aux-Herbes 

L-2097 Luxembourg 

in Frankfurt 




to the Dealers 

as to German law 

Clifford Chance 

Partnerschaftsgesellschaft von 

Rechtsanwälten, Wirtschaftsprüfern, 

Steuerberatern und Solicitors 

Mainzer Landstraße 46 


to Dresdner Bank Aktiengesellschaft 

KPMG Deutsche Treuhand-Gesellschaft 



Marie-Curie-Strasse 30 


PAYING AGENTS 

LISTING AGENTS 

LEGAL ADVISERS 

to Dresdner Finance B.V. 

as to Dutch law 

Allen & Overy 

Apollolaan 15 

NL-1077 AB Amsterdam 


as to Dutch law 


Limited Liability Partnership 

Droogbak 1a 

NL-1013 GE Amsterdam 

AUDITORS 

J.P. Morgan Bank Luxembourg S.A. 

5 rue Plaetis 


Dresdner Bank (Schweiz) AG 

Utoquai 55 

CH-8008 Zürich 

in Luxembourg 

Dresdner Bank Luxembourg SA 

26 rue du Marché-aux-Herbes 



as to English law 


Limited Liability 

Partnership 

10 Upper Bank Street 

GB-London E14 5JJ 

to Dresdner Finance B.V. 

KPMG Accountants N.V. 

Burgemeester Rijnderslaan 10–20 

NL-1185 MG Amstelveen

4 May 2004 

Börsenzulassungsprospekt gemäß § 44 BörsZulV vom Mai 2004 für die 

Zulassung von unter dem Programm innerhalb der nächsten 12 Monate zu 

begebenden Schuldverschreibungen mit Bedingungen gemäß Fassung (A) 

oder (B) – mit Ausnahme von Namensschuldverschreibungen nach 

deutschem Recht – zum Zeitpunkt ihrer Begebung an der Frankfurter 

Wertpapierbörse zum Börsenhandel im amtlichen Markt. 

Teil 2 von 2 (Ergänzung) 

Information Memorandum Supplement 



3 20,000,000,000 


Tokyo-Mitsubishi 

International plc 

guaranteed by 


Programme Arranger 


Dealers 

Barclays Capital BNP PARIBAS 

Credit Suisse First Boston 

Dresdner Kleinwort Wasserstein JPMorgan Lehman Brothers 

Merrill Lynch International Mizuho International plc 

UBS Investment Bank 

Morgan Stanley 

Dresdner Kleinwort Wasserstein

Dresdner Bank Aktiengesellschaft ( “Dresdner Bank AG” , “Dresdner Bank” , the “Bank” or the “Issuer” , together 

with its subsidiaries the “Dresdner Bank Group” or the “Group” ) and Dresdner Finance B.V. have established 

a programme (the “Programme” ) to facilitate the issuance of medium term notes and other debt securities (the 

“Notes” ). Any reference to the “Information Memorandum” shall be construed as a reference to the Information 

Memorandum dated 4 May 2004 together with this supplement (“Information Memorandum Supplement”) and for 

the purposes of listing Notes to be issued under the programme on the Luxembourg Stock Exchange the documents 

incorporated by reference therein. For the purpose of listing Notes to be issued under the Programme on 

the Frankfurt Stock Exchange this Information Memorandum has been accepted as the Listing Prospectus 

(Börsenzulassungsprospekt) according to § 44 of the German Stock Exchange Admission Regulation (Börsenzulassungsverordnung) 

. Notes of Set (A) or Set (B) under “Terms and Conditions of the Notes” to be issued under 

the Programme are admitted for trading in the official market (Zulassung zum amtlichen Markt) on the Frankfurt 

Stock Exchange. This Information Memorandum supersedes the previous Information Memorandum dated 

25 June 2003, including the Information Memorandum Supplement dated 25 June 2003 and all previous information 

memoranda including their supplements. 

There are three sets of Terms and Conditions (Set (A), Set (B) and Set (C)). The usage of the different sets of the 

Terms and Conditions is described in section “Terms and Conditions of the Notes” in this Information Memorandum. 

Dresdner Bank AG and Dresdner Finance B.V. in their capacities as issuers (together the “Issuers” ) and 

Dresdner Bank AG in its capacity as guarantor (the “Guarantor” ) jointly and severally accepts responsibility for 

the information contained in the Information Memorandum. To the best of the knowledge and belief of the Issuers 

and the Guarantor (each of which has taken all reasonable care to ensure that such is the case), the information 

contained in the Information Memorandum is in accordance with the facts and does not omit anything likely to 

affect the import of such information. 

None of the Issuers nor the Guarantor has authorised the making of any representation, or the provision of information, 

regarding the Issuers, the Guarantor or the Notes other than as contained in the Information Memorandum 

or the relevant Pricing Supplement or as approved for such purpose by the relevant Issuer or (where appropriate) 

the Guarantor. Any such representation or information should not be relied upon as having been authorised by 

the relevant Issuer, the Guarantor, the Dealers or any of them. 

No representation or warranty is made or implied by the Dealers or any of their respective affiliates, and neither 

the Dealers nor any of their respective affiliates makes any representation or warranty or accepts any responsibility, 

as to the accuracy or completeness of the information contained in the Information Memorandum or the 

relevant Pricing Supplement. Neither the delivery of the Information Memorandum or any Pricing Supplement nor 

the offering, sale or delivery of any Notes shall in any circumstances create any implication that there has been 

no adverse change in the financial situation of the Issuers or the Guarantor since the date of the Information 

Memorandum as supplemented or updated from time to time. 

The distribution of the Information Memorandum and any Pricing Supplement and the offering, sale and delivery 

of the Notes in certain jurisdictions may be restricted by law. Persons into whose possession the Information 

Memorandum comes are required by the Issuers, the Guarantor and the Dealers to inform themselves about and 

to observe any such restrictions. For a description of certain restrictions on offers, sales and deliveries of Notes 

and on the distribution of the Information Memorandum or any Pricing Supplement and other offering material 

relating to the Notes, see the “Subscription and Sale” section of the Information Memorandum and the relevant 

Pricing Supplement. Notes may not be offered, sold or delivered within the United States or to U.S. persons. 

Neither the Information Memorandum nor any Pricing Supplement may be used for the purpose of making any 

offer or solicitation in respect of any Notes to any person to whom it is unlawful to make such an offer or solicitation. 

Neither the Notes nor any guarantee thereof have been, or will be, registered under the United States Securities 

Act of 1933, as amended (the “Securities Act”), and may include Notes in bearer form that are subject 

to US tax law requirements. Accordingly, the Notes are being offered and sold only in registered or bearer 

form outside the United States (as such term is defined in Regulation S under the Securities Act 

(“Regulation S”) ) to non-US persons in reliance on Regulation S. See “Subscription and Sale”. 

3

The Luxembourg Stock Exchange registration number is 10521. 

Neither the Information Memorandum nor any Pricing Supplement constitutes an offer or an invitation to 

subscribe for or purchase any Notes and should not be considered as a recommendation by the Issuers, the 

Guarantor, the Dealers or any of them that any recipient of the Information Memorandum should subscribe for or 

purchase any Notes. Each recipient of the Information Memorandum or any Pricing Supplement shall be taken 

to have made its own investigation and appraisal of the condition (financial or otherwise) of the Issuers and the 

Guarantor. 

IN CONNECTION WITH THE ISSUE OF NOTES UNDER THE PROGRAMME, THE DEALER OR LEAD MANAGER 

WHO IS SPECIFIED IN THE PRICING SUPPLEMENT OR SUBSCRIPTION AGREEMENT OR ANY PERSON ACTING 

FOR IT (IN CASE OF A SYNDICATED ISSUE), AS THE CASE MAY BE IN RELATION TO THE RELEVANT ISSUE OF 

NOTES MAY OVER-ALLOT OR EFFECT TRANSACTIONS WITH A VIEW TO SUPPORTING THE MARKET PRICE OF 

THE NOTES OF SUCH ISSUE AT A LEVEL HIGHER THAN THAT WHICH MIGHT NOT OTHERWISE PREVAIL FOR A 

LIMITED PERIOD. SUCH STABILISING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME AND MUST BE 

BROUGHT TO AN END AFTER A LIMITED PERIOD. ANY SUCH TRANSACTIONS MUST BE CARRIED OUT IN 

ACCORDANCE WITH ALL APPLICABLE LAWS AND REGULATIONS. 

4

Table of Contents 

Dresdner Finance B.V. 6 

Balance sheet as of 31 December 2003 8 

Profit and loss account for the year 2003 9 

Notes to the 2003 financial statements 10 

Other information 14 

Dresdner Bank Group 19 

Divisions 24 

Recent Developments and Outlook 27 

Dresdner Bank AG – Unconsolidated Financial Statements as of 31 December 2003 28 

Management Report 29 

Risk Report 35 

Balance Sheet 44 

Income Statement 46 

Notes to the Financial Statements 48 

Independent Auditors’ Report 68 

Dresdner Bank AG – Consolidated Financial Statements as of 31 December 2003 69 

Group Management Report 70 

Risk Report 90 

Income Statement 103 

Balance Sheet 104 

Statement of Changes in Shareholders’ Equity 105 

Statement of Cash Flows 106 

Notes 107 

Independent Auditors’ Report 164 

Page 

5


Incorporation 

Dresdner Finance B.V. was incorporated under Dutch law as a limited liability company in Amsterdam on 

February 22, 1983 for an unlimited period of time. The registered office of Dresdner Finance B.V. is in Amsterdam, 

The Netherlands. The office address Keizersgracht 484, 1017 EH Amsterdam, The Netherlands. The company is 

registered in the Amsterdam Trade Register under registration number 33.171.777. 

Dresdner Finance B.V. is a wholly-owned subsidiary of Dresdner Bank AG, Frankfurt/Main. 

Purpose of Dresdner Finance B.V. 

The purpose of Dresdner Finance B.V. is to conduct business of a commercial and financial nature and to ensure 

the long term funding of the Dresdner Bank Group’s operations. Dresdner Finance B.V. in particular, obtains funds 

by various means which include the issuing of bonds and notes, and lends such funds to Dresdner Bank AG and 

its subsidiaries. 

Capital and Shares 

The authorised capital of Dresdner Finance B.V. amounts to 3 910,000, divided into 910 registered shares of 

3 1,000 each. At present, 182 shares are issued and fully paid. 

Management 

According to the Articles of Association, the Board of Managing Directors must consist of two or more members. 

Dresdner Finance B.V. is legally represented by two Board members or by one Board member together with a 

proxyholder (as far as the authority of the proxyholder has not been limited). 

The members of the Board of Managing Directors are at present: 

Dr. Christopher Julian Kienle Frankfurt/Main 

Hendrikus Johannes Julius Schoon Amsterdam 

Hero Dirk Albert Wentzel Amsterdam 

The members of the Supervisory Board are at present: 

Erich Pohl (Chairman) Senior General Manager, Dresdner Bank AG, Frankfurt/Main 

Johannes Boller Managing Director, Dresdner Bank AG, Frankfurt/Main 

Stephan Theissing Head of Group Treasury & Corporate Finance, Allianz AG, Munich 

The business address of the members of the Board of Managing Directors and Supervisory Board is: 

Dresdner Finance B.V., Keizersgracht 484, 1017 EH Amsterdam, The Netherlands. 

General Meetings of Shareholders 

The annual general meeting of shareholders is held in Amsterdam within six months after the end of the financial 

year. 

Financial Year 

The financial year of Dresdner Finance B.V. is the calendar year. 

Appropriation of Profits 

The net profit may be distributed at the discretion of the general meeting of shareholders. 

6

Audit of the Accounts 

The accounts of Dresdner Finance B.V. for the financial years 2001 and 2002 have been audited by PricewaterhouseCoopers 

N.V. Accountants (formerly Coopers & Lybrand), Prins Bernhardplein 200, 1097 JB Amsterdam, 

The Netherlands. The accounts of Dresdner Finance B.V. for the financial year 2003 have been audited by KPMG 

Accountants N.V., Burgermeester Rijnderslaan 10–20, 1185 MC Amstelveen, The Netherlands. The reports 

contain no objections and in each case an unqualified opinion has been given. 

Capitalisation of Dresdner Finance B.V. 

The following table shows the capitalisation of Dresdner Finance B.V.as of December 31, 2003 

December 31, 2003 

(3 1,000) 

Shareholders’ equity 

Issued capital 182 

Other reserves 1,894 

Total Shareholders’ Equity as of December 31, 2003 2,076 

Liabilities 

Long-term Liabilities 

Bonds 

Current Liabilities 

6,730,575 

Bonds 4,751,947 

Other liabilities 434,046 

Total liabilities as of December 31, 2003 11,916,568 

Total Shareholders' Equity and Liabilities as of December 31, 2003 11,918,644 

The subcribed capital of Dresdner Finance B.V. has been paid up in full. 

Except as disclosed in this Information Memorandum, there has been no material change in the capitalisation of 


Recent Developments 

Since January 1, 2004 Dresdner Finance B.V. has redeemed the following Bonds or Notes: 

Issue Number Deposit currency Deposit amount Maturity 

037 ITL 300,000,000,000 February 11, 2004 

039 DEM 1,000,000,000 March 11, 2004 

051 CHF 200,000,000 January 15, 2004 

075 DEM 1,500,000,000 April 30, 2004 

091 USD 800,000,000 January 22, 2004 

093 USD 1,000,000,000 January 24, 2004 

094 EUR 1,750,000,000 February 18, 2004 

7

Balance sheet as at December 31, 2003 1 ) 

(before appropriation of the result for the year) 

2003 2002 

(3 1,000) (3 1,000) 

Fixed assets 

Financial fixed assets: 

– Shares in group companies 77,708 – 

– Long-term investments 6,730,575 11,849,556 

6,808,283 11,849,556 

Current assets 

Short-term investments 4,751,947 2,891,305 

Other receivables 358,273 427,362 

Cash at banks 141 107 

5,110,361 3,318,774 

11,918,644 15,168,330 

Shareholder’s equity 

Share capital 182 182 

Other reserves 1,018 969 

Result for the year 876 1,149 

2,076 2,300 

Long-term liabilities 6,730,575 11,849,556 

Current liabilities 

Bearer Bonds 4,751,947 2,891,305 

Loans to group companies 77,538 – 

Accruals and deferred income 356,508 425,169 

5,185,993 3,316,474 

11,918,644 15,168,330 

1 ) Financial statements (Balance sheet as at December 31, 2003, Profit and loss account for the year 2003 as well as Notes to the 2003 financial statements) taken from 

the Annual report for the year 2003 of Dresdner Finance B.V., Amsterdam. 

8

Profit and loss account for the year 2003 

2003 2002 

(3 1,000) (3 1,000) 

Financial income 

Interest income from fixed deposits 594,823 740,424 

Interest income from private placements 248 314 

Other interest income and similar income 30 30 

595,101 740,768 

Financial expenses 

Interest expenses from bonds 593,306 738,497 

Interest expenses from private placements 245 311 

Handling fee 24 11 

Exchange differences 10 9 

593,585 738,828 

Operating income 1,516 1,940 

Operating expenses 181 188 

Result before taxation 1,335 1,752 

Corporation tax 459 603 

Result after taxation 876 1,149 

9

Notes to the 2003 financial statements 

General 

Dresdner Finance B.V. was formed on February 22, 1983. The company’s registered office is in Amsterdam. The 

company is owned by Dresdner Bank AG, and is member of the Allianz Group, Munich. 

As provided for by Article 408 of Part 9, Book 2 of the Netherlands Civil Code, consolidated financial statements 

are not prepared by the company. The parent company, Dresdner Bank AG, is incorporated in Germany and 

copies of its consolidated financial statements are available at the Registrar of Companies in Amsterdam. 

Change in accounting principle 

As from 2003, the balance sheet is drawn up before appropriation of the result for the year. As a consequence, 

the comparative figures have been restated. There is no impact on equity or the result for the year. 

Accounting principles 

The principles applied in respect of the valuation of assets and liabilities and determination of the result are based 

on historical cost. Insofar as not stated otherwise, monetary assets and liabilities are shown at nominal value. 

Interests in group companies are stated at the lower of acquisition costs or the market value. 

Premiums and discounts arising from the issue of long-term notes and bonds are for the account of the Dresdner 

Bank AG. 

Issuance costs are generally reimbursed by the parent company, Dresdner Bank AG. Costs which are not reimbursed 

are computed to the profit and loss account. 

Amounts denominated in foreign currencies are translated into euros at the mid-market rate of exchange ruling 

at the balance sheet date. Exchange differences are computed in the profit and loss account. 

Exchange rates applied are: 

31 December 2003 31 December 2002 

1 EUR = 1.2620 USD 1 EUR = 1.0487 USD 

1 EUR = 1.5585 CHF 1 EUR = 1.4524 CHF 

1 EUR = 0.7070 GBP 1 EUR = 0.6505 GBP 

1 EUR = 7.4445 DKK 1 EUR = 7.4288 DKK 

1 EUR = 1.9210 NZD 1 EUR = 2.0385 NZD 

1 EUR = 8.3460 ZAR 1 EUR = 9.0094 ZAR 

Income and expenses related thereto are recognised in the relevant year. 

Corporation tax computed in the profit and loss account is calculated on the result before taxation, taking into 

account acquired rulings and current tax rates. 

10

Balance sheet as at December 31, 2003 

Fixed assets 

Financial fixed assets 

Shares in group companies 

On December 15, 2003 the company acquired all 34,820 shares of KBIM Overseas B.V. and all 688,098,387 

shares of KBPB Holding Ltd. 

Long-term investments 

This position consists of 15 deposits, 1 private placement and 2 participation certificates, all in USD, EUR or CHF. 

The deposits are granted to Dresdner Bank AG, Frankfurt. The interest rates, if applicable, stand between 

1.0125 % and 7.3875 %. The deposits, the private placement and the participation certificates will be repaid 

between January 2005 and August 2012. 

The outstanding amount longer than five year amounts to EUR 911,127,267. 

Current assets 

Short-term investments 

This item consists of 7 deposits and 1 private placement. The deposits are granted to Dresdner Bank AG, Frankfurt. 

Other receivables 

This position mainly consists of accrued interest and deposits and private placements with a remaining maturity 

of less than one year. 

Cash at banks 

Cash at banks is unencumbered. 

Shareholder’s equity 

Shares in group 

companies 

Long-term 

investments Total 

(3 1,000) 

Balance as at January 1, 2003 – 11,849,556 11,849,556 

Additions 77,708 101,587 179,295 

Disposals – (5,220,568) (5,220,568) 

Balance as at December 31, 2003 77,708 6,730,575 6,808,283 

The authorized share capital consists of 910 shares of EUR 1,000 nominal value each. The issued capital is 

divided into 182 registered shares of EUR 1,000 nominal value each. 

11

Long-term liabilities 

The long-term liabilities comprise the following liabilities: 

More detailed information on the long-term liabilities is enclosed in appendix A. 

Current liabilities 

Short-term liabilities 

This item consists of 7 short-term bonds and 1 private placement. Enclosed you will find a more detailed overview 

of the short-term liabilities (appendix B). 

Accruals and deferred income 

This item consists of amounts with a maturity of less than 1 year. It mainly concerns accrued interest on bonds 

and notes and private placements. 

12 

Share 

capital 

Other 

reserves 

Result 

for the year Total 

As at January 1, 2002 182 

(3 1,000) 

2,169 – 2,351 

Result for the year 2002 – – 1,149 1,149 

Dividend payments in 2002 – (1,200) – (1,200) 

As at December 31, 2002 182 969 1,149 2,300 

Share 

capital 

Other 

reserves 

Result 

for the year Total 

As at January 1, 2003 182 

(3 1,000) 

969 1,149 2,300 

Appropriation result for the year 2002 – 1,149 (1,149) – 

Result for the year 2003 – – 876 876 

Dividend payments in 2003 – (1,100) – (1,100) 

As at December 31, 2003 182 1,018 876 2,076 

January 1, 

2003 

Movements 

in 2003 

(3 1,000) 

December 

31, 2003 

Deposits 11,826,269 (5,203,858) 6,622,411 

Private placements 23,287 (16,710) 6,577 

Participation certificates – 101,587 101,587 

11,849,556 (5,118,981) 6,730,575

Profit and loss account for the year 2003 

Financial income 

The financial income mainly relates to interest received on outstanding deposits and private placements. 

Financial expenses 

The financial expenses mainly relate to interest paid on bonds and notes and private placements. 

Remuneration 

The company employed no personnel during the year (2002: 1). The total remuneration paid to the Board of 

Management Directors amounts to EUR 9,950 (2002: EUR 17,157) and to the Board of Supervisory Directors 

EUR 23,824 (2002: EUR 45,663). 

Amsterdam, March 5, 2004 

The Board of Managing Directors: The Board of Supervisory Directors: 

Dr. Ch. J. Kienle J. Boller 

H. J. J. Schoon E. H. Pohl 

H. D. A. Wentzel S. Theissing 

13

Other Information 1 ) 

1. Proposed appropriation of the net result for the year 

According to Article 15.1 of the Company’s Articles of Association, the net result for the year is at the disposal of 

the Shareholder at the General Meeting. 

2. Subsequent events 

There are no events that have occurred since December 31, 2003 that would alter the present financial position 

substantially from the balance sheet at that date or which would require adjustment to or disclosure in the financial 

statements. 

3. Auditor’s report 

Introduction 

We have audited the financial statements of Dresdner Finance B.V., Amsterdam, for the year 2003. These financial 

statements are the responsibility of the company’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 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 

December 31, 2003 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. 

Amsterdam, March 5, 2004 

1 ) Taken from the Annual report for the year 2003 of Dresdner Finance B.V., Amsterdam. 

14

Appendix A: Long-term liabilities 

Notes and bonds 

Amount as per 

Dec. 31, 2002 

Movements in 

2003 

Amount as per 

Dec. 31, 2003 

EUR EUR EUR 

Notes and bonds 11,826,269,556 (5,203,858,210) 6,622,411,348 

Private placements 23,287,350 (16,710,487) 6,576,863 

Participation certificates – 101,587,131 101,587,131 

11,849,556,906 (5,118,981,566) 6,730,575,342 

Number 

of bond 

Currency 

Amount 

Interest 

rate 

% 

Issue 

price 

% 

Year of 

issue 

Date of 

redemption 

Amount 

as per 

Dec. 31, 2002 

EUR 

Movements 

in 2003 

EUR 

Amount 

as per 

Dec. 31, 2003 

EUR 

37 ITL 300,000,000,000 7.8750 101.75 1994 11-02-2004 154,937,070 (154,937,070) – 

39 DEM 1,000,000,000 6.2500 101.90 1994 11-03-2004 511,291,881 (511,291,881) – 

51 CHF 200,000,000 4.0000 103.65 1996 15-01-2004 137,703,112 (137,703,112) – 

56 FRF 2,000,000,000 6.7500 101.62 1996 27-03-2007 304,898,034 – 304,898,034 

63 CHF 150,000,000 4.5000 102.65 1996 02-10-2006 103,277,334 (7,030,943) 96,246,391 

65 FRF 4,000,000,000 6.2500 101.444 1996 05-11-2008 609,796,070 – 609,796,070 

69 ITL 200,000,000,000 7.3750 101.46 1996 20-12-2006 103,291,380 – 103,291,380 

69 ITL 200,000,000,000 7.3750 101.48 1996 20-12-2006 103,291,380 – 103,291,380 

69 ITL 100,000,000,000 7.3750 101.50 1996 20-12-2006 51,645,690 – 51,645,690 

70 CHF 125,000,000 4.1250 102.75 1997 16-01-2007 86,064,445 (5,859,119) 80,205,326 

71 ITL 550,000,000,000 7.2500 99.375 1997 07-02-2007 284,051,295 – 284,051,295 

75 DEM 1,500,000,000 5.5000 115 1997 30-04-2004 766,937,822 (766,937,822) – 

79 FRF 1,000,000,000 5.8750 99.785 1997 28-08-2012 152,449,017 – 152,449,017 

80 ITL 200,000,000,000 5.3000 101.64 1998 09-01-2008 103,291,380 – 103,291,380 

81 FRF 500,000,000 5.0000 99.09 1998 17-03-2006 76,224,510 – 76,224,510 

81 FRF 2,000,000,000 5.0000 99.851 1998 17-03-2006 304,898,034 – 304,898,034 

86 NLG 1,000,000,000 5.2500 101.038 1998 04-01-2009 453,780,216 – 453,780,216 

87 EUR 550,000,000 5.0000 101.65 1998 25-05-2005 550,000,000 – 550,000,000 

88 FRF 2,000,000,000 5.2500 99.42 1998 04-01-2009 304,898,034 – 304,898,034 

89 CHF 300,000,000 3.6250 102.15 1998 06-08-2008 206,554,669 (14,061,887) 192,492,782 

89 CHF 200,000,000 3.6250 102.70 1998 06-08-2008 137,703,112 (9,374,591) 128,328,521 

89 CHF 100,000,000 3.6250 102.20 1998 06-08-2008 68,851,556 (4,687,297) 64,164,259 

89 CHF 100,000,000 3.6250 100.95 1998 06-08-2008 68,851,556 (4,687,297) 64,164,259 

91 USD 500,000,000 5.5000 101.46 1999 22-01-2004 476,780,777 (476,780,777) – 

91 USD 250,000,000 5.5000 101.028 1999 22-01-2004 238,390,388 (238,390,388) – 

91 USD 50,000,000 5.5000 96.675 1999 22-01-2004 47,678,078 (47,678,078) – 

92 EUR 1,000,000,000 4.0000 100.93 1999 19-01-2007 1,000,000,000 – 1,000,000,000 

92 EUR 675,000,000 4.0000 90.125 1999 19-01-2007 675,000,000 – 675,000,000 

92 EUR 150,000,000 4.0000 97.37 1999 19-01-2007 150,000,000 – 150,000,000 

92 EUR 100,000,000 4.0000 99.66 1999 19-01-2007 100,000,000 – 100,000,000 

92 EUR 75,000,000 4.0000 90.31 1999 19-01-2007 75,000,000 – 75,000,000 

93 USD 1,000,000,000 1.2350 99.889 1999 24-01-2004 953,561,552 (953,561,552) – 

94 EUR 1,000,000,000 2.2610 99.84 1999 18-02-2004 1,000,000,000 (1,000,000,000) – 

94 EUR 750,000,000 2.2610 99.86 1999 18-02-2004 750,000,000 (750,000,000) – 

97 USD 750,000,000 7.2500 101.205 2000 31-01-2005 715,171,164 (120,876,394) 594,294,770 

Total of long-term notes and bonds 11,826,269,556 (5,203,858,210) 6,622,411,348 

15

Private placements 

Of private 

placement 

Participation certificates 

16 

Currency 

Amount 

Interest 

rate 

% 

Issue 

price 

% 

Year of 

issue 

Date of 

redemption 

Amount 

as per 

Dec. 31, 2002 

EUR 

Movements 

in 2003 

EUR 

Amount 

as per 

Dec. 31, 2003 

EUR 

PP - 9 USD 8,300,000 1.02625 100 1998 09-01-2006 7,914,560 (1,337,697) 6,576,863 

PP - 10 GBP 10,000,000 1.00000 100 1998 06-05-2004 15,372,790 (15,372,790) – 

Total of long-term private placements 23,287,350 (16,710,487) 6,576,863 

Number of 

certificate 

Currency 

Amount Kind of certificate 

Year of 

issue 

Date of 

redemption 

Amount 

as per 

Dec. 31, 2002 

EUR 

Movements 

in 2003 

EUR 

Amount 

as per 

Dec. 31, 2003 

EUR 

110 DEM 103,686,816 EUR STOXX 1998 10-10-2008 – 53,014,227 53,014,227 

111 DEM 95,000,343 EUR STOXX PS 1998 10-10-2008 – 48,572,904 48,572,904 

Total of long-term participation certificates – 101,587,131 101,587,131

Appendix B: Current liabilities 

Notes and bonds 


Participation certificates 

Amount as per 

Dec. 31, 2002 

Movements in 

2003 

Amount as per 

Dec. 31, 2003 

EUR EUR EUR 

Notes and bonds 2,783,013,729 1,954,789,013 4,737,802,742 

Private placements – 14,144,272 14,144,272 

Participation certificates 108,291,242 (108,291,242) – 

2,891,304,971 1,860,642,043 4,751,947,014 

Number 

of 

deposit 

Currency 

Amount 

Interest 

rate 

% 

Year of 

issue 

Date of 

redemption 

Amount 

as per 

Dec. 31, 2002 

EUR 

Movements 

in 2003 

EUR 

Amount 

as per 

Dec. 31, 2003 

EUR 

37 ITL 300,000,000,000 7.8750 1994 11-02-2004 – 154,937,070 154,937,070 

39 DEM 1,000,000,000 6.2500 1994 11-03-2004 – 511,291,881 511,291,881 

45 NLG 300,000,000 6.6250 1995 03-07-2003 136,134,065 (136,134,065) – 

51 CHF 200,000,000 4.0000 1996 15-01-2004 – 128,328,521 128,328,521 

54 DKK 400,000,000 6.8750 1996 21-02-2003 53,844,497 (53,844,497) – 

55 GBP 150,000,000 7.6250 1996 31-12-2003 230,591,852 (230,591,852) – 

55 GBP 25,000,000 7.6250 1998 31-12-2003 38,431,975 (38,431,975) – 

75 DEM 1,500,000,000 5.5000 1997 30-04-2004 – 766,937,822 766,937,822 

83 USD 500,000,000 5.8750 1998 16-04-2003 476,780,777 (476,780,777) – 

83 USD 50,000,000 5.8750 1998 16-04-2003 47,678,078 (47,678,078) – 

84 NZD 100,000,000 7.7500 1998 29-05-2003 50,062,579 (50,062,579) – 

85 ZAR 100,000,000 12.6250 1998 27-05-2003 11,099,518 (11,099,518) – 

90 EUR 1,500,000,000 2.56425 1998 30-07-2003 1,500,000,000 (1,500,000,000) – 

91 USD 500,000,000 5.5000 1999 22-01-2004 – 396,196,513 396,196,513 

91 USD 250,000,000 5.5000 1999 22-01-2004 – 198,098,257 198,098,257 

91 USD 50,000,000 5.5000 1999 22-01-2004 – 39,619,651 39,619,651 

93 USD 1,000,000,000 1.2350 1999 24-01-2004 – 792,393,027 792,393,027 

94 EUR 1,000,000,000 2.2610 1999 18-02-2004 – 1,000,000,000 1,000,000,000 

94 EUR 750,000,000 2.2610 1999 18-02-2004 – 750,000,000 750,000,000 

96 USD 250,000,000 6.3750 1999 30-06-2003 238,390,388 (238,390,388) – 

Total of short-term notes and bonds 2,783,013,729 1,954,789,013 4,737,802,742 

Number of 

certificate 

Currency 


Year of 

issue 

Date of 

redemption 

Amount 

as per 

31-12-2002 

EUR 

Movements 

in 2003 

EUR 

Amount 

as per 

31-12-2003 

EUR 

PP – 10 GBP 10,000,000 1.0000 1998 06-05-2004 – 14,144,272 14,144,272 

Total of short-term private placements – 14,144,272 14,144,272 

Number of 

certificate 

Currency 


Year of 

issue 

Date of 

redemption 

Amount 

as per 

31-12-2002 

EUR 

Movements 

in 2003 

EUR 

Amount 

as per 

31-12-2003 

EUR 

108 DEM 13,112,101 Greece FTSE 1998 01-10-2003 6,704,111 (6,704,111) – 

110 DEM 103,686,816 EUR STOXX 1998 10-10-2008 53,014,227 (53,014,227) – 

111 DEM 95,000,343 EUR STOXX PS 1998 10-10-2008 48,572,904 (48,572,904) – 

Total of short-term participation certificates 108,291,242 (108,291,242) – 

17

Outstanding Issues and Liabilities of Dresdner Finance B.V. 

As per December 31, 2003 the total amount of outstanding issues and liabilities of Dresdner Finance B.V. was 

comprised as follows: 

Borrowings as per December 31, 20031 ) 2 Notes and Bonds*) 

) € 1,000 

ITL 300,000,000,000 7.875 % Bonds due February 2004 154,937 

DEM 1,000,000,000 6.25 % Bonds due March 2004 511,292 

CHF 200,000,000 4.00 % Bearer Bonds due January 2004 128,329 

FRF 2,000,000,000 6.75 % Bonds due March 2007 304,898 

CHF 150,000,000 4.50 % Bearer Bonds due October 2006 96,246 

FRF 4,000,000,000 6.25 % Bonds due November 2008 609,796 

ITL 500,000,000,000 7.375 % Bonds due December 20063 ) 258,229 

CHF 125,000,000 4.125 % Bonds due January 2007 80,205 

ITL 550,000,000,000 7.25 % Bonds due February 20073 ) 284,051 

DEM 1,500,000,000 5.5 % Bonds due April 2004 766,938 

FRF 1,000,000,000 5.875 % Bonds due August 2012 152,449 

ITL 200,000,000,000 Step-Down Bearer Bonds due January 20083 ) 103,291 

FRF 2,500,000,000 5 % Bonds due March 2006 381,123 

NLG 1,000,000,000 5.25 % Bonds due January 2009 453,780 

EUR 550,000,000 5 % Bonds due May 2005 550,000 

FRF 2,000,000,000 Step-up Euro Fungible Bonds due January 2009 304,898 

CHF 700,000,000 3.625 % Bonds due August 2008 449,150 

USD 800,000,000 5.5 % Bonds due January 20043 ) 633,914 

EUR 2,000,000,000 4 % Bonds due January 2007 2,000,000 

USD 1,000,000,000 Floating Rate Notes due January 2004 792,393 

EUR 1,750,000,000 Floating Rate Notes due February 2004 1,750,000 

USD 750,000,000 7.25 % Bonds due January 2005 594,295 

11,360,214 


USD 8,300,000 Floating Rate Notes due January 20063 ) 6,577 

GBP 10,000,000 1 % Bonds due May 2004 14,144 

11,380,935 

Participations 

Euro Stoxx participations 48,573 

Euro Stoxx 53,014 

Total amount 11,482,522 

*) Guaranteed by Dresdner Bank AG, Frankfurt/Main. 

1 ) Save as disclosed in this Information Memorandum Supplement, there has been no material change in the borrowings of Dresdner Finance B.V. since December 31, 

2003. 

2 ) Conversion rates for 1 EUR = 1.5585 CHF; 1.95583 DEM; 0.7070 GBP; 1.936.27 ITL; 2.20371 NLG; 1.2620 USD. 

3 ) Under the existing EMTN programme. 

18

Dresdner Bank Group 

Dresdner Bank Aktiengesellschaft emerged in 1957 from the reunification of the independent banks which had 

been formed in 1952 as successor companies of Dresdner Bank, Berlin, which was founded in 1872 in Dresden. 

Dresdner Bank is incorporated under German law as a joint stock company (Aktiengesellschaft) for an unlimited 

period of time. Its registered office is in Frankfurt am Main. The Bank has been entered in the register of companies 

of the District Court in Frankfurt am Main under registration number HRB 14000. The office address is 

Juergen-Ponto-Platz 1, D-60301 Frankfurt am Main (Germany). 

Objectives of the Bank 

The objectives as laid down in clause 2 of the Articles of Association are the transaction of banking business of 

all kinds and the provision of financial, advisory and similar services. 

Subject to, and in accordance with German legal regulations, the Bank may carry on all business that is conducive 

to meeting the objectives, including the purchase, management and disposal of property, the acquisition of 

interests in other companies as well as the formation and purchase of such companies and the establishment of 

branches in Germany and abroad. 

The Bank is authorised to carry on its business activities through subsidiaries, affiliates or jointly-held companies 

and to engage in joint venture and cooperation agreements with other companies. 

Activities 

Dresdner Bank, together with its subsidiaries maintains 1,035 branches and other business units employing 

42,060 staff members as of December 31, 2003. The Group is represented in many countries around the world. 

The Group’s business activities have been concentrated on the strategic divisions Personal Banking, Private & 

Business Banking, Corporate Banking as well as Investment Banking (branded, “Dresdner Kleinwort Wasserstein” 

or “DrKW”). The Institutional Restructuring Unit (“IRU”) division handles business outside the Bank’s 

strategic focus. 

Total assets of the Group amounted to 3 477.0 billion as of December 31, 2003. Consolidated loss after tax for 

the year 2003 amounted to 3 1,978 million. 

Since the combination in 2001, Dresdner Bank has been a key pillar of the integrated financial services provider 

Allianz Group (Allianz AG (“Allianz”), together with its subsidiaries, (“Allianz Group”)), representing the centre of 

banking competence within the Allianz Group. 

International Offices 

The Group’s international banking activities are conducted primarily in Europe. Furthermore, the Group is active 

in North America, Latin America and the Asian region. 

The Dresdner Bank Group is represented internationally at the following locations: 

UK/Ireland: Dublin, London, St. Helier/Jersey, St. Peter Port/Guernsey. 

Benelux: Amsterdam, Brussels, Gouda, Luxembourg. 

Central and Eastern Europe: Bratislava, Budapest, Kiev, Moscow, Prague, Riga, St. Petersburg, Warsaw. 

France: Lyon, Paris. 

Austria/Switzerland: Geneva, Lugano, Salzburg, Vienna, Zurich. 

Italy: Milan. 

South East Europe: Athens, Istanbul, Zagreb. 

North America: Boston, George Town/Grand Cayman, Miami, New York, San Francisco. 

Central and Latin America: Belo Horizonte, Bogotá, Buenos Aires, Curitiba, Guatemala City, Mexico City, Panama 

19

City, Santiago de Chile, São Paulo. 

Asia: Almaty, Beijing, Beirut, Dubai, Guangzhou, Hanoi, Hong Kong, Izmir, Jakarta, Kuala Lumpur, Labuan, Manila, 

Mumbai, Seoul, Shanghai, Singapore, Taipei, Tashkent, Teheran, Tokyo. 

Africa: Cairo, Johannesburg. 

Australia: Sydney. 

Significant shareholdings (non-banks) 

As of December 31, 2003 the Bank held shares of five percent or more, directly or indirectly, in the German 

companies below which do not engage in banking business. These shares are reported in the balance sheet 

under Investment securities (Available-for-Sale). As of December 31, 2003 the total market value of the Group’s 

share-holdings in non-banks – excluding trading portfolios – was 3 4.6 billion. 

December 31, 2003 Percentage of capital held 

% 

Except as disclosed in this Information Memorandum, there has been no material change in the capitalisation of 

the Group since December 31, 2003. 

Capital and Shares 

The subscribed capital of the Bank as of December 31, 2003 amounted to 3 1,502,972,205.80 divided into 

578,066,233 ordinary shares in registered form, with a notional no-par value. At present, Dresdner Bank has no 

preference shares outstanding. The right of shareholders to certification for their shares is excluded. 

Dresdner Bank’s subscribed capital is fully paid-up. 

Dresdner Bank has no outstanding securities representing a conversion right or option on Dresdner Bank shares. 

In particular, no warrants or convertible bonds have been issued. 

20 

Market value 

3 million 

Bilfinger Berger Aktiengesellschaft, Mannheim 25.0 252 

Karstadt Quelle AG, Essen 10.4 242 

mg technologies ag, Frankfurt am Main 10.1 218 

Münchener Rückversicherungs-Gesellschaft AG, Munich 7.3 1,627 

Norddeutsche Affinerie AG, Hamburg 6.1 19 

Capitalisation of the Group 

December 31, 2003 

Trading liabilities 

(3 million) 

83,222 

Liabilities to banks 165,512 

Liabilities to customers 152,627 

Certificated liabilities 39,809 

Provisions and other liabilities 14,374 

Liabilities (excluding subordinated liabilities) 455,544 

Subordinated liabilities 6,424 

Profit-participation certificates 1,511 

Minority interest 

The Group’s shareholders’ equity as of December 31, 2003 was composed as follows: 

2,034 

Subscribed capital 1,503 

Additional paid-in capital and retained earnings 10,192 

Translation Reserve (542) 

Cumulative valuation effect of financial instruments available-for-sale 363 

Profit 0 

Total shareholders’ equity 11,516

In accordance with the statutes, the Managing Board of Directors (Vorstand) has been authorized until May 28, 

2004 to resolve with the consent of the Supervisory Board on the issuance of new shares in an amount of up to 

3 174.0 million (Authorized Capital). 

Dresdner Bank’s entire share capital is owned by the Allianz Group. 

Audit of the financial statements 

The financial statements of the Bank and the consolidated financial statements for the financial years 2001 and 

2002 were audited by PwC Deutsche Revision Aktiengesellschaft Wirtschaftsprüfungsgesellschaft, Olof-Palme- 

Strasse 35, 60439 Frankfurt am Main. The financial statements of the Bank and the consolidated financial statements 

for the financial year 2003 were audited by KMPG, Deutsche Treuhand-Gesellschaft Aktiengesellschaft 

Wirtschaftsprüfungsgesellschaft, Marie-Curie-Strasse 30, 60439 Frankfurt am Main. Unqualified auditor’s reports 

were issued on the financial statements of Dresdner Bank as well as on the consolidated financial statements of 

Dresdner Bank. 

General Meetings of Shareholders 

The general meetings of shareholders are convened by the Board of Managing Directors or by the Supervisory 

Board. Each share is entitled to one vote at the general meeting. 

The resolutions of the general meeting of shareholders are passed, unless the Articles of Association or mandatory 

provisions of the German Stock Corporation Act (Aktiengesetz) provide otherwise, by a simple majority of 

votes cast. A particular exception is a resolution to dissolve the Bank which requires a majority of four-fifths of 

the votes cast and a majority of three-quarters of the subscribed capital. 

Financial Year 

The financial year is the calendar year. 

Management 

In accordance with the German Stock Corporation Act (Aktiengesetz), the Bank has a Supervisory Board 

(Aufsichtsrat) and a Managing Board of Directors (Vorstand). The two Boards are separate and no individual may 

be a member of both at any one time. 

According to the Articles of Association, the Board of Managing Directors must consist of two or more members. 

The actual number of Managing Directors is determined by the Supervisory Board. At present, there are 

10 members, as listed below: 

Dr. Herbert Walter 1 ) 

Dr. Andreas Georgi 

Karl Ralf Jung 

Dr. Stephan-Andreas Kaulvers 

Jan E. Kvarnström 

Wulf Meier 

Andrew Pisker 

Klaus Rosenfeld 

Otto Steinmetz 

Dr. Friedrich Wöbking 

The Board of Managing Directors must report regularly to the Supervisory Board, in particular on proposed business 

policy and strategy, profitability and on the current business of the Bank as well as on any exceptional 

matters which arise from time to time. 

1 ) Dr. Herbert Walter is Chairman of the Board of Managing Directors. 

21

According to the Articles of Association, the Supervisory Board 1 ) consists of 20 members. At present, the 

members are: 

Michael Diekmann Chairman of the Board of Managing Directors of Allianz Aktiengesellschaft, 

Munich, Chairman 

Peter Haimerl Dresdner Bank AG, Munich, Deputy Chairman*) 

Claudia Eggert-Lehmann Dresdner Bank AG, Dortmund*) 

Bernhard Enseling Dresdner Bank AG, Frankfurt am Main*) 

Christian Höhn Dresdner Bank AG, Munich*) 

Oda-Renate Krauss ver.di Vereinte Dienstleistungsgewerkschaft, Berlin*) 

Dr. Heinz Kriwet Member of the Supervisory Board of ThyssenKrupp AG, Dusseldorf 

Prof. Dr. Edward G. Krubasik Member of the Board of Managing Directors of Siemens AG, Munich 

Dr. Dietmar Kuhnt Member of the Supervisory Board of RWE AG, Essen 

Igor Landau Chairman of the Board of Managing Directors of Aventis S.A., Strasbourg 

Dr. Hartmut Mehdorn Chairman of the Board of Managing Directors of Deutsche Bahn AG, Berlin 

Brunhilde Nast Dresdner Bank AG, Dresden*) 

Dr. Helmut Perlet Member of the Board of Managing Directors of Allianz AG, Munich 

Dr. Bernd Pischetsrieder Chairman of the Board of Managing Directors of Volkswagen AG, Wolfsburg 

Stefan Quandt Chairman of the Supervisory Board of Delton AG, Bad Homburg v.d.H. 

Jürgen Rose Dresdner Bank AG, Nuremberg*) 

Sultan Salam Dresdner Bank AG, Frankfurt am Main*) 

Margit Schoffer Dresdner Bank AG, Aalen*) 

Uwe Spitzbarth ver.di Vereinte Dienstleistungsgewerkschaft, Berlin*) 

Dr. Bernd W. Voss Former Member of the Board of Managing Directors of Dresdner Bank AG, 

Frankfurt am Main 

A member of the Supervisory Board elected by the shareholders may be removed by the shareholders by a 

majority of at least three quarters of the votes cast at a general meeting of shareholders. A member of the Supervisory 

Board elected by the employees may be removed by a majority of at least three quarters of the votes cast 

by the relevant class of employees. The Supervisory Board appoints a Chairman and a Deputy Chairman from 

amongst its members. At least half the members of the Supervisory Board must be present to constitute a quorum. 

Unless otherwise provided for by the law or the Articles of Association, resolutions are passed by a simple 

majority of the Supervisory Board. In the event of a tie, another vote is held and the Chairman (who is, in practice, 

always a representative of the shareholders) then has a casting vote. 

The business address of the Bank’s members of the Managing Board of Directors and Supervisory Board is: 

Dresdner Bank AG, Juergen-Ponto-Platz 1, D-60301 Frankfurt am Main (Germany). 

Legal proceedings 

Several class action suits and individual actions against the Bank and other credit institutions were filed in the 

United States of America. The suits, which have been dismissed, alleged that the banks collaborated with the 

Nazi regime before and during World War II and enriched themselves. An appeal has been filed against one of 

these judgments. 

The Bank is one of the founding members of the “German Enterprises Foundation Initiative: Remembrance, 

Responsibility and the Future”, which has led to the German legislation regarding the establishment of the Public 

Foundation “Remembrance, Responsibility and the Future”. The objectives of this initiative are, inter alia, to 

respond to the moral responsibility of German enterprises for the injustices of the Nazi era by supporting Nazi 

era victims, as well as future-oriented projects. All parties participating in the negotiations regarding this Foundation 

have declared that it is their common objective that German companies receive all-embracing and 

enduring legal peace, and that it would be in their interests for the Foundation to be the exclusive remedy and 

forum for the resolution of all claims that have been or may be asserted against German companies arising out 

1 ) Dr. Wolfgang Röller (Frankfurt am Main) is Honorary Chairman of Dresdner Bank AG Supervisory Board. 

*) Members of the Supervisory Board representing the employees. 

22

of the Nazi era and World War II. The Bank, having contributed to the above mentioned foundation, is confident 

that based on this legislation and the accompanying declarations, especially those by the Government of the 

United States of America, the filed appeal will also be dismissed and believes that it will not have a material 

adverse effect on the Bank’s financial condition. 

In the United States of America, several purported class action complaints in connection with the June 2000 

offering of American Depositary Shares of Deutsche Telekom AG, being part of an international offering of shares 

were brought against Dresdner Bank AG and other defendants. Dresdner Bank was one of the joint global coordinators 

of the underwriting syndicate in the placement. The complaints were consolidated in the United States 

District Court, Southern District of New York. The consolidated complaint alleges material misrepresentations 

and/or omissions in the offering prospectus, in particular with regard to an alleged failure to disclose negotiations 

by Deutsche Telekom AG to acquire Voicestream, Inc. and an inaccurate evaluation of Deutsche Telekom’s real 

estate portfolio. The court granted the plaintiff’s motion for class certification in October 2002. The action seeks 

rescission of the sales and damages, the amount of which has not yet been specified. Dresdner Bank believes 

that the consolidated class action complaint is without merit insofar as it relates to Dresdner Bank and will not 

have a material adverse effect on the Bank’s financial condition. 

In the United States of America class action lawsuits have been filed against Dresdner Bank, further credit institutions 

and other enterprises in connection with the purported support of the former Apartheid regime in South 

Africa. A further class action filed in the United States of America against Dresdner Bank, further credit institutions 

and other enterprises, refers to the involvement in the processing of letters of credit under which allegedly goods 

for the production of chemical weapons were exported to Iraq in the years between 1980 and 1991. Dresdner 

Bank believes that these lawsuits will not have a material adverse effect on the Bank’s financial condition. 

The Commission of the European Union has opened proceedings pursuant to Article 81 of the EU-Treaty against 

several banks in connection with bank prices for the exchange of currencies in the Euro-Zone. Dresdner Bank is 

one of the banks that has been fined. The Bank has rejected the charge of pricing agreements. In February 2002 

it therefore initiated legal proceedings against the Commission of the European Union. 

On 19 December, 2002, the insolvency administrator of KirchMedia GmbH & Co KGaA (“KirchMedia”) made a 

formal demand on Dresdner Bank to return a former KirchMedia shareholding to the insolvency estate or to make 

payment to the insolvency estate to compensate for the loss of the shareholding. The shareholding, a 25 % stake 

in the Spanish television group Telecinco, had been pledged by subsidiaries of KirchMedia to Dresdner Bank as 

collateral for a loan of 3 500 million from Dresdner Bank to KirchMedia’s holding company, TaurusHolding GmbH 

& Co. KG (“TaurusHolding”). Following TaurusHolding’s default on the loan and Taurus Holding’s insolvency in 

April 2002 and June 2002, respectively, Dresdner Bank acquired through a subsidiary the Telecinco shareholding 

in a forced auction sale. The insolvency administrator contends that the pledge was created under circumstances 

resulting in its invalidity and/or voidability and may initiate legal action against Dresdner Bank. Dresdner Bank 

believes that there is no valid basis for the insolvency administrator’s demand. 

23

Divisions 

Corporate Banking 

Dresdner Bank has implemented a client-centric adivisory model in its strategic Corporate Banking division to 

strengthen its market position and earnings capability. To provide financial advice suited to the needs of large 

corporates and corporate groups, the Bank has geared its services to the following demand structures: 

● Clients with substantial investment banking and capital market potential are serviced by the main regional 

offices, 

● Clients whose chief potential lies in commercial banking products such as highly-specialised cash management 

and foreign trade services plus additional demand for capital market products on a case-to-case basis 

are serviced by regional and local advisory offices. 

In this context the Bank considers its clients at the highest level of aggregation (Client Groups). This is the foremost 

element of the Bank’s strategic orientation under the requisite consistent management by client profitability. 

Dresdner Bank assigns each Client Group a national adivsor – the client relationship manager (CRM). The CRM 

manages and coordinates the Bank’s comprehensive expertise and the resulting earnings potential of the client 

relationship. All companies have access to the entire product range of the Allianz Group via their CRMs and via 

client action teams, which are composed of product specialists tailored to each client individually. In addition, 

Customer Service units are being set up to operate across business sectors as services providers and as direct 

contact partners for the client in accounting/account maintenance matters. 

To increase profitability the Bank is strengthening its core competence, corporate financing, through the expansion 

of the Structured Finance unit. With its created platform for this purpose, the Bank is focusing its expertise 

on structured, mezzanine and off-balance-sheet financing to enable it to benefit from the highly dynamic growth 

in these markets. The range of capital market-oriented financial solutions will be expanded through the tight integration 

of corporate and investment banking. Dresdner Bank assists its clients in Germany with their cross-border 

activities by offering customised solutions covering all aspects of international payments, global documentary 

transactions and structured export and trade finance. Thereby the Bank also co-operates with financial institutions 

all over the world. The Economic Value Added concept is applied for pricing purposes in respect of all product 

groups. This business model thus combines long-term business relationships in commercial banking with 

product competence in investment banking within the framework of one of the leading integrated financial services 

providers. The close link with the insurance offerings of the Allianz Group, particularly in the area of occupational 

pension schemes, is another key element in this model. 


Dresdner Kleinwort Wasserstein (DrKW) comprises the Capital Markets and Corporate Finance & Advisory businesses. 

The Capital Markets business delivers a fully integrated service across the spectrum of Capital Markets 

products, including Short Term Products & Treasury, Equity Products, Rates, Credit Products, Foreign Exchange, 

Debt Origination, Sales & Marketing, Research, Risk Management & Tax. The Capital Markets debt and equity 

expertise is combined with excellent distribution capabilities and a focussed balance sheet approach. Also the 

in-depth understanding of international capital flows and the clarity of research enables DrKW to deliver integrated 

solutions on a global basis for the success of its clients and customers. 

The Capital Markets Equity Products business comprises primary and secondary distribution, research, sales, 

trading and equity derivatives. Operating in a global context, DrKW is a major player in European equity markets, 

with research, execution and distribution capabilities that are underpinned by technical expertise, balance-sheet 

strength and continuous investment in information technology. Capital Markets Credit Products focusses on delivering 

integrated solutions to Eurozone and global sector clients. The Securitisation team delivers a full range of 

securitisation products and services across the globe. Securitisation is being applied to an increasingly wide 

range of asset classes originated in a variety of jurisdictions and can offer an attractive alternative to traditional 

forms of finance. DrKW’s holistic approach to business allows to offer clients a one-stop-shop for their financing 

24

needs. In Foreign Exchange, DrKW is a provider of innovative solutions. The Capital Markets Rates business was 

founded over 10 years ago and has since gained a good reputation, being internationally renowned for its trading 

excellence, customer service standards and innovative approach to cash and derivative markets. Capital Markets 

combines equity, fixed-income and foreign exchange derivatives capabilities, offering corporate and institutional 

clients the full suite of structuring and OTC (over-the-counter) solutions. In-depth experience in a wide range of 

derivative instruments enables DrKW to develop innovative solutions, designed to meet individual client needs. 

Notable accolades for 2003 to date are the No. 1 rankings in a number of Fixed Income League Tables, No. 1 

rankings for Global Economics and Global Strategy Research in the 2003 Extel Survey and improved rankings 

in the Euromoney Foreign Exchange Poll in May 2003. 

The Corporate Finance & Advisory business specialises in strategic advice and innovative structuring solutions 

for a wide range of corporate clients and government bodies on a worldwide basis. In 2003 DrKW completed 

several landmark M&A deals including acting as financial adviser to France Telecom on the restructuring of 

Mobilcom’s UMTS assets and as financial adviser to Allianz on the sale of its 3 4.4 billion stake in Beiersdorf AG. 

DrKW also advised Wallace Computer Services on the acquisition made by Moore Corporation and advised TUI 

AG on its sale of the domestic and international oil and gas operations of Preussag Energie, transactions which 

underscore the Bank’s expertise in both Europe and North America. DrKW’s success continues to be demonstrated 

in the structuring of major fundraising transactions. DrKW acted as joint broker to Selfridges on the £ 628 

million recommended offer made by Oxford Acquisitions and acted as joint adviser and joint broker to Fitness 

First on the £ 403 million recommended offer made by Moray and was joint sponsor, financial adviser and broker 

to United Utilities on their £ 1 billion rights issue. These significant M&A broker transactions contributed to DrKW’s 

strong position in this area in 2003. Corporate Finance & Advisory has strengthened its business model and 

sustained its long-term client relationships in spite of a continued contraction in the overall market level of cross 

border M&A during 2003. The business remains in a good position to provide its clients around the globe with a 

comprehensive, integrated advisory service. 

Private & Business Banking and Personal Banking 

The business with private and business clients is one of Dresdner Bank’s core business areas. Despite the 

prevailing difficult market situation, the Bank performed well in this area in 2003, achieving a turnaround. With 

the project “Perspektive Erfolg”, in 2003 the Bank introduced a new distribution and service culture to set standards 

in the German banking market. Its target is to be even closer to customers with advice orientated towards 

their needs and with a first-class service. 

Dresdner Bank sets on two corporate divisions Personal Banking and Private & Business Banking in order to 

maintain profitable growth in the market for private and business clients and to strengthen its position on a 

sustainable level. Under the motto “One Bank – Two Offerings”, Dresdner Bank offers every client tailored solutions 

ranging from user-friendly banking to individual advice regarding assets, retirement planning and financing. 

Private & Business Banking 

The Private & Business Banking division pursues a cost and risk conscious growth strategy which is geared 

towards gaining integrated customer relations. With customer-centric investment and financing processes as well 

as high-performance investment and financial solutions this division intends to achieve a superior performance 

for its clients on the market. Together with advanced services the strong market position in sophisticated financial 

services shall be expanded. 

With its reorientation Dresdner Bank enables all of its demanding clients to access its full range of Private Banking 

services. This includes, among others, strategic asset allocation planning, professional portfolio management, 

active real estate management and optimised transfer of assets (inheritance or trust). Whereas specific solutions 

are also made available by international private banking subsidiaries. In Business Banking the Bank offers its 

business clients integrated advice for all their personal and business finances and insurance needs. The business 

offer combines comprehensive know how in all questions which currently affect business clients, such as the 

assistance to medium-sized companies, occupational schemes and the preparation for Basel II. 

25

Private Banking and Business Banking services are provided by 130 combined Private & Business Banking 

locations, which are allocated to seven regions in Germany. Beyond that, Private & Business Banking has a strong 

presence in all key currency and financial centers in Europe. 

The trend towards concentrating increasingly large portfolios with the most experienced and well known asset 

managers led to an encouraging rise in new business on an international level. In 2003, efficiency of the Private 

Banking business was further increased through tighter cost management, whereby the cost income ratio was 

considerably lowered and the net margin was expanded. Thus, Private & Business Banking also remains well 

positioned in the international market field. 

Personal Banking 

In the Personal Banking division the Bank opens up further to new clients and offers personalised financial solutions 

comprising asset gathering, financing, financial planning and insurance products. This offer is designed to 

promote client loyalty early on, allowing the Bank to accompany them through every stage of their life. The Bank 

shall further expand its multi-channel platform for a user-friendly access to all banking services for all of its 

customers round-the-clock. 

Dresdner Bank Group offers its Personal Banking products and services in 940 branches. Due to the dense 

coverage the Bank will be organised in twelve personal banking regions within Germany, which take care of 

200,000 to 500,000 clients each. With this strong position in all distribution channels the Bank intends to expand 

its market position sustainably into broad client groups who are looking for a diversified financial company which 

not only distributes attractive products but, what is more important, is a professional and reliable advisor in all 

financial and asset planning matters in all phases of life. It is another goal of the Bank to intensify long-term 

customer loyalty to the Bank with best-of-breed service in conjunction with regular, pro-active approach of clients 

tailored to specific needs. 

Institutional Restructuring Unit 

The establishment of the IRU was announced at the time of the presentation of the Turnaround-2003 Programme 

in the autumn of 2002. The IRU started its activities as a new division in January 2003. In IRU the Bank’s nonstrategic 

business is bundled, including private equity. Individual restructurings of operative units of the Bank are 

also part of its business. It is the task of IRU to develop individual solutions for loan exposures and restructuring 

cases, all of which differ both in quality and structure. The goal is to reduce risk capital requirements over the 

coming years, thereby creating new business opportunities for the Bank and to facilitate a return to profitable 

growth. To achieve this, IRU applies a variety of instruments: Sale of a credit or portfolio, reduction of credit limits, 

work-out of loans, restructuring of operative units, including possible sales of business activities and with modern 

capital market instruments (credit derivatives, debt equity swaps). 

26

Recent Developments and Outlook 

In November and December 2003 the IRU has sold a portfolio of nearly Euros 1.9 billion of North American loans. 

The portfolio sold included both performing as well as distressed loans. 

Dresdner Bank has recently established two corporate divisions Private & Business Banking and Personal 

Banking in order to maintain profitable growth in the market for private and business clients and to strengthen 

its position on a sustainable level. 

Postbank shall be handling Dresdner Bank’s payments processing with effect from May 2004. Dresdner Bank 

regards this payments processing partnership with Postbank as a further measure in the implementation of its 

strategic focus on its respective core business and leveraging synergies in the German payments market. 

In April 2004 Dresdner Bank Lateinamerika in Hamburg (DBLA), a subsidiary of Dresdner Bank AG, has sold its 

subsidiaries in Chile, Dresdner Bank Lateinamerika, Chile, and Dresdner Lateinamerika Corredores de Bols (a 

brokerage company) to the Chilean finance conglomerate Grupo Security S.A. In the process of restructuring 

DBLA a further step has been made. The transaction remains subject to approval by the Chilean authorities. 

Dresdner Bank will release its financial results for the first quarter 2004 on 14 May 2004. 

27

28 

Unconsolidated Financial Statements 

of Dresdner Bank AG 

as of 31 December 2003

Management Report 

Economic Challenges in 2003 

Global economic development in 2003 was extremely turbulent, with no signs of a recovery appearing until 

the autumn. Despite this, global economic growth was around 2.5%, mainly driven by the Asian economies. 

Japan emerged from its long period of stagnation with growth of 2.7%, while the highly dynamic Chinese 

economy had a positive effect on the entire region. Russia was also one of the economic winners in 2003. 

The US economy picked up strongly in the course of 2003: the extremely expansionary monetary and financial 

policy started to kick in, gradually allaying fears of deflation. Compared with the rest of the world, the 

United States again recorded above-average economic growth (3.1%). 

By comparison, growth in the European Union amounted to an extremely meagre 0.7%. The main reasons 

for the renewed economic setback in the first half of the year were the geopolitical uncertainties surrounding 

the Iraq conflict and the fear of further terrorist attacks, which prevented economic confidence from stabilising. 

Consumer and investment spending was put on hold, despite the fact that some companies had already 

made considerable progress with consolidation. 

The economic slump was particularly pronounced in Germany. Private consumption fell for the second year 

in succession, and investments for the third consecutive year. Unemployment figures approached the record 

level set in 1997/1998. Despite the strong rise in the euro, German exports were surprisingly robust and even 

recorded a slight increase in volume. However, the recovery towards the end of the year was not sufficient to 

prevent a slight drop in total economic production for 2003 as a whole. 

For the capital markets, 2003 was a rollercoaster ride. The war in Iraq saw share indices reaching multiyear 

lows. However, prices then picked up surprisingly sharply, with most stock markets ending the year with significant 

gains – unlike in previous years. Improved corporate earnings prospects made a significant contribution 

to this development. 

Trends on the bond markets offered a mirror image of the stock markets. After reaching a peak during the 

first half of the year, bond markets subsequently gave up their gains. However, low base rates and a low risk 

of inflation dampened the incipient upturn in interest rates. At the end of 2003, the yields of long-term 

government bonds were at approximately the same level as at the beginning of the year. 

In 2003, developments on the property markets were once again highly mixed. As in previous years, property 

markets in the UK and the US rose, while a large proportion of continental European property markets 

remained weak. Most European cities continued to have a supply overhang. In Germany, tight public-sector 

finances, the slashing of tax breaks on property purchases and uncertainty regarding the labour market had a 

particularly adverse effect. 


29

2 


30 

Our Answers 

In this difficult economic environment, we took decisive action over the past year so as to lead Dresdner 

Bank to a secure and successful future. Our absolute priority was to focus the Bank’s activities on achieving 

efficiency and sustained profitability as quickly as possible. 

To do this, we have developed a programme that we have consciously given an extremely ambitious name – 

“New Dresdner”. Three sets of measures are at the heart of this Programme: 

■ optimising our business model 

■ focusing our divisions entirely on our customers 

■ bundling our support and service units 

The key decision in restructuring our business model was to draw a clear distinction between our strategic 

and non-strategic business. Our strategic business consists of Private and Business Clients, Corporate Banking 

and Dresdner Kleinwort Wasserstein. Our non-strategic business comprises the Institutional Restructuring 

Unit (IRU) and Corporate Investments. This has enabled us to assign clear responsibilities for risk reduction 

and the more efficient use of our capital. 

This also includes systematically streamlining Dresdner Bank AG’s investment portfolio, thus freeing up additional 

growth capital. Significant progress was made in this area in the past year, with a number of minority 

holdings successfully placed on the capital markets or with investors. This freed up backed risk capital of 

around €1 billion. 

To increase our competitiveness and modernise Germany as a financial centre, we have transferred our transaction 

banking activities into units that are able to operate far more competitively on the market. For example, 

we are working together with dwpbank in the area of securities settlement, while payment transactions 

will be handled by Postbank in future, and we have sold our custody business to Deutsche Bank. 

Our new business model also makes a clear distinction between sales on the one hand and production on the 

other. This allows our customer advisors to focus fully on customers and their needs. We are supporting this 

with a number of powerful growth initiatives. 

In the Private and Business Clients division, we have started to refocus our business model on the broad 

mass of retail customers. At the same time, we are further expanding our business with private investors and 

business clients. Our aim is to provide customers with superior financial solutions in the areas of banking, 

investment and insurance for all stages of their lives. In so doing, we are improving our profitability - in particular 

by driving forward our consulting and sales excellence. 

In the Corporate Banking division, we have established a new, customer-centric support model for large 

enterprises, groups and multinational clients. We are also developing structured finance into a core competency 

of the Corporate Banking division, systematically expanding lead bank relationships with our customers. 

The close integration of Corporate and Investment Banking has resulted in an innovative range of capital 

market-oriented financial solutions. 

For Dresdner Kleinwort Wasserstein, we have established a clearly defined business model focusing on the 

markets of Germany and the UK, but with a selective presence in other key financial markets as well. DrKW, 

one of Europe’s leading investment banks, offers capital market-oriented solutions to customers in Germany 

and abroad. DrKW has been operating profitably for five consecutive quarters now, and has also succeeded 

in significantly improving capital efficiency. This means the division is now successfully on the way to sustained 

profitability within our Group. It has also made strong progress towards its stated goal of raising growth 

capital from outside the Allianz Group as well in the medium term.

The third key aspect of the “New Dresdner” Programme is the bundling of our support and service units. The 

IT, Human Resources, Risk Management and Finance units provide uniform, cross-divisional processes for 

the entire Bank, resulting in fewer redundant functions and streamlined, efficient structures and processes. 

This allows our customer-oriented divisions to devote their full effort and attention to advising our customers 

and to sales. In addition, we can strengthen our earnings base long-term and reduce costs. These measures are 

designed to ensure that Dresdner Bank is always on a sound footing regardless of the economic environment. 

This increases confidence in our Bank and safeguards our employees’ jobs. We are striving to make up 

ground quickly, because our aim is to make Dresdner Bank, in conjunction with Allianz, into one of the best 

providers of integrated financial solutions for private and business customers, large enterprises, groups and 

multinational clients – locally, nationally, and around the world. 

Result of Operations 

The following table provides an overview of the income statement of Dresdner Bank AG for 2003 and 2002: 

2003 2002 Change 

€ mn € mn € mn % 

Net interest and current income 3,794 2,642 1,152 43.6 

Net fee and commission income 

Net income/loss from 

1,559 1,557 2 0.1 

financial operations 824 –321 1,145 

Administrative expenses 4,624 4,646 –22 –0.5 

Staff expenses 2,079 2,162 –83 –3.8 

Other administrative expenses 

Depreciation of tangible fixed 

2,162 2,224 –62 –2.8 

assets 

Other operating 

383 260 123 47.3 

income/expenses, net –61 –26 –35 –134.6 

Risk provisioning 2,307 459 1,848 402.6 

Results from investment securities 872 1,971 –1,099 –55.8 

Expenses from assumption of loss 

Income from the reversal of special 

1,552 3,285 –1,733 –52.8 

items with partial reserve character 128 – 

Extraordinary expenses 721 105 616 586.7 

Income/loss before taxes –2,088 –2,672 584 21.9 

Taxes –43 229 –272 

Net income/net loss for the year –2,045 –2,901 856 29.5 

Dresdner Bank AG, the main operating unit of the Dresdner Bank Group, reported a net loss before taxes of 

€2,088 million for fiscal year 2003 (previous year: net loss of €2,672 million). 

Overall, net interest and current income, net fee and commission income and net income from financial 

operations increased year-on-year, due in part to special factors. Administrative expenses remained largely at 

prior-year levels; the effects of our initiatives launched in 2002 and 2003 will only start to be felt in the 

current fiscal year. The measures implemented to reduce hidden liabilities – particularly impairment losses on 

securities and investments in non-affiliated and affiliated enterprises, as well as expenses relating to current 

restructuring measures – impacted earnings in fiscal year 2003. This was offset by positive effects in net income 

from financial operations and results from investment securities in particular. 

All in all, Dresdner Bank AG generated a net loss of €2,045 million in fiscal year 2003, as against €2,901 million 

in the previous year. 


31

4 


32 

We offset the net loss for the year by withdrawing the corresponding amount from retained earnings recognised 

in previous years and additional paid-in capital. No dividend will be distributed for fiscal year 2003. 

Net interest and current income 

Net interest and current income for 2003 amounted to €3,794 million, up €1,152 million or 43.6% year-onyear. 

This was primarily due to an increase in current income as a result of higher dividends from affiliated 

and non-affiliated enterprises. The interest components from trading activities included in net interest and 

current income also increased. 


Net fee and commission income remained unchanged year-on-year at €1,559 million. Our securities and 

custody business again made the largest contribution to this figure (€900 million). Sales-dependent commission 

income increased by 18.2% to €672 million, while income from our underwriting business rose by 

38.1% to €99 million. By contrast, income from our foreign exchange business was down around 15% on the 

previous year. 

Net income from financial operations 

In the past fiscal year, net income from financial operations amounted to €824 million, with increased contributions 

being recorded by equities and currency trading in particular. 

Administrative expenses 

Administrative expenses fell slightly year-on-year to €4,624 million. Staff expenses were reduced by 3.8%. 

The decline in headcount meant that wages and salaries decreased by 8.2%; however, social security contributions 

– in particular additions to pension provisions – increased. Other administrative expenses fell by 2.8%, 

with costs for external services, advertising and office furniture and equipment in particular declining year-onyear. 

Depreciation of tangible fixed assets increased by €123 million due to an adjustment to the carrying 

value of a property owned by the Bank in connection with the release and transfer of a special item with 

partial reserve character. 

Net other operating income/expenses 

Net other operating income/expenses amounted to €–61 million in the year under review (previous year: 

€–26 million). Within this item, however, other operating income and other operating expenses both increased. 

The rise in other operating income was due to the sale of a business activity, rental income and reimbursements 

from subsidiaries. Other operating expenses increased due to higher provisions for measures by subsidiaries and 

special items in the IT area. 

Risk provisioning 

We increased loan loss provisions in the year under review. As conditions on the credit market are still substantially 

negative, loan loss provisions for concrete risks as well as global loan loss provisions were recognised. 

The result from the liquidity portfolio declined as against the previous year. After offsetting these two 

items, an expense of €2,307 million was reported in the income statement.

Results from investment securities 

Results from investment securities amounted to €872 million (previous year: €1,971 million). In the year 

under review, this item contained both impairment losses on shareholdings and gains on the disposal of shareholdings. 

The settlement of a structured transaction from 2000 resulted in income of over €1 billion. In the 

previous year, this item contained gains realised on the integration of our domestic asset management companies 

with Allianz’s Asset Management division as well as on the disposal of our shareholdings. 

Expenses from assumption of loss 

The expenses from assumption of loss amounted to €1,552 million (previous year: €3,285 million). This figure 

was impacted by impairment losses on securities, particularly in the insurance sector, held by subsidiaries 

with which we have profit and loss transfer agreements. 

Extraordinary expenses 

Extraordinary expenses amounted to €721 million (previous year: €105 million); these primarily relate to the 

costs of the “New Dresdner” Programme announced in August 2003 and, to a lesser extent, to expenses for 

other programmes previously introduced. 

Taxes 

Taxes include income taxes (benefit of €45 million) and other taxes (expense of €2 million). The overall tax 

benefit of €43 million, which contrasts with the tax expense of €229 million recognised in the previous year, 

is mainly due to tax refunds for previous years. 

Balance Sheet Developments 

In fiscal year 2003, Dresdner Bank AG’s total assets increased by €67.4 billion or 18.0% to €446.1 billion. 

This rise was primarily due to increased loans and advances to banks and customers, as well as significant 

growth in holdings of debt and other fixed-income securities. With regard to refinancing, the main increase 

was recorded in liabilities to banks. 

Loans and advances to banks increased by €23.8 billion to €119.3 billion at the balance sheet date; longerterm 

loans and advances increased by €20.7 billion, while those payable on demand rose by €3.1 billion. 

Loans and advances to customers increased by €29.0 billion to €169.6 billion. The volume growth in both 

cases was due to the expansion of our reverse repurchase activities. 


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Lending volume 

*) Excluding reverse repurchase agreements 

The total lending volume – loans and advances to customers not including reverse repurchase agreements 

and securities lending, plus loans extended on bills and loans to banks – declined by €10.3 billion or 9.7% 

to €96.7 billion. Loans and advances to banks fell by €0.6 billion, while loans and advances to customers 

decreased by €9.7 billion. This relates primarily to loans with terms of less than five years. 

We increased our holdings of debt and other fixed-income securities by €24.6 billion to €105.0 billion. Of 

this figure, money market securities fell by €1.0 billion, while bonds and other fixed-income securities issued 

by both public sector and other issuers grew by a total of €25.6 billion. 

Equities and other non-fixed-income securities increased by €2.3 billion year-on-year; this rise was attributable 

to the trading portfolio. 

The carrying amount of our investments in non-affiliated enterprises fell by €1.0 billion to €1.2 billion, largely 

as a result of disposals. Investments in affiliated enterprises decreased to €12.3 billion. 

Deposits and certificated liabilities 

31 Dec. 2003 31 Dec. 2002 Change 

€ mn € mn € mn % 

Loans extended on bills 

not shown under advances 123 295 –172 –58.3 

Loans and advances to customers *) 94,431 103,991 –9,560 –9.2 

Residual term of less than 5 years 64,220 71,364 –7,144 –10.0 

Residual term of more than 5 years 30,211 32,627 –2,416 –7.4 

Customer lending *) 94,554 104,286 –9,732 –9.3 

Loans to banks 2,184 2,774 –590 –21.3 

Residual term of less than 5 years 1,648 2,219 –571 –25.7 

Residual term of more than 5 years 536 555 –19 –3.4 

Total lending volume *) 96,738 107,060 –10,322 –9.6 

The volume of deposits and certificated liabilities increased by €70.2 billion to €406.1 billion year-on-year as 

a result of a rise in liabilities to banks and to customers. By contrast, certificated liabilities decreased. 

31 Dec. 2003 31 Dec. 2002 Change 

€ mn € mn € mn % 

Liabilities to banks 216,241 159,241 57,000 35.8 

Payable on demand 58,914 48,215 10,699 22.2 

Time deposits 157,327 111,026 46,301 41.7 

Liabilities to customers 163,179 140,201 22,978 16.4 

Savings deposits 175 216 –41 –19.0 

Payable on demand 55,210 52,443 2,767 5.3 

Time deposits 107,794 87,542 20,252 23.1 

Certificated liabilities 26,705 36,444 –9,739 –26.7 

Bonds issued 11,868 11,024 844 7.7 

Other certificated liabilities 14,837 25,420 –10,583 –41.6 

Total deposits 

and certificated liabilities 406,125 335,886 70,239 20.9 

Repurchase agreements included under customer and bank deposits increased significantly in connection 

with our active use of attractive refinancing options. 

Deposits from banks in particular increased substantially by €57.0 billion or 35.8% to €216.2 billion. This

included a €10.7 billion increase in deposits payable on demand and a €46.3 billion rise in time deposits. 

The increase was mainly attributable to liabilities with terms of less than one year. 

Deposits from customers grew €23.0 billion or 16.4% to €163.2 billion. Deposits payable on demand increased 

by €2.8 billion, while time deposits rose significantly by €20.3 billion to €107.8 billion. Although private 

customer deposits remained essentially unchanged, there was an increase in deposits by corporate customers 

and institutional investors. 

Overall, certificated liabilities fell by €9.7 billion or 26.7% to €26.7 billion. Although bonds issued increased 

slightly by 7.7% to €11.9 billion, other certificated liabilities fell by €10.6 billion to €14.8 billion. This decrease 

relates in particular to money market securities issued by us, and was directly related to the expansion 

of our repurchase activities. 


At the balance sheet date, the capital and reserves stated fell by €2.1 billion to €7.7 billion. This was due to 

the withdrawal from retained earnings and additional paid-in capital to offset the net loss for the year. 

Liable capital for regulatory purposes amounted to €13.7 billion after approval of the financial statements. 

This comprises the core capital, which is largely identical to the capital stated in the financial statements, and 

supplementary capital in the form of profit-participation certificates and subordinated liabilities. 

We were able to significantly reduce regulatory risk-weighted assets by €31.0 billion or 29.9% to €103.8 billion. 

Risk Report 

Risk Policy – Goals and Objectives 

Judicious, controlled risk-taking with a return-oriented focus is a cornerstone of Dresdner Bank’s overall risk 

management policy. Risk management and qualified, timely risk monitoring is implemented as a joint effort 

between the divisions and the independent risk function on the basis of the risk policy guidelines set out by 

the Board of Managing Directors. Risks from banking operations affect both Dresdner Bank AG and its subsidiaries 

in the Group. 

The roles and responsibilities are clearly defined in the Group Risk Guideline. This Guideline lays down the 

fundamental principles for the risk management system applied by the Dresdner Bank Group and systematically 

implements the relevant statutory and internal requirements. In so doing, it defines the framework for 

uniform methodologies and processes to be used in assessing and managing risks. 

Tasks of the Chief Risk Officer 

The Chief Risk Officer, who is a member of the Board of Managing Directors, is responsible for the independent 

Risk Control function. The core tasks of Risk Control are to record credit and counterparty risks (including 

country risks), and market, liquidity, operational and business risks, and to analyse these in a timely 

fashion. Risk Control ensures that all risks comply with the limits and risk standards approved by the Board 

of Managing Directors. This includes regular internal and external risk reporting at portfolio level. 


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In addition, the Chief Risk Officer is responsible for risk management for the Private and Business Clients, 

Corporate Banking and Dresdner Kleinwort Wasserstein divisions. The key tasks of the risk management 

units include loan decisions, as well as ongoing risk monitoring at client group level. Risk is managed proactively 

using early warning systems and portfolio instruments. Risk management also includes the intensive 

management of non-performing loans in the strategic Private and Business Clients, Corporate Banking and 

Dresdner Kleinwort Wasserstein divisions, as well as receivables management for Private and Business Clients. 

IRU 

The Institutional Restructuring Unit is responsible for risk management relating to our non-strategic business. 

It complies with the rules and guidelines that apply to the Bank as a whole. 

Minimum Requirements for Banking Activities 

At the end of 2002, the German Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht 

– BaFin) published its Minimum Requirements for Banking Activities (Mindestanforderungen für das 

Kreditgeschäft – MaK). The MaK are qualitative supervisory standards that set out conditions for the organisation 

and performance of banking activities. 

Dresdner Bank has already satisfied key requirements in respect of internal bank processes and procedures, 

such as the organisational separation of sales and credit risk management (lending function), as well as requirements 

relating to the identification, management and monitoring of risks in the lending business. 

Group-wide committees 

To ensure a comprehensive risk management process at Group level, the Board of Managing Directors of 

Dresdner Bank established the following committees: The Capital Committee (CapCo) is chaired jointly by 

the Chief Risk Officer and the Chief Financial Officer and plays a central role in the value-driven management 

of the Dresdner Bank Group. It serves as a discussion and decision-making forum for all key methodological, 

strategic and operational questions concerning the funding, investment and allocation of capital. 

The task of the Risk Executive Committee (RExCo) is to formulate and implement Group-wide guidelines 

and standards with regard to risk policy and the management of counterparty, market and operational risks. 

The Group Credit Committee (GCC) was established as a decision-making body with responsibility for loans 

that exceed the scope of authority of the divisional risk management units. On the basis of the powers granted 

to it, the body decides on exposures that do not require a decision by the Board of Managing Directors 

and issues recommendations on loan commitments to be decided by the Board of Managing Directors. 

The Commitment Committee (COMCO) acts as the decision-making body for major capital market transactions 

at Dresdner Kleinwort Wasserstein that could result in reputation risks and other risks that are primarily 

not counterparty risks. It decides whether existing or planned transactions and business initiatives should be 

continued at the terms proposed by Sales or adjusted to reflect current market conditions. 

Internal audit 

The Internal Audit function is an independent internal unit that monitors operating procedures and workflows, 

Risk Management and Risk Control as well as the internal control system. It acts independently of 

instructions when reporting and when evaluating the results of audits.

The Internal Audit function ensures comprehensive monitoring on an enterprise-wide basis by integrating the 

subsidiaries’ internal audit units and maintaining close cooperation with them. 

Cooperation with Allianz 

Following the takeover by Allianz, Dresdner Bank’s Corporate Centre Risk Control started working closely 

with the Group Risk Control department at the Allianz Group Centre. 

Dresdner Bank’s Risk Control acts as the centre of competence for risk standards and the measurement of 

banking risks within the Allianz Group and supports the Allianz Group Centre in this area. This includes 

measuring individual risks, as well as risk capital allocation as part of value-driven management based on the 

Economic Value Added (EVA) process for the Allianz Group’s Banking segment. 

Basel II 

Dresdner Bank plans to apply the IRB advanced approach in implementing Basel II in relation to credit risks. 

The regulatory capital for operational risks, which must be recorded separately for regulatory purposes for the 

first time under Basel II, will be calculated using the advanced measurement approach. 

Risk Types 

Credit and counterparty risk 

Dresdner Bank defines credit and counterparty risk as the potential loss resulting from the default of a business 

partner, or write-downs resulting from an unforeseen deterioration in his or her creditworthiness. In 

more detail, this definition comprises credit risks in the lending area, issuer risks in the case of securities offerings 

and counterparty risks from trading activities, as well as country risks. 

In 2003, priority was given to the further development of credit processes and credit risk control instruments. 

For example, the use of risk capital and expected loss as central elements of credit risk management and riskoriented 

performance measurement was further refined with a view to the requirements set out by Basel II. 

Credit quality assessment methodology. The existing credit risk assessment methodology was developed 

further in 2003. Existing rating procedures were optimised and new procedures introduced to achieve a more 

detailed segmentation of the portfolio. These measures were performed in accordance with the requirements 

of Basel II (IRB advanced approach). 

We ensure the quality of our rating procedures via regular validation and continuous development. The 

extent to which forecasts are consistent with observations was reviewed with the aid of the latest statistical 

methods and on the basis of many years of rating experience. The quality of the rating forecasts and the 

rating process itself (consistent use of procedures applied, up-to-date ratings and full portfolio coverage) are 

monitored on a regular basis. The rating procedures are an integral part of credit risk management. The rating 

results are employed in the risk-optimised pricing of new business, taking into account expected losses and 

capital costs. 

Loan loss allowances and provisions for credit risks. Specific loan loss allowances are set up for risks 

arising from loans identified and quantified during the fiscal year; they are established either as asset-side 

provisions or provisions for contingent liabilities (such as guarantees), taking into account existing collateral. 


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General loan loss allowances are set up for loan-related risks which may already have arisen but which had not 

yet been identified by the balance sheet date. The amount of these loan loss allowances is determined by 

empirical calculation of historical default probabilities and loss ratios for the lending portfolio (provided that 

other risk provisions have not already been set up). This calculation is based on statistical methods of credit 

risk measurement and takes into account current cyclical developments as well as overall economic conditions. 

Country risk allowances cover the risk to the Bank that a country will be unable or unwilling to provide sufficient 

funds in the underlying currency to service its cross-border debt as agreed. 

Counterparty risk from trading activities. Client demand for our global trading activities in financial derivatives 

is primarily focused on tailor-made instruments for the individual management of market, credit and 

counterparty risk, as well as on the utilisation of derivative components as part of structured financial transactions. 

We also use derivatives internally to manage the risk of our proprietary trading positions and for 

asset/liability management. 

Counterparty risks associated with derivative trading activities mainly arise in relation to over-the-counter 

(OTC) transactions. However, the resulting potential risk cannot be inferred directly from the notional volumes 

for the latter. From the Bank’s point of view, the decisive criterion when calculating counterparty risk at 

any given time is the positive replacement cost. This corresponds to the additional expense or reduced income 

that would result from the replacement of the transaction by an equivalent item if the counterparty were to 

default. 

We enter into cross-product master netting agreements with our business partners in order to reduce the 

counterparty risk in trading activities. Netting allows all claims and liabilities not yet due to be offset against 

each other in the case of counterparty default. Dresdner Bank uses such master agreements not only to reduce 

risks and the utilisation of internal counterparty limits, but also to reduce regulatory capital requirements. 

Collateral management. In addition to the master agreement (collateral management), the collateralisation 

of potential risks (positive replacement costs after netting) is agreed as part of the conclusion of collateralisation 

agreements. 

Credit risk exposures that are required to be included in credit and counterparty risk management are managed 

within the Bank using a global, multi-stage limit system, and are monitored in a timely manner. Both 

the replacement costs and any potential future price fluctuations are taken into account in counterparty risk 

limits. As part of this calculation, a value-at-risk procedure is used to quantify collateralised transactions. 

When quantifying counterparty risks from derivatives for regulatory purposes, both replacement costs and a 

global estimate of future market fluctuations (potential exposure) are taken into account. The assessment of 

this potential risk depends on the underlying product involved and the individual time to maturity (add-on). 

This is combined with the relevant replacement cost to yield the credit equivalent value of a derivative transaction. 

Country risk. Dresdner Bank defines country risk as convertibility and transfer risks relating to cross-border 

transactions, plus the risk arising from local operations by the Bank’s foreign branches. Our assessment of 

country risk is based on an internal country rating system. The assessment of individual countries is based on 

quantitative, mainly macro-economic key indicators as well as qualitative factors (the economic, social and 

political situation of the country). The system focuses in particular on solvency in the foreign currency. The 

country rating system currently comprises eight risk groups. These provide for classification into countries 

without identifiable country risks and countries with an increased or high risk potential. The country rating 

system will be extended to 16 rating classes in spring 2004 to bring it into line with the individual credit quality 

assessment of our clients.

Country risk management aims to limit transfer risks and local risks from lending and trading activities, based 

on a limit system at the level of regional and country rating classes as well as for every country individually. 

Market risk 

Market risk relates to changes in market prices and rates (such as interest rates, exchange rates and share prices) 

as well as the correlations between them and their volatility level. 

The value-at-risk method is used to measure the market risk throughout the Bank’s global trading business. 

Dresdner Bank’s internally developed value-at-risk model takes both general and specific risks into account. 

The BaFin first approved the Bank’s model for the purposes of regulatory reporting in accordance with Principle 

I of the German Banking Act in 1998 and later approved the improvements to the model that were 

made in 2001 and 2002. The value-at-risk model is supplemented by stress tests. 

Internal market risk management. In addition to regulatory reporting requirements, value-at-risk is calculated 

for the purposes of internal limit setting and risk determination using a confidence level of 95% and a 

one-day holding period. In contrast to recent calculations for regulatory purposes, greater weight is assigned 

to more recent market fluctuations than to older market parameters. This ensures that the value-at-risk data 

reflects current market developments in a timely manner. 

Value-at-risk is just one of the ways in which Dresdner Bank depicts its risk profile. The Bank also controls 

risk using operational risk indicators and limits, which are tailored to the needs and specific risk situations of 

the individual trading units. Trading activities are managed using the value-at-risk and operational market risk 

limits, and monitored on a daily basis by Risk Control. Where limits are breached, the responsible management 

is notified and takes action to remedy the situation. 

In accordance with the principle of dual risk management, Risk Management is responsible for deciding the 

limits for the different risk activities in the respective divisions within the overall framework approved by the 

Board of Managing Directors. Risk Control ensures the consistency and completeness of all approved limits. 

As a rule, a distinction is made between activities in the trading book and activities undertaken in order to 

manage market risk in the banking book. The latter also includes securities held for investment purposes. 

Market risk in the banking book. The market risk in the banking book mainly comprises the risk of interest 

rate changes. Dresdner Bank’s Treasurer is responsible for performance and risk in relation to the management 

of interest rate risks in the banking book. The risks resulting from the range of positions in Dresdner 

Bank’s banking book are limited using operational value-at-risk limits in the same way as for the day-to-day 

monitoring of trading activities. Risk Control determines, monitors and reports the risk limit utilisation on a 

daily basis; value-at-risk is calculated on the basis of a confidence level of 99% and a ten-day holding period. 

In addition to the interest rate risk, the Bank is subject to currency risks on loans and deposits denominated 

in foreign currencies. As a rule, all loans and deposits in foreign currency are refinanced or reinvested in the 

same currency with matching maturities. The residual risk of exchange rate changes in commercial business 

primarily results from the intra-year development of results at foreign affiliated enterprises. 


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Liquidity risk 

Liquidity risk is defined as the risk that a bank may not be able to meet its current and future payment obligations 

in full or on time, that in the case of a liquidity crisis refinancing may only be raised at higher market 

rates (funding risk), or that assets may only be liquidated at a discount to the market rates (market liquidity risk). 

The daily preparation of a scenario-based run-off profile and an associated limit system provides the Bank 

with an integrated instrument for the management of liquidity risk. Following its prior implementation at 

Dresdner Bank AG, the liquidity management system was extended to key subsidiaries in 2003. 

Liquidity risk measurement is based on a liquidity management system that models the maturities of cash 

flows and draws up a run-off profile, taking available prime-rated securities into account. Corporate Treasury 

uses this as the basis for daily analyses as part of its liquidity management process. In addition, volumes of 

liquid assets, securities deposited as collateral with central banks and unsecured funding through banks and 

the market for certificates of deposit are monitored daily. 

Corporate Treasury is responsible for liquidity and liquidity risk management within the Dresdner Bank 

Group. Regional Treasury units monitor local markets and report regularly to Corporate Treasury. Risk 

Control, which is functionally and organisationally independent, is responsible for monitoring risk limits, 

validating the methodology used and reporting. 

Corporate Treasury and Risk Control have laid down principles for liquidity management as part of a Group 

Liquidity Policy. This policy meets both regulatory requirements and internal standards. It includes the setting 

of liquidity risk limits as well as the establishment of an escalation process when limits are breached and 

emergency planning. 

The regulatory requirements form the external framework for liquidity management. As at 31 December 

2003, Dresdner Bank’s ratio of highly liquid assets to short-term liabilities as defined in the BaFin’s Principle 

II was 1.13. The liquidity excess of the one-month maturity band in accordance with Principle II totalled 

€42.6 billion. 

Operational risk 

In accordance with the Basel Consultation Paper, Dresdner Bank defines operational risk as risks resulting 

from the course of business of an organisation. Such risks can arise from inadequacies or failures in business 

processes, projects or controls, and may be due to technology, staff, organisational structures or external factors. 

Risk Control defines consistent minimum standards for operational risk for Dresdner Bank, and also ensures 

that preparatory measures for the determination of operational risk are coordinated across all divisions. 

All divisions and subsidiaries are included in the process of managing operational risk. 

Guidelines and policies have been established in order to ensure a systematic and consistent process consisting 

of identification, quantification and reporting of operational risks, as well as their management and 

monitoring. A loss database is used to record and analyse actual losses incurred as a result of operational 

risks. It creates a basis for the systematic, detailed analysis and elimination of the causes of such losses. 

The individual units of Dresdner Bank use a self-assessment process to assess operational risk and the quality 

of their workflows. All significant risk factors are assessed with respect to the potential frequency and amount 

of damage.

We have developed a risk model for calculating economic (internal) risk capital requirements. Risk capital 

requirements for organisational units, locations, products or risk factors are computed using the results obtained 

from the structured self-assessment process. Loss data and statistical and non-statistical methods are 

employed to validate the amounts thus computed. The Bank’s regular reporting procedures, which are based 

on an integrated approach comprising loss analysis, self-assessment and risk indicators, were revised. Reports 

are sent to the Board of Managing Directors, the divisional heads and the relevant process owners. 

Business risk 

Business risk is defined as unexpected fluctuations in results that can arise when expenses cannot be reduced 

in line with a decline in earnings. Reasons for fluctuations in results may include changes in the competitive 

situation or customer behaviour, or the consequences of technological advances. Dresdner Bank’s business 

strategy is constantly reviewed in order to avoid business risk and, if necessary, adapted to reflect changing 

general conditions. In particular, the cost-cutting measures already implemented have reduced the fixed cost risk. 

Risks from shareholdings 

Risks from shareholdings are potential losses that could arise from the provision of equity to third parties. 

These risks result from general market fluctuations and issuer-specific factors. 

Dresdner Bank distinguishes between risks from listed investments and risks from private equity investments. 

Other risks 

In addition to the types of risk outlined above, which are monitored and reported by Group Risk Control, 

other risks may be encountered. These take the form of legal risk, strategic risk and reputation risk. 

Legal risk. Legal risk comprises the risk of losses due to new statutory regulations, disadvantageous amendments 

to existing regulations and their interpretation, and the risk that contractually agreed provisions may 

not be legally enforceable or that a court may replace an agreed contractual provision by another provision 

detrimental to the Bank. 

Limiting legal risk is one of the key tasks of the Legal unit. This is achieved, for example, by using internationally 

recognised standard documentation and, if necessary, by obtaining legal opinions. The contractual conditions 

for established products are continuously reviewed to include any amendments required by changes 

in legislation or case law. 

Strategic risk. Dresdner Bank accounts for strategic risk – the risk of not achieving long-term corporate goals 

based on underlying business assumptions and projections – by continuously monitoring its market position 

and competitive environment. As part of a systematic strategic planning process, the Board of Managing 

Directors regularly reviews the validity of the strategies employed in the individual divisions and business 

units, the resulting strategic initiatives and investments, and the portfolio structure of the Bank as a whole. 


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Reputation risk. Reputation risk relates to direct or indirect losses that could arise due to the deterioration of 

Dresdner Bank’s reputation, either in its own right or as part of the Allianz Group, among its shareholders, 

clients, staff, business partners, or the general public. 

Risks affecting the Bank’s reputation are analysed and quantified. These include pure communication problems 

(primary reputation risks) as well as any problems caused by the communication of other risks (secondary 

reputation risks). 

Summary of the Bank’s Risk Position 

Risk capital allocation and annual income and risk budgets play a major role in Dresdner Bank’s overall risk 

management policy. The central control parameter is Economic Value Added (EVA). In addition to the usual 

income components in the financial statements, EVA takes risk capital requirements into account. These are 

determined exclusively on the basis of the Bank’s internal risk measurement models. 

At the same time, compliance with the minimum capital requirements based on regulatory measurement procedures 

is assured at all times. These two risk measurement approaches still differ considerably from one 

another at present. They will converge to some extent with the implementation of the Basel II requirements, 

particularly with regard to the measurement of credit risk. 

The risk capital requirement currently includes credit and counterparty risk (including transfer risk), market 

risk, operational risk, business risk and risks from shareholdings. These individual risks are aggregated to produce 

the overall risk for the Bank, taking into account the diversification effects between different risk types 

which reduce the overall risk level. The same approach also applies within the divisions. 

Simplifying assumptions are sometimes still used when recording individual risk types and when aggregating 

risks. This applies in particular to the determination of operational risks and business risks. 

The Bank continuously refines its internal risk measurement procedures as well as the necessary underlying 

data so as to ensure and maintain best practice risk management. This also provides the basis for meeting the 

Basel Committee’s future regulatory capital requirements. 

Related Party Disclosures 

Following the acquisition of Dresdner Bank AG, Frankfurt am Main, by Allianz AG, Munich, a related party 

relationship as defined by the Aktiengesetz (AktG - German Public Companies Act) has existed between the 

two companies since 23 July 2001. As a dependent company within the meaning of section 17 (1) AktG, we 

report on our relationship with Allianz AG and with companies affiliated with Allianz AG for the period 1 

January 2003 to 31 December 2003 in accordance with section 312 AktG. 

In the report on the relationship with Allianz AG and with companies affiliated with Allianz AG, the Board 

of Managing Directors has declared in accordance with section 312 AktG: 

“We hereby declare that Dresdner Bank AG has received adequate consideration for all legal transactions and 

measures listed in this report on the basis of circumstances known to us at the time that the transactions or 

measures were or were not performed, and has not been placed at a disadvantage by measures being taken or 

not taken.”

Outlook 2004 

The global economic outlook for 2004 is more favourable than that for previous years. Sentiment has improved, 

both at companies and on the capital markets, and the USA and Asia are expected to record substantial 

economic growth in 2004. 

In Europe, “hard” indicators such as production and incoming orders are now also clearly pointing towards a 

moderate recovery. Confidence that the German economy will more or less match euro-zone growth this 

year is growing; this is likely to result in the first increase in employment in Germany since 2001. 

However, the economy also requires support in the form of moderate wage agreements and relative calm on 

the currency markets. Although Germany is able to a certain extent to counter the effects of the slump in the 

US dollar thanks to its improved competitiveness in comparison with its EU partners, the strength of the 

euro is already having a tangible impact on the German economy. 

Financial institutions will benefit from improvements on the capital markets and a more positive overall environment. 

Demand for loans is likely to remain subdued, as the economic situation is forcing companies to 

focus more on self-financing and capital expenditure rates remain relatively low. Companies are showing 

renewed interest in capital increases and IPOs, and private customers will increasingly turn to more attractive 

investment opportunities. 

For 2004, we have set ourselves the goal of a further significant improvement in our operating business. We 

aim to increase income while carefully managing costs, risks and capital, with the aim of substantially increasing 

both our operating result and pre-tax earnings. 


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Annual Financial Statements 

Balance Sheet as at 31 December 2003 

Dresdner Bank AG 

Assets (€ million) 31 Dec. 2003 31 Dec. 2002 

Cash funds 

a) Cash on hand 438 504 

b) Balances with central banks 3,797 2,666 

of which: with Deutsche Bundesbank 3,176 (990) 

4,235 3,170 

Public sector securities and bills eligible for refinancing 

with central banks 

a) Treasury bills, discounted treasury 

notes and similar treasury securities 2,446 8,253 

of which: eligible for refinancing with Deutsche Bundesbank 629 (2,486) 

b) Bills 123 266 

of which: eligible for refinancing with Deutsche Bundesbank 123 (266) 

2,569 8,519 

Loans and advances to banks 

a) Payable on demand 17,918 14,797 

b) Other 101,399 80,683 

119,317 95,480 

Loans and advances to customers 169,560 140,603 

of which: secured by mortgages 24,867 (26,088) 

communal loans 

Debt and other fixed-income securities 

a) Money market securities 

1,281 (1,549) 

aa) public sector issuers 

of which: eligible as collateral 

– 20 

for Deutsche Bundesbank advances – ( – ) 

ab) other issuers 


1,655 2,650 

for Deutsche Bundesbank advances 36 (1,643) 

1,655 2,670 

b) Bonds and notes 

ba) public-sector issuers 


51,008 32,468 

for Deutsche Bundesbank advances 41,986 (20,292) 

bb) other issuers 


51,650 44,633 

for Deutsche Bundesbank advances 35,185 (25,624) 

102,658 77,101 

c) Own bonds and notes 679 654 

at par 666 (657) 

104,992 80,425 

Equities and other non-fixed-income securities 14,110 11,781 

Investments in non-affiliated enterprises 1,177 2,129 

of which: in banks 576 (39) 

in financial services institutions 56 (56) 

Investments in affiliated enterprises 12,316 16,116 

of which: in banks 1,176 (1,229) 

in financial services institutions 287 (148) 

Assets held in trust 2,189 2,462 

of which: fiduciary loans 1,361 (1,755) 

Tangible fixed assets 1,173 1,623 

Treasury shares (shares in a parent company) 4 129 

at par 0 (3) 

Other assets 11,766 13,327 

Deferred items 2,349 2,625 

Deferred tax assets 307 320 

Total assets 446,064 378,709 

44

Annual Financial Statements 17 

Liabilities and shareholders’ equity (€ million) 31 Dec. 2003 31 Dec. 2002 

Liabilities to banks 

a) payable on demand 58,914 48,215 

b) with agreed maturities or periods of notice 157,327 111,026 

216,241 159,241 

Liabilities to customers 

a) Savings deposits 

aa) with agreed periods of notice of three months – – 

ab) with agreed periods of notice of more than three months 175 216 

175 216 

b) Other liabilities 

ba) payable on demand 55,210 52,444 

bb) with agreed maturities or periods of notice 107,794 87,541 

163,004 139,985 

163,179 140,201 

Certificated liabilities 

a) Bonds issued 11,868 11,024 

b) Other certificated liabilities 14,837 25,420 

of which: money market securities 11,593 (22,132) 

own acceptances and promissory notes outstanding 0 (56) 

26,705 36,444 

Liabilities incurred as a trustee 2,189 2,462 

of which: fiduciary loans 2,189 (2,462) 

Other liabilities 15,603 15,328 

Deferred items 1,691 1,900 

Provisions 

a) Provisions for pensions and similar obligations 1,516 1,463 

b) Provisions for taxes 720 409 

c) Other provisions 3,298 2,827 

5,534 4,699 

Special items with partial reserve character – 128 

Subordinated liabilities 5,731 7,070 

Profit-participation certificates 1,278 1,278 

of which: maturing in less than two years – ( – ) 

Fund for general banking risks 174 174 

Shareholders' equity 

a) Subscribed capital 1,503 1,503 

Contingent capital – (156) 

b) Additional paid-in capital 6,229 6,730 

c) Retained earnings 

ca) legal reserve 3 3 

cb) reserve for treasury shares 4 129 

cc) other retained earnings – 1,419 

7 1,551 

d) Distributable profit 0 0 

7,739 9,784 

Total liabilities and shareholders’ equity 446,064 378,709 

Contingent liabilities 

a) Liabilities on endorsed bills settled with customers – 1 

b) Liabilities on guarantees and warranties (see Notes) 15,474 17,485 

c) Liabilities arising from securities for third parties – – 

15,474 17,486 

Other commitments 

a) Repurchase commitments under securities sale and repurchase agreements 9 11 

b) Irrevocable loan commitments 26,729 34,589 

26,738 34,600 45

18 


Income Statement for 2003 


Expenses (€ million) 2003 2002 

Interest expenses 7,424 9,010 

Commissions paid 275 185 

Net loss from financial operations 

General administrative expenses 

a) Staff expenses 

– 321 

aa) wages and salaries 

ab) social security contributions and expenses 

1,615 1,758 

for pensions and other employee benefits 464 404 

of which: pension expenses 217 (159) 

2,079 2,162 

b) Other administrative expenses 2,162 2,224 

4,241 4,386 

Amortisation and depreciation of 

intangible and tangible fixed assets 383 260 

Other operating expenses 1,009 454 

Impairment losses on loans/advances and 

certain securities, and additions to 

provisions for possible loan losses 2,307 459 

Expenses from assumption of loss 1,552 3,285 

Extraordinary expenses 721 105 

Income tax benefit/expense –45 228 

Other taxes not included under 

“Other operating expenses” 2 1 

Total expenses 17,869 18,694 

Net loss for the year –2,045 –2,901 

Withdrawal from additional paid-in capital 501 – 

Withdrawals from retained earnings 

a) from reserve for treasury shares 124 – 

b) from other revenue reserves 1,544 3,030 

1,668 3,030 

Transfers to retained earnings 

a) to reserve for treasury shares – 129 

b) to other retained earnings 

ba) from reserve for treasury shares 124 – 

bb) from net income – – 

124 – 

124 129 

Distributable profit 0 0 

46


Income (€ million) 2003 2002 

Interest income from 

a) lending and money market operations 7,515 8,368 

b) fixed-income securities and government debt 2,430 2,565 

9,945 10,933 

Current income from 

a) equities and other non-fixed-income securities 363 425 

b) investments in non-affiliated enterprises 61 48 

c) investments in affiliated enterprises 101 51 

525 524 

Income from profit pooling, profit transfer, 

or partial profit transfer agreements 748 195 

Commissions received 1,834 1,742 

Net income on financial operations 824 – 

Income from reversals of impairment losses on 

investments in non-affiliated and affiliated enterprises 

and securities treated as fixed assets 872 1,971 

Other operating income 948 428 

Income from the reversal of special items 

with partial reserve character 128 – 

Net loss for the year 2,045 2,901 

Total income 17,869 18,694 

47

20 


48 

Notes to the Financial Statements 


I. General 

Basis of accounting 

The annual financial statements of Dresdner Bank AG have been prepared in accordance with the provisions 

of the Handelsgesetzbuch (HGB - German Commercial Code) in conjunction with the Verordnung über die 

Rechnungslegung der Kreditinstitute (RechKredV - German Accounting Directive for Banks) and the applicable 

provisions of the Aktiengesetz (AktG - German Public Companies Act). 

Accounting policies 

Cash funds are stated at their nominal value; foreign notes and coins are measured on the basis of the yearend 

market rates (closing rates). 

Public sector securities and bills are stated net of unearned discounts. 

Loans and advances are stated at their nominal or face value, less any related loan loss allowances. Any differences 

between the nominal amount and the amount paid out which are equivalent to interest are reported 

under deferred items, and are amortised over the life of the loan. 

Identifiable risks of loss in the loan portfolio are covered by appropriate specific loan loss allowances and 

provisions. In addition to these, country risks are covered by global specific reserves and provisions for guarantee 

obligations. Latent credit risk is covered by a general allowance; in addition, certain foreign branches 

have set up general reserves as required by local law. General banking risk reserves have also been set up in 

accordance with sections 340f and 340g of the HGB. 

In the income statement, the income and expense items relating to risk provisioning have been netted under 

Risk provisioning, as permitted by section 340f (3) of the HGB. 

Securities are reported in the balance sheet under “Debt and other fixed-income securities” and “Equities and 

other non-fixed-income securities”. In reporting income and expense, a distinction is made between securities 

held in the trading portfolio and those held in the liquidity portfolio (securities which are neither treated as 

fixed assets nor held for trading purposes). In both cases the securities are carried as current assets and are 

measured, by type of security, at the lower of the moving average value or market value at the balance sheet 

date, after adjustment for corresponding derivatives positions. In the case of securities belonging to the liquidity 

portfolio that were bought above or below their par value, respectively, we have amortised the respective 

discounts or premiums on a pro rata basis across the securities’ remaining life. Repurchased own warrants 

issued by the Bank are offset against the warrants issued by us, which are recognised under Certificated liabilities.

Investments in non-affiliated and affiliated enterprises are measured in accordance with the rules for fixed 

assets at the lower of cost or market at the balance sheet date. The income and expense items referred to in 

section 340c (2) of the HGB have been netted and included under Net income/expense from financial operations, 

as permitted by that statute. 

As a consequence of the abolition of the continuation option for taxation purposes as part of the 1999 tax 

reforms, write-downs made in previous years are reversed where the grounds for them no longer exist. 

Tangible assets are stated at acquisition or production cost less depreciation, where applicable, which is based 

on the rates permitted by tax rules. Low-value fixed assets are written off in full in the year of acquisition. 

Deferred tax assets were recognised in accordance with section 274 (2) of the HGB. 

Interest-bearing liabilities are accounted for at the amount to be repaid. Where liabilities are entered into subject 

to discounts, the latter are reported as deferred assets and amortised over the life of the respective liabilities. 

Non-interest bearing liabilities such as zero-coupon bonds are measured at their present value. 

Provisions for taxes, uncertain liabilities and unrealised losses on pending transactions are stated at the 

amounts expected to become payable, applying prudent business judgement. 

Pension provisions are calculated by actuarial methods, based on the actuarial tables published in 1998 and 

applying a discount rate of 6%; pension entitlements are stated at the net present value, while current pensions 

are stated at the present value. 

Contingent liabilities are stated at nominal value, less any related provisions. 

Derivatives used to hedge balance sheet items – subject to compliance with the respective documentation 

requirements – are measured in accordance with the rules applicable to the hedged item. Where instruments 

are currency-related, the hedged item is measured at the closing rate. Purchased credit default swaps have the 

same economic function as financial guarantees received if they demonstrably serve to hedge against interest 

and principal repayment defaults on loans. As a result, they are not recognised in the balance sheet. 

Income and expense from interest rate-related instruments associated with balance sheet items which are 

valued at nominal or face value are deferred on a straight-line basis. Zero bonds are accounted for using the 

effective interest method. In addition, where such instruments are used to hedge securities, the measurement 

gain or loss on the hedge is offset against the measurement gain or loss on the underlying transaction. This 

also applies to instruments used to hedge other price risks. Unrealised gains remaining after this procedure 

are not recognised, whereas unrealised losses are recognised. 


49

22 


50 

Derivative transactions related to trading operations are carried at the lower of cost or market at the reporting 

date. 

■ In the case of open foreign exchange forward contracts, the forward rate is used. 

■ In the case of currency options, the fair value is determined by taking into account the current exchange 

rates, the yield curves at the reporting date and the implied volatilities. 

■ In the case of interest rate swaps, the current portion of the interest payment claims and obligations is 

recognised in the income statement. Future cash flows are measured by means of a notional closing 

based on the corresponding current yield curves. Forward rate agreements are measured in a similar 

manner. 

■ The fair value of interest rate options is determined on the basis of the yield curves and implied 

volatilities. 

■ In the case of exchange-traded financial instruments, we used the rates prevailing on the last exchange 

trading day of the year. 

Where derivatives and other financial instruments are treated as forming a separate portfolio, net losses 

realised are deducted from net remeasurement gains within each portfolio. Net unrealised gains are not recognised, 

whereas net unrealised losses are recognised by setting up provisions for expected losses from incompleted 

transactions. 

Change in presentation 

With effect from fiscal 2003, we have reported securities lending and borrowing transactions in the same way 

as collateralised interbank transactions. Securities that have been loaned out continue to be recognised in our 

balance sheet. In contrast, borrowed securities are not recognised in the balance sheet. The figures for the previous 

year have been adjusted to aid comparability. The asset items affected on the balance sheet are “Public 

sector securities and bills”, “Loans and advances to banks”, “Loans and advances to customers”, “Debt and 

other fixed-income securities” and “Equities and other non-fixed-income securities”. The liabilities and shareholders' 

equity items affected are “Liabilities to banks” and “Liabilities to customers”. 

Foreign currency translation 

Fixed assets denominated in a foreign currency and not deliberately hedged in the same currency are translated 

at historical rates. 

All other assets and liabilities denominated in a foreign currency and outstanding unsettled spot transactions 

are translated at the spot middle rate as at the balance sheet date. 

The translation of foreign exchange forward contracts is discussed in the Notes relating to our off-balance 

sheet business. Currency translation gains and losses were recognised in accordance with section 340h (2) of 

the HGB.

II. Notes to the Balance Sheet 

Analysis of loans/advances and liabilities by residual term 

31 December 2003 

Up to > 3 months > 1 year More than 

Loans and advances (€ mn) Total 3 months to 1 year to 5 years 5 years 

Term loans and advances to banks 101,399 66,535 33,100 1,193 571 

Loans and advances to customers *) 169,560 102,112 16,249 20,988 30,211 

Total 270,959 168,647 49,349 22,181 30,782 

*) Loans and advances to customers with residual terms of up to 3 months include €4,611 million of undated claims. 

Holdings of debt and other fixed-income securities in the amount of €104,992 million include €15,875 

million maturing in 2004. 


Liabilities (€ mn) Total 3 months to 1 year to 5 years 5 years 

Term liabilities to banks 157,327 133,146 13,982 5,334 4,865 

Savings deposits 175 25 12 97 41 

Other term liabilities to customers 107,794 75,662 5,234 12,582 14,316 

Certificated liabilities *) 26,705 9,101 4,519 10,030 3,055 

Subordinated liabilities 5,731 138 – 2,192 3,401 

Profit-participation certificates 1,278 – – 1,278 – 

Total 299,010 218,072 23,747 31,513 25,678 

*) Certificated liabilities include €11,868 million of bonds issued, of which €1,264 million mature in 2004. 



Loans and advances (€ mn) Total 3 months to 1 year to 5 years 5 years 



Total 221,286 127,721 34,021 26,126 33,418 

*) Loans and advances to customers with residual terms of up to 3 months include €4,805 million of undated claims. 


Liabilities (€ mn) Total 3 months to 1 year to 5 years 5 years 


Savings deposits 216 37 16 109 54 


Certificated liabilities *) 36,444 17,213 9,264 7,882 2,085 

Subordinated liabilities 7,070 68 891 2,131 3,980 

Profit-participation certificates 1,278 – – 511 767 

Total 243,575 161,216 29,798 30,363 22,198 

*) Certificated liabilities include €11,024 million of bonds issued, of which €3,072 million matured in 2003. 


51 

23

24 


52 

Loans and advances and liabilities to affiliated enterprises 

Breakdown by balance sheet item (€ mn) 31 Dec. 2003 31 Dec. 2002 

Loans and advances: 

Loans and advances to banks 4,574 6,653 


Debt and other fixed-income securities 369 614 

Total 23,233 25,779 

Liabilities: 

Liabilities to banks 13,955 14,669 

Liabilities to customers 20,198 27,383 

Certificated liabilities 3,097 2,629 


Total 38,817 46,419 

Loans and advances and liabilities to non-affiliated enterprises 




Loans and advances to customers 538 960 

Debt and other fixed-income securities 7,215 4,996 

Total 10,546 7,108 

Liabilities: 

Liabilities to banks 421 389 

Liabilities to customers 187 100 

Total 608 489 

Loans and advances and liabilities to non-affiliated enterprises also contain loans and advances and liabilities 

to associates. The figures for the previous year have been adjusted accordingly. 

The list of our shareholdings in accordance with section 285 (11) of the HGB is lodged with the commercial 

register at the Frankfurt am Main Local Court under the number HRB 14000. 

Trustee business 

By definition, all assets set out below are held by the Bank in its own name but for the account of third parties. 


Assets held in trust: 

Loans and advances to banks – 2 



Total 2,189 2,462 

Liabilities incurred as a trustee: 



Total 2,189 2,462

Foreign currency holdings 

Aggregate assets and liabilities denominated in foreign currency (€ mn) 31 Dec. 2003 31 Dec. 2002 

Assets 116,780 89,954 

Liabilities 126,632 113,885 

The amounts reported constitute aggregate euro equivalents in a wide variety of currencies outside the euro 

zone. Any differences between the amounts of assets and liabilities are due to the fact that the information 

given only relates to items relevant to the balance sheet and thus excludes foreign exchange forward contracts, 

including those used for hedging purposes. 

Subordinated assets 


Loans and advances to banks 189 421 


Bonds and notes 

- Other issuers 140 301 

- Own bonds and notes 11 21 

Equities and other non-fixed-income securities – 131 

Total 1,127 1,375 

Marketable securities 

Movements in fixed assets 

*) Certain amounts have been aggregated as permitted by section 34 (3) of the RechKredV. 

Total Listed securities Unlisted 

securities 

€ mn 2003 2002 2003 2002 2003 2002 

Debt and other fixed-income securities 104,992 80,425 95,233 75,694 9,759 4,731 

Equities and other non-fixed-income securities 10,696 7,828 10,064 7,807 632 21 

Investments in non-affiliated enterprises 612 1,491 556 1,491 56 – 

Historical Additions Disposals Write- Write- Residual Residual 

cost in fiscal in fiscal downs downs book book 

year year (total) during value at value at 

fiscal year 31 Dec. 31 Dec. 

€ mn 2003 2002 

Investments in non-affiliated enterprises *) 2,501 2,004 3,328 1,177 2,129 

Investments in affiliated enterprises *) 19,031 4,047 10,762 12,316 16,116 

Tangible fixed assets 

- Land and buildings 927 48 124 210 166 641 877 

- Office furniture and equipment 1,942 181 252 1,339 220 532 746 

The Group used land and buildings with a carrying amount of €76 million in connection with Group activities. 


53 

25

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54 

Other assets 

Other assets consist of items which cannot be attributed to other specific asset items. These include, inter 

alia, option premiums paid, capitalised dividends receivable from the measurement of the trading portfolio 

and recoverable taxes, deferred assets, cheques and other items received for collection, and precious metal 

holdings. Almost 70% of the €11,766 million of Other assets recognised consisted of premiums paid for 

unexpired options on securities, foreign currencies, precious metals, on interest rate caps and floors, and 

interest rate and foreign currency swaps. 

Deferred tax assets 

At 31 December 2003, deferred tax assets in the amount of €307 million (31 December 2002: €320 million) 

were recognised in accordance with section 274 of the HGB. Deferred tax assets and liabilities were netted to 

determine the required deferral amount. €174 million of the total amount relates to domestic operations and 

€133 million to branches outside Germany. Within Germany, deferred tax assets were created primarily for 

non-tax-deductible provisions for expected losses from incompleted transactions. With regard to foreign 

branches, the deferred taxes result from a variety of differences between the carrying amounts in the financial 

statements and the tax accounts. 

Assets sold under repurchase agreements 

The net book value of commitments to repurchase assets amounted to €45,471 million at the balance sheet 

date (2002: €49,346 million). These assets continue to be recognised in our balance sheet, and the proceeds 

are included under liabilities. Besides open market transactions with Deutsche Bundesbank, these operations 

consist of repurchase transactions (money market transactions collateralised by securities) entered into with 

customers and banks. 

Deferred items 

Deferred assets include discounts on liabilities in accordance with section 250 (3) of the HGB in the amount 

of €239 million (2002: €283 million), while deferred liabilities include discounts on loans and advances in 

accordance with section 340e (2) sentence 2 of the HGB in the amount of €321 million (2002: €375 

million). 

Other liabilities 

Other liabilities consist of liabilities which cannot be included under other specific liability items, such as 

premiums received in respect of options on securities, foreign currencies, precious metals, interest rate and 

foreign currency swaps and interest rate caps and floors, liabilities on loss transfers, deferred liabilities and 

unpaid purchase prices. At the end of 2003, premiums received by the Bank in respect of unexpired 

options and interest rate caps and floors accounted for almost 75% of the reported €15,603 million of Other 

liabilities. 

Provisions 

Pension provisions in the amount of €1,516 million were calculated on the basis of actuarial principles using 

the mortality tables published in 1998 and a discount rate of 6%. 

Provisions for taxes increased to €720 million (2002: €409 million). 

Other provisions increased by €471 million to €3,298 million. This is primarily due to additions to restructuring 

provisions.

Special items with partial reserve character 

The special item with partial reserve character in the amount of €128 million was reversed in accordance with 

section 6 (3) Einkommenssteuergesetz (EStG - German Income Tax Act) and was used in accordance with its 

designated purpose for the construction of a property owned by the Bank. 

Subordinated liabilities 

Subordinated liabilities are disclosed in the table below at nominal amounts. 

Currency Equivalent Maturity 

The aggregate reported volume of subordinated liabilities is €5,731 million (2002: €7,070 million). 

Borrowings in excess of 10% of the aggregate volume relate to an issue in the amount of US$1 billion. 

This issue has an interest rate of 8.151% and will mature in 2031. 

Total interest paid on subordinated liabilities in the year under review amounted to €235 million (2002: 

€463 million). 

In the event of insolvency or liquidation, subordinated liabilities may not be redeemed until all nonsubordinated 

creditors have been satisfied. There is no obligation to redeem them prior to maturity. 

Profit-participation certificates 

As at 31 December 2003, the aggregate amount of profit-participation certificates outstanding was unchanged 

at €1,278 million, of which €1,278 million qualifies as liable capital under the provisions of the Kreditwesengesetz 

(KWG - German Banking Act). Profit-participation certificates entitle holders to annual interest payments, 

which take priority over shareholders' dividend entitlements. They share in losses in accordance with 

the conditions attached to the certificates. The profit-participation certificates will be redeemed in line with 

the provisions regarding loss sharing. 

Revaluation reserves attributed to liable capital 

(€ mn) 

EUR 2,649 2005 - 2039 

USD 2,230 2004 - 2031 

CHF 353 2005 - 2009 

JPY 296 2027 - 2033 

GBP 213 2007 

Other currencies 82 2010 - 2011 

Year of issue Nominal amount Interest rate Maturity 

1996 €511 mn 8.0% 2007 

1997 €767 mn 7.0% 2008 

Unrealised reserves (securities and investments in non-affiliated enterprises) in the amount of €10 million 

have been included under liable capital pursuant to section 10 (2b) sentence 1 no. 7 of the Kreditwesengesetz. 


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56 

Shareholders’ equity of Dresdner Bank AG 

Movements in the Bank’s shareholders’ equity are shown below (in €): 

Subscribed capital (share capital) 1,502,972,205.80 

Additional paid-in capital 

- 1 January 2003 6,730,164,637.16 

- Withdrawal to offset net loss for the period 501,138,294.77 6,229,026,342.39 

Retained earnings 

Legal reserve 3,182,734.45 

Reserve for treasury shares 

- 1 January 2003 128,939,240.09 

- Transfer to Other retained earnings 124,485,641.71 4,453,598.38 

Other retained earnings 

- 1 January 2003 1,419,104,364.87 

- Addition from reserve for treasury shares 124,485,641.71 

- Withdrawal to offset net loss for the period 1,543,590,006.58 0.00 7,636,332.83 

Total reserves 6,236,662,675.22 

Distributable profit 0.00 

Total shareholders' equity 7,739,634,881.02 

The subscribed capital of €1,502,972,205.80 as at 31 December 2003 was composed of 578,066,233 registered 

no-par value shares. Each share represents a notional share in the share capital and entitles the holder to one 

vote in the Annual General Meeting. 

The Allianz Group holds 100% of the share capital of Dresdner Bank AG. 

Dresdner Bank is an affiliated enterprise of Allianz AG as defined by section 271 (2) of the HGB and is included 

in the consolidated financial statements of Allianz AG, Munich. These can be obtained from Allianz 

AG, Königinstrasse 28, 80802 Munich. 

Contingent capital of Dresdner Bank AG 

The aggregate amount of the Bank’s contingent capital on 1 January 2003 was €156,000,000.00. No use was 

made of the authorisation to implement a contingent capital increase, which was granted by the Annual 

General Meeting on 15 May 1998 and was valid until 15 May 2003. No contingent capital existed at the 

reporting date. 

Authorised capital of Dresdner Bank AG 

€76 million of the authorised capital of €250 million resolved in 1999 was utilised in 2001; as a result, €174 

million of authorised capital remained on the balance sheet date. The authorised capital is limited until 2004; 

shareholders' preemptive rights have been excluded. 

Treasury shares (shares in a parent company) 

In accordance with section 272 (4) sentence 4 of the HGB, the balance sheet item “Treasury shares” also 

includes shares in a parent company. At the balance sheet date, we held 89,307 Allianz shares with a carrying 

amount of €4,453,598.38. Due to this holding, the reserve for treasury shares had to be reversed in the 

amount of €124,485,641.71.

Collateral pledged for own liabilities 

Principal types of commitment (€ mn) 31 Dec. 2003 31 Dec. 2002 



Other commitments 1,329 8,724 

Total value of collateral pledged 94,689 39,385 

The collateral pledged for own liabilities to banks primarily relates to interbank transactions with 

Deutsche Bundesbank and special-purpose funds transmitted on behalf of Kreditanstalt für Wiederaufbau 

and certain other financial institutions. 

Contingent liabilities 


Contingent liabilities on endorsed bills settled with customers – 1 

Liabilities on guarantees and warranties 15,474 17,485 

Credit guarantees 1,322 1,615 

Other guarantees and warranties 12,831 14,191 

Letters of credit 1,321 1,679 

of which: letters of credit opened 792 824 

of which: letters of credit confirmed 529 855 

Liability on collateral pledged for third-party liabilities – – 

Other commitments 


Repurchase commitments under securities sale and repurchase agreements 9 11 

Of which: loans and advances 9 11 

Irrevocable loan commitments 26,729 34,589 

Advances 16,003 21,635 

Standby facilities 7,881 9,785 

Guarantee credits 2,686 2,878 

Discount credits 40 75 

Mortgage loans 119 216 

The volumes of commitments reported under irrevocable loan commitments represent amounts not drawn 

upon. There were no placements or underwriting commitments as at 31 December 2003. 


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58 

III. Notes to the Income Statement 

Geographical breakdown of income 

€ mn 2003 2002 

Germany 11,513 10,301 

Rest of Europe 2,095 2,238 

North America 284 577 

Asia 184 191 

Total 14,076 13,307 

The total amount includes the following income statement items: interest income, current income from 

equities and other non-fixed-income securities, investments in non-affiliated and affiliated enterprises, commissions 

received, net income from financial operations, and other operating income. 

Other operating income 

Other operating income amounted to €948 million (2002: €428 million). This primarily relates to proceeds 

from the discontinuation of business activities, fees and reimbursements from services rendered to Group 

companies and third parties, income from the reversal of provisions and rental income. 

Other operating expenses 

Other operating expenses amounted to €1,009 million (2002: €454 million). This includes expenses which 

cannot be attributed to other income statement items, and in particular expenses relating to provisions for 

measures by subsidiaries, special items in the IT area and additions to provisions. 

Extraordinary expenses 

Extraordinary expenses amounted to €721 million (2002: €105 million); these primarily relate to the costs of 

the “New Dresdner” Programme announced in August 2003, and to other programs previously introduced. 

Income tax benefit/expense 

The income tax benefit recognised in the year under review amounts to €45 million (2002: income tax 

expense of €228 million). The income tax benefit, which contrasts with the income tax expense recognised in 

the previous year, is mainly due to tax refunds for previous years. 

Offsetting of net loss for the period 

The income statement reports a net loss for the year of €2,045 million. We offset the net loss for the period 

by fully reversing the Other revenue reserves in the amount of €1,544 million and withdrawing €501 million 

from Additional paid-in capital.

IV. Other Information 

Other financial commitments 

€ mn 31 Dec. 2003 31 Dec. 2002 

Obligations arising from hire, rental and leasing contracts 2,424 2,318 

Purchase obligations and capital expenditure commitments 

Commitments to pay up shares, bonds and 

95 547 

other capital interests; secondary liability 146 278 

Total 2,665 3,143 

Of which: commitments to affiliated enterprises 815 927 

Commitments to pay up shares, bonds and other capital interests totalled €75 million (2002: €207 million); 

secondary liability in accordance with section 24 of the Gesetz betreffend die Gesellschaften mit beschränkter 

Haftung (GmbHG - German Limited Liability Companies Act) amounted to €16 million (2002: €16 

million). Commitments to pay further contributions existed in respect of our interest in Liquiditäts- 

Konsortialbank GmbH, Frankfurt/Main in accordance with section 26 of the German Limited Liability 

Companies Act in the amount of €55 million (2002: €55 million); in addition, we have a proportionate 

contingent liability to provide additional contributions to other shareholders belonging to Bundesverband 

deutscher Banken e. V. (the Federal Association of German Banks), Berlin. 

In all cases of secondary liability, the financial status of the other shareholders involved is sound. 

The liability arising from an interest in one enterprise is unlimited due to the legal form in which this 

enterprise is organised. In this case, too, the financial status of the other partners involved is sound. 

In accordance with section 5 (10) of the Statutes of the Einlagensicherungsfonds (Deposit Protection Fund), 

we have undertaken to indemnify the Bundesverband deutscher Banken e.V. for any losses it may incur by 

reason of measures taken on behalf of any banks in which we own a majority interest. 

In fiscal 2003, Dresdner Bank AG took out a loan of €250 million. The term of the loan is 7 years; interest 

and redemption are subject to conditions precedent. 

In the case of subsidiaries as defined in section 290 (1) and (2) of the HGB, which are engaged in banking 

business or complementary operations, Dresdner Bank takes care in relation to the proportion of its shareholding, 

except with regard to political risk, that these companies are able to meet their obligations. 


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Forward transactions 

A list of unsettled forward transactions is given below: 

Interest rate-related financial instruments: 

Currency-related financial instruments: 

Equity-/index-related financial instruments: 

Credit-related financial instruments: 

Interest rate swaps 

Cross-currency interest rate swaps 

Interest rate futures 

Forward rate agreements 

Caps 

Floors 

Swaptions 

Options on fixed-income securities 

Options on promissory notes 

Options on interest rate futures 

Securities forward transactions 

Repurchase agreements 

Reverse repurchase agreements 

Foreign exchange forward contracts 

Currency options 

(incl. forward exchange transactions on precious 

metals and precious metal options) 

DAX futures 

Futures on other indices 

Equity options 

DAX options 

Options on other indices 

Equity swaps 

Total return swaps 

Credit default swaps 

In addition to meeting clients’ requirements and hedging on-balance sheet risks, our off-balance sheet 

business serves principally as a tool for managing our trading portfolios, which are managed with the help of 

state-of-the-art risk management techniques involving sensitivity analysis and the simulation of worst-case 

scenarios. 

Management and brokerage services 

Besides securities commission business, the following management and brokerage services represent a 

substantial part of Dresdner Bank AG's activities: 

■ Custody administration 

■ Administration of fiduciary loans 

■ Asset management 

■ Brokerage of mortgages, insurance policies, home loans contracts and real estate

Branch offices 

Branch offices 2003 2002 

Germany 758 783 

Other countries 18 20 

Total 776 803 

Employees 

Excluding apprentices and trainees, the average number of staff employed during the year was 28,688; the 

breakdown is shown in the following table. 

Employees 2003 2002 

Germany 28,209 29,750 


Total 28,688 30,312 

The average number of apprentices and trainees employed during the year was 1,747 and 166, respectively. 

Loans to members of the Board of Managing Directors and the Supervisory Board 

Loans to members of the Board of Managing Directors and liabilities assumed on their behalf totalled 

€502,451.44 (2002: €1,457,419.23). The total volume of loans granted to members of the Supervisory Board 

of Dresdner Bank AG amounted to €71,000.35 (2002: €47,335.97). 

Remuneration of Board members 

Compensation paid to members of Dresdner Bank AG's Board of Managing Directors totalled 

€10,819,246.84 (2002: €9,267,009.85); the amount for the year under review includes stock-based incentive 

plans. Compensation paid to members of Dresdner Bank AG's Supervisory Board for fiscal 2003 totalled 

€1,116,900.00 (2002: €1,122,300.00), including value added tax. Payments to former members of the Board 

of Managing Directors and their surviving dependants amounted to €13,895,867.28 (2002: €11,552,897.62); 

pension provisions for these persons as at 31 December 2003 amounted to €93 million (2002: €98 million). 

Total remuneration paid to members of the Advisory Management Council amounted to €214,600.00 (2002: 

€916,400.00), including value-added tax. Payments to members of the other advisory boards amounted to 

€1,431,638.00 (2002: €1,565,734.00). 

Events occurring after the balance sheet date 

No dividend will be distributed for fiscal year 2003. 

The Bank is actively contributing to the restructuring of DEGI Grundwert-Fonds by transferring premium 

real estate, among other things. 


61 

33

34 


62 

V. List of Supervisory Board Members 

Michael Diekmann 

Chairman 

(since 8 April 2003) 

Peter Haimerl 

Deputy Chairman 

(Deputy Chairman since 8 April 2003) 

Reinhard Drönner 

(until 8 April 2003) 

Claudia Eggert-Lehmann 

Bernhard Enseling 

Dr. Martin Frühauf 


Christian Höhn 


Manfred Karsten 


Ainis Kibermanis 


Oda-Renate Krauß 


Bernd Kriegeskorte 


Dr. Heinz Kriwet 

Prof. Dr. Edward G. Krubasik 

Dr. Dietmar Kuhnt 

Igor Landau 


Dr. Hartmut Mehdorn 


Brunhilde Nast 


Michel Pébereau 


Chairman of the Board of Management of Allianz AG, 

Munich 

Dresdner Bank AG, Munich 

Trade union secretary, Lower Saxony-Bremen district, 

ver.di Vereinte Dienstleistungsgewerkschaft, 

Hanover 

Dresdner Bank AG, Dortmund 

Dresdner Bank AG, Frankfurt/Main 

Member of the Supervisory Board of Aventis SA, 

Frankfurt/Main 


Oldenburgische Landesbank AG, Oldenburg 



Berlin/Brandenburg district, Financial Services, Berlin 


Member of the Supervisory Board of ThyssenKrupp 

AG, Dusseldorf 

Member of the Managing Board of Siemens AG, 

Munich 

Member of the Supervisory Board of RWE AG, 

Essen 

Chairman of the Management Board of Aventis SA, 

Strasbourg 

Chairman of the Management Board of Deutsche 

Bahn AG, Berlin 

Dresdner Bank AG, Dresden 

Président, BNP Paribas SA, Paris

Dr. Helmut Perlet 

Dr. Bernd Pischetsrieder 

Dipl.-Kfm. Uwe Plucinski 



Stefan Quandt 

Jürgen Rose 


Sultan Salam 

Margit Schoffer 


Dr. Henning Schulte-Noelle 

Chairman 


Uwe Spitzbarth 

Dr. Bernd W. Voss 

Dr. Wolfgang Röller 

Honorary Chairman 

Member of the Board of Management of Allianz AG, 

Munich 

Chairman of the Management Board of Volkswagen AG, 

Wolfsburg 

Dresdner Bank AG, Hamburg 

Chairman of the Supervisory Board of DELTON AG, 

Bad Homburg v. d. H. 

Dresdner Bank AG, Nuremberg 


Dresdner Bank AG, Aalen 

Chairman of the Supervisory Board of Allianz AG, 

Munich 

Head of the National Working Party on Banks, 

ver.di Vereinte Dienstleistungsgewerkschaft, Berlin 




63 

35

36 


64 

VI. List of Members of the Board of 

Managing Directors and Offices Held 

Name 

Dr. Herbert Walter 

Chairman 

(since 25 March 2003) 





Dr. Horst Müller 

(until 31 December 2003) 

Andrew Pisker 


Offices held in other statutory supervisory 

boards of large corporations 

(as at 31 December 2003) 

Deutsche Börse AG, Frankfurt/Main 

TSV München von 1860 GmbH & Co. 

Kommanditgesellschaft auf Aktien, Munich 

ABB AG, Mannheim 

Allianz Dresdner Bauspar AG, Bad Vilbel *) 

(Chairman) 

Deutsche Schiffsbank AG, Hamburg/Bremen 

(Chairman) 

Deutscher Investment-Trust 

Gesellschaft für Wertpapieranlagen mbH, 

Frankfurt/Main *) 

Eurohypo Aktiengesellschaft, Frankfurt/Main 

Oldenburgische Landesbank AG, Oldenburg *) 

(Chairman) 

Rheinmetall AG, Dusseldorf 

RWE Dea Aktiengesellschaft, Hamburg 

dresdnerbank investment management Kapitalanlagegesellschaft 

mbH, Frankfurt/Main *) 

Dresdner Bank Lateinamerika Aktiengesellschaft, 

Hamburg *) 

(Chairman) 

Allianz Immobilien GmbH, Stuttgart 

–



(since 1 June 2003) 


Prof. Dr. Bernd Fahrholz 

Chairman 

(until 25 March 2003) 

Heinrich Linz 

(until 31 May 2003) 

AGIS Allianz Dresdner Informationssysteme GmbH, 

Munich 


Hamburg *) 

– 


Munich 

(Chairman) 

Dresdner Zahlungsverkehrsservice GmbH, 


Members of the Board of Managing Directors who left the Board in the course of fiscal year 2003: 

Bayerische Motoren Werke AG, Munich 

Fresenius Medical Care AG, Hof/Saale 

HeidelbergCement AG, Heidelberg 


*) Group office 


65 

37

38 


66 

VII. Offices Held by Members of Staff 

Name 

Dr. A.-M. Graf von Ballestrem 

Hans-Jürgen Bartsch 


Volker von Franqué 

Winfried Gardocki 

Peter Haimerl 

Detlef Hermann 



Hans Krogmann 

Dr. Altfried M. Lütkenhaus 

Gerhard Malle 

Wulf Meier 

Gert Jürgen Müller 

Dr. Jürgen Neuhaus 

Herbert Pfennig 




MATERNUS-Kliniken AG, Bad Oeynhausen 

GSW Gemeinnützige Siedlungs- und 

Wohnungsbaugesellschaft Berlin mbH, Berlin 

Allianz Aktiengesellschaft, Munich 

Schwälbchen Molkerei Jakob Berz AG, 

Bad Schwalbach 

(Deputy Chairman) 

NorCom Information Technology AG, Munich 


Kaiser’s Tengelmann AG, Viersen 

RC Ritzenhoff Christal Aktiengesellschaft, Marsberg 



Rathgeber AG, Munich 


Blohm + Voss GmbH, Hamburg 


RWE Solutions Aktiengesellschaft, Frankfurt/Main 




Munich 

SchmidtBank Kommanditgesellschaft auf Aktien, 

Hof/Saale 

Eisen- und Hüttenwerke AG, Cologne 

INTERSEROH Aktiengesellschaft zur Verwertung 

von Sekundärrohstoffen, Cologne 

Allianz Aktiengesellschaft, Munich

Gerhard Richter 

Sultan Salam 


Anton Simonet 

Dr. Jürgen Than 

Frankfurt/Main, 25 February 2004 








Hamburg *) 

CSC Ploenzke AG, Wiesbaden 



Dr. Walter Dr. Georgi Jung Dr. Kaulvers 

Kvarnström Pisker Rosenfeld Steinmetz Dr. Wöbking 

67 

39

40 Independent Auditors’ Report 

68 

Independent Auditors’ Report 

We have audited the annual financial statements, together with the bookkeeping system and the management 

report of Dresdner Bank Aktiengesellschaft, Frankfurt am Main, for the business year from 1 January to 

31 December 2003. The maintenance of the books and records and preparation of the annual financial statements 

and management report in accordance with German commercial law and the supplementary regulations 

in the articles of incorporation are the responsibility of the Company’s management. Our responsibility 

is to express an opinion on the annual financial statements, together with the bookkeeping system and the 

management report based on our audit. 

We conducted our audit of the annual financial statements in accordance with § 317 HGB (Handelsgesetzbuch, 

German Commercial Code) and the German generally accepted standards for the audit of financial 

statements promulgated by the Institut der Wirtschaftsprüfer (IDW, Institute of Independent Auditors). 

Those standards require that we plan and perform the audit such that errors and violations materially 

affecting the presentation of the net assets, financial position and earnings situation in the annual financial 

statements in accordance with generally accepted accounting principles and in the management report are 

detected with reasonable assurance. Knowledge of the business activities and the economic and legal 

environment of the Company and expectations of possible misstatements are taken into account in determining 

audit procedures. The effectiveness of the internal control system relating to the accounting system 

and evidence supporting the disclosures in the books and records, the annual financial statements and the 

management report are examined primarily on a test basis within the framework of the audit. The audit 

includes assessing the accounting principles used and significant estimates made by the management, as well 

as evaluating the overall presentation of the annual financial statements and management report. We believe 

that our audit provides a reasonable basis for our opinion. 

Our audit has not led to any reservations. 

In our opinion, the annual financial statements give a true and fair view of the net assets, financial position 

and earnings situation of the Company in accordance with generally accepted accounting principles. On the 

whole, the management report provides a suitable understanding of the Company's situation and suitably 

presents the risks of future development. 





(Wohlmannstetter) (Andriowsky) 

Wirtschaftsprüfer Wirtschaftsprüfer

Consolidated Financial Statements 

of Dresdner Bank AG 

as of 31 December 2003 

69

70 

Group Management Report* 

Economic Challenges in 2003 

Global economic development in 2003 was extremely turbulent, with no signs of a recovery appearing until 

the autumn. Despite this, global economic growth was around 2.5%, mainly driven by the Asian economies. 

Japan emerged from its long period of stagnation with growth of 2.7%, while the highly dynamic Chinese 

economy had a positive effect on the entire region. Russia was also one of the economic winners in 2003. 

The US economy picked up strongly in the course of 2003: the extremely expansionary monetary and financial 

policy started to kick in, gradually allaying fears of deflation. Compared with the rest of the world, the 

United States again recorded above-average economic growth (3.1%). 

By comparison, growth in the European Union amounted to an extremely meagre 0.7%. The main reasons 

for the renewed economic setback in the first half of the year were the geopolitical uncertainties surrounding 

the Iraq conflict and the fear of further terrorist attacks, which prevented economic confidence from stabilising. 

Consumer and investment spending was put on hold, despite the fact that some companies had already 

made considerable progress with consolidation. 

The economic slump was particularly pronounced in Germany. Private consumption fell for the second year 

in succession, and investments for the third consecutive year. Unemployment figures approached the record 

level set in 1997/1998. Despite the strong rise in the euro, German exports were surprisingly robust and even 

recorded a slight increase in volume. However, the recovery towards the end of the year was not sufficient to 

prevent a slight drop in total economic production for 2003 as a whole. 

For the capital markets, 2003 was a rollercoaster ride. The war in Iraq saw share indices reaching multiyear 

lows. However, prices then picked up surprisingly sharply, with most stock markets ending the year with significant 

gains – unlike in previous years. Improved corporate earnings prospects made a significant contribution 

to this development. 

Trends on the bond markets offered a mirror image of the stock markets. After reaching a peak during the 

first half of the year, bond markets subsequently gave up their gains. However, low base rates and a low risk 

of inflation dampened the incipient upturn in interest rates. At the end of 2003, the yields of long-term 

government bonds were at approximately the same level as at the beginning of the year. 

In 2003, developments on the property markets were once again highly mixed. As in previous years, property 

markets in the UK and the US rose, while a large proportion of continental European property markets 

remained weak. Most European cities continued to have a supply overhang. In Germany, tight public-sector 

finances, the slashing of tax breaks on property purchases and uncertainty regarding the labour market had a 

particularly adverse effect. 

* Extracted without material adjustments from the Annual Report 2003 of Dresdner Bank (including references to page numbers). 

Group Management Report 3

4 Group Management Report 

Our Answers 

In this difficult economic environment, we took decisive action over the past year so as to lead Dresdner 

Bank to a secure and successful future. Our absolute priority was to focus the Bank’s activities on achieving 

efficiency and sustained profitability as quickly as possible. 

To do this, we have developed a programme that we have consciously given an extremely ambitious name – 

“New Dresdner”. Three sets of measures are at the heart of this Programme: 

■ optimising our business model; 

■ focusing our divisions entirely on our customers; 

■ bundling our support and service units. 

The key decision in restructuring our business model was to draw a clear distinction between our strategic 

and non-strategic business. Our strategic business consists of Private and Business Clients, Corporate Banking 

and Dresdner Kleinwort Wasserstein. Our non-strategic business comprises the Institutional Restructuring 

Unit (IRU) and Corporate Investments. This has enabled us to assign clear responsibilities for risk reduction 

and the more efficient use of our capital. 

This also includes systematically streamlining Dresdner Bank AG’s investment portfolio, thus freeing up additional 

growth capital. Significant progress was made in this area in the past year, with a number of minority 

holdings successfully placed on the capital markets or with investors. This freed up backed risk capital of 

around €1 billion. 

To increase our competitiveness and modernise Germany as a financial centre, we have transferred our transaction 

banking activities into units that are able to operate far more competitively on the market. For example, 

we are working together with dwpbank in the area of securities settlement, while payment transactions 

will be handled by Postbank in future, and we have sold our custody business to Deutsche Bank. 

Our new business model also makes a clear distinction between sales on the one hand and production on the 

other. This allows our customer advisors to focus fully on customers and their needs. We are supporting this 

with a number of powerful growth initiatives. 

In the Private and Business Clients division, we have started to refocus our business model on the broad 

mass of retail customers. At the same time, we are further expanding our business with private investors and 

business clients. Our aim is to provide customers with superior financial solutions in the areas of banking, 

investment and insurance for all stages of their lives. In so doing, we are improving our profitability - in particular 

by driving forward our consulting and sales excellence. 

In the Corporate Banking division, we have established a new, customer-centric support model for large 

enterprises, groups and multinational clients. We are also developing structured finance into a core competency 

of the Corporate Banking division, systematically expanding lead bank relationships with our customers. 

The close integration of Corporate and Investment Banking has resulted in an innovative range of capital 

market-oriented financial solutions. 

For Dresdner Kleinwort Wasserstein, we have established a clearly defined business model focusing on the 

markets of Germany and the UK, but with a selective presence in other key financial markets as well. DrKW, 

one of Europe’s leading investment banks, offers capital market-oriented solutions to customers in Germany 

and abroad. DrKW has been operating profitably for five consecutive quarters now, and has also succeeded 

in significantly improving capital efficiency. This means the division is now successfully on the way to sustained 

profitability within our Group. It has also made strong progress towards its stated goal of raising growth 

capital from outside the Allianz Group as well in the medium term. 

71

72 

The third key aspect of the “New Dresdner” Programme is the bundling of our support and service units. 

The IT, Human Resources, Risk Management and Finance units provide uniform, cross-divisional processes 

for the entire Bank, resulting in fewer redundant functions and streamlined, efficient structures and processes. 

This allows our customer-oriented divisions to devote their full effort and attention to advising our customers 

and to sales. In addition, we can strengthen our earnings base long-term and reduce costs. These measures are 

designed to ensure that Dresdner Bank is always on a sound footing regardless of the economic environment. 

This increases confidence in our Bank and safeguards our employees’ jobs. We are striving to make up 

ground quickly, because our aim is to make Dresdner Bank, in conjunction with Allianz, into one of the best 

providers of integrated financial solutions for private and business customers, large enterprises, groups and 

multinational clients – locally, nationally, and around the world. 

Result of Operations 

The following table provides an overview of the consolidated income statement of the Dresdner Bank Group 

for 2003 and 2002 (2002 is also given after adjustments for deconsolidations): 

Tabelle Table 1 1 2003 2002 2002 Change Veränderung in relation gegenüber to 2002 

bereinigt*) adjusted 2002 (unbereinigt) 

Mio. € Mio. € Mio. € Mio. € %Jahresfehlbe 

*) (unadjusted) 

€ mn € mn € mn € mn % 

Net interest and current income 2,525 2,939 3,276 –751 –22.9 

Net fee and commission income 2,590 2,848 3,090 –500 –16.2 

Net trading income 1,526 1,309 1,044 482 46.2 

Operating income 6,641 7,096 7,410 –769 –10.4 

Loan loss provisions 1,016 2,154 2,218 –1,202 –54.2 

Operating income after 

loan loss provisions 5,625 4,942 5,192 433 8.3 

Administrative expenses 5,929 7,139 7,500 –1,571 –20.9 

Operating result –304 –2,197 –2,308 2,004 86.8 

Other operating income/expenses, net –474 –216 –179 –295 –164.8 


Amortisation of and impairment 

–1,061 2,757 2,761 –3,822 

losses on goodwill 194 1,176 1,176 –982 –83.5 

Restructuring charges 840 231 244 596 244.3 

Income/loss before taxes –2,873 –1,063 –1,146 –1,727 –150.7 

Income tax expense –895 –364 –211 –684 –324.2 

Income/loss after taxes –1,978 –699 –935 –1,043 –111.6 

Income attributable to minority interests 11 5 7 4 57.1 

Net income/net loss for the year –1,989 –704 –942 –1,047 –111.1 

*) After deconsolidations 

We succeeded in stabilising the Dresdner Bank Group’s operating income during fiscal year 2003; this declined 

by 6% after adjustment for deconsolidations. While both net interest income and net fee and commission 

income fell, net trading income improved. The trend in loan loss provisions was encouraging, with the 

adjusted figure down approximately 53% on 2002. At the same time, the adjusted ratio of specific loan loss 

provisions to the average lending volume improved from 1.56% to 1.10%. Operating income after loan loss 

provisions improved by 8.3% year-on-year to €5,625 million as a result. 

Group Management Report 

5


On an adjusted basis, administrative expenses fell 17% year-on-year to under €6 billion. This means that we 

exceeded our cost-cutting targets for fiscal year 2003. The Dresdner Bank Group generated an operating 

result of €–304 million for fiscal year 2003 – an improvement of about €2 billion year-on-year. After 

factoring in the non-operating result, the loss before taxes amounted to €2,873 million (previous year: loss of 

€1,146 million). The loss after taxes totalled €1,978 million (previous year: loss of €935 million). 

Breaking down the operating result into strategic and non-strategic business reveals the following conclusions: 

in the case of our strategic business, the operating result for our three divisions – Private and Business 

Clients, Corporate Banking and Dresdner Kleinwort Wasserstein – developed positively: we succeeded in 

improving the previous year's loss of €1,063 million by about €1.5 billion, to a positive €473 million. 

Table 2 2003 2002 Change 

€ mn € mn € mn % 

Operating result –304 –2,308 2,004 86.8 

Strategic business 473 –1,063 1,536 

Non-strategic business –777 –1,245 468 37.6 

We took this opportunity to continue our withdrawal from our non-strategic business, which consists in particular 

of our Institutional Restructuring Unit and Corporate Investments. The operating result for our nonstrategic 

business amounted to €–777 million, up from €–1,245 million in the previous year. 

In the non-operating area, we spent a total of €2.6 billion to eliminate hidden liabilities and future risks. The 

net other operating income/expenses of €–474 million includes impairment losses in the IT area and portfolio 

streamlining measures. Our equity interests were written down to fair value, producing a negative result 

from investment securities of €1,061 million (2002: income of €2,761 million). In addition, we recognised 

restructuring charges totalling €840 million in 2003 in connection with the systematic implementation of our 

“New Dresdner” Programme and other programmes. 

After adjustment for these measures, the loss before taxes amounted to €2,873 million. The recognition of a 

tax benefit of €895 million resulted in a loss after taxes of €1,978 million. After the deduction of income 

attributable to minority interests, the net loss for the year amounted to €1,989 million. 

We offset the net loss for 2003 by withdrawing the corresponding amount from retained earnings recognised 

in previous years. No dividend will be distributed for fiscal year 2003. 

Net interest and current income 

At €2,525 million, net interest and current income was down 22.9% on the figure for the previous year 

(or 14% after adjustment for deconsolidations). This decrease was partially attributable to the planned 

reduction of risk-weighted assets. These declined in the banking book alone by 24.6% over the year to an 

average of €122.0 billion. 


€ mn € mn € mn % 

Net interest and current income 2,525 3,276 –751 –22.9 

Of which: remeasurement gains/losses 

from the application of IAS 39 –365 –119 –246 –206.7 

Risk-weighted assets (average) *) 122,049 161,891 –39,842 –24.6 

Interest margin, % 2.07 2.02 

*) BIS banking book 

73

74 


At €334 million, current income from equities and investments in affiliated and non-affiliated enterprises as 

well as from investments in companies accounted for using the equity method was almost unchanged 

year-on-year. The effect of the application of IAS 39 had a negative impact of €365 million on net interest 

and current income for the year as a whole. The deconsolidation of Deutsche Hyp in the second half of 2002 

also contributed to the decline. The interest margin, calculated on the basis of the average risk-weighted assets 

held in the banking book in accordance with BIS, amounted to 2.07% for 2003 – an improvement on 2002. 


Net fee and commission income declined as against the previous year by 16.2% to €2,590 million (or 9% 

after adjustment for deconsolidations). This decrease was attributable in particular to a drop in income from 

asset management as a result of the transfer of our domestic asset management companies to Allianz in fiscal 

year 2002. 


€ mn € mn € mn % 

Securities business 1,112 979 133 13.6 

Asset management 463 799 –336 –42.1 

Payment transactions 

Mergers & acquisitions and 

284 287 –3 –1.0 

underwriting business 232 369 –137 –37.1 

Foreign commercial business 154 160 –6 –3.8 

Other 345 496 –151 –30.4 

Net fee and commission income 2,590 3,090 –500 –16.2 

Net fee and commission income from our securities business increased by slightly less than 14% year-on-year 

to €1,112 million. The share of total net fee and commission income accounted for by the securities business 

thus increased to 43%. Income from payment transactions and foreign commercial business remained stable. 

Income generated by mergers and acquisitions and the underwriting business fell by around 37% to €232 

million. Income from our leasing and guarantee businesses included under other fee and commission income 

fell significantly as a result of our reduced lending activity. 

Net trading income 

Net trading income amounted to €1,526 million, up approximately 46% on the previous year. 


€ mn € mn € mn % 

Trading in interest rate products 832 650 182 27.9 

Equities trading 

Foreign exchange and precious 

176 –34 210 

metals trading 

Measurement gains from the 

357 301 56 18.6 

application of IAS 39 161 127 34 26.8 

Net trading income 1,526 1,044 482 46.2 

All areas contributed to the increase of €482 million. The negative contribution to income made by the equities 

business in 2002 improved by €210 million to €176 million in the year under review. This was primarily 

due to equity derivatives as well as to a better market environment overall. Income from trading in interest 

rate products amounted to €832 million, up just under 28% on the previous year. 

Foreign exchange and precious metals trading contributed €357 million to net trading income – another significant 

increase on the prior-year level. 

7


IAS 39 

The aggregate effect of the application of IAS 39 reported in both net interest and current income and net 

trading income reduced the operating result by €204 million in 2003; in contrast, the net effect in the previous 

year was only slight. 


€ mn € mn € mn % 

Net loss reported in net interest 

and current income –365 –119 –246 –206.7 

Net gain reported in net trading income 161 127 34 26.8 

Overall effect of IAS 39 –204 8 –212 

The strict criteria applicable to the allocation of hedging instruments to hedged items meant that not all hedging 

instruments qualified for hedge accounting in accordance with IAS 39. Only the measurement gains and 

losses for those hedging instruments that could not be allocated exactly to underlyings are reported in net 

trading income. 

Loan loss provisions 

Loan loss provisions for the year amounted to €1,016 million; as a result, we were able to scale back loan loss 

provisions on credit risks by about 54% as against the high level for the previous year. Around four-fifths of 

total loan loss provisions for the year under review were attributable to the IRU. 


€ mn € mn € mn % 

Specific loan loss provisions (net) 1,288 2,282 –994 –43.6 

Country loan loss provisions (net) –54 –92 38 41.3 

General loan loss provisions (net) 

Recoveries on loans 

–150 78 –228 

previously written off 68 50 18 36.0 

Loan loss provisions 1,016 2,218 –1,202 –54.2 

Specific loan loss provisions were reduced by 43.6% year-on-year to €1,288 million. The focus during 2003 

was on domestic private and business clients. In addition, we had to charge impairment losses on our foreign 

loan portfolio in North America. The adjusted ratio of specific loan loss provisions to the average lending 

volume fell by 0.46 percentage points year-on-year to 1.10%. Certain country risk provisions were released as 

a result of a reduction in volumes as well as an improvement in the rating situation of individual countries. 

After additions and releases, loan loss allowances totalled €5,952 million as at the balance sheet date. This 

corresponds to 5.7% of the total lending volume. Total coverage of non-accrual and potential problem loans 

amounted to 56% (previous year: 54%). 

75

76 

Administrative expenses 


We succeeded in reducing administrative expenses for the year under review by 20.9% to €5,929 million (or 

17% after adjustment for deconsolidations). The consistent decline in costs over the past two years shows that 

our cost-cutting measures are taking effect. 


€ mn € mn € mn % 

Total staff costs 3,561 4,435 –874 –19.7 

Non-staff operating costs 2,368 3,065 –697 –22.7 

Administrative expenses 5,929 7,500 –1,571 –20.9 

Cost-income ratio (operating), % 89.3 101.2 

Number of employees at 31 Dec. 42,060 47,016 –4,956 –10.5 

Employees (FTEs) at 31 Dec. 34,998 39,754 –4,756 –12.0 

The decrease in total staff costs of 19.7% to €3,561 million was attributable both to the planned reduction in 

the number of staff and to an above-average decline in guaranteed bonus payments. 

Non-staff operating costs for 2003 as a whole fell even more sharply than staff costs (down by 22.7% to 

€2,368 million). This shows that our cost control activities are not confined to headcount reductions but 

rather relate to all types of costs. Despite the decline in income, our operating cost-income ratio improved 

to 89.3% (previous year: 101.2%). 

Other operating income/expenses, net 

Net other operating income/expenses decreased by €295 million year-on-year to €–474 million. 


€ mn € mn € mn % 

Other operating income 445 428 17 4.0 

Other operating expenses 919 607 312 51.4 

Other operating income/ 

expenses, net –474 –179 –295 –164.8 

Other operating income increased as against the previous year’s figure to €445 million. This item primarily 

covers cost refunds and gains realised on the disposal of property and equipment as well as business units. 

Other operating expenses rose by €312 million to €919 million. In addition to general expenses such as other 

taxes and indemnity payments, the increase also related to the implementation of restructuring concepts for 

real estate projects, write-downs in the area of IT, and expenses in connection with business discontinuations. 

9



The results from investment securities decreased from €2,761 million in 2002 to €–1,061 million. 


€ mn € mn € mn % 

Net realised gains and losses 349 3,935 –3,586 –91.1 

Remeasurement result –1,410 –1,174 –236 –20.1 

Results from investment securities –1,061 2,761 –3,822 

At the end of 2003, we wrote down our investments to their current fair values. The resulting remeasurement 

losses amounted to approximately €1.2 billion. In addition, impairment losses were charged in Private Equity. 

By contrast, gains were realised in connection with the systematic reduction of our investment portfolio. 

The strong result for the previous year of €2,761 million included income from the sale of our domestic asset 

management companies to Allianz AG and gains realised on the disposal of investments. 

Amortisation of and impairment losses on goodwill 

Amortisation of and impairment losses on goodwill totalled €194 million. The sharp decline as against the 

previous year is due to an impairment loss on the goodwill of Wasserstein Perella in fiscal year 2002. 

Restructuring charges 

The restructuring charges of €840 million primarily related to measures connected with our “New Dresdner” 

Programme as well as to programmes already launched in preceding years. 


€ mn € mn € mn % 

“New Dresdner” Programme 380 380 

Other programmes 460 244 216 88.5 

Restructuring charges 840 244 596 244.3 

Income tax expense 

We reported an income tax expense of €–895 million (i.e. an income tax benefit of €895 million) for the year 

under review. 


€ mn € mn € mn % 

Current taxes 47 245 –198 –80.8 

Deferred taxes –942 –456 –486 –106.6 

Income tax expense –895 –211 –684 –324.2 

77

78 

Segment Reporting 

The following table contains information on our divisions for fiscal years 2003 and 2002. Segmentation is 

based on the structure of the Group as it was on 31 December 2003. The figures for the previous year have 

been adjusted in line with the new reporting structure. 


Table 13 Private and Corporate DrKW IRU Corporate Corporate Dresdner 

Business Banking Investments Items Bank Group 

Clients (total) 

€ mn 2003 2002 2003 2002 2003 2002 2003 2002 2003 2002 2003 2002 2003 2002 

Net interest and 

current income 1,528 1,649 694 717 355 553 488 681 –91 –78 –449 –246 2,525 3,276 

Net fee and 

commission income 1,453 1,379 316 317 560 757 76 129 – – 185 508 2,590 3,090 

Net trading income 38 44 54 55 1,270 983 13 21 – – 151 –59 1,526 1,044 

Operating income 3,019 3,072 1,064 1,089 2,185 2,293 577 831 –91 –78 –113 203 6,641 7,410 

Loan loss provisions 247 470 118 98 –45 32 884 1,588 – – –188 30 1,016 2,218 


loan loss provisions 2,772 2,602 946 991 2,230 2,261 –307 –757 –91 –78 75 173 5,625 5,192 

Administrative expenses 2,524 2,742 499 578 1,876 2,633 421 491 16 – 593 1,056 5,929 7,500 

Operating result 248 –140 447 413 354 –372 –728 –1,248 –107 –78 –518 –883 –304 –2,308 

Other operating 

income/expenses, net –9 1 –9 – 15 – –277 –32 39 – –233 –148 –474 –179 

Results from 

investment securities 8 –5 –3 –66 22 13 –105 –473 –1,013 914 30 2,378 –1,061 2,761 


losses on goodwill 31 31 – – 55 129 17 14 – – 91 1,002 194 1,176 

Restructuring charges 174 26 90 11 30 120 145 57 – – 401 30 840 244 

Income/loss before taxes 42 –201 345 336 306 –608 –1,272 –1,824 –1,081 836 –1,213 315 –2,873 –1,146 

Cost–income ratio 

(operating), % 83.6 89.3 46.9 53.1 85.9 114.8 73.0 59.1 89.3 101.2 

Return on risk capital 

(operating), % 16.5 –7.8 29.8 19.7 16.1 –10.6 –31.7 –37.8 –3.2 –16.0 


before taxes, % 2.8 –11.2 23.0 16.0 13.9 –17.4 –55.3 –55.3 –30.2 –8.0 

Risk capital (average) 1,500 1,800 1,500 2,100 2,200 3,500 2,300 3,300 2,700 3,000 –700 700 9,500 14,400 

Risk-weighted assets 

(average) 37,300 40,900 25,800 30,600 33,800 40,300 15,500 22,900 7,200 6,600 7,900 28,100 127,500 169,400 

11


We have made our segment reporting for fiscal year 2003 more transparent by presenting the Institutional 

Restructuring Unit and Corporate Investments separately for the first time. In its management activities, the 

Bank distinguishes between its strategic and non-strategic business. Our strategic business consists of the Private 

and Business Clients, Corporate Banking, Dresdner Kleinwort Wasserstein divisions, as well as parts of 

Corporate Items. Corporate Banking and Dresdner Kleinwort Wasserstein, previously presented under 

Corporate & Markets, are now disclosed separately. Our non-strategic business comprises the Institutional 

Restructuring Unit, Corporate Investments as well as other activities included in Corporate Items that no longer 

represent the Bank´s core business, such as real estate and asset management. 

Table 14 Strategic Non-strategic Dresdner Bank 

business business Group 

(total) 

(€ mn) 2003 2002 2003 2002 2003 2002 

Net interest and current income 2,217 2,497 308 779 2,525 3,276 

Net fee and commission income 2,280 2,453 310 637 2,590 3,090 

Net trading income 1,511 1,025 15 19 1,526 1,044 

Operating income 6,008 5,975 633 1,435 6,641 7,410 

Loan loss provisions 132 571 884 1,647 1,016 2,218 

Operating income after loan loss provisions 5,876 5,404 –251 –212 5,625 5,192 

Administrative expenses 5,403 6,467 526 1,033 5,929 7,500 

Operating result 473 –1,063 –777 –1,245 –304 –2,308 

Other operating income/expenses, net –190 –4 –284 –175 –474 –179 



–30 170 –1,031 2,591 –1,061 2,761 

losses on goodwill 133 1,119 61 57 194 1,176 

Restructuring charges 695 187 145 57 840 244 

Income/loss before taxes –575 –2,203 –2,298 1,057 –2,873 –1,146 

Cost–income ratio (operating), % 89.9 108.2 83.1 72.0 89.3 101.2 

Return on risk capital (operating), % 11.0 –16.4 –14.9 –15.8 –3.2 –16.0 

Return on risk capital before taxes, % –13.4 –33.9 –44.2 13.4 –30.2 –8.0 

Risk capital (average) 4,300 6,500 5,200 7,900 9,500 14,400 

Risk-weighted assets (average) 104,100 123,200 23,400 46,200 127,500 169,400 

79

80 

Private and Business Clients 

In an extremely competitive market environment, the Private and Business Clients division generated an 

operating result of €248 million, up €388 million year-on-year. 


€ mn € mn € mn % 

Net interest and current income 1,528 1,649 –121 –7.3 

Net fee and commission income 1,453 1,379 74 5.4 

Net trading income 38 44 –6 –13.6 

Operating income 3,019 3,072 –53 –1.7 

Loan loss provisions 247 470 –223 –47.4 


loan loss provisions 2,772 2,602 170 6.5 


Operating result 248 –140 388 

Other operating income/expenses, net –9 1 –10 



8 –5 13 

losses on goodwill 31 31 


Income/loss before taxes 42 –201 243 

Cost–income ratio (operating), % 83.6 89.3 

Return on risk capital (operating), % 16.5 –7.8 

Return on risk capital before taxes, % 2.8 –11.2 

Risk capital (average) 1,500 1,800 –300 –16.7 

Risk–weighted assets (average) 37,300 40,900 –3,600 –8.8 

The decline of 7.3% in net interest and current income related primarily to our deposits business and was 

due to the drop in margins caused by market conditions. Successful sales activities in our domestic and 

foreign securities business enabled us to increase net fee and commission income by 5.4% to €1,453 million. 

The cooperation with Allianz had a positive effect: close cooperation between Allianz financial planning and 

insurance representatives and Dresdner Bank branch employees meant that both contributions and income 

increased as against 2002. Administrative expenses fell significantly by 8% due to systematic cost management 

as well as a further reduction in headcount, especially in back office units. Loan loss provisions were 

reduced by 47.4% to €247 million. After restructuring costs of €174 million, income before taxes amounted 

to €42 million. The return on risk capital before taxes amounted to 2.8%, up from –11.2% in the previous year. 


13


Corporate Banking 

Corporate Banking improved its operating result from €413 million to €447 million in 2003, despite the 

difficult economic environment. 


€ mn € mn € mn % 

Net interest and current income 694 717 –23 –3.2 

Net fee and commission income 316 317 –1 –0.3 



Loan loss provisions 118 98 20 20.4 


loan loss provisions 946 991 –45 –4.5 

Administrative expenses 499 578 –79 –13.7 

Operating result 447 413 34 8.2 

Other operating income/expenses, net –9 0 –9 



–3 –66 63 95.5 

losses on goodwill – – 


Income/loss before taxes 345 336 9 2.7 


Return on risk capital (operating), % 29.8 19.7 

Return on risk capital before taxes, % 23.0 16.0 



Operating income remained essentially unchanged year-on-year. Margins were improved in the lending business, 

while risk-weighted assets declined by 15.7%. 

Encouragingly, loan loss provisions remained relatively stable despite the sluggish domestic economy and a 

new record number of insolvencies in Germany. Administrative expenses fell by almost 14% year-on-year as a 

result of the efficiency improvement projects in our support and service infrastructure, which were more or 

less completed in 2003. The cost-income ratio improved to 46.9% as a result. The efficiency improvement 

projects resulted in restructuring charges of €90 million. Income before taxes generated by the Corporate 

Banking division amounted to €345 million. The return on risk capital before taxes improved by 7 percentage 

points year-on-year to 23.0%. 

81

82 


Dresdner Kleinwort Wasserstein (DrKW) generated an operating result of €354 million for 2003. 


€ mn € mn € mn % 



Net trading income 1,270 983 287 29.2 


Loan loss provisions –45 32 –77 


loan loss provisions 2,230 2,261 –31 –1.4 


Operating result 354 –372 726 

Other operating income/expenses, net 15 0 15 



22 13 9 69.2 

losses on goodwill 55 129 –74 –57.4 

Restructuring charges 30 120 –90 –75.0 

Income/loss before taxes 306 –608 914 


Return on risk capital (operating), % 16.1 –10.6 

Return on risk capital before taxes, % 13.9 –17.4 

Risk capital (average) 2,200 3,500 –1,300 –37.1 


At €2,185 million, operating income was slightly down on the prior-period level. The increase in net trading 

income is primarily attributable to the turnaround in the equities area and client business in the field of capital 

market finance/bonds and credit derivatives. The positive amounts reported under Loan loss provisions 

are due to releases on loans for which provisions were charged in the previous year. The sharp drop in administrative 

expenses is attributable to the timely and systematic implementation of restructuring measures. The 

operating result amounted to €354 million, a year-on-year improvement of €726 million. With respect to the 

non-operating items, amortisation of and impairment losses on goodwill and restructuring charges both 

decreased. Overall, the division recorded income before taxes of €306 million. Due among other things to 

the significant decline in risk capital, the return on risk capital before taxes amounted to 13.9%, as against – 

17.4% in the previous year. 


15


Institutional Restructuring Unit 

Formed at the beginning of 2003, Dresdner Bank’s Institutional Restructuring Unit (IRU) bundles the nonstrategic 

business from the Private and Business Clients, Corporate Banking and Dresdner Kleinwort Wasserstein 

divisions. The IRU generated an operating result of €–728 million for fiscal year 2003, as against €– 

1,248 million in the previous year. 


€ mn € mn € mn % 




Operating income 577 831 –254 –30.6 

Loan loss provisions 884 1,588 –704 –44.3 


loan loss provisions –307 –757 450 59.4 

Administrative expenses 421 491 –70 –14.3 

Operating result –728 –1,248 520 41.7 

Other operating income/expenses, net –277 –32 –245 –765.6 



–105 –473 368 77.8 

losses on goodwill 17 14 3 21.4 


Income/loss before taxes –1,272 –1,824 552 30.3 

Cost-income ratio (operating), % 73.0 59.1 

Return on risk capital (operating), % –31.7 –37.8 

Return on risk capital before taxes, % –55.3 –55.3 

Risk capital (average) 2,300 3,300 –1,000 –30.3 


Operating income fell by 30.6% to €577 million, largely due to planned reductions in credit facilities and the 

sale of loan portfolios. As a result, risk-weighted assets decreased to an average of €15.5 billion in fiscal year 

2003. Loan loss provisions for credit risks totalling €884 million were primarily attributable to further increases 

in loan loss provisions for problem loans within the IRU’s overall portfolio. In all, loan loss provisions for 

credit risks accounted for more than four-fifths of the Group’s total loan loss provisions. The reductions in 

headcount and non-staff operating costs implemented as part of the streamlining of the IRU’s portfolio were 

reflected in administrative expenses, which fell by 14.3% year-on-year. Net other operating income/expenses 

relate in particular to expenses incurred in the implementation of restructuring projects and the elimination 

of balance sheet risks. After restructuring charges, the loss before taxes amounted to €1,272 million. The 

return on risk capital before taxes amounted to –55.3%, due among other things to a decrease in risk capital. 

83

84 

Corporate Investments 

Corporate Investments, which are presented separately in segment reporting for the first time, comprise 

investment securities that we no longer consider part of our core business following our strategic reorientation. 

This includes investments in non-affiliated enterprises and associates. Our aim is to further reduce these 

holdings so as to free up risk capital. 


€ mn € mn € mn % 

Net interest and current income –91 –78 –13 –16.7 

Net fee and commission income – – 

Net trading income – – 

Operating income –91 –78 –13 –16.7 

Loan loss provisions – – 

Operating income 

after loan loss provisions –91 –78 –13 –16.7 

Administrative expenses 16 – 

Operating result –107 –78 –29 –37.2 

Other operating income/expenses, net 39 – 



–1,013 914 –1,927 

losses on goodwill – – 

Restructuring charges – – 

Income/loss before taxes –1,081 836 –1,917 


Risk-weighted assets (average) 7,200 6,600 600 9.1 

The negative operating result recorded by Corporate Investments in both 2003 and 2002 was due to net interest 

and current income. The main reason for this was the fact that financing costs determined using the market 

rate method were in each case higher than the current portfolio income from dividends, equity consolidation 

and interest. The negative result from investment securities, which totaled around €1 billion, was largely 

due to impairment losses on shareholdings, although these were offset to a certain extent by realised gains. As 

part of the reduction in our shareholdings, risk capital requirements fell by €300 million to €2,700 million. 

The strong result recorded in the previous year was primarily due to gains realised at the start of 2002, which 

were recognised in the result from investment securities. The income generated from these transactions exceeded 

the necessary impairment losses charged. The loss before taxes for the year under review amounted to 

€1,081 million (previous year: income of €836 million). 


17


Corporate Items 

Corporate Items comprise income and expense items that are not directly attributable to the operating divisions, 

or that are the result of decisions that affect the Group as a whole. In addition, the Bank’s remaining 

asset management and real estate activities are disclosed under Corporate Items. 


€ mn € mn € mn % 

Net interest and current income –449 –246 –203 –82.5 


Net trading income 151 –59 210 

Operating income –113 203 –316 

Loan loss provisions –188 30 –218 

Operating income 

after loan loss provisions 75 173 –98 –56.6 

Administrative expenses 593 1,056 –463 –43.8 

Operating result –518 –883 365 41.3 

Other operating income/expenses, net –233 –148 –85 –57.4 


Amortisation of and 

30 2,378 –2,348 –98.7 

impairment losses on goodwill 91 1,002 –911 –90.9 

Restructuring charges 401 30 371 

Income/loss before taxes –1,213 315 –1,528 

Risk capital (average) –700 700 –1,400 


Operating income fell by €316 million, largely as a result of deconsolidations in the previous year. In addition, 

net interest and current income was impacted by the lower year-on-year effect from the application of 

IAS 39, which were only offset by positive effects on net trading income by just under one half. Loan loss 

provisions were impacted by the release of general loan loss provisions due to the reduction in the loan portfolio 

and improved ratings. This also explains the comparatively low level of loan loss provisions in our strategic 

business. Systematic cost management, together with effects from the deconsolidations mentioned 

above, were the key factors in the decline in administrative expenses. Net other operating income/expenses 

for fiscal year 2003 largely related to impairment losses on IT and real estate. The strong result from investment 

securities in the previous year was due to the sale of our German-based asset management companies to 

Allianz. The decline in amortisation of and impairment losses on goodwill is due to an impairment loss on 

the goodwill of Wasserstein Perella in the previous year. Income was also impacted by restructuring charges 

relating to the optimisation of back office functions and central service areas implemented under the “New 

Dresdner” Programme. In all, the loss before taxes amounted to €1,213 million. The negative risk capital 

figure of €–700 million reported in the year under review is due to the fact that the risk capital allocated to 

the different divisions produced a diversification effect across these divisions that was not allocated to them. 

The positive risk capital in the previous year was attributable to the capital tied up in Deutsche Hyp’s business 

activities. 

85

86 

Balance Sheet Developments 

As at the reporting date, the Dresdner Bank Group’s total assets amounted to €477.0 billion, up 15.4% on 

the end of 2002. This increase of €63.6 billion was mainly due to the rise in repurchase agreements in the 

Loans and advances to customers and banks items, as well as to the higher volume of trading assets. By contrast, 

the Group lending volume decreased. 

Table 21 31 Dec. 2003 31 Dec. 2002 Change 

€ mn € mn € mn % 

Trading assets 143,035 121,535 21,500 17.7 

Loans and advances to banks 122,620 88,366 34,254 38.8 

Loans and advances to customers 169,818 157,023 12,795 8.1 

Investment securities 18,922 23,160 –4,238 –18.3 

Other assets 22,634 23,361 –727 –3.1 

Total assets 477,029 413,445 63,584 15.4 

Trading liabilities 83,222 52,562 30,660 58.3 




Subordinated liabilities 6,424 7,924 –1,500 –18.9 

Profit participation certificates 1,511 1,506 5 0.3 

Other liabilities 16,408 13,505 2,903 21.5 

Shareholders’ equity 11,516 11,976 –460 –3.8 

Total liabilities 477,029 413,445 63,584 15.4 

Trading assets and liabilities 

The trading assets and liabilities items contain all trading activities performed by the Dresdner Bank Group. 

These include securities trading and trading in derivatives and other instruments. Trading assets increased by 

17.7% to €143.0 billion, primarily as a result of the increase in debt and other fixed-income securities, which 

grew by 20.9% to €109.2 billion. While bonds and notes from both public sector and other issuers rose by a 

total of €27.1 billion, money market securities fell by €8.3 billion. 

Our trading portfolio of equities and other non-fixed-income securities grew €5.8 billion to €14.9 billion, an 

increase of 63.6% on the end of the previous year. The positive and negative fair values of derivative financial 

instruments included in trading assets and liabilities both decreased. The €30.7 billion increase in trading liabilities 

is attributable to a rise in delivery obligations for securities. 


19



We reduced our lending volume by 15.6% to €103.9 billion as part of the process of focussing on our strategic 

business. 


€ mn € mn € mn % 

Loans to customers *) 99,099 118,442 –19,343 –16.3 

Loans with a residual term of 

less than 5 years 

Loans with a residual term of 

60,765 79,271 –18,506 –23.3 

more than 5 years 38,334 39,171 –837 –2.1 

Loans to banks 4,770 4,647 123 2.6 

Total lending volume *) 103,869 123,089 –19,220 –15.6 

*) Excluding reverse repurchase agreements 

The decrease in the lending volume is attributable to the drop in loans to customers, which fell significantly 

by a total of €19.3 billion to €99.1 billion. Domestic loans to private customers dropped by 5.1% to €40.8 

billion, while loans to corporate clients fell by 13.5% to €31.6 billion. The €11.6 billion reduction in our 

foreign lending volume related primarily to loans to corporate clients, which decreased by €11.0 billion. In 

line with this, the share of the total lending volume attributable to our foreign lending business fell by 

5 percentage points to 29%. 

By contrast, loans to banks grew slightly by €0.1 billion to €4.8 billion. 

Investment securities 

Investment securities decreased by €4.2 billion year-on-year to €18.9 billion. This was mainly due to a reduction 

in debt securities; we also systematically scaled back our investment portfolio. 

At the end of 2003, the fair value of the Dresdner Bank Group’s direct and indirect non-bank shareholdings 

totalled €4.6 billion. 

The major shareholdings are given in the table below: 

Table 23 Percentage of capital Fair value 

Company % € mn 

Bilfinger Berger Aktiengesellschaft, Mannheim *) 25.0 252 

Karstadt Quelle AG, Essen 10.4 242 

mg technologies ag, Frankfurt am Main 10.1 218 

Münchener Rückversicherungs-Gesellschaft AG, Munich 7.3 1,627 

Norddeutsche Affinerie AG, Hamburg 6.1 19 

AMB Generali Holding AG, Aachen 4.7 147 

Allianz Aktiengesellschaft, Munich 4.5 1,717 

*) Accounted for in the consolidated financial statements using the equity method 

87

88 

Deposits and certificated liabilities 

Overall, deposits and certificated liabilities increased by €32.0 billion year-on-year to €357.9 billion as a 

result of an increase in liabilities to banks and to customers. However, certificated liabilities decreased. 


€ mn € mn € mn % 




Deposits and certificated liabilities 357,948 325,972 31,976 9.8 

Including: repurchase agreements 92,372 63,124 29,248 46.3 

Repurchase agreements included under customer and bank deposits increased by €29.2 billion to €92.4 billion 

in connection with our active use of attractive refinancing options. 

By far the greatest part of the increase in deposits and certificated liabilities was attributable to liabilities to 

banks, which rose by around 30% to €165.5 billion. This was almost exclusively due to time deposits, which 

rose by €35.0 billion to €150.1 billion. 

The increase of €8.8 billion in liabilities to customers was mainly due to demand deposits; by contrast, longerterm 

time deposits only rose by €3.4 billion. The share of total client funds attributable to foreign corporate 

clients rose by 7 percentage points year-on-year to around 46%, while private client deposits – both in 

Germany and abroad – fell slightly. 

Certificated liabilities were down by €14.8 billion or 27.1% as at the reporting date. While bonds issued fell 

by only €2.1 billion, the volume of money market securities decreased by a far more substantial €12.7 billion. 

The decline in money market securities is directly linked to the expansion of our repurchase activities. 


As at 31 December 2003, the capital and reserves disclosed in the Dresdner Bank Group’s balance sheet totalled 

€11.5 billion, down €0.5 billion against year-end 2002. This includes remeasurement gains on availablefor-sale 

financial instruments in the amount of €0.4 billion, which mainly comprise unrealised gains on listed 

securities held by the Group. 

Regulatory capital (BIS) 

Liable capital for regulatory purposes consists of core capital and supplementary capital. The core capital primarily 

consists of subscribed capital, reserves and silent partnership certificates (hybrid components). 


21


Table 25 31 Dec. 2003 31 Dec. 2002 

€ mn € mn 

Core capital 7,339 8,572 

Including: hybrid components 1,561 1,732 

Supplementary capital 7,339 6,469 

Tier III capital 305 64 

Total capital 14,983 15,105 

Risk-weighted assets 111,879 142,801 

Capital ratios 

Core capital ratio 6.6 6.0 

Total capital ratio 13.4 10.6 

After the approval of the financial statements as at 31 December 2003, the core capital amounted to 

€7.3 billion. The supplementary capital of €7.3 billion comprises profit participation rights, subordinated liabilities 

and revaluation reserves on securities. Total capital for regulatory purposes including Tier III capital 

thus amounted to €15.0 billion at the end of the year. The 21.7% decline in risk-weighted assets is due to the 

systematic reduction of our non-strategic business. 

The core capital ratio after the approval of the financial statements calculated in accordance with the rules of 

the Bank for International Settlements (BIS) amounted to 6.6% (31 December 2002: 6.0%), while the total 

capital ratio was 13.4% (31 December 2002: 10.6%). 

Outlook 2004 

The global economic outlook for 2004 is more favourable than that for previous years. Sentiment has 

improved, both at companies and on the capital markets, and the USA and Asia are expected to record substantial 

economic growth. 

In Europe, “hard” indicators such as production and incoming orders are now also clearly pointing towards a 

moderate recovery. Confidence that the German economy will more or less match euro-zone growth this 

year is growing; this is likely to result in the first increase in employment in Germany since 2001. 

However, the economy also requires support in the form of moderate wage agreements and relative calm on 

the currency markets. Although Germany is able to a certain extent to counter the effects of the slump in the 

US dollar thanks to its improved competitiveness in comparison with its EU partners, the strength of the 

euro is already having a tangible impact on the German economy. 

Financial institutions will benefit from improvements on the capital markets and a more positive overall environment. 

Demand for loans is likely to remain subdued, as the economic situation is forcing companies to 

focus more on self-financing and capital expenditure rates remain relatively low. Companies are showing 

renewed interest in capital increases and IPOs, and private customers will increasingly turn to more attractive 

investment opportunities. 

For 2004, we have set ourselves the goal of a further significant improvement in our operating business. We 

aim to increase income while carefully managing costs, risks and capital, with the aim of substantially increasing 

both our operating result and pre-tax earnings. 

89

90 

Risk Report 

Risk Policy – Goals and Objectives 

Judicious, controlled risk-taking with a return-oriented focus is a cornerstone of Dresdner Bank’s overall risk 

management policy. Risk management and qualified, timely risk monitoring is implemented as a joint effort 

between the divisions and the independent risk function on the basis of the risk policy guidelines set out by 

the Board of Managing Directors. 

The roles and responsibilities are clearly defined in the Group Risk Guideline. This Guideline lays down the 

fundamental principles for the risk management system applied by the Dresdner Bank Group and systematically 

implements the relevant statutory and internal requirements. In so doing, it defines the framework for 

uniform methodologies and processes to be used in assessing and managing risks. 

Tasks of the Chief Risk Officer 

The Chief Risk Officer, who is a member of the Board of Managing Directors, is responsible for the independent 

Risk Control function. The core tasks of Risk Control are to record credit and counterparty risks (including 

country risks), and market, liquidity, operational and business risks, and to analyse these in a timely 

fashion. Risk Control ensures that all risks comply with the limits and risk standards approved by the Board 

of Managing Directors. This includes regular internal and external risk reporting at portfolio level. 

In addition, the Chief Risk Officer is responsible for risk management for the Private and Business Clients, 

Corporate Banking and Dresdner Kleinwort Wasserstein divisions. The key tasks of the risk management 

units include loan decisions, as well as ongoing risk monitoring at client group level. Risk is managed proactively 

using early warning systems and portfolio instruments. Risk management also includes the intensive 

management of problem loans in the strategic Private and Business Clients, Corporate Banking and Dresdner 

Kleinwort Wasserstein divisions, as well as receivables management for Private and Business Clients. 

IRU 

The Institutional Restructuring Unit is responsible for risk management relating to our non-strategic business. 

It complies with the rules and guidelines that apply to the Bank as a whole. 

Minimum Requirements for Banking Activities 

At the end of 2002, the German Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht 

– BaFin) published its Minimum Requirements for Banking Activities (Mindestanforderungen für das 

Kreditgeschäft – MaK). The MaK are qualitative supervisory standards that set out conditions for the organisation 

and performance of banking activities. 

Risk Report 

23

24 Risk Report 

Dresdner Bank has already satisfied key requirements in respect of internal bank processes and procedures, 

such as the organisational separation of sales and credit risk management (lending function), as well as requirements 

relating to the identification, management and monitoring of risks in the lending business. 

Group-wide committees 

To ensure a comprehensive risk management process at Group level, the Board of Managing Directors of 

Dresdner Bank established the following committees: The Capital Committee (CapCo) is chaired jointly by 

the Chief Risk Officer and the Chief Financial Officer and plays a central role in the value-driven management 

of the Dresdner Bank Group. It serves as a discussion and decision-making forum for all key methodological, 

strategic and operational questions concerning the funding, investment and allocation of capital. 

The task of the Risk Executive Committee (RExCo) is to formulate and implement Group-wide guidelines 

and standards with regard to risk policy and the management of counterparty, market and operational risks. 

The Group Credit Committee (GCC) was established as a decision-making body with responsibility for loans 

that exceed the scope of authority of the divisional risk management units. On the basis of the powers granted 

to it, the body decides on exposures that do not require a decision by the Board of Managing Directors 

and issues recommendations on loan commitments to be decided by the Board of Managing Directors. 

The Commitment Committee (COMCO) acts as the decision-making body for major capital market transactions 

at Dresdner Kleinwort Wasserstein that could result in reputation risks and other risks that are primarily 

not counterparty risks. It decides whether existing or planned transactions and business initiatives 

should be continued at the terms proposed by Sales or adjusted to reflect current market conditions. 

Internal audit 

The Internal Audit function is an independent internal unit that monitors operating procedures and workflows, 

Risk Management and Risk Control as well as the internal control system. It acts independently of 

instructions when reporting and when evaluating the results of audits. The Internal Audit function ensures 

comprehensive monitoring on an enterprise-wide basis by integrating the subsidiaries’ internal audit units 

and maintaining close cooperation with them. 

Cooperation with Allianz 

Following the takeover by Allianz, Dresdner Bank’s Corporate Centre Risk Control started working closely 

with the Group Risk Control department at the Allianz Group Centre. Dresdner Bank’s Risk Control acts as 

the centre of competence for risk standards and the measurement of banking risks within the Allianz Group 

and supports the Allianz Group Centre in this area. This includes measuring individual risks, as well as risk 

capital allocation as part of value-driven management based on the Economic Value Added (EVA) process 

for the Allianz Group’s Banking segment. 

Basel II 

Dresdner Bank plans to apply the IRB advanced approach in implementing Basel II in relation to credit risks. 

The regulatory capital for operational risks, which must be recorded separately for regulatory purposes for the 

first time under Basel II, will be calculated using the advanced measurement approach. 

91

92 

Risk Types 

Credit and counterparty risk 

Dresdner Bank defines credit and counterparty risk as the potential loss resulting from the default of a business 

partner, or write-downs resulting from an unforeseen deterioration in his or her creditworthiness. In 

more detail, this definition comprises credit risks in the lending area, issuer risks in the case of securities offerings 

and counterparty risks from trading activities, as well as country risks. 

In 2003, priority was given to the further development of credit processes and credit risk control instruments. 

For example, the use of risk capital and expected loss as central elements of credit risk management and riskoriented 

performance measurement was further refined with a view to the requirements set out by Basel II. 

Credit quality assessment methodology. The existing credit risk assessment methodology was developed 

further in 2003. Existing rating procedures were optimised and new procedures introduced to achieve a more 

detailed segmentation of the portfolio. These measures were performed in accordance with the requirements 

of Basel II (IRB advanced approach). 

We ensure the quality of our rating procedures via regular validation and continuous development. The 

extent to which forecasts are consistent with observations was reviewed with the aid of the latest statistical 

methods and on the basis of many years of rating experience. The quality of the rating forecasts and the 

rating process itself (consistent use of procedures applied, up-to-date ratings and full portfolio coverage) are 

monitored on a regular basis. The rating procedures are an integral part of credit risk management. The rating 

results are employed in the risk-optimised pricing of new business, taking into account expected losses and 

capital costs. 

Portfolio overview. In January 2003, loans that were not consistent with the strategic direction of the Bank, 

including problem loans, were removed from the respective divisions. These transactions were transferred to 

the Institutional Restructuring Unit in the first half of 2003, enabling our strategic divisions to focus more 

intensively on business with their target clients. Around 75% of the total portfolio of Dresdner Bank and its 

subsidiaries have been assigned internal rating classes I to VI (investment grade). 

% of total rated utilisation 

35 

30 

25 

20 

15 

10 

5 

0 

Investment Grade: 75% Non-Investment Grade: 22% Default: 3% 

I II III IV V VI VII VIII IX X XI XII XIII XIV XV XVI 

Rating Classes 

Risk Report 

25


The volume of the total portfolio is largely determined by the Bank’s trading activities, which account for 

58% of total utilisation. Transactions with the public sector/public institutions and banks/financial service 

providers, which make up 93% of trading activities and 63% of the total portfolio, have substantially lower 

default probabilities. 

Concentration. As part of overall risk reduction, systematic efforts were made in fiscal year 2003 to limit 

concentration at individual client level. Risk and portfolio management were combined in an integrated 

approach to develop focussed strategies for scaling back the risk associated with selected commitments. 

Credit risk from lending activities. The Private and Business Clients division accounts for 45% of the Bank's 

lending business, Corporate Banking for 33%, Dresdner Kleinwort Wasserstein for 10%, and the Institutional 

Restructuring Unit for 12%. The rating distribution in the lending business is presented in the following 

overview. 

% of lending exposure 

20 

15 

10 

5 

0 

Investment Grade: 42% Non-Investment Grade: 49% Default: 9% 

I II III IV V VI VII VIII IX X XI XII XIII XIV XV XVI 

Rating Classes 

Loan loss allowances and provisions for credit risks. Specific loan loss allowances are set up for risks 

arising from loans identified and quantified during the fiscal year; they are established either as asset-side 

provisions or provisions for contingent liabilities (such as guarantees), taking into account existing collateral. 

General loan loss allowances are set up for loan-related risks which may already have arisen but which had 

not yet been identified by the balance sheet date. The amount of these loan loss allowances is determined by 

empirical calculation of historical default probabilities and loss ratios for the lending portfolio (provided that 

other risk provisions have not already been set up). This calculation is based on statistical methods of credit 

risk measurement and takes into account current cyclical developments as well as overall economic conditions. 

Country risk allowances cover the risk to the Bank that a country will be unable or unwilling to provide 

sufficient funds in the underlying currency to service its cross-border debt as agreed. 

The following overview presents the amounts of the respective loan loss allowances as at the balance sheet 

date: 

Specific loan loss Country risk General loan loss Total 

allowances allowances allowances 

€ mn 2003 2002 2003 2002 2003 2002 2003 2002 

31 December 5,019 6,069 269 367 664 813 5,952 7,249 

Of the total amount of specific loan loss allowances, domestic business accounts for €3,941 million and international 

business for €1,078 million; €4,862 million is attributable to loans and advances to customers and 

€157 million to loans and advances to banks. 

93

94 

Counterparty risk from trading activities. Client demand for our global trading activities in financial derivatives 

is primarily focused on tailor-made instruments for the individual management of market, credit and 

counterparty risk, as well as on the utilisation of derivative components as part of structured financial transactions. 

We also use derivatives internally to manage the risk of our proprietary trading positions and for 

asset/liability management. 

Counterparty risks associated with derivative trading activities mainly arise in relation to over-the-counter 

(OTC) transactions. However, the resulting potential risk cannot be inferred directly from the notional volumes 

for the latter. From the Bank’s point of view, the decisive criterion when calculating counterparty risk at 

any given time is the positive replacement cost. This corresponds to the additional expense or reduced income 

that would result from the replacement of the transaction by an equivalent item if the counterparty 

were to default. At the end of the year, aggregate positive replacement costs for all OTC-traded derivatives 

amounted to €58,920 million (gross, before netting). 

The table below provides a breakdown of the notional amounts and positive replacement costs of our derivatives 

business by market segment. 

Market segments Notional amounts by time to maturity Positive 

replacement 

*) Not including netting effects. 

costs *) 

€ mn 5 years Total 

Interest rate derivatives 1,504,577 860,397 550,761 2,915,735 38,050 

Currency derivatives 339,596 258,328 50,691 648,615 13,122 

Equity/index derivatives 89,072 101,305 10,039 200,416 5,879 

Credit derivatives 11,735 65,550 7,211 84,496 1,321 

Other transactions 2,161 3,403 1,992 7,556 548 

Total 1,947,141 1,288,983 620,694 3,856,818 58,920 

The total notional volume of derivative contracts rose by 21.1% to €3,857 billion in the year under review. 

This was primarily due to interest rate derivatives, which increased by €449 billion (18.2%). Trading volumes 

in other areas (with the exception of other transactions) also rose by between 25.7% and 55.7%. 

An analysis of the maturity structure of the derivatives portfolio reveals that 51% of derivative transactions 

have a term of less than one year, 33% a term of between one and five years, and 16% a term of more than 

five years. 

Given the importance of counterparty quality in the trading of OTC derivatives, counterparty selection is 

vital and remains focused on prime-rated partners. This is reflected as in past years in the high proportion 

(95%) of positive replacement costs attributable to banks, other financial service providers, insurance companies 

and state budgets. 

Risk Report 

27


Counterparties by industry sector Positive 

replacement costs 

€ mn 31 Dec. 2003 31 Dec. 2002 

Banks 38,611 47,738 

Other financial service providers 16,063 11,673 

Insurance companies 411 484 

Industrial companies 741 327 

Telecommunication, media, technology 489 745 

Transport 457 276 

Extractive industries 148 667 

Real estate 108 112 

State budgets 1,119 676 

Other 773 1,714 

Total – before netting 58,920 64,412 

Total – after netting and collateral 14,251 17,212 

Further evidence of our conservative selection of trading counterparties in this area is provided by the classification 

of the positive replacement costs of our derivative transactions using internal credit ratings. 

Counterparties ranked in the internal rating categories I to VI (investment grade) account for 97% of the 

positive replacement costs in our rated derivatives portfolio. The following chart outlines the breakdown of 

positive replacement costs by internal rating class. 

Classification of counterparties 

by internal ratings 

12% Rating I 

8% Rating II 

44% Rating III 

18% Rating IV 

9% Rating V 

6% Rating VI 

3% Rating > VI-XVI 

We enter into cross-product master netting agreements 

with our business partners in order to reduce 

the counterparty risk in trading activities. Netting 

allows all claims and liabilities not yet due to be offset 

against each other in the case of counterparty 

default. Dresdner Bank uses such master agreements 

not only to reduce risks and the utilisation of internal 

counterparty limits, but also to reduce regulatory 

capital requirements. After taking netting effects into 

account, positive replacement costs declined by 


Collateral management. In addition to the master agreement (collateral management), the collateralisation 

of potential risks (positive replacement costs after netting) is agreed as part of the conclusion of collateralisation 

agreements. At year-end, the value of the collateral received in relation to these derivatives transactions 

amounted to roughly €3.9 billion. Including collateral furnished, the potential risks for the Dresdner Bank 

Group thus amounted to around €14.2 billion (previous year: €17.2 billion). 

Credit risk exposures that are required to be included in credit and counterparty risk management are managed 

within the Bank using a global, multi-stage limit system, and are monitored in a timely manner. Both 

the replacement costs and any potential future price fluctuations are taken into account in counterparty risk 

95

96 

limits. As part of this calculation, a value-at-risk procedure is used to quantify collateralised transactions. 

When quantifying counterparty risks from derivatives for regulatory purposes, both replacement costs and a 

global estimate of future market fluctuations (potential exposure) are taken into account. The assessment of 

this potential risk depends on the underlying product involved and the individual time to maturity (add-on). 

This is combined with the relevant replacement cost to yield the credit equivalent value of a derivative transaction. 

The aggregate credit equivalent values were quantified in line with Principle I of the German Banking 

Act (i.e. before credit-based weighting and after regulatory netting) at €36.2 billion (previous year: 

€34.6 billion). The risk-weighted assets from derivatives relevant for regulatory capital remained unchanged 

as against the previous year at €8.1 billion. 

Country risk. Dresdner Bank defines country risk as convertibility and transfer risks relating to cross-border 

transactions, plus the risk arising from local operations by the Bank’s foreign branches. 

Our assessment of country risk is based on an internal country rating system. The assessment of individual 

countries is based on quantitative, mainly macro-economic key indicators as well as qualitative factors (the 

economic, social and political situation of the country). The system focuses in particular on solvency in the 

foreign currency. The country rating system currently comprises eight risk groups. These provide for classification 

into countries without identifiable country risks and countries with an increased or high risk potential. 

The country rating system will be extended to 16 rating classes in spring 2004 to bring it into line with the 

individual credit quality assessment of our clients. 

Country risk management aims to limit transfer risks and local risks from lending and trading activities, based 

on a limit system at the level of regional and country rating classes as well as for every country individually. 

The Dresdner Bank Group’s overall country risk exposure can be broken down into countries without an 

identifiable country risk (unchanged at 97.0%) and countries with an increased or high risk potential (3.0%), 

around 45% of which were identified as belonging to our non-strategic business. 

The following chart provides a breakdown of exposure subject to increased or high risk potential by region 

and in a year-on-year comparison. 

€ bn 

Around 84% of our exposure in Latin America is accounted for by our non-strategic business, 15% in Emerging 

Europe, 49% in the Middle East, 23% in Asia and 12% in Africa. As in 2002, the reduction in exposure 

in the period under review was primarily concentrated on the Latin America region. 

Market risk 

2.1 

1.6 

0.9 

1.9 

0.7 

Latin America Emerging Middle East Asia/Pacific Africa 

Europe 

Market risk relates to changes in market prices and rates (such as interest rates, exchange rates and share prices) 

as well as the correlations between them and their volatility level. 

0.5 

0.2 

0.2 0.2 0.1 

Exposure 12/02 

Exposure 12/03 

Risk Report 

29


The value-at-risk method is used to measure the market risk in the Group’s global trading business. Dresdner 

Bank’s internally developed value-at-risk model takes both general and specific risks into account. The BaFin 

first approved the Bank’s model for the purposes of regulatory reporting in accordance with Principle I of the 

German Banking Act in 1998 and later approved the improvements to the model that were made in 2001 

and 2002. The value-at-risk model is supplemented by stress tests. 

Internal market risk management. In addition to regulatory reporting requirements, value-at-risk is calculated 

for the purposes of internal limit setting and risk determination using a confidence level of 95% and a 

one-day holding period. In contrast to recent calculations for regulatory purposes, greater weight is assigned 

to more recent market fluctuations than to older market parameters. This ensures that the value-at-risk data 

reflects current market developments in a timely manner. 

Value-at-risk is just one of the ways in which Dresdner Bank depicts its risk profile. The Bank also controls 

risk using operational risk indicators and limits, which are tailored to the needs and specific risk situations of 

the individual trading units. Trading activities are managed using the value-at-risk and operational market risk 

limits, and monitored on a daily basis by Risk Control. Where limits are breached, the responsible management 

is notified and takes action to remedy the situation. 

In accordance with the principle of dual risk management, Risk Management is responsible for deciding the 

limits for the different risk activities in the respective divisions within the overall framework approved by the 

Board of Managing Directors. Risk Control ensures the consistency and completeness of all approved limits. 

As a rule, a distinction is made between activities in the trading book and activities undertaken in order to 

manage market risk in the banking book. The latter also includes securities held for investment purposes. 

Development of market risk in the trading book. The risks from Dresdner Bank’s trading activities 

increased slightly in comparison with the previous year, mainly as a result of a moderate rise in interest rate 

instrument positions. 

Due to the diversification at portfolio level, which is accounted for in value-at-risk using correlations between 

the individual risk categories, the aggregate risk differs from the total risks by risk type. 

Value-at-risk statistics (99% confidence level, 10-day holding period) 

Year-end 2003 annual statistics Year-end 

€ mn 2003 Mean value Maximum Minimum 2002 

Aggregate risk 96 120 185 79 81 

Interest rate risk 88 117 188 66 65 

Equity risk 29 26 58 11 45 

Currency/commodity risk 19 11 28 1 13 

Diversification effect 1) –40 –54 – – –42 

1) No diversification effect can be taken into account for the maximum and minimum values, as these were measured at different dates. 

To validate the quality of our value-at-risk model, the results obtained are regularly checked against the socalled 

“hypothetical performance” using a method known as backtesting. This means that the value-at-risk 

calculated on the basis of current positions is compared to the actual change in value on the following day. 

The hypothetical performance reference value required for this purpose must be calculated under the assumption 

that the portfolio remained unchanged. For backtesting, risks are determined using a confidence level of 

99% in line with the regulatory requirements. However, the holding period is only one day. No such outlier 

was observed in the Dresdner Bank Group in 2003. 

97

98 

Backtesting (99% confidence level, 1 day holding period) v. hypothetical performance 

€ mn 

60 

40 

20 

0 

-20 

-40 

-60 

The greatest hypothetical losses were on 1 August (€40.8 million) and 26 June (€38.8 million), with an underlying 

value-at-risk of €52.5 million and €41.0 million respectively. The actual loss – i.e. the change in value 

that actually occurred – was €47.4 million on 1 August and €19.5 million on 26 June. 

The distribution of daily changes in portfolio values was as follows: 

No. of days 

100 

80 

60 

40 

20 

0 

Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec 

+VaR P&L -VaR 

< 50 -50 to -40 -40 to -30 -30 to -20 -20 to -10 -10 to 0 0 to 10 10 to 20 20 to 30 30 to 40 40 to 50 >50 € mn 

Market risk in the banking book. The market risk in the banking book mainly comprises the risk of interest 

rate changes. Dresdner Bank’s Treasurer is responsible for performance and risk in relation to the management 

of interest rate risks in the banking book. The risks resulting from the range of positions in Dresdner 

Bank’s banking book are limited using operational value-at-risk limits in the same way as for the day-to-day 

monitoring of trading activities. Risk Control determines, monitors and reports the risk limit utilisation on a 

daily basis; value-at-risk is calculated on the basis of a confidence level of 99% and a ten-day holding period. 

Taking into account portfolio effects, the interest rate value-at-risk from the Group’s banking book amounted 

to €31.2 million at the end of 2003 (previous year: €31.9 million). 

Risk Report 

31


In addition to the interest rate risk, the Bank is subject to currency risks on loans and deposits denominated 

in foreign currencies. As a rule, all loans and deposits in foreign currency are refinanced or reinvested in the 

same currency with matching maturities. The residual risk of exchange rate changes in commercial business 

primarily results from the intra-year development of results at foreign affiliated enterprises. 

Liquidity risk 

Liquidity risk is defined as the risk that a bank may not be able to meet its current and future payment obligations 

in full or on time, that in the case of a liquidity crisis refinancing may only be raised at higher market 

rates (funding risk), or that assets may only be liquidated at a discount to the market rates (market liquidity 

risk). 

The daily preparation of a scenario-based run-off profile and an associated limit system provides the Bank 

with an integrated instrument for the management of liquidity risk. Following its prior implementation at 

Dresdner Bank AG, the liquidity management system was extended to key subsidiaries in 2003. 

Liquidity risk measurement is based on a liquidity management system that models the maturities of cash 

flows and draws up a run-off profile, taking available prime-rated securities into account. Corporate Treasury 

uses this as the basis for daily analyses as part of its liquidity management process. In addition, volumes of 

liquid assets, securities deposited as collateral with central banks and unsecured funding through banks and 

the market for certificates of deposit are monitored daily. 

Corporate Treasury is responsible for liquidity and liquidity risk management within the Dresdner Bank 

Group. Regional Treasury units monitor local markets and report regularly to Corporate Treasury. Risk Control, 

which is functionally and organisationally independent, is responsible for monitoring risk limits, validating 

the methodology used and reporting. 

Corporate Treasury and Risk Control have laid down principles for liquidity management as part of a Group 

Liquidity Policy. This policy meets both regulatory requirements and internal standards. It includes the setting 

of liquidity risk limits as well as the establishment of an escalation process when limits are breached and 

emergency planning. 

The regulatory requirements form the external framework for liquidity management. As at 31 December 

2003, Dresdner Bank’s ratio of highly liquid assets to short-term liabilities as defined in the BaFin’s Principle 

II was 1.13. The liquidity excess of the one-month maturity band in accordance with Principle II totalled 


Operational risk 

In accordance with the Basel Consultation Paper, Dresdner Bank defines operational risk as risks resulting 

from the course of business of an organisation. Such risks can arise from inadequacies or failures in business 

processes, projects or controls, and may be due to technology, staff, organisational structures or external factors. 

Risk Control defines consistent minimum standards for operational risk for the entire Group, and also ensures 

that preparatory measures for the determination of operational risk are coordinated across all divisions. 

All divisions and subsidiaries are included in the process of managing operational risk. Guidelines and policies 

have been established in order to ensure a systematic and consistent process consisting of identification, 

quantification and reporting of operational risks, as well as their management and monitoring. A loss database 

is used to record and analyse actual losses incurred as a result of operational risks. It creates a basis for 

the systematic, detailed analysis and elimination of the causes of such losses. 

99

100 

The individual Group units use a structured self-assessment process to assess operational risk and the quality 

of their workflows. All significant risk factors are assessed with respect to the potential frequency and amount 

of damage. 

We have developed a risk model for calculating economic (internal) risk capital requirements. Risk capital 

requirements for organisational units, locations, products or risk factors are computed using the results obtained 

from the structured self-assessment process. Loss data and statistical and non-statistical methods are 

employed to validate the amounts thus computed. The Bank’s regular reporting procedures, which are based 

on an integrated approach comprising loss analysis, self-assessment and risk indicators, were revised. Reports 

are sent to the Board of Managing Directors, the divisional heads and the relevant process owners. 

Business risk 

Business risk is defined as unexpected fluctuations in results that can arise when expenses cannot be reduced 

in line with a decline in earnings. Reasons for fluctuations in results may include changes in the competitive 

situation or customer behaviour, or the consequences of technological advances. Dresdner Bank’s business 

strategy is constantly reviewed in order to avoid business risk and, if necessary, adapted to reflect changing 

general conditions. In particular, the cost-cutting measures already implemented have reduced the fixed cost 

risk. 

Risks from shareholdings 

Risks from shareholdings are potential losses that could arise from the provision of equity to third parties. 

These risks result from general market fluctuations and issuer-specific factors. 

Dresdner Bank distinguishes between risks from listed investments and risks from private equity investments. 

The key investments held by Dresdner Bank – mainly in non-banks – and their corresponding fair values are 

listed under “Investment securities” on page 20. 

Other risks 

In addition to the types of risk outlined above, which are monitored and reported by Group Risk Control, 

other risks may be encountered. These take the form of legal risk, strategic risk and reputation risk. 

Legal risk. Legal risk comprises the risk of losses due to new statutory regulations, disadvantageous amendments 

to existing regulations and their interpretation, and the risk that contractually agreed provisions may 

not be legally enforceable or that a court may replace an agreed contractual provision by another provision 

detrimental to the Bank. 

Risk Report 

33


Limiting legal risk is one of the key tasks of the Legal unit. This is achieved, for example, by using internationally 

recognised standard documentation and, if necessary, by obtaining legal opinions. The contractual conditions 

for established products are continuously reviewed to include any amendments required by changes 

in legislation or case law. 

Strategic risk. Dresdner Bank accounts for strategic risk – the risk of not achieving long-term corporate goals 

based on underlying business assumptions and projections – by continuously monitoring its market position 

and competitive environment. As part of a systematic strategic planning process, the Board of Managing 

Directors regularly reviews the validity of the strategies employed in the individual divisions and business 

units, the resulting strategic initiatives and investments, and the portfolio structure of the Bank as a whole. 

Reputation risk. Reputation risk relates to direct or indirect losses that could arise due to the deterioration of 

the Dresdner Bank Group’s reputation, either in its own right or as part of the Allianz Group, among its shareholders, 

clients, staff, business partners, or the general public. 

Risks affecting the Bank’s reputation are analysed and quantified. These include pure communication problems 

(primary reputation risks) as well as any problems caused by the communication of other risks (secondary 

reputation risks). 

Summary of the Bank’s Risk Position 

Risk capital allocation and annual income and risk budgets play a major role in Dresdner Bank’s overall risk 

management policy. The central control parameter is Economic Value Added (EVA). In addition to the usual 

income components in the financial statements, EVA takes risk capital requirements into account. These are 

determined exclusively on the basis of the Bank’s internal risk measurement models. 

At the same time, compliance with the minimum capital requirements based on regulatory measurement procedures 

is assured at all times. These two risk measurement approaches still differ considerably from one 

another at present. They will converge to some extent with the implementation of the Basel II requirements, 

particularly with regard to the measurement of credit risk. 

The risk capital requirement currently includes credit and counterparty risk (including transfer risk), market 

risk, operational risk, business risk and risks from shareholdings. These individual risks are aggregated to produce 

the overall risk for the Bank, taking into account the diversification effects between different risk types 

which reduce the overall risk level. The same approach also applies within the divisions. 

101

102 

The following chart provides a breakdown of risk capital requirements by risk type: 

€ bn 31 Dec. 2003 31 Dec. 2002 

Market risk 0.7 1.0 

Counterparty and transfer risk 4.8 7.5 

Private equity/investments 3.0 3.0 

Operational risk 1.4 1.4 

Business risk 0.7 0.7 

Total (excl. diversification effect) 10.7 13.6 

Diversification effect –2.4 –2.6 

Total 8.3 11.0 

The decrease in 2003 is primarily due to the reduction in our non-strategic business by the Institutional 

Restructuring Unit. 

Simplifying assumptions are sometimes still used when recording individual risk types and when aggregating 

risks. This applies in particular to the determination of operational risks and business risks. 

The Bank continuously refines its internal risk measurement procedures as well as the necessary underlying 

data so as to ensure and maintain best-practice risk management. This also provides the basis for meeting the 

Basel Committee’s future regulatory capital requirements. 

Risk Report 

35

Income Statement 


Income Statement Note 2003 2002 Change 

€ mn € mn € mn % 

Interest and current income (3) 7,002 11,202 –4,200 –37.5 

Interest expense (3) 4,477 7,926 –3,449 –43.5 

Net interest and current income (3) 2,525 3,276 –751 –22.9 

Loan loss provisions (4) 1,016 2,218 –1,202 –54.2 

Net interest and current income after 

loan loss provisions 1,509 1,058 451 42.6 

Fee and commission income 2,883 3,391 –508 –15.0 

Fee and commission expense 293 301 –8 –2.7 

Net fee and commission income (5) 2,590 3,090 –500 –16.2 

Net trading income (6) 1,526 1,044 482 46.2 

Other income (7) –616 3,189 –3,805 –119.3 

Administrative expenses (8) 5,929 7,500 –1,571 –20.9 

Other expenses (9) 1,113 1,783 –670 –37.6 

Income/loss before restructuring 

charges and taxes –2,033 –902 –1,131 125.4 

Restructuring charges (10) 840 244 596 244.3 

Income/loss from ordinary activities/ 

Income/loss before taxes –2,873 –1,146 –1,727 –150.7 

Income tax expense (32) –895 –211 –684 –324.2 

Income/loss after taxes –1,978 –935 –1,043 –111.6 

Income attributable to minority interests 11 7 4 57.1 

Net income/net loss for the year –1,989 –942 –1,047 –111.1 

Appropriation of distributable profit 31 Dec. 2003 31 Dec. 2002 Change 

€ mn € mn € mn % 

Net loss for the year –1,989 –942 –1,047 –111.1 

Withdrawal from retained earnings 1,989 942 1,047 111.1 

Distributable profit of Dresdner Bank AG 0 0 0 

2003 2002 

€ € 

Earnings per share (11) –3.44 –1.63 

Diluted earnings per share (11) –3.44 –1.63 

103 

39

40 Consolidated Financial Statements 

104 

Balance Sheet 

Assets Note 31 Dec. 2003 31 Dec. 2002 Change 

€ mn € mn € mn % 

Cash funds (14) 5,491 4,877 614 12.6 

Trading assets 


(15) 143,035 121,535 21,500 17.7 

(net of loan loss allowance of €231 mn) 

Loans and advances to customers 

(16) 122,620 88,366 34,254 38.8 

(net of loan loss allowance of €5,236 mn) (17) 169,818 157,023 12,795 8.1 


Investments in enterprises accounted 

(19) 18,922 23,160 –4,238 –18.3 

for using the equity method (19) 2,928 2,805 123 4.4 

Property and equipment (20) 3,808 4,402 –594 –13.5 

Goodwill (21) 452 667 –215 –32.2 

Other assets (22) 6,519 7,706 –1,187 –15.4 

Deferred tax assets (32) 3,436 2,904 532 18.3 

Total assets 477,029 413,445 63,584 15.4 

Liabilities, Minority Interests Note 31 Dec. 2003 31 Dec. 2002 Change 

and Shareholders’ Equity € mn € mn € mn % 

Liabilities 

Trading liabilities (25) 83,222 52,562 30,660 58.3 

Liabilities to banks (26) 165,512 127,542 37,970 29.8 

Liabilities to customers (27) 152,627 143,836 8,791 6.1 

Certificated liabilities (28) 39,809 54,594 –14,785 –27.1 

Provisions and other liabilities (29) 12,891 11,531 1,360 11.8 

Deferred tax liabilities (32) 1,483 1,856 –373 –20.1 

Subordinated liabilities (33) 6,424 7,924 –1,500 –18.9 

Profit-participation certificates (34) 1,511 1,506 5 0.3 

Total liabilities 463,479 401,351 62,128 15.5 

Minority interests (35) 2,034 118 1,916 1,623.7 

Shareholders' equity (36) 

Subscribed capital 1,503 1,503 0 0,0 

Additional paid-in capital 7,382 7,382 0 0,0 

Retained earnings 2,810 4,872 –2,062 –42.3 

Less: treasury shares – – 

Translation reserve 

Cumulative remeasurement gains/losses 

–542 –548 6 –1.1 

on available-for-sale financial instruments 363 –1,233 1,596 –129.4 

Distributable profit of Dresdner Bank AG 0 0 

Total shareholders’ equity 

Total liabilities, minority interests 

11,516 11,976 –460 –3.8 

and shareholders’ equity 477,029 413,445 63,584 15.4

Statement of Changes 

in Shareholders' Equity 


Subscribed Additional Retained Treasury Translation Cumulative Distributable Total 

capital paid-in earnings shares reserve remeasure- profit of shareholders' 

capital ment gains/ Dresdner equity of 

losses Bank AG Dresdner 

€ mn Bank Group 

1 January 2002 1,496 7,318 5,152 –18 –294 7,226 753 21,633 

Changes due 

to currency translation –254 –254 

Dividends paid 

Amount transferred to retained 

earnings from the distributable 

–403 –403 

profit as at 31 December 2001 

Exercise of option rights attached 

to the bonds with warrants issued 

350 –350 

by Dresdner Finance B.V. in 1997 7 64 71 

Changes in treasury shares 


18 18 

on available-for-sale financial instruments –8,459 –8,459 

Other capital changes 312 312 

Net income/net loss for the year – –942 –942 

Withdrawal from retained earnings –942 942 

31 December 2002/ 

1 January 2003 1,503 7,382 4,872 – –548 –1,233 0 11,976 

Changes due to currency translation 


6 6 

on available-for-sale financial instruments 1,644 1,644 

Remeasurement losses from cash flow hedges –48 –48 

Other capital changes –73 –73 

Net income/net loss for the year –1,989 –1,989 

Withdrawal from retained earnings –1,989 1,989 

31 December 2003 1,503 7,382 2,810 – –542 363 0 11,516 

105 

41

42 Consolidated Financial Statements 

106 

Statement of Cash Flows 

€ mn 2003 2002 

Operating activities 

Net loss for the year –1,989 –942 

Adjustments to reconcile net loss to net cash used in operating activities 

Impairment losses on investments 1,558 2,454 

Reversals of impairment losses on investments 

Depreciation, amortisation and impairment losses, and reversals of impairment losses, 

–1,069 –412 

on items of property and equipment and intangible assets 638 1,767 

Minority interests in net income 11 7 

Changes in provisions 1,504 –2 

Changes in other non-cash items –5,364 623 

Gains/losses on the disposal of investment securities, property and equipment –384 –3,951 

Net decrease/increase in loans and advances to banks and customers –43,886 –2,720 

Net decrease/increase in trading portfolio 10,025 10,352 

Net decrease/increase in other assets 1,190 –7,608 

Net decrease/increase in liabilities to banks and customers 46,761 –8,529 

Net issuance of certificated liabilities –14,785 –4,006 

Net decrease/increase in other liabilities 1,042 11,264 

Net cash used in operating activities –4,748 –1,703 

Investing activities 

Proceeds from the disposal of 

Investment securities 10,681 4,359 

Property and equipment 616 355 

Payments for the acquisition of 

Investment securities –3,652 –2,976 

Property and equipment –611 –707 

Effects of changes in consolidated group structure –100 153 

Net cash provided by investing activities 6,934 1,184 

Financing activities 

Proceeds from the issuance of shares and exercise of warrants 0 72 

Dividends paid –60 –403 

Net issuance of subordinated liabilities –1,500 –1,026 

Net issuance of profit-participation certificates 116 –102 

Payments on profit-participation certificates –111 –133 

Other –9 51 

Net cash used in financing activities –1,564 –1,541 

Net decrease/increase in cash and cash equivalents 614 –2,068 

Cash and cash equivalents at the beginning of the year 4,877 6,945 

Cash and cash equivalents at the end of the year 5,491 4,877 

Effects of exchange rate changes –8 –8 

Supplementary disclosure of cash flow information 

Cash interest received 6,637 12,950 

Dividends received 217 227 

Cash interest paid 5,253 10,167 

Cash income taxes paid –45 393

Notes 

I. Accounting Policies (1) Basis of accounting 44 

(2) Significant differences between 

IFRSs and German commercial law 52 

II. Notes to the Consolidated (3) Net interest and current income 54 

Income Statement (4) Loan loss provisions 54 

and Segment Reporting (5) Net fee and commission income 54 

(6) Net trading income 55 

(7) Other income 55 

(8) Administrative expenses 56 

(9) Other expenses 56 

(10) Restructuring charges 56 

(11) Earnings per share 57 

(12) Quarterly results 57 

(13) Segment reporting 58 

III. Notes to the Assets (14) Cash funds 61 

Consolidated Balance Sheet (15) Trading assets 61 

(16) Loans and advances to banks 62 

(17) Loans and advances to customers 63 

(18) Development of loan loss allowances 65 

(19) Investment securities and investments in enterprises 

accounted for using the equity method 65 

(20) Property and equipment 68 

(21) Goodwill 69 

(22) Other assets 69 

(23) Subordinated assets 69 

(24) Assets sold under repurchase agreements 70 

Liabilities, Minority Interests (25) Trading liabilities 70 

and Shareholders' Equity (26) Liabilities to banks 70 

(27) Liabilities to customers 70 

(28) Certificated liabilities 71 

(29) Provisions and other liabilities 71 

(30) Provisions for pensions and similar liabilities 71 

(31) Other provisions 73 

(32) Deferred taxes and income tax expense 74 

(33) Subordinated liabilities 76 

(34) Profit-participation certificates 76 

(35) Minority interests 77 

(36) Shareholders’ equity 77 

Other Balance Sheet Information (37) Collateral pledged for own liabilities 79 

(38) Foreign currency holdings 79 

(39) Structure of residual terms 80 

(40) Securitisation business 81 

(41) Derivatives business 81 

IV. Off-Balance Sheet Business 85 

V. Supplementary Information 87 

Consolidated Financial Statements 43 

107

44 


108 

I. Accounting Policies 

(1) Basis of accounting 

The consolidated financial statements have been prepared in accordance with International Financial Reporting 

Standards (IFRSs) and the Interpretations of the International Financial Reporting Interpretations Committee 

(IFRIC). No newly issued standards or IFRIC interpretations were adopted before their effective date. 

The accounting policies applied uniformly across the Dresdner Bank Group are in accordance with the European 

Accounting Directives and are therefore comparable to statements prepared in accordance with the 

Handelsgesetzbuch (HGB – German Commercial Code) in conjunction with the Verordnung über die Rechnungslegung 

der Kreditinstitute (RechKredV – German Accounting Directive for Banks). The supplementary 

information required by the European Directives has been incorporated into these Notes to the Consolidated 

Financial Statements. The provisions of the Aktiengesetz (AktG – German Public Companies Act) have been 

complied with. The reporting currency is the euro (€). 

Classification of financial instruments. According to IAS 39, all financial assets and liabilities, including all 

derivative financial instruments, must be recognised on the balance sheet. All financial instruments are recognised 

at the trade date. Financial assets are measured on the basis of the categories described below: 

1. Financial assets or liabilities held for trading are mainly utilised to generate a profit from short-term 

fluctuations in the price or from the dealer’s margin. This category includes assets and liabilities held 

for trading. 

2. Held-to-maturity investment securities are assets with fixed or determinable payments and fixed maturity 

that the Bank has the positive intent and ability to hold to maturity. This positive intent and ability 

must be documented on acquisition and at each balance sheet date. At the reporting date, the Bank 

did not disclose any assets classed as held-to maturity investments. 

3. Loans and receivables originated by the enterprise are financial assets that are created by the enterprise 

by providing money, goods, or services directly to a debtor, and that are not held for trading purposes. 

This classification of financial instruments category mainly comprises loans to banks and to customers. 

Receivables acquired by the enterprise are not included in this category, but are rather classified as held 

for trading or available for sale. 

4. Available-for-sale financial assets are all other financial assets that cannot be assigned to one of the other 

categories above. The Bank records these assets as investment securities. 

Financial liabilities not held for trading purposes comprise in particular liabilities to banks, liabilities to customers 

and certificated liabilities. 

For initial recognition all financial assets are measured at cost, which corresponds to the fair value of the consideration 

given (in the case of the acquisition of financial assets) or received (in the case of the acquisition of 

financial liabilities). Subsequently, financial instruments are remeasured to fair value, except for loans and 

receivables originated by the enterprise that are not held for trading purposes, and certain financial assets for 

which the fair value cannot be reliably measured. These are measured at their amortised cost using the effective 

interest method. Financial liabilities – with the exception of trading liabilities – are also reported at their 

amortised cost. 

Consolidated Group companies. Subsidiaries in which the Group, directly or indirectly, either holds more than 

50% of the voting rights or otherwise has power to exercise a controlling influence are consolidated using the 

purchase method. Such subsidiaries are consolidated from the date on which constructive control is transferred


to the Group and are no longer consolidated from the date of sale or the date that control ceases. In addition, 

the principle of materiality is used to decide on consolidation. Special funds and special purpose entities over 

which the Bank has control are accounted for in accordance with SIC 12. All receivables, liabilities, income, 

expenses and intragroup profits resulting from transactions between Group companies have been eliminated on 

consolidation, unless immaterial. Minority shareholders’ proportionate interests in the equity or income of the 

Bank’s subsidiaries are reported separately from shareholders' equity under the item “Minority interests”. 

Associates and joint ventures. Investments in associates and joint ventures are accounted for using the equity 

method. Under this method, the Group’s share of the post-acquisition profits or losses of associates is 

recognised in the income statement. The cumulative post-acquisition measurement gains/losses are adjusted 

against the cost of the investment. Associated enterprises are those entities over which the Group exerts a significant 

influence but not control. 

Joint ventures are based on contractual arrangements where two or more enterprises undertake an economic 

activity that is subject to joint control. The Bank’s share in the net income for the year of joint ventures is 

reported as net interest and current income under the item “Current income from investments in enterprises 

accounted for using the equity method”. 

Investments in associates and joint ventures are reported under the item “Investments in enterprises accounted 

for using the equity method”, stating the Bank’s share in the net assets of the respective entity. The carrying 

amounts are reviewed for impairment at least once a year, and write-downs charged where necessary. Any 

goodwill arising from takeovers is recorded as a separate asset and amortised on a straight-line basis over the 

asset’s estimated useful life. 

Foreign currency translation. The Group companies included in the consolidated financial statements are 

deemed to be foreign entities in accordance with IAS 21. Accordingly, and in line with the functional currency 

method, the income statements and cash flow statements of subsidiaries reporting in foreign currencies are 

translated at the average rates over the entire year. Balance sheets are translated at the prevailing exchange 

rates as at 31 December of each year. Differences in shareholders' equity are recognised in the Translation 

reserve that forms a separate item under Shareholders' equity. 

Goodwill arising from the acquisition of Group companies not reporting in euros is translated into euros at 

the exchange rate prevailing at the date of acquisition, and amortised. Foreign currency transactions are translated 

into euros at the exchange rates prevailing on the transaction dates. Foreign exchange gains and losses 

resulting from the settlement of such transactions and from the translation of monetary assets and liabilities 

denominated in foreign currencies are recognised in the income statement. Assets and liabilities denominated 

in foreign currencies and open spot transactions are translated into euros at the spot rate on the balance sheet 

date. Forward currency transactions are measured using the prevailing forward rates for their respective maturities. 

Offsetting. Financial assets and liabilities are offset and the net amount reported in the balance sheet when 

there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a 

net basis, or to realise the asset and settle the liability simultaneously. 

Net interest and current income. Interest income and interest expenses are recognised in the income statement 

on an accrual basis. Interest income includes interest on loans and advances and securities, along with 

accrued discounts and premiums on treasury bills and other discounted instruments. Current income includes 

dividends from equities, the Group’s share of results from investments in enterprises accounted for 

using the equity method, dividends from affiliated and non-affiliated enterprises, and interest income on 

109 

45

46 


110 

finance leases. The Bank recognises current income from associates and joint ventures on an accrual basis, 

while dividends are recognised in income when received. Interest income on finance leases is recognised in 

income over the term of the respective lease. Income from qualifying hedge relationships used to hedge 

interest rate risks is also reported in Net interest and other income. Costs of capital are recognised in the 

period in which they are incurred, regardless of when the capital is actually utilised. 

Net fee and commission income. Net fee and commission from the securities business includes private placements, 

loan syndications and financial advisory services in addition to the Bank's classic securities brokerage 

business. “Other fees” include commissions and fees from trustee and custodial services and from the brokerage 

of insurance policies, credit cards, home loan contracts and real estate. Fee and commission income is 

recognised when the corresponding service is provided. 

Net trading income. Net trading income comprises all realised and unrealised gains and losses from trading 

assets and trading liabilities. In addition, commissions, interest and dividend income and expense attributable 

to trading activities and refinancing costs are included in Net trading income. Gains and losses on derivatives 

for hedging available-for-sale securities that do not meet the requirements for hedge accounting specified in 

IAS 39 are recognised in Results from investment activities; this is in contrast to 2002, when they were recognised 

in Net trading income. 

Restructuring charges. Restructuring charges are reported in the period in which the Bank has a detailed, formally 

approved restructuring plan in place for specific programmes, and implementation of this plan has 

begun. The expenses reported are measured on the basis of qualified estimates of the expected cost of the 

individual measures. Future obligations extending for more than twelve months are discounted to their present 

value. The estimates made are reviewed regularly for adequacy and adjusted where appropriate. Restructuring 

costs for which provisions cannot be set up are expensed in the period in which they are incurred. 

Cash funds. Cash funds include cash on hand, balances with central banks, treasury bills (to the extent that 

these are not included in trading assets) and bills that are eligible for refinancing at central banks and that 

have a maximum term of six months from the date of acquisition. Cash funds are reported at their nominal 

value. 

Trading assets and liabilities. Trading assets comprise debt securities, equities and derivatives with positive 

fair values, as well as other financial instruments and promissory notes. Trading liabilities primarily consist of 

derivatives with negative fair values and delivery obligations for short sales of securities. Hedging derivatives 

such as those used for internal risk control but not qualifying for hedge accounting under IAS 39 are also disclosed 

under this item. 

Trading assets and liabilities are initially reported at cost (including transaction costs) on the trading date, and 

are subsequently remeasured at fair value. In those cases for which no quoted prices are available, comparable 

instruments or accepted valuation models (in particular the net present value or option pricing models) are 

used to determine the fair value. In this process, appropriate adjustments are made for measurement risks. 

Measurement gains and losses are taken directly to income in Net trading income. 

Investment securities. The Group’s investment securities include debt securities and other fixed-income 

securities, equities and other non-fixed-income securities, and investments in affiliated and non-affiliated 

companies.

Affiliated companies are those in which the Group holds a majority interest but which are not consolidated 

due to their minor importance for the Group. In addition, affiliated companies include those companies 

included in the consolidated financial statements of the Allianz Group. 


Non-affiliated companies are companies in which the Group holds an interest of up to 50%, which serves to 

create a continuing relationship with the respective companies. The Bank does not account for investments 

in non-affiliated companies using the equity method because it cannot exercise a significant influence over 

these companies. 

Investment securities are classified as available-for-sale financial assets and hence reported at their fair value. 

If, in the case of unlisted shares and investments in affiliated and non-affiliated companies, it is impossible to 

reliably determine either a price quotation in an active market or the relevant factors for the valuation 

models, they are recognised at cost. 

In the case of available-for-sale financial assets, Dresdner Bank has made use of its option not to recognise 

gains and losses in income, but rather to initially take them directly to a separate equity account. Cumulative 

remeasurement gains/losses taken to equity for an available-for-sale financial instrument are subsequently 

recognised in income when the instrument is derecognised. 

Income from debt securities, including discounts and premiums amortised over the term of the securities, are 

recognised in Net interest and current income. Dividend income from equities and income from shares in 

affiliated and non-affiliated companies are also recognised in this item. Gains and losses realised on the sale 

of these securities are reported under the “Income from investment securities” sub-item of the “Other income” 

item. Gains and losses on derivatives classified as available-for-sale securities that do not qualify for 

hedge accounting are recognised in Results from investment securities. 

Impairment of available-for-sale securities. Securities classified as available-for-sale are tested for lasting 

impairment if the fair value of the securities is substantially lower than their amortised cost for a certain period. 

If the impairment is regarded as lasting, the securities are written down to the lower fair value. The 

amount of this impairment loss is recognised in the income statement. Impairment losses are subsequently 

reversed if the reasons for the impairment loss charged no longer apply. 

Repurchase and reverse repurchase agreements and lending and borrowing of securities. A repurchase 

agreement involves the sale of securities subject to the simultaneous agreement to repurchase the same securities 

at a certain later date and at an agreed price. The control of the securities remains with the Group throughout 

the entire term of the transaction and the securities continue to be reported in the Group’s balance sheet 

as trading assets or investment securities, as appropriate. The proceeds from the legal sale of these securities 

are reported as “Liabilities to banks” or “Liabilities to customers”, as appropriate. 

A reverse repurchase agreement involves the purchase of securities with the simultaneous agreement to resell 

the same securities at a certain later date and at an agreed price. If control over the securities remains with the 

seller, the securities are reported in the balance sheet items “Loans and advances to banks” or “Loans and 

advances to customers”, as appropriate. Interest earned on reverse repurchase agreements and interest incurred 

on repurchase agreements are recognised in Net trading income. 

Securities lending and borrowing transactions are performed both for the account of customers and to meet 

the Bank’s own delivery obligations. In securities lending and borrowing transactions, securities are borrowed 

from a market participant (the lender) by a counterparty (the borrower) for a certain period. These transactions 

are accounted for in the same way as repurchase and reverse repurchase agreements. If control remains 

with the lender, they are reported on the latter’s balance sheet; borrowed securities are not reported. If 

the securities are subsequently sold on, the amounts for both purchases and sales are reported on the balance 

111 

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112 

sheet and the gain or loss is recognised in Net trading income. The obligation to return the borrowed securities 

is reported at fair value under Trading liabilities. Securities loaned to third parties are reported under Trading 

assets or Investment securities, as appropriate. 

Income and expenses from securities lending and borrowing transactions are accrued and recognised in Net 

interest and current income or Net trading income. 

Loans and advances to banks and loans and advances to customers. Held-to-maturity loans and advances 

to banks and to customers, including finance leases, are measured at amortised cost, less any write-downs; 

promissory notes acquired are reported at fair value. Interest income and loan origination fees are recognised 

using the effective interest method. Any differences between the amount paid out and the nominal amount 

that are equivalent to interest are amortised to income using the effective interest method. 

Loans are placed on non-accrual status when, based on the available information or events, the orderly payment 

of interest or principal by the client is doubtful, taking the collateral furnished into account. Irrespective 

of any legal claim to interest payment, interest income is no longer recognised where the collectability of 

such claim is highly unlikely. Where there is doubt regarding the ultimate collectability of the principal, all 

cash receipts are reported as reductions of the principal. 

Loan impairments and loan loss allowances. The total amount of loan loss allowances includes allowances 

for loan losses deducted from assets and allowances for risks associated with contingent liabilities such as guarantees, 

loan commitments, or other obligations, which are recognised as liabilities. When setting up loan loss 

allowances, we distinguish between specific loss allowances, general loss allowances and country risk allowances. 

Specific loss allowances are established to provide for specifically identified counterparty risks. The amount 

of the allowance represents the difference between the outstanding receivable, including accrued interest and 

the present value of the relevant future cash flows, after allowing for the fair value of recoverable collateral. 

General loss allowances are established to provide for incurred but unidentified losses that are inherent in the 

loan portfolio as at the balance sheet date. The amount of the general loss allowance is based on historical 

loss experience for the average identification period, and appropriate evaluation of current events and economic 

conditions. 

Country risk allowances are established for transfer risks. Transfer risk is a reflection of the likely ability of 

borrower in a certain country to repay its debt denominated in foreign currency in light of the economic or 

political situation prevailing in that country. Country risk allowances are based on an internal rating system 

that incorporates current and historical economic, political and other data to categorise countries by risk profile. 

As soon as a loan becomes uncollectable, it is written off against any existing specific loan loss allowance or 

directly recognised as an expense in the income statement. Subsequent recoveries are recognised by crediting 

the “Loan loss provisions” item in the income statement.

Property and equipment. Items of property and equipment are reported at amortised cost less accumulated 

depreciation and impairment losses, if any. Subsequent costs or additions are capitalised to the extent that 

they increase the future economic benefit of the related assets. Borrowing costs incurred in the financing of 

property and equipment are not capitalised. Costs for repairs, maintenance, or other measures to maintain 

the property or equipment are charged to the income statement when the expenditure is incurred. Straightline 

depreciation is based on the useful life terms set out below in accordance with the expected benefit 

periods: 

Buildings 25 - 50 years 

Office furniture and equipment 4 - 10 years 

Internally developed software 3 or 7 years 

Property and equipment is periodically reviewed for impairment. When the carrying amount of an asset is 

greater than its estimated recoverable amount, it is written down to its recoverable amount. 

Depreciation expense is reported under Administrative expenses. Gains and losses realised on the disposal of 

property and equipment are reported in “Other operating income” or “Other operating expense”, respectively. 

Computer software development costs are capitalised and amortised using the straight-line method over the 

estimated useful lives of the assets. The capitalised costs include direct costs, such as staff costs of the software 

development team, and an appropriate portion of relevant overhead costs. Expenditures that enhance or 

extend the benefits of computer software programs beyond their original specifications and lives are recognised 

as capital improvements and added to the original cost of the software. Costs associated with maintaining 

computer software programs are recognised as an expense as incurred. 

Accounting for leases. Leases are divided into finance leases and operating leases. Under a finance lease, substantially 

all the risks and rewards incident to legal ownership are transferred to the lessee, who reports the 

assets in its balance sheet. In contrast, an operating lease exists where the leased assets are allocated to the lessor. 

In its capacity as a lessor, the Bank primarily offers finance leases. The Group recognises the assets to be capitalised 

by the lessee as receivables at an amount equal to the net investment. Income from these transactions 

is allocated to Net interest and current income on an accrual basis. 

In its capacity as a lessee, the Group mainly uses property and equipment under operating leases, although 

finance leases are also employed in isolated cases. Payments due to the lessor under operating leases are charged 

to administrative expenses on a straight-line basis over the term of the lease. If a lease is terminated before 

the end of the lease term, any penalty payments to be made to the lessor are recognised in income in full in 

the period in which such termination takes place. 

Goodwill. Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s 

share of the net assets (shareholders’ equity) of the acquired subsidiary, associate, or joint venture, measured 

at the date of acquisition. Negative goodwill may arise if future expected losses are priced into the acquisition. 

Goodwill arising on acquisitions is carried at cost and reduced by straight-line amortisation over a maximum 

of ten years, or written off if required. The estimated useful life is determined on the basis of the expected 

useful life, which in turn is based on an evaluation of factors such as the nature of the business and existing 

customer relationships. Amortisation is reported in “Other expenses”. 


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114 

The Group assesses whether there is any indication of impairment of goodwill on an annual basis, with 

expert analyses being commissioned if necessary. Goodwill is written down for impairments expected to be 

permanent. Gains or losses realised on the disposal of subsidiaries include any unamortised balance of goodwill 

relating to the subsidiary disposed of. 

Hedge accounting. Hedges as defined by IAS 39 (Financial Instruments: Recognition and Measurement) 

with a positive fair value are carried in the balance sheet under “Other assets”; those with a negative fair value 

are carried under “Other liabilities”. 

If certain criteria are met, IAS 39 allows hedge accounting to be applied to non-trading derivatives. IAS 

allows for three forms of hedging relationship. Fair value hedges are designed to hedge the exposure to changes 

in the fair value of financial assets or liabilities. Cash flow hedges are designed to hedge the exposure to 

variability in cash flows of financial assets, liabilities and firm commitments or forecast transactions. Hedges 

of net investment in a foreign entity are a special form of cash flow hedge. 

In the case of fair value hedges, gains and losses on the hedged risk from the underlying transaction and the 

hedged item are offset in the net income for the period. For qualifying cash flow hedges, gains or losses on 

the derivatives (in relation to the hedged risk) are recognised directly in equity and are not taken to income 

until the gains and losses relating to the underlying hedged items are recognised in income or the hedging 

transaction expires. The ineffective portion of all hedges is reported immediately in income for the period, 

regardless of the type of hedging relationship involved. 

Hedges must satisfy objective criteria that they eliminate a significant portion of the risk inherent in the hedged 

item, and must be documented in the required manner. Evidence of effectiveness requires on the one 

hand that a high degree of effectiveness regarding a hedging relationship can be regularly expected (prospective 

effectiveness), whereas on the other hand evidence must be provided that the hedge was highly effective 

during the existence of the hedging relationship (retrospective effectiveness). 

Hedging may be applied to individual transactions (“micro hedge”) or to a portfolio of similar assets or liabilities 

(“portfolio hedge”). The Bank uses both fair value and cash flow hedges. Fair value hedges relate to interest 

rate swaps used to hedge loans, deposits, available-for-sale securities and own shares issued against interest 

rate risks. Cash flow hedges relate to interest rate swaps used to hedge selected interest-related variable cash 

flows. 

Due to the highly restrictive provisions of IAS 39, certain hedge relationships do not qualify for hedge 

accounting. This leads in some cases to asymmetrical recognition in income of the hedged item and the hedging 

instrument; as a result, the Group expects that earnings may continue to be volatile. 

In addition to hedge accounting, natural hedges also exist. Purchased credit default swaps have the same economic 

function as financial guarantees received if they demonstrably serve to hedge against interest and principal 

repayment defaults on loans. As a result, they are not recognised in the balance sheet. 

Interest-bearing and non-interest-bearing liabilities. Interest-bearing and non-interest-bearing liabilities are 

recognised at amortised cost. Where such transactions involve a discount, such discounts are recorded as 

deferred assets and amortised to income over the life of the respective liabilities using the effective interest 

method.

Cost of raising long-term debt. Costs relating to the issuance of long-term debt, such as fees relating to placement, 

underwriting commitments, subscription, management, or syndication, are expensed as incurred and 

recognised under Other expenses. 

Provisions. In accordance with IAS 37, provisions are recognised when the Group has a present legal or constructive 

obligation resulting from past transactions or events where it is probable that an outflow of resources 

embodying economic benefits will be required to settle the obligation, and a reliable estimate of the 

amount of the liability can be made. Provisions are subject to review and are remeasured on an annual basis. 

The vast majority of additions to provisions are recognised in Administrative expenses, while releases of provisions 

are reported in “Other operating income”. Provisions and releases of provisions recognised for counterparty 

risks relating to off-balance sheet loan commitments are charged or credited, as appropriate, to the Loan 

loss provisions. 

Income tax expense. Income tax payable on net income based on the applicable tax law in each jurisdiction 

is recognised as an expense in the period in which the net income is recognised. Deferred tax assets and liabilities 

are recognised in full, using the balance sheet liability approach, for temporary differences between the 

tax bases of assets and liabilities and their carrying amounts in the financial statements, regardless of the 

expected timing of the reversal of such differences. When determining deferred income tax, the tax rates used 

are those that have been enacted, or substantively enacted, and that are likely to apply during the tax period 

during which the reversal is expected to take place. Tax refund claims and tax liabilities are recognised for 

additional tax payments or refunds due in the year under review. Deferred tax assets are recognised to the 

extent that it is probable that future taxable profits will be available against which the temporary differences 

can be utilised. Tax effects from loss carryforwards are capitalised where it is probable that they can be offset 

against future income. 

Post-retirement obligations. The majority of the Group’s employees participate in sponsored benefit plans, 

whereby benefits are payable in the form of retirement, disability and surviving dependant pensions. The 

benefits offered vary according to the legal, fiscal and economic conditions of each country in which the 

Group operates and include both defined-contribution and defined-benefit plans. The benefits under both 

types of plan primarily depend on employees' years of service and salary earned. 

Pension plans are generally financed via payments by the corresponding Group companies; in addition, some 

arrangements provide for contributions by the employees themselves. Pension provisions are created in accordance 

with IAS 19 for the majority of our employees. 

A defined-benefit plan is a pension plan that defines an amount of pension benefit to be provided, usually as 

a function of one or more factors such as age, years of service, or compensation. For defined-benefit plans, 

the pension accounting costs are assessed annually by independent qualified actuaries using the projected 

unit credit method. The liability associated with defined-benefit plans is the present value of the definedbenefit 

obligation at the balance sheet date. The discount rate used reflects prevailing market conditions; 

future salary and assumed pension increases, pension trends and the expected return on plan assets are also 

taken into account. Actuarial gains and losses – resulting from experience adjustments, changes in actuarial 

assumptions and changes in the plan – are recognised in the income statements if they exceed the greater of 

10% of the present value of defined-benefit obligations or 10% of the fair value of the plan assets. The present 

value of the change in pension obligations is recognised under Administrative expenses. 


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A defined-contribution plan is a pension plan under which the Group pays a fixed contribution to an external 

pension provider and has no legal or constructive obligation to pay further contributions if the fund does 

not have sufficient assets to pay all employees benefits relating to employee service in the current or prior 

periods. For defined-contribution plans, the Group pays contributions to administered plans on a mandatory, 

contractual, or voluntary basis. Payments under defined-contribution plans for the current accounting period 

are reported in Administrative expenses under Expenses for pension obligations. 

Treasury shares. Due to the squeeze-out in 2002 of minority shareholders in return for a cash payment, the 

Bank’s entire share capital is now owned by the Allianz Group. 

Trustee business. Assets and liabilities held by the Group in its own name, but for the account of third parties, 

are not reported in the balance sheet. Commissions received from such business are shown as Net fee 

and commission income in the income statement. 

Consolidated statement of cash flows. The consolidated statement of cash flow shows changes in the 

Dresdner Bank Group’s cash and cash equivalents resulting from cash flows used in/provided by operating 

activities, investing activities and financing activities. Cash flows provided by in investing activities primarily 

comprise proceeds from the disposal of and payments for the acquisition of investment securities and property 

and equipment. Financing activities include all cash flows used in/provided by transactions involving equity 

capital, subordinated equity and profit-participation certificates. In line with international banking practice, 

all other cash flows are attributed to operating activities. 

(2) Significant differences between IFRSs and German commercial law 

The Bank’s consolidated financial statements were prepared in accordance with the IFRSs. Since the IFRS 

rules differ from the provisions of German commercial law in certain respects, we have provided a summary 

of the most significant differences applicable to the Group, pursuant to section 292(a) of the HGB. 

Securities and derivatives. Under the IFRSs, securities and derivatives are measured at their fair values, 

which generally correspond to their market price. Unrealised measurement gains and losses are recognised in 

the income statement, to the extent that the securities involved are trading assets. Gains and losses on the 

remeasurement of investment securities are initially taken directly to equity under a special item. They are 

subsequently recognised in income when realised. Special rules apply to hedge accounting. 

Under German commercial law, securities classified as current assets would be measured at the strict lower of 

cost or market. In contrast, investment securities are carried at amortised cost under the less strict principle of 

the lower of cost or market. 

Under German commercial law, derivatives are treated as incompleted transactions and are not recognised in 

the balance sheet. In the case of unrealised gains and losses, the HGB only requires provisions to be set up in 

the case of losses; unrealised gains are not recognised. 

Where derivatives and other financial instruments are treated as forming a separate portfolio, remeasurement 

losses are deducted from remeasurement gains within each portfolio. Net unrealised gains are not recognised, 

whereas net unrealised losses are recognised by setting up provisions for expected losses from incompleted 

transactions.

Goodwill. Goodwill arising on the acquisition of subsidiaries must be recognised as an asset in accordance 

with the IFRSs. Goodwill is amortised and recognised in the income statement over a maximum period of 

ten years. According to the provisions of the HGB, goodwill arising on the acquisition of subsidiaries may 

also be immediately netted against reserves. 

Deferred taxes. Tax deferral according to the IFRSs is based on a balance sheet approach, and disclosure of 

deferred tax assets is mandatory. Deferred tax assets are required to be recognised. Under the provisions of 

the HGB, deferred taxes would be accounted for using the income statement liability method. The recognition 

of deferred tax assets in the single-entity financial statements would be optional. 

Pension provisions. The discount rate to be used when measuring pension provisions in accordance with the 

IFRSs is the current capital market rate. In addition, future salary and pension increases must be anticipated. 

Under the HGB, the 6% discount rate laid down in the Einkommensteuergesetz (EStG – German Income 

Tax Act) would generally be used. 

Other provisions. Apart from restructuring provisions, provisions for future internal expenses are not permitted 

under IFRS rules; under the HGB, these would be permissible. 

Fund for general banking risks. According to German commercial law, provisions may be made for general 

banking risks pursuant to section 340(f) HGB, and a special item set aside for this purpose pursuant to section 

340(g) HGB. However, this is not permitted for consolidated financial statements prepared in accordance 

with IFRS rules. 

Minority interests. Under the IFRSs, the minority shareholders' proportionate interest in the Bank's equity is 

shown under a special item separate from Shareholders' equity and from Liabilities. Under the HGB, minority 

interests are included in shareholders' equity. 

Trustee business. In the IFRS financial statements, any trust operations carried out by the Group in its own 

name, but for the account of third parties, are not reported on the balance sheet. These operations would, 

however, be included on the balance sheet of financial statements prepared in accordance with the HGB. 

Premiums and discounts. Under the HGB, premiums and discounts must be deferred. These are not required 

under IAS 39, as receivables and liabilities are measured at amortised cost and premiums and 

discounts are therefore reflected in the carrying amount. 


117

54 


118 

II. Notes to the Consolidated Income Statement 

and Segment Reporting 

(3) Net interest and current income 

€ mn 2003 2002 

Interest income from 

Lending and money market operations *) 6,155 10,061 

Fixed-income securities and government debt 462 699 

Current income from 

Equities and other non-fixed-income securities 127 144 

Investments in non-affiliated enterprises 75 72 

Investments in affiliated enterprises 15 10 

Investments in enterprises accounted for using the equity method 116 102 

Current income from finance leases 51 111 

Income from profit transfer agreements 1 3 

Total interest and current income 7,002 11,202 

Interest expense for 

Deposits 2,496 3,002 


Subordinated liabilities 344 542 

Other 260 295 

Total interest expense 4,477 7,926 

Net interest and current income 2,525 3,276 

*) Includes losses from the application of IAS 39 totalling €365 million (2002: losses of €119 million) 

Net interest income from trading activities of €867 million (2002: €561 million) is reported in Net trading 

income (see Note 6). 

(4) Loan loss provisions 

€ mn 2003 2002 

Additions to loan loss provisions 2,048 3,043 

Amounts released 964 775 

Recoveries on loans previously written off 68 50 

Loan loss provisions 1,016 2,218 

(5) Net fee and commission income 

€ mn 2003 2002 

Securities business 1,112 979 

Asset management 463 799 

Payment transactions 284 287 

Consulting and underwriting business 232 369 

Foreign commercial business 154 160 

Other 345 496 

Net fee and commission income 2,590 3,090

Besides securities commission business, the following management and brokerage services represent a substantial 

part of the Dresdner Bank Group's activities: custody administration, management of assets held in 

trust, asset management, management of investment funds and brokerage of insurance policies, home loan 

contracts and real estate. 

(6) Net trading income 

€ mn 2003 2002 

Trading in interest rate products 832 650 

Equities trading 176 –34 

Foreign exchange and precious metals trading 357 301 

Remeasurement gains/losses from the application of IAS 39 161 127 

Net trading income 1,526 1,044 

€ mn 2003 2002 

Net realised gains/ losses –43 1,383 

Remeasurement result *) 754 –900 

Brokerage fees and commissions –52 0 

Interest and dividend income 6,160 5,740 

Interest expense 5,293 5,179 

Net interest income 867 561 

Net trading income 1,526 1,044 

*) Including gains/losses from the application of IAS 39 

(7) Other income 

€ mn 2003 2002 

Other operating income 445 428 

Results from investment securities –1,061 2,761 

Net realised gains/losses 349 3,935 

Impairment losses 1.618 *) 1,221 

Reversals of impairment losses 208 47 

Other income –616 3,189 

*) Including €59 million losses from derivatives not qualifying for hedge accounting under IAS 39. 

Other operating income includes amounts that cannot be attributed to other items of the income statement, 

and in particular cost refunds from unconsolidated affiliated companies, gains on the disposal of items of 

property and equipment, the reversal of provisions and rental income. 


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56 


120 

(8) Administrative expenses 

€ mn 2003 2002 

Wages and salaries 2,873 3,665 

Social security costs 396 445 

Pension benefits expense (see Note 30) 292 325 

Total staff costs 3,561 4,435 

Professional services 251 566 

Occupancy expenses 388 500 

Office furniture and equipment 648 585 

Other administrative expenses 590 804 

Total other administrative expenses 1,877 2,455 

Depreciation of property and equipment 491 610 

Administrative expenses 5,929 7,500 

Excluding apprentices and trainees, the average number of staff employed during the year was 41,823 

(2002: 47,413). The breakdown of these employees by location was as follows: 

Employees 2003 2002 

Germany 33,641 38,055 

Other countries 8,182 9,358 

Total 41,823 47,413 

The average numbers of trainees and apprentices during the year was 180 (2002: 257) and 2,009 

(2002: 2,430), respectively. 

(9) Other expenses 

€ mn 2003 2002 

Other operating expenses 908 592 

Other taxes 11 15 

Amortisation of and impairment losses on goodwill 194 1,176 

Other expenses 1,113 1,783 

Other operating expenses include amounts that cannot be attributed to other items of the income statement, 

including the costs of raising long-term debt and of capital increases, indemnity payments and losses on the 

disposal of items of property and equipment. Other taxes include property taxes, vehicle taxes and other 

taxes that are not based on the Group’s taxable net income. 

(10) Restructuring charges 

€ mn 2003 2002 

“New Dresdner” Programme 380 – 

Other programmes 460 244 

Restructuring charges 840 244 

€380 million of the restructuring charges in the year under review relate to the “New Dresdner” Programme 

announced in August 2003. The goal of the “New Dresdner” Programme is the further optimisation of the 

Bank's business model. This entails the loss of a further 4,700 jobs in addition to the previous cuts. It is planned 

to implement the initiatives within a two-year period.


The Other programmes item comprises measures taken in 2003 amounting to €91 million; these primarily 

consist of restructuring costs for outsourcing activities in the Transaction Banking unit and of IT impairment 

losses necessitated by our revised business model. 

€343 million is attributable to legacy measures initiated in 2002. The expenses are the result of the detailed 

definition of key subinitiatives in the year under review. 

Aggregate expenses of €26 million relate to restructuring projects initiated in 2000 and 2001. 

Information on the development of provisions is provided in Note 31. 

(11) Earnings per share 

Earnings per share are calculated by dividing the net income/net loss by the weighted average number of shares 

outstanding during the year, excluding the average number of shares held by the Group as treasury shares. 

Diluted earnings per share are calculated using the same method, but the weighted average number of shares 

outstanding is adjusted for the dilutive effect of outstanding rights to subscribe for Dresdner Bank shares. No 

such rights were still in existence at the end of 2003. The diluted earnings per share therefore correspond to 

the earnings per share. 

(12) Quarterly results 

2003 2002 

Net loss (€ mn) –1,989 –942 

Weighted average number of shares outstanding (millions of shares) 578.1 577.4 

Earnings per share (€) –3.44 –1.63 

2003 2002 

€ mn Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 

Net interest 

and current income 

Net fee 

775 486 642 622 821 634 918 903 

and commission income 612 630 624 724 660 671 802 957 

Net trading income 112 329 478 607 220 489 100 235 

Operating income 1,499 1,445 1,744 1,953 1,701 1,794 1,820 2,095 

Loan loss provisions 294 23 348 351 411 757 729 321 

Total staff costs 842 906 879 934 1,044 1,090 1,114 1,187 

Non-staff operating costs 597 593 582 596 788 766 771 740 

Administrative expenses 1,439 1,499 1,461 1,530 1,832 1,856 1,885 1,927 

Operating result –234 –77 –65 72 –542 –819 –794 -153 

Other income/ 

expenses (net) –1,648 154 –176 –59 –615 845 –400 1,576 

Restructuring charges 558 60 203 19 13 173 58 – 

Income/loss before taxes –2,440 17 –444 –6 –1,170 –147 –1,252 1,423 

Income tax expense –398 –22 –655 180 103 27 –237 –104 

Income/loss after taxes –2,042 39 211 –186 –1,273 –174 –1,015 1,527 

121 

57

58 


122 

(13) Segment reporting 

Segment reporting is structured primarily according to business segments, with a geographical breakdown 

used as a secondary reporting format. The business segments shown are in line with the organisational structure 

of the Dresdner Bank Group at the end of the year, taking into account the nature of the products and 

services provided and the respective target customer groups. 

Two material changes were made in the segment structure in fiscal 2003 as against the previous year. Firstly, 

the Dresdner Bank Group focused its business activities on the three divisions Private and Business Clients, 

Corporate Banking and Dresdner Kleinwort Wasserstein as part of its strategic reorientation. Secondly, following 

the establishment of the Institutional Restructuring Unit (IRU) as part of the Turnaround Programme 

2003, these three operating divisions transferred specific loan commitments to the IRU. These assets were 

transferred in the first half of 2003. The comparative figures for the previous year have been adjusted to 

reflect these two structural changes. 

The Private and Business Clients division provides sophisticated advisory services to private customers and 

markets a range of financial products focusing on asset accumulation and investment. In addition to classic 

and innovative banking products in the fields of payments, asset management and finance, the division offers 

mid-market companies advice on topics such as occupational retirement provision, Basel II and e-business. 

The Corporate Banking division provides commercial banking services to corporates and institutions. Its 

range of services includes lending and deposits, foreign commercial business, securities and payments, including 

related e-business activities. 

The Dresdner Kleinwort Wasserstein division bundles the Bank's activities in the Corporate Finance & 

Advisory and Capital Markets units, and is responsible for income from the Bank's underwriting business, 

mergers & acquisitions, project and structured finance and equities, bond and derivatives trading. 

The Institutional Restructuring Unit (IRU) bundles those loan commitments that no longer fit the Bank's 

strategic orientation. This also includes its private equity business. The job of the IRU is to find individual or 

portfolio solutions for each of these loan commitments, which are completely different in terms of quality 

and structure. The IRU uses a range of instruments to implement this strategy. They include loan securitisation 

and placement, participation in corporate restructuring, the conversion of loans into private equity 

stakes, the restructuring of syndicated loans, margin increases, credit limit adjustments or the waiver of loan 

extensions, as well as state-of-the-art instruments such as credit default swaps. The IRU plays a key role in the 

Bank's strategy, since it enables the operating units to concentrate on strategic, profitable high-quality business. 

Corporate Investments, which we are disclosing independently of Corporate Items for the first time, comprises 

holdings of investment securities that we no longer regard as part of our core business following our 

strategic reorientation. Our goal is to reduce these holdings as part of a targeted divestment process. 

Corporate Items include income and expense items that cannot be directly attributed to any of the operating 

divisions, or that are the result of decisions that affect the Group as a whole. We are aiming to reduce our 

Corporate Items as far as possible. These items mainly include cross-divisional expenses for Group functions 

and projects, impairment losses on goodwill, remeasurement gains and losses from trasnser and global risks 

and remeasurement gains and losses from the application of IAS 39. In addition, Corporate Items is used to 

reconcile the financial reporting used in the Group’s operating divisions, which focuses on management 

criteria, with the Group’s consolidated financial statements. Costs incurred by the Corporate Service units 

and Transaction Banking are oncharged to the divisions as part of internal cost allocation. Income from the 

former Real Estate division is now also subsumed under Corporate Items. This is because no major business 

activities are still being performed and the business is no longer managed at divisional level since the deconsolidation 

of Deutsche Hypothekenbank AG as at 31 July 2002 (merger with Eurohypo AG) and the transfer 

of Allianz Dresdner Bauspar AG to the Private and Business Clients division. In addition, it should be borne 

in mind that our domestic asset management companies were contributed to Allianz Dresdner Asset Management 

in the second half of the previous year. This means that the results of this division were reduced

substantially in the year under review. Consequently, the results of the remaining foreign asset management 

companies are now no longer presented as a separate division, but have also been subsumed under Corporate 

Items. 

Basis and methodology of segment reporting. Segment reporting is based on the monthly Group Management 

Accounts, a decision-support tool used for divisional Group planning and control. Any changes to the 

divisional structure as well as modifications to income and cost allocation have been applied retrospectively 

for the years ended 31 December 2003 and 31 December 2002. 

The divisional reporting structure is designed to present the business divisions as if they were stand-alone 

businesses having their own capital resources. Capital is allocated on the basis of the risk capital assigned to 

the divisions. Reconciliation to the Group’s average capital resources according to the IASs is performed 

under Corporate Items. 

The net interest and current income of the divisions is calculated by measuring the segment assets and liabilities 

on the basis of a transfer pricing concept in line with prevailing market rates. Income from the investment 

of allocated equity capital is allocated to the divisions on the basis of imputed interest. Administrative 

expenses include both direct costs and indirect costs that have been allocated to divisions and service support 

units in connection with the intragroup exchange of services. 

The “return on risk capital”, an indicator of profitability, expresses the ratio between the result from operations 

or income/loss before taxes and the average risk capital allocated to the individual divisions. The costincome 

ratio is an indicator of how efficient individual divisions are in employing resources. 

The segment assets allocated to the divisions include trading assets, loans and advances to banks and loans 

and advances to customers, net of loan loss provisions. The segment liabilities and equity allocated to the 

divisions include trading liabilities, liabilities to banks, liabilities to customers and allocated equity. All other 

assets and liabilities, plus certain amounts required to reconcile balances to the amounts reported in the 

Group’s consolidated financial statements, are recognised under Corporate Items. 


123

60 


124 

€ mn Private and Corporate Dresdner Institutional Corporate Corporate Total 

Business Banking Kleinwort Restructuring Investments Items Dresdner Bank 

Clients Wasserstein Unit Group 

2003 2002 2003 2002 2003 2002 2003 2002 2003 2002 2003 2002 2003 2002 

Net interest and 

current income 1,528 1,649 694 717 355 553 488 681 –91 –78 –449 –246 2,525 3,276 

Net fee and 

commission income 1,453 1,379 316 317 560 757 76 129 0 0 185 508 2,590 3,090 

Net trading income 38 44 54 55 1,270 983 13 21 0 0 151 –59 1,526 1,044 

Operating income 3,019 3,072 1,064 1,089 2,185 2,293 577 831 –91 –78 –113 203 6,641 7,410 

Loan loss provisions 247 470 118 98 –45 32 884 1,588 0 0 –188 30 1,016 2,218 

Administrative expenses 2,524 2,742 499 578 1,876 2,633 421 491 16 0 593 1,056 5,929 7,500 

Operating result 248 –140 447 413 354 –372 –728 –1,248 –107 –78 –518 –883 –304 –2,308 

Other income/expenses (net) –9 1 –9 0 15 0 –277 –32 39 0 –233 –148 –474 –179 

Results from 

investment securities 8 –5 –3 –66 22 13 –105 –473 –1,013 914 30 2,378 –1,061 2,761 

Amortisation of and 

impairment losses on goodwill 31 31 0 0 55 129 17 14 0 0 91 1,002 194 1,176 

Restructuring charges 174 26 90 11 30 120 145 57 0 0 401 30 840 244 

Income/loss before taxes 42 –201 345 336 306 –608 –1,272 –1,824 –1,081 836 –1,213 315 –2,873 –1,146 

Change (€ mn) 243 9 914 552 –1,917 –1,528 –1,727 

Segment assets (€ bn) 42.0 43.5 40.9 41.1 317.1 227.8 18.3 35.6 8.7 9.2 50.0 56.2 477.0 413.4 

Segment liabilities (€ bn) 51.8 52.5 41.7 41.9 255.0 197.6 6.1 10.5 – – 122.4 110.9 477.0 413.4 

Cost-income ratio 

(operating), % 83.6 89.3 46.9 53.1 85.9 114.8 73.0 59.1 89.3 101.2 


(operating), % 16.5 –7.8 29.8 19.7 16.1 –10.6 –31.7 –37.8 –3.2 –16.0 


before taxes, % 2.8 –11.2 23 16 13.9 –17.4 –55.3 –55.3 –30.2 –8.0 

Risk capital (average) 1,500 1,800 1,500 2,100 2,200 3,500 2,300 3,300 2,700 3,000 –700 700 9,500 14,400 


(average) 37,300 40,900 25,800 30,600 33,800 40,300 15,500 22,900 7,200 6,600 7,900 28,100 127,500 169,400 

The following table presents the Group’s business activities according to geographical regions, based on the 

domicile of each operating unit: 

€ mn Income Income/loss 

before taxes 

Total assets 

2003 2002 2003 2002 2003 2002 

Germany 8,724 12,062 –2,573 1,864 400,617 321,716 

Europe (excluding Germany) 5,480 5,049 –154 –1,002 148,847 128,014 

North America 1,518 1,874 –344 –1,532 46,067 59,398 

Latin America 167 535 118 –513 4,833 8,006 

Asia/Pacific 418 344 81 37 18,060 19,325 

Consolidation –4,453 –3,802 – –141,395 –123,014 

Total 11,854 16,063 –2,873 –1,146 477,029 413,445 

Revenue includes interest and current income, current income from equities and other non-fixed-income 

securities and from investments in non-affiliated and affiliated enterprises, current leasing income, commission 

income, net trading income and other operating income.

III. Notes to the Consolidated Balance Sheet – Assets 

(14) Cash funds 

€ mn 31 Dec. 2003 31 Dec. 2002 

Cash on hand 542 719 

Balances with central banks 4,017 3,031 

Of which: Deutsche Bundesbank 3,321 1,205 

Treasury bills, discounted treasury notes and similar treasury securities 798 850 

Of which: eligible for refinancing with Deutsche Bundesbank 0 10 

Bills 134 277 

Of which: eligible for refinancing with Deutsche Bundesbank 134 277 

Cash funds 5,491 4,877 

Balances held with Deutsche Bundesbank also serve to meet minimum reserve requirements. 

(15) Trading assets 

€ mn 31 Dec. 2003 31 Dec. 2002 



Positive fair value of derivative financial instruments 17,553 20,543 

Other trading assets 1,393 1,534 

Trading assets 143,035 121,535 

Debt and other fixed-income securities can be broken down as follows: 

€ mn 31 Dec. 2003 31 Dec. 2002 


Public sector issuers 54,568 36,221 

Other issuers 

Money market securities 

50,271 41,480 


Other issuers 1,289 2,654 

Own bonds and notes – – 


Of which: marketable securities 109,237 90,378 

thereof: listed securities 96,189 78,986 

unlisted securities 13,048 11,392 


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62 


126 

Equities and other non-fixed-income securities can be broken down as follows: 

€ mn 31 Dec. 2003 31 Dec. 2002 

Equities 13,684 7,924 

Other 1,168 1,156 




unlisted securities 61 17 

Positive fair values of derivative financial instruments are disclosed net. Positive and negative fair values in the 

amount of €40,685 million (2002: €45,357 million) were offset on the basis of existing netting agreements. 

Negative fair values of derivative financial instruments and obligations to deliver securities are reported under 

Trading liabilities. Trading assets in the amount of €104,123 million (2002: €65,417 million) were pledged as 

collateral for the Group’s liabilities. Other trading assets include promissory notes and registered securities, 

among other things. 

(16) Loans and advances to banks 

31 Dec. 2003 31 Dec. 2002 

Other Other 

€ mn Germany countries Total Germany countries Total 

Payable on demand 5,590 15,733 21,323 5,933 7,804 13,737 

Other advances 17,056 79,702 96,758 17,253 53,059 70,312 

Loans 1,094 3,676 4,770 1,525 3,122 4,647 

Of which: mortgage loans – – – – – – 

communal loans 818 618 1,436 914 76 990 

Loans and advances to banks 23,740 99,111 122,851 24,711 63,985 88,696 

Less: loan loss allowances 1 230 231 7 323 330 

Loans and advances to banks, 

net of loan loss allowances 23,739 98,881 122,620 24,704 63,662 88,366 

Of which: promissory notes 

at fair value 

Of which: reverse repurchase 

818 618 1,436 914 76 990 

agreements 16,508 74,346 90,854 14,737 44,435 59,172 

Loans and advances to banks in the amount of €37,943 million (2002: €24,648 million) were pledged as 

collateral for the Group’s liabilities at the reporting date.

(17) Loans and advances to customers 

31 Dec. 2003 31 Dec. 2002 

Loans and advances to customers can be broken down as follows: 

Other Other 


Corporate customers 38,153 91,223 129,376 38,173 77,917 116,090 

Public authorities 564 2,520 3,084 619 2,076 2,695 

Private customers 41,038 1,556 42,594 43,216 1,312 44,528 

Loans and advances to customers 79,755 95,299 175,054 82,008 81,305 163,313 

Less: loan loss allowances 4,115 1,121 5,236 5,134 1,156 6,290 

Loans and advances to customers, 

net of loan loss allowances 75,640 94,178 169,818 76,874 80,149 157,023 

Of which: promissory notes at fair value 386 37 423 394 15 409 

Of which: reverse repurchase agreements 5,574 57,666 63,240 905 37,911 38,816 

€ mn 31 Dec. 2003 31 Dec. 2002 

Loans 98,965 118,164 

Of which: mortgage loans 11,559 12,001 

communal loans 1,720 2,070 

home loans 906 1,009 

other loans secured by mortgages 17,982 19,233 

Reverse repurchase agreements 63,240 38,816 

Other advances 12,849 6,333 


Loans and advances to customers include advances under finance leases in the amount of the net investment 

of €705 million (2002: €844 million). The corresponding gross investment value of these leases amounts 

to €782 million (2002: €914 million), of which €77 million (2002: €95 million) relates to unearned income. 

The residual values of all leased assets were guaranteed both in the year under review and in the previous 

year. Allowances for unrecoverable lease receivables amounted to €42 million at the balance sheet date 

(2002: €4 million). Of the aggregate lease receivables, €78 million is due within one year and €308 million 

is due within five years. €319 million has a residual maturity of more than five years. 

The Group's finance leasing operations are based in New York, London and Tokyo. The items financed 

include aircraft, railway equipment, real estate and other infrastructure investments. 

Loans and advances to customers in the amount of €22,681 million (2002: €23,842 million) were pledged 

as collateral for the Group’s liabilities. 


127

64 


128 

The table below provides a breakdown of loans and advances, before adjustment for loan loss allowances, to 

German and foreign corporate customers, private customers and public authorities, broken down by sector: 

€ mn 31 Dec. 2003 31 Dec. 2002 

Germany 

Manufacturing industry 7,991 9,626 

Construction 1,062 1,345 

Wholesale and retail trade 4,194 5,900 

Financial institutions (excluding banks) and insurance companies 9,675 4,448 

Service providers 12,951 13,777 

Other 2,280 3,077 

Corporate customers 38,153 38,173 

Public authorities 564 619 

Private individuals (including self-employed professionals) 41,038 43,216 

Total 79,755 82,008 

Other countries 

Manufacturing industry 4,844 9,229 

Construction 574 557 

Wholesale and retail trade 1,066 1,501 

Financial institutions (excluding banks) and insurance companies 71,687 49,208 

Finance leasing 798 879 

Transport 2,022 1,456 

Telecommunications 1,694 1,972 

Service providers 3,339 5,442 

Other 5,199 7,673 

Corporate customers 91,223 77,917 

Public authorities 2,520 2,076 

Private individuals 1,556 1,312 

Total 95,299 81,305 

Grand total 175,054 163,313 


In contrast to the reporting of loans and advances, the lending volume does not include reverse repurchase 

agreements or other advances. However, this item does comprise loans extended on bills that are not reported 

under Loans and advances to banks or customers, as appropriate. 

31 Dec. 2003 31 Dec. 2002 

Other Other 


Loans extended on bills 134 0 134 277 1 278 


Public authorities 559 616 1,175 606 2,068 2,674 


Customer loans 72,962 26,137 99,099 80,160 38,282 118,442 

Loans to banks 1,094 3,676 4,770 1,525 3,122 4,647 

Lending volume 74,056 29,813 103,869 81,685 41,404 123,089 

Less: loan loss allowances 4,116 1,351 5,467 5,141 1,479 6,620 

Lending volume net 

of loan loss allowances 69,940 28,462 98,402 76,544 39,925 116,469 

Of which: promissory notes 

at fair value 1,204 655 1,859 1,308 91 1,399

(18) Development of loan loss allowances 

The total Loan loss allowances item includes the loan loss allowances deducted from the asset side of the 

balance sheet in the amount of €5,466 million (2002: €6,620 million) and the allowance for contingent liabilities 

in the amount of €486 million (2002: €629 million) included in Provisions and other liabilities. 

Counterparty risks Country risks Potential risks 

(general loan 

loss allowance) 

Total 

€ mn 2003 2002 2003 2002 2003 2002 2003 2002 

1 January 6,069 6,760 367 488 813 804 7,249 8,052 

Additions 

Additions to loan loss 

provisions recognised 

in the income statement 2,007 2,826 41 111 0 106 2,048 3,043 

Reductions 

Charge-offs 

Amounts released 

(recognised in the 

2,034 1,883 7 0 0 0 2,041 1,883 

income statement) 

Changes in consolidated 

719 544 95 203 150 28 964 775 

companies *) – –928 – – 4 –63 4 –991 

Other additions/reductions 

Currency translation 

–60 56 4 -12 – 0 –56 44 

differences –244 –218 –41 –17 –3 –6 –288 –241 

31 December 5,019 6,069 269 367 664 813 5,952 7,249 

*) Deconsolidation of Deutsche Hyp Deutsche Hypothekenbank Frankfurt-Hamburg AG 

The loan portfolio includes non-accrual loans amounting to €8,239 million (2002: €10,005 million). This 

amount includes €5,172 million (2002: €7,695 million) representing loans that were placed on non-accrual 

status and €3,067 million (2002: €2,310 million) of loans which have a specific allowance against the interest 

accrued. As a result, interest amounting to €361 million (2002: €447 million), which would have been recognised 

had these loans been accruing interest, was not included in Net interest income. 

(19) Investment securities and investments in enterprises accounted 

for using the equity method 

€ mn 31 Dec. 2003 31 Dec. 2002 




Investments in unconsolidated affiliated enterprises 1,892 1,894 

Investment securities 18,922 23,160 

Investments in enterprises accounted for using the equity method 2,928 2,805 

Whereas investments in enterprises accounted for using the equity method are recognised at amortised cost, 

investment securities are measured at fair value (for exceptions, see the section of Note 1 dealing with 

investment securities). The total carrying amounts of investment securities measured at amortised cost are 

€175 million (2002: €340 million). The unrealised gains and losses contained in the item “Cumulative 

remeasurement gains/losses on available-for-sale financial instruments” can basically be broken down as 

follows: debt and other fixed-income securities: €78 million (2002: €242 million), equities and other 


129

66 


130 

non-fixed-income securities: €267 million (2002: €–543 million), investments in non-affiliated companies: 

€64 million (2002: €–51 million), investments in unconsolidated affiliated companies: €0 million 

(2002: €–873 million) and hedge accounting €–46 million (2002: none). 

Investment securities in the amount of €138 million (2002: €19,483 million) were pledged as collateral for 

own liabilities. 

Debt and other fixed-income securities can be broken down as follows: 

€ mn 31 Dec. 2003 31 Dec. 2002 



Other issuers 5,976 10,178 

Money market securities 

Public sector issuers 195 402 

Other issuers 1,094 506 




unlisted securities 1,172 2,680 

Debt and other fixed-income securities with a nominal value of €3,476 million (2003: €4,012 million) will 

mature in 2004. 

Equities and other non-fixed-income securities can be broken down as follows: 

€ mn 31 Dec. 2003 31 Dec. 2002 

Equities 2,063 1,679 

Other 1,412 1,518 




unlisted securities 1,034 804 

Investments in non-affiliated enterprises can be broken down as follows: 

€ mn 31 Dec. 2003 31 Dec. 2002 

Equities 2,525 3,406 

Other 228 306 




unlisted securities 56 16

Portfolio development: 

*) Does not include investments in financial services providers. 


Investments Investments Investments in 

in enterprises in non-affiliated unconsolidated 

accounted enterprises affiliated 

for using 

the equity 

enterprises 

€ mn method 

Historical cost 2,884 4,342 2,852 

Foreign currency translation 0 –9 1 

Additions during fiscal year 210 458 21 

Disposals during fiscal year 101 2,037 15 

Transfers 0 112 –82 

Accumulated amortisation and impairment losses 65 1,066 886 

Prior-period amortisation and impairment losses 

Amortisation and impairment losses during 

79 580 232 

the fiscal year 0 572 719 

Transfers 0 3 0 

Disposals 14 89 65 

Reversals of impairment losses 0 127 1 

Cumulative remeasurement gains/losses 858 –873 

- Foreign currency translation 0 0 

- Additions during fiscal year 0 873 

- Disposals during fiscal year 32 – 

Carrying amounts 

31 December 2003 2,928 2,753 1,892 *) 

31 December 2002 2,805 3,712 1,894 *) 

Investments in non-affiliated enterprises according to the IFRSs are equivalent to equity investments as defined 

by section 271 (1) HGB. €448 million of this figure (2002: €161 million) is attributable to investments in 

credit institutions and €206 million (2002: €124 million) to investments in financial services providers. 

The list of shareholdings lodged with the commercial register provides a complete breakdown of unconsolidated 

affiliated enterprises, enterprises accounted for using the equity method and other shareholdings. 

131 

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68 


132 

(20) Property and equipment 

Land Of which: Office Of which: Of which: Total 

and used by furniture internally other 

buildings third and developed software 

€ mn equipment software 

Historical cost 

1 January 2003 3,483 436 3,472 377 780 6,955 

Foreign currency translation –18 – –82 –18 –10 –100 

Additions 363 102 292 63 68 655 

Transfers –152 565 92 0 69 –60 

Disposals 321 184 866 46 238 1,187 

31 December 2003 3,355 919 2,908 376 669 6,263 

Reversals of impairment losses 

during the year – – – – – – 

Depreciation and impairment losses 

1 January 2003 389 55 2,164 202 396 2,553 

Foreign currency translation –9 – –54 –14 –7 –63 

Impairment losses during the year 77 17 414 58 155 491 

Transfers 17 16 81 -6 71 98 

Disposals 42 13 582 0 121 624 

31 December 2003 432 75 2,023 240 494 2,455 


31 December 2003 2,923 844 885 136 178 3,808 

31 December 2002 3,094 381 1,308 175 384 4,402 

During the fiscal year, write-downs for impairment of real estate were charged in the amount of €2 million 

(2002: €12 million). Write-downs for impairments of IT equipment and software and other office furniture 

and equipment amounted to €74 million (2002: €35 million) and €10 million (2002: €5 million) respectively. 

No expenses were recognised for capital expenditure projects in progress in the fiscal year (2002: €140 

million). During 2003 and 2002, no reversals of previous impairment losses were recognised. The Group used 

land and buildings with a carrying amount of €2,079 million (2002: €2,713 million) in connection with 

Group activities. The Group has land and buildings used by third parties with a carrying amount of 

€844 million; the fair value of these properties is €891 million. These are leased properties that have been 

measured at cost less accumulated depreciation and impairment losses because of their relative unimportance 

to the Group. At the balance sheet date, items of property and equipment in the amount of €7 million 

(2002: €21 million) were pledged as collateral for the Group’s liabilities.

(21) Goodwill 

€ mn Goodwill 

Cost 

1 January 2003 3,143 

Additions –21 

Transfers – 

Disposals 19 

31 December 2003 3,103 

Reversals of impairment losses during the year 10 

Amortisation and impairment losses 

1 January 2003 2,484 

Amortisation and impairment losses during the fiscal year 194 

Disposals 17 

31 December 2003 2,661 


31 December 2003 452 

31 December 2002 667 

(22) Other assets 

€ mn 31 Dec. 2003 31 Dec. 2002 

Accrued interest 3,192 3,045 

Positive fair value from hedging derivatives in accordance with IAS 39 658 608 


Recoverable taxes 929 689 


Other assets include cheques and other items presented for collection, prepayments, and credit balances on 

clearing and settlement accounts. 

(23) Subordinated assets 

€ mn 31 Dec. 2003 31 Dec. 2002 


Loans 10 79 

Loans and advances to customers 


77 65 

Of which: bonds and notes 92 39 

other issuers 92 39 

equities and other non-fixed-income securities 


6 – 

Of which: bonds and notes 75 290 

other issuers 75 290 

equities and other non-fixed-income securities 22 – 

Subordinated assets 282 473 

Assets are classified as subordinated assets if, in the case of liquidation or insolvency, the related claim can 

only be realised after the claims of all other creditors have been met. 


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(24) Assets sold under repurchase agreements 

At the balance sheet date, the Group was committed to repurchasing assets with a net carrying amount of 

€103,860 million (2002: €61,068 million). These assets continue to be reported in the consolidated balance 

sheet. 

Liabilities, Minority Interests and Shareholders' Equity 

(25) Trading liabilities 

€ mn 31 Dec. 2003 31 Dec. 2002 

Negative fair value of derivative financial instruments 18,778 19,991 

Obligations to deliver securities 61,476 30,194 

Other trading liabilities 2,968 2,377 

Trading liabilities 83,222 52,562 

(26) Liabilities to banks 

€ mn 31 Dec. 2003 31 Dec. 2002 

Payable on demand 15,381 12,402 

Other term liabilities 150,131 115,140 

Of which: registered mortgage bonds issued 3,045 2,498 


Of which: repurchase agreements 52,194 38,046 

Domestic banks 76,388 49,319 

Foreign banks 89,124 78,223 

(27) Liabilities to customers 

€ mn 31 Dec. 2003 31 Dec. 2002 

Savings deposits 

With agreed period of notice of three months 1,202 1,166 

With agreed period of notice of more than three months 421 547 

Home loan savings deposits 3,116 3,035 

Savings deposits and home loan savings deposits 4,739 4,748 

Payable on demand 64,040 58,617 

Term liabilities 83,848 80,471 

Of which: registered mortgage bonds issued 6,747 5,639 



Of which: repurchase agreements 40,178 25,078

Liabilities to customers can be broken down into the following customer groups: 

(28) Certificated liabilities 

*) In accordance with IAS 39, own debt securities held within the Group are offset against bonds issued. 

Certificated liabilities include bonds and other liabilities for which transferable certificates have been issued. 

€6,621 million of bonds issued will mature in 2004 (2003: €5,713 million). 

(29) Provisions and other liabilities 

Other liabilities include trade payables not yet invoiced and payroll deductions payable to tax or social insurance 

authorities. 

(30) Provisions for pensions and similar liabilities 

31 Dec. 2003 31 Dec. 2002 

€ mn Germany Other countries Total Germany Other countries Total 


Public authorities 1,136 3,364 4,500 1,475 6,730 8,205 


Liabilities to customers 71,259 81,368 152,627 72,050 71,786 143,836 

€ mn 31 Dec. 2003 31 Dec. 2002 

Bonds issued *) 24,628 26,698 

Money market securities 15,016 27,677 

Own acceptances and promissory notes outstanding 0 70 

Other 165 149 

Other certificated liabilities 15,181 27,896 


€ mn 31 Dec. 2003 31 Dec. 2002 

Provisions for pensions and similar liabilities (see Note 30) 1,992 1,964 

Provisions for current taxes 886 644 

Other provisions 3,411 3,064 

Accrued interest 1,646 2,422 

Negative fair value of hedging derivatives in accordance with IAS 39 946 826 


Provisions and other liabilities 12,891 11,531 

The amounts reported in the balance sheet can be broken down as follows: 

€ mn 2003 2002 

Present value of wholly unfunded obligations 2,123 2,080 

Present value of funded obligations 687 629 

Fair value of plan assets –600 –592 

Total pension liabilities as at 31 December 2,210 2,117 

Unrecognised actuarial gains/losses –218 –153 

Liability in balance sheet as at 31 December 1,992 1,964 


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72 


136 

The development of pension liabilities under defined-benefit plans is shown below: 

€ mn 2003 2002 

Total pension liabilities as at 1 January 2,117 2,339 

Less actuarial gains/losses as at 1 January –154 –209 

Liability in balance sheet as at 1 January 1,963 2,130 

Service cost 75 68 

Interest cost 147 140 

Other additions and transfers –72 –142 

Benefits paid during the year –121 –232 

Liability in balance sheet as at 31 December 1,992 1,964 

Actuarial gains (–) or losses (+) as at 31 December +218 +153 

Total pension liability as at 31 December 2,210 2,117 

Since pension provisions are determined on the basis of information prevailing at the beginning of the year 

under review, actuarial gains or losses are produced when pension provisions and liabilities are compared at 

the end of the year. This has no impact on pension payments. 

Development of plan assets in the year under review: 

€ mn 2003 2002 

Fair value of plan assets as at 1 January 592 551 

Transfer –30 –36 

Actual return on plan assets 36 –30 

Foreign currency translation – – 

Employee contributions 29 134 

Benefits paid –26 –27 

Fair value of plan assets as at 31 December 600 592 

The calculations were based on the actuarial assumptions set out below: 

% 2003 2002 

Discount rate 5.5 *) 5.75 *) 

Expected return on plan assets 6.0 6.25 

Expected rate of salary increases 1.9 2.0 

Expected future pension increases 1.4 1.5 

*) An interest rate of 7.8% (2002: 6.75%) is used in the United States and an interest rate of 5.5% (2002: 5.50%) in the United Kingdom. 

The following items were recognised in the pension benefit expense: 

€ mn 2003 2002 

Service cost 75 68 

Interest cost 147 140 

Other additions –33 –25 

Actuarial gains/losses – – 

Expenses for defined-benefit plans 189 184 

Of which: pension payments in the year under review 121 232 

Expenses for defined-contribution plans 68 88 

Other pensions 34 50 

Exchange rate adjustments 1 3 

Pension benefit expense 292 325

(31) Other provisions 

*) including a €5 million change in the present value. 

Restructuring Loan Other Provisions Other Total 

provision loss provisions for expected 

allowance for staff losses from 

costs incompleted 

€ mn transactions 

1 January 2003 365 629 952 40 1,078 3,064 

Foreign currency translation –13 –17 –86 – –29 –145 

Additions 713 121 900 – 958 2,692 

Charge-offs 196 132 838 – 291 1,457 

Amounts released 47 87 78 26 330 568 

Transfers –4 –16 21 – –106 –105 

Changes in consolidated companies –3 –12 –8 – –47 –70 

31 December 2003 815 486 863 14 1,233 3,411 

Restructuring provision New Other Of which: Total 

Dresdner programmes additional 

measures 

€ mn in 2003 

1 January 2003 365 365 

Foreign currency translation –13 –13 

Additions 345 368 *) 44 713 

Charge-offs 196 196 

Amounts released 47 47 

Transfers –4 –4 

Changes in consolidated companies –3 –3 

31 December 2003 345 470 44 815 

The provisions as at 31 December 2003 include the “New Dresdner” Programme announced in August 2003, 

for which additions have been made in the amount of €345 million. 

A further €44 million was added to the Other programmes provisions for “Additional Measures in 2003”. 

Alongside this, the Other programmes relate to legacy measures. All measures for the programme initiated in 

2002 have now been defined in detail, with the result that it is now reflected in full in the provisions in the 

amount of €299 million. Implementation of the key initiatives will be completed in 2005. 

The remaining provisions relate to programmes that were initiated in 2000 and 2001 and that have now been 

largely concluded. The remaining provisions relate to obligations under early retirement and partial early retirement 

programmes agreed in the course of implementing the restructuring measures. In addition, existing 

obligations under rental agreements are included in this provision. The remaining provision of €127 million 

can be broken down as follows across the individual initiatives in the 2000 and 2001 programmes: “Measures 

to enhance the efficiency of the domestic sales network” €49 million, “Other restructuring measures on the 

domestic market” €41 million, “Establishment of the Corporates & Markets division” €37 million. 

Current restructuring provisions primarily cover future obligations for staff costs and rental agreements that 

will be associated with the individual initiatives. The adequacy of the provisions is tested at regular intervals 


137

74 


138 

as part of project management for the restructuring programmes, and corresponding additions or reversals 

made. The resulting effects on income are recognised in the additions and amounts released. Adjustments are 

required on the one hand as a result of the detailed definition of the human resources instruments employed, 

and on the other as a result of adjustments to expected income from subletting due to market developments 

in the real estate sector. 

(32) Deferred taxes and income tax expense 

Deferred tax assets and tax liabilities. Due to temporary differences between the tax bases of assets and liabilities 

and their carrying amounts in the consolidated financial statements, deferred tax assets or tax liabilities, 

as appropriate, have been recognised for the following assets and liabilities: 

€ mn 2003 2002 

Deferred tax assets 


Of which: cumulative remeasurement gains/losses 

158 124 

on available-for-sale financial instruments 17 16 

Trading assets and liabilities 20 113 

Pension provisions 186 142 

Other provisions 342 418 

Loan loss allowances 210 155 

Losses carried forward 2,187 1,747 

Other 333 205 

Total (gross) 3,436 2,904 

Deferred tax liabilities 


Of which: cumulative remeasurement gains/losses 

123 287 

on available-for-sale financial instruments 77 107 

Trading assets and liabilities 364 1,048 


Other provisions 43 78 

Provisions for loan losses 234 95 

Loan loss allowances 34 40 

Other 537 257 

Total (gross) 1,483 1,856 

Net deferred tax assets 1,953 1,048 

In the consolidated balance sheet, deferred tax assets and liabilities are only offset to the extent that the 

amounts are due to the same tax authority, and are related to the same entity. The offsetting of deferred tax 

assets in the amount of €3,436 million and provisions for deferred tax liabilities in the amount of €1,483 

million results in a net deferred tax asset of €1,953 million. 

Deferred tax assets are recognised with respect to temporary differences to the extent that realisation of the 

related tax benefit is probable. As a result, deferred tax assets of €897 million (2002: €1,388 million) – predominantly 

due to unused tax losses carried forward – were not recognised since, on the basis of the information 

available at the balance sheet date, it is not probable that they will be realised. €851 million of these 

unrecognised deferred tax assets relate to loss carryforwards, thereof €38 million to foreign trade tax. 

At the balance sheet date, unused corporation tax loss carryforwards amounted to €7,076 million; deferred 

tax assets were recognised for these to the extent that their recognition is sufficiently certain. There is no time 

limit on the utilisation of €5,023 million of the loss carryforwards.

The loss carryforwards subject to time limits expire in the coming years as follows: 

Year € mn 

2004 1 

2005 2 

2006 132 

2007 57 

2008 3 

2009 59 

2010 37 

2011 0 

2012 0 

2013 0 

> 10 years 1,580 

Unlimited 5,205 

Total 7,076 

In addition, the Bank has accumulated trade tax loss carryforwards of €5,864 million; these are not subject to 

any time limit. 

Income tax expense. The income tax expense item includes current tax expense on income as well as 

deferred tax expense: 

€ mn 2003 2002 

Current taxes 

Germany –16 235 


Total current taxes 47 245 

Deferred taxes 

Germany –908 –547 

Other countries –34 91 

Total deferred taxes –942 –456 

Income tax expense –895 –211 

Deferred tax assets and liabilities were calculated for domestic companies in 2003 using an effective corporate 

tax rate, including the solidarity surcharge, of 26.38% (2002: 26.38%), plus an effective trade tax rate of 

13.52% (2002: 13.52%). The increased corporation tax rate of 26.5% resulting from the Flutopfersolidaritätsgesetz 

(German Flood Victim Solidarity Act), which is only valid in 2003, was not applied for reasons of 

materiality and the current tax loss situation. In all other cases, the country-specific tax rates were applied. 

The effective tax benefit recognised in 2003 is €75 million higher than the expected income tax benefit. The 

table below provides a reconciliation of the expected income tax expense to the effective tax expense recognised. 

It represents a summary of the individual reconciliations based on individual corporate and countryspecific 

tax rates: 

€ mn 2003 2002 

Expected income tax expense –819 –400 

– Trade tax and similar taxes –194 –237 

– Tax-free income 224 –1,056 

+ Amortisation of and impairment losses on goodwill 41 311 

+ Non-deductible expenses –6 330 

+ Adjustment for deferred tax assets –68 823 

+ Other tax adjustments –78 18 

= Effective tax expense –895 –211 


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76 


140 

(33) Subordinated liabilities 

The subordinated liabilities in the amount of €6,424 million consist of hybrid capital in the amount of 

€1,561 million and Other subordinated liabilities in the amount of €4,863 million; they may not be redeemed 

in the event of insolvency or liquidation until all non-subordinated creditors have been satisfied. 

There is no obligation to redeem such liabilities prior to maturity. 

Hybrid capital. In 1999 and 2001 we issued silent partnership certificates, which are composed of the following 

tranches: 

Year of issue Nominal amount Issuer 1) Interest rate Maturity 

1999 €500 mn Dresdner Bank AG 5.790% 2011 

1999 US$1.000 mn 2) Dresdner Bank AG 8.151% 2031 


2001 JPY15,000 mn Dresdner Bank AG 3.500% 2033 

1) Issued via Dresdner Capital LLC I to IV, Wilmington/Delaware, USA 

2) This issue is in excess of 10% of total subordinated liabilities. 

The carrying amount of the silent partnership certificates as at 31 December 2003 amounted to 

€1,561 million (31 December 2002: €1,732 million). These silent partnerships qualify as core capital under 

the provisions of the Basel Committee for Banking Supervision. Interest paid on the silent partnerships in 

the year under review amounted to €122 million (2002: €118 million). 

Other subordinated liabilities. Other subordinated liabilities were recognised in the amount of 

€4,863 million (2002: €6,192 million). 

Interest paid on these subordinated liabilities in the year under review amounted to €222 million 

(2002: €463 million). Fixed-rate subordinated liabilities have coupons between 4.0% and 8.4%. 

In addition, floating rate issues linked to a reference interest rate and zero coupon bonds exist. The average 

interest rate is 4.1%. 

Subordinated liabilities are shown below (at nominal amounts): 

Currency Equivalent Maturity 

€ mn 

EUR 2,584 2004 – 2039 

USD 1,452 2004 – 2025 

CHF 353 2005 – 2009 

GBP 213 2007 

JPY 185 2027 – 2029 

Other currencies 82 2010 – 2011 

(34) Profit-participation certificates 

Profit-participation certificates in the amount of €1,511 million (2002: €1,506 million) were recognised. Profit-participation 

certificates entitle holders to annual interest payments, which take priority over shareholders' 

dividend entitlements. They are subordinated to all other creditors, except those similarly subordinated, and 

share in losses in accordance with the conditions attached to the certificates. Profit-participation certificates 

are redeemed in line with the provisions regarding loss sharing.

The following table provides details of the two largest issues of profit-participation certificates: 

Year of issue Nominal amount Issuer Interest rate Maturity 



(35) Minority interests 

The increase of €1,916 million to €2,034 million is due to the issuance of preference shares by a subsidiary. 

(36) Shareholders’ equity 

Subscribed capital. The subscribed capital of €1,502,972,205.80 at 1 January 2003 was composed of 

578,066,233 no-par value shares. Each share represents a notional interest in the share capital and entitles the 

holder to one vote in the Annual General Meeting. Dresdner Bank is an affiliated enterprise of Allianz AG as 

defined by section 271 (2) of the HGB and is included in the consolidated financial statements of Allianz 

AG, Munich. These can be obtained from Allianz AG, Königinstrasse 28, 80802 Munich. 

Contingent capital of Dresdner Bank AG. The Bank’s aggregate contingent capital at 1 January 2003 

amounted to €156,000,000.00. No use was made of the authorisation to implement a contingent capital 

increase, which was granted by the Annual General Meeting on 15 May 1998 and was valid until 

15 May 2003. No contingent capital existed at the reporting date. 

Authorised capital of Dresdner Bank AG. €76 million of the authorised capital of €250 million resolved in 

1999 was utilised in 2001; as a result, €174 million of authorised capital remained on the balance sheet date. 

The authorised capital is limited until 2004; shareholders' pre-emptive rights have been excluded. 

Additional paid-in capital. The additional paid-in capital includes premiums received on the issue of own 

shares, convertible bonds and bonds with warrants, or on the exercise of conversion or option rights. 

Retained earnings. Retained earnings include the Group’s retained earnings as well as the impact of any 

consolidation adjustments on the income statement. Retained earnings include €1,071 million 

(2002: €865 million) resulting from the application of the equity method of accounting. 

Cumulative remeasurement gains/losses on available-for-sale financial instruments. This item is used to 

record the measurement gains/losses on available-for-sale financial instruments; these gains/losses are transferred 

to the income statement at the time of their actual realisation. 

€ mn Cumulative remeasurement gains/losses 

1 January 2003 –1,233 

Fair value gains recognised as income 1,558 

Fair value losses recognised as income –208 

Gains and losses from the disposal of assets –349 

Fair value changes recognised directly in equity 643 

Remeasurement losses from cash flow hedges –48 

31 December 2003 363 


141

78 


142 

Treasury shares. No trading in Dresdner Bank's own shares took place in 2003. As at the end of 2003, no 

Dresdner Bank shares had been pledged to the Bank or affiliated enterprises as collateral (2002: no shares). 

Distributable profit of Dresdner Bank AG. The distributable profit for Dresdner Bank AG in the year under 

review amounted to €0 million (2002: €0 million). 

Regulatory capital and risk-weighted assets (BIS). Regulatory capital consists of three categories: core capital 

(Tier I capital) and supplementary capital (Tier II capital), which together make up a bank’s liable capital, and 

Tier III capital. Core capital consists of the Group shareholders’ equity and minority interests, hybrid capital 

and other adjustments. Supplementary capital chiefly consists of profit-participation certificates, long-term 

subordinated liabilities and revaluation reserves on investment securities. Tier III capital comprises subordinated 

liabilities that do not qualify as supplementary capital. 

€ mn 2003 2002 

Core capital 7,339 8,572 

Of which: hybrid components 1,561 1,732 

Profit-participation certificates 3,529 1,620 


Revaluation reserves for securities (of which 45%) 477 223 

Other components 418 276 

Supplementary capital 7,339 *) 6,469 

Tier III capital 305 64 

Total capital (BIS) 14,983 15,105 

Risk-weighted assets in the banking book 106,541 135,351 

Risk-weighted assets in the trading book 5,338 7,450 

Total risk-weighted assets 111,879 142,801 

*) After cap 

Assets in the banking book broken down by their risk-weighted amounts: 

Capital ratios: 

Total 100% 70% 50% 25% 20% 10% 4% 


in the banking book 

Of which: balance 

106,541 70,710 1,037 24,800 35 8,990 966 3 

sheet assets 

traditional 

off-balance 

82,459 66,758 1,037 9,877 – 4,307 480 – 

sheet business 14,004 2,189 – 10,927 35 364 486 3 

derivatives 190 – – 146 – 44 – – 

BIS capital ratios *) 2003 2002 

Core capital ratio **) 6.6 6.0 

Minimum core capital ratio 4.3 4.3 

Excess cover over minimum ratio 152.6 139.9 

Total capital ratio 13.4 10.6 

*) In accordance with the capital adequacy framework laid down by the Basel Committee for Banking Supervision of the Bank for International 

Settlements (BIS). 

**) Calculation includes risk-weighted assets from the trading book 

Unrealised reserves (securities and investments in non-affiliated enterprises) in the amount of €241 million 

(2002: €77 million) have been included under liable capital pursuant to section 10 (2b) sentence 1 no. 7 of 

the Kreditwesengesetz.

Other Balance Sheet Information 

(37) Collateral pledged for own liabilities 

The Group has pledged assets in the amount indicated below for the following liabilities and contingent liabilities: 

€ mn 31 Dec. 2003 31 Dec. 2002 



Contingent liabilities 7 70 

Other commitments 431 8,863 

Total collateralised liabilities and contingent liabilities 164,892 133,411 

The total amount of assets pledged as collateral can be broken down as follows: 

€ mn 31 Dec. 2003 31 Dec. 2002 



Trading assets 104,123 65,417 

Investment securities 138 19,483 


Total assets pledged as collateral *) 164,892 133,411 

*) Includes asset sold under repurchase agreements (see Note 24) 

(38) Foreign currency holdings 

The amounts reported represent the aggregate euro equivalents of a wide variety of currencies outside the 

euro zone. The differences in the amounts result from the fact that receivables and liabilities are reported in 

the balance sheet at cost less any write-downs, while all derivatives are reported at fair value. A separate overview 

of the size of our derivatives business is given in Note 40. 

€ mn USD GBP Other 31 Dec. 2003 31 Dec. 2002 

Balance sheet items: 

Assets 71,900 50,318 20,861 143,079 159,148 

Liabilities 79,285 52,573 18,757 150,615 177,791 

Impact of exchange rate fluctuations. Excluding exchange rate fluctuations, consolidated total assets for the 

year would have been €21.8 billion lower (2002: €20.5 billion higher). The loss after tax would have been 

€130 million lower (2002: €52 million higher loss after tax). 


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144 

(39) Structure of residual terms 

The matrix of residual terms provides a breakdown of loans and advances as well as liabilities by their final 

maturity or call date. 


Assets Up to > 3 months > 1 year More than 

€ mn Total 3 months – 1 year – 5 year 5 years 



Term loans and advances 276,582 158,450 51,912 27,399 38,821 

*) Loans and advances to customers with residual terms of up to 3 months include €7,706 million of undated claims. These claims include credit 

lines available until further notice, overdraft facilities, loans called or overdue, unauthorised overdrafts, call money and internal account balances. 


Liabilities Up to > 3 months > 1 year More than 



Liabilities to customers: 

Savings deposits and home loan 

savings deposits 4,739 1,230 159 2,223 1,127 


Certificated liabilities 39,809 11,530 7,779 15,071 5,429 

Subordinated liabilities 6,424 95 136 2,421 3,772 

Profit-participation certificates 1,511 – – 1,447 64 

Term liabilities 286,462 201,713 31,044 31,098 22,607 


Assets Up to > 3 months > 1 year More than 




Term loans and advances 238,272 125,603 35,795 36,817 40,057 

*) Loans and advances to customers with residual terms of up to 3 months include €8,510 million of undated claims. These claims include credit 

lines available until further notice, overdraft facilities, loans called or overdue, unauthorised overdrafts, call money and internal account balances. 


Liabilities Up to > 3 months > 1 year More than 


Term liabilities to banks 

Liabilities to customers: 

Savings deposits 

115,140 89,638 15,530 3,876 6,096 

and home loan savings deposits 4,748 1,459 766 1,412 1,111 


Certificated liabilities 54,594 21,220 12,318 17,275 3,781 

Subordinated liabilities 7,924 5 1,063 2,451 4,405 

Profit-participation certificates 1,506 0 0 559 947 

Term liabilities 264,383 176,875 35,586 29,935 21,987

(40) Securitisation business 

When securitising financial assets, we sell revolving loans to the capital market as part of precisely defined 

loan portfolios. The assets transferred are securitised as debt instruments by the buying special purpose entities 

and sold to third parties. The Dresdner Bank Group conducts these transactions via the fully consolidated 

special purpose entities Silver Lux Inc., Grand Cayman, and Silver Tower 125 Inc., Grand Cayman. The 

maximum transaction volume in each case is €5 billion. As at 31 December 2003, the two programmes together 

were utilised in the amount of €5.2 billion. 

In addition, we have used synthetic securitisation under the KfW / PROMISE programmes to place credit 

risks on the market. As at 31 December 2003, credit risks in the amount of €1 billion had been transferred to 

third parties using the PROMISE-K-2001-1 structure. 

The securitisation programmes generally provide for the retention of a small part of the risk in the form of 

discounts on the purchase price of the receivables sold, or interest subparticipation by the guarantor. 

(41) Derivatives business 

Derivative financial instruments, which enable the transfer of market and credit risks between different parties, 

derive their value among other things from underlying instruments such as interest rates, indices, share 

prices, or exchange rates. The most important derivatives products are swaps, forward rate agreements, foreign 

exchange forwards, equity options and credit derivatives. Derivatives transactions may be entered into in the 

form of standard, exchange-traded contracts or bilateral transactions that are negotiated over the counter 

(OTC). 

With regard to the Group’s worldwide trade in derivative financial instruments, demand from customers primarily 

focuses on instruments for the individual management of market and credit risks, as well as on the utilisation 

of derivative products for structured financial operations. The Group also uses derivatives to manage 

the risks of proprietary trading positions and for the purposes of asset/liability management. 

When measuring derivatives, a distinction is made between standard exchange-traded products and OTC products. 

In the case of exchange-traded contracts, a daily cash settlement is generally made. Positive and negative 

fair values are only disclosed if the contract provides for full settlement at the date of maturity only, or if the 

variation margin was not fixed on the balance sheet date (e.g. due to exchanges operating in different time 

zones). 

If the market price does not reliably reflect the fair value, or if there is no market price at all (OTC derivatives), 

the established methods used by the financial markets for estimating value (e.g. the net present value 

method or option pricing models) are used. The fair value of a derivative corresponds to the sum of all future 

cash flows discounted to the measurement date (present value or dirty close-out value). The following tables 

(for the trading and banking books respectively) show the nominal volumes by residual term and the positive 

and negative fair values of the derivative transactions we have concluded. The nominal amounts serve merely 

as reference values for determining mutually agreed settlement payments (e.g. interest claims and/or liabilities 

arising from interest rate swaps) and thus do not represent assets and/or liabilities reported on the balance 

sheet. 

Fair values are disclosed gross, i.e. before netting. The netting effect indicates the reduction in loss exposures 

due to global netting agreements; this amounts to €40.7 billion. Non-nettable fair values amount to €8.2 billion. 

The positive fair values for exchange-traded derivatives are not included in the Risk Report (p. 23), as by 

definition these are not subject to counterparty risk. The positive and negative fair values of hedging derivatives 

amounted to €658 million and €–946 million respectively. 


145

82 


146 

Trading book contracts Nominal amount/residual term Positive Negative 

€ mn = 5 years Total Total fair fair 

2003 2002 values values 

Interest rate derivatives 

OTC products 

- FRAs 82,224 8,828 0 91,052 101,865 33 26 

- Interest rate swaps 

- Fixed-rate swaps 0 605 45 650 791 12 8 

- Basis swaps 16,937 15,302 9,632 41,871 79,715 331 287 

- Interest rate swaps (IRS) 1,249,767 743,327 483,446 2,476,540 1,985,812 36,281 34,665 

- Interest rate options: calls 13,500 28,629 19,087 61,216 54,914 1,244 – 

- Interest rate options: puts 9,357 34,899 36,192 80,448 89,226 – 1,955 

- Other interest rate contracts 20 – – 20 – – – 

Exchange-traded products 

- Interest rate futures 85,653 21,099 – 106,752 132,600 8 5 

- Interest rate options: calls 16,067 985 – 17,052 3,158 12 – 

- Interest rate options: puts 19,310 3,362 – 22,672 4,866 – 9 

Total 1,492,835 857,036 548,402 2,898,273 2,452,947 37,921 36,955 

Currency derivatives 

OTC products 

- Forward currency transactions 228,094 57,456 1,144 286,694 349,381 6,140 8,280 

- Cross-currency swaps 46,943 166,573 43,392 256,908 77,478 5,571 3,879 

- Currency options: calls 30,760 15,634 2,949 49,343 41,948 1,351 – 

- Currency options: puts 29,939 17,163 2,944 50,046 42,154 – 2,029 


- Currency futures 950 47 – 997 1,195 11 8 

Total 336,686 256,873 50,429 643,988 512,156 13,073 14,196 

Equity/index derivatives 

OTC products 

- Equity/index swaps 3,341 6,114 562 10,017 3,999 620 540 

- Equity/index options: calls 13,620 28,761 2,138 44,519 33,641 3,696 – 

- Equity/index options: puts 24,421 51,577 5,767 81,765 39,014 – 4,077 

- Other equity/index contracts 9 4 0 13 21 1 


- Equity/index futures 9,504 2 20 9,526 7,363 1 38 

- Equity/index options: calls 18,908 6,077 410 25,395 21,663 1,517 – 

- Equity/index options: puts 18,904 6,103 468 25,475 21,391 – 1,677 

Total 88,707 98,638 9,365 196,710 127,092 5,835 6,332

Trading book contracts Nominal amount/residual term Positive Negative 

€ mn = 5 years Total Total fair fair 

2003 2002 values values 

Credit derivatives 


- Protection buyer 4,129 30,665 2,944 37,738 28,224 392 498 

- Protection seller 4,864 33,138 3,215 41,217 25,977 567 299 


- Protection buyer 1,457 611 570 2,638 4,378 51 676 

- Protection seller 1,074 354 – 1,428 4,785 292 136 

Total 11,524 64,768 6,729 83,021 63,364 1,302 1,609 

Other derivatives 

OTC products 

- Precious metal contracts 1,921 2,651 1,747 6,319 7,841 417 342 

- Other contracts 169 718 245 1,132 241 131 122 


- Futures 6 – – 6 – – – 

- Options: calls – – – 0 8 – – 

- Options: puts 65 – – 65 36 4 

Total 2,161 3,369 1,992 7,522 8,126 548 468 

Grand total 1,931,913 1,280,684 616,917 3,829,514 3,163,685 58,679 59,560 

Of which: products denominated in EUR 36,925 29,000 

Of which: products denominated in USD 8,865 19,171 

Of which: products denominated in GBP 5,421 4,841 

Of which: products denominated in JPY 2,452 2,475 


147

84 


148 

Banking book contracts Nominal amount/residual term Positive Negative 

€ mn = 5 years Total Total fair values fair values 

Interest rate derivatives 

OTC products 

2003 2002 

- FRAs 4,847 – – 4,847 498 2 – 

- Interest rate swaps 

- Fixed-rate swaps – 9 1 10 5 – – 

- Basis swaps – 0 0 0 95 – – 

- Interest rate swaps (IRS) 5,342 3,268 779 9,389 11,706 115 75 

- Interest rate options: calls 157 0 6 163 542 6 0 

- Interest rate options: puts 91 15 1,196 1,302 318 – 3 

- Other interest rate contracts 0 69 377 446 6 28 


- Interest rate futures 1,305 – – 1,305 909 – 1 

Total 11,742 3,361 2,359 17,462 14,073 129 107 

Currency derivatives 

OTC products 

- Forward currency transactions 2,569 17 – 2,586 2,080 40 73 

- Cross-currency swaps 140 668 262 1,070 1,253 7 145 

- Currency options: calls 14 – – 14 14 – – 

- Currency options: puts 3 736 – 739 14 – – 

- Other currency contracts – – – – – – 3 


- Currency futures 184 34 0 218 428 2 1 

- Currency options: calls – – – – – – – 

- Currency options: puts – – – – – – – 

Total 2,910 1,455 262 4,627 3,789 49 222 

Equity/index derivatives 

OTC products 

- Equity/index swaps – – 200 200 – – 25 

- Equity/index options: calls 48 783 5 836 286 39 – 

- Equity/index options: puts 238 1,869 469 2,576 1,369 – 358 

- Other equity/index contracts 79 15 – 94 11 5 11 

Total 365 2,667 674 3,706 1,666 44 394 

Credit derivatives 


- Protection buyer 211 757 482 1,450 1,564 19 184 

- Protection seller – – – – 995 – – 


- Protection buyer – 25 – 25 – – 1 

- Protection seller – – – – – – – 

Total 211 782 482 1,475 2,559 19 185 

Other derivatives 

OTC products 

- Other contracts – 34 – 34 – – 2 

Total – 34 – 34 – – 2 

Grand total 15,228 8,299 3,777 27,304 22,087 241 910 

Of which: products denominated in EUR 123 461 

Of which: products denominated in USD 61 164 

Of which: products denominated in GBP 7 9 

Of which: products denominated in JPY 18 8

IV. Off-Balance Sheet Business 

(42) Contingent liabilities and other commitments 

Contingent liabilities and other commitments include the Group’s potential future liabilities under fixed-term 

loan commitments to customers that have not yet been drawn upon. The Group provides open credit facilities 

to provide clients with rapid access to funds that may be required to meet their short-term obligations as 

well as their long-term financing needs. Such credit facilities can take different forms: guarantees, where the 

Group guarantees repayment of a loan taken out by a client with a third party; standby letters of credit, 

which are credit enhancement facilities enabling customers to engage in trade finance at lower cost; documentary 

letters of credit, which are trade finance-related payments made on behalf of a customer and reimbursed 

to the Group later; standby note issuance facilities and revolving underwriting facilities, which allow 

customers to issue money market paper or medium-term notes when required without engaging in the normal 

underwriting process on each occasion. Revenue from guarantees is recognised in Net fee and commission 

income and is determined by applying agreed rates to the nominal amount of the guarantee. 

The following tables present the amounts at risk should customers draw fully on all facilities and then default 

without any collateral being available. A large majority of these commitments may expire without being 

drawn upon, and the figures are therefore not representative of actual future credit exposure or the liquidity 

required to fund such commitments. 

€ mn 2003 2002 

Contingent liabilities on endorsed bills settled with customers – 1 

Of which: rediscounted at central banks – – 

Contingent liabilities on guarantees and warranties 

Credit guarantees 1,466 1,857 

Other guarantees and warranties 14,902 14,438 

Letters of credit 1,583 2,093 

Of which: letters of credit opened 919 1,107 

Of which: letters of credit confirmed 664 986 

There were no placements or underwriting commitments as at 31 December 2003 (2002: no commitments). 


17,951 18,388 

Liability on collateral pledged for third-party liabilities 8 – 

Contingent liabilities 17,959 18,389 

Placement and underwriting commitments 0 7 

Irrevocable loan commitments 

Advances 25,595 31,320 

Standby facilities 7,909 11,182 

Guarantee credits 2,817 2,942 

Discount credits 40 75 

Mortgage loans/communal loans 229 293 

Other commitments 36,590 45,819 

149

86 


150 

(43) Other financial commitments 

€ mn 2003 2002 

Obligations arising from hire and rental contracts and leases 2,845 2,920 

Obligations arising from capital expenditure projects in progress 

Commitments to pay up shares, bonds and other capital interests; 

111 265 

secondary liability 92 101 

Other 61 399 

Other financial commitments 3,109 3,685 

Commitments to pay up shares, bonds and other capital interests totalled €76 million (2002: €85 million); 

secondary liability in accordance with section 24 of the Gesetz betreffend die Gesellschaften mit beschränkter 

Haftung (GmbHG - German Limited Liability Companies Act) amounted to €16 million (2002: €16 million). 

Liquiditäts-Konsortialbank GmbH (“LIKO”) is a bank that was founded in 1974 in order to provide funding 

for German banks experiencing liquidity problems. Deutsche Bundesbank owns 30% of the shares in LIKO, 

with the rest of the shares being held by other German banks and banking associations. The shareholders 

have provided €200 million in capital to fund LIKO; Dresdner Bank Group’s participation is €12.1 million, 

or 6.05% of the total capital. The Dresdner Bank Group is contingently liable to pay in further contributions 

to LIKO up to a total of €60.5 million (6.05%). In addition, under section 5 (4) of the Articles of Association 

of LIKO, Dresdner Bank is jointly and severally liable in the event that other shareholders do not fulfil their 

commitments to pay their further contributions, if any. 

To the extent that any such secondary liability exists, the financial status of the other shareholders involved is sound. 

The liability arising from the Group’s ownership interest in Bankhaus Reuschel & Co. is unlimited due to the 

legal form of this enterprise. In this case, too, the financial status of the other partners involved is sound. 

Furthermore, Dresdner Bank is a member of the Deposit Protection Fund of the Federal Association of 

German Banks (“Einlagensicherungsfonds”), which covers liabilities to individual creditors up to specified 

amounts. As a member of the Fund, which is itself a shareholder in LIKO, Dresdner Bank is jointly and 

severally liable with other Fund members for additional capital contributions up to a maximum of its annual 

contribution. During 2003 and 2002, the Fund did not levy a contribution on Dresdner Bank. 

Under section 5 (10) of the Statutes of the Deposit Protection Fund, the Bank has undertaken to indemnify 

the Bundesverband deutscher Banken e.V. (Federal Association of German Banks) for any losses it may incur 

by reason of measures taken on behalf of any banks in which the Bank owns a majority interest. 

In the case of subsidiaries as defined in section 290 (1) and (2) of the HGB, which are engaged in banking 

business or complementary operations, Dresdner Bank takes care in relation to the proportion of its shareholding, 

except with regard to political risk, that these companies are able to meet their obligations. 

(44) Trustee business 

The table shown below gives a breakdown of trustee business not reported in the balance sheet. 

€ mn 2003 2002 



Investment securities 828 7 

Assets held in trust *) 6,573 9,471 



Liabilities incurred as a trustee 6,573 9,471 

*) Including fiduciary loans of €5,101 million (2002: €8,847 million).

V. Supplementary Information 

(45) Fair value of financial instruments 

The “fair value” of a financial instrument is the amount for which it could be voluntarily exchanged between 

knowledgeable, willing, independent parties in an arm’s length transaction. Where available, the most suitable 

measure for fair value is the market value. Financial instruments primarily include securities, loans, liabilities 

and derivatives. 

Assets 31 Dec. 2003 31 Dec. 2002 

€ bn Fair value Carrying amount Fair value Carrying amount 

Cash funds 5.5 5.5 4.9 4.9 



143.0 143.0 121.5 121.5 

and loans and advances to customers 291.2 290.8 244.9 243.7 

Investment securities 18.9 18.9 23.2 23.2 

Liabilities 31 Dec. 2003 31 Dec. 2002 

€ bn Fair value Carrying amount Fair value Carrying amount 

Trading liabilities 

Liabilities to banks 

83.2 83.2 52.6 52.6 

and liabilities to customers 

Certificated liabilities 

318.5 318.6 272.9 272.9 

and subordinated liabilities 47.1 46.2 64.0 63.0 

Profit-participation certificates 1.7 1.5 1.5 1.5 

In the absence of organised secondary markets for most financial instruments, and in particular loans, deposits 

and unlisted derivatives, direct market prices may not be available. The fair value of such instruments was 

therefore calculated on the basis of well-established valuation techniques using current market parameters. In 

particular, the net present value method and option pricing models were used. 

As a result, the fair value is a theoretical value applicable at a given reporting date, and hence can only be 

used as an indicator of the value realisable in a future sale. 

Financial instruments due on sight. Financial instruments due on sight are measured at their principal 

amount. These instruments include cash on hand, current account credit balances and demand deposits 

owed to banks and customers. 

Loans and advances, liabilities. The fair values are determined by calculating the future contractually agreed 

cash flows, discounted using appropriate market interest rates. The differing credit quality of borrowers was 

taken into consideration by adjusting the discount rates appropriately. 

Trading assets/liabilities. The Group carries trading assets and liabilities, which include debt and equity 

securities, derivatives and foreign exchange instruments, at their fair value. 

Securities. Investment securities are classified as “available-for-sale financial instruments” in line with IAS 39 

and measured at their fair value. 


151

88 


152 

Long-term liabilities. Profit-participation certificates, certificated liabilities and subordinated liabilities are 

measured on the basis of quoted market prices, where available. The measurement takes into account such 

factors as current market interest rates and the Group’s credit rating. If no quoted prices are available, the fair 

value is established using mathematical models. 

The fair value of unrefinanced loan commitments, existing standby facilities and other letters of credit is not 

material. 

(46) Related party transactions 

Dresdner Bank conducts banking transactions with related parties in the normal course of business activities 

and at market rates and conditions. The scope of such transactions is shown below: 

Loans and advances and liabilities to affiliated enterprises: 

€ mn 2003 2002 

Trading assets 29 119 


Loans and advances to banks 1 – 



Other assets 29 2,236 

Total 219 2,484 

Liabilities: 

Liabilities to banks 3,424 35 


Provisions 1 1 

Other liabilities 468 36 

Subordinated liabilities 8 14 

Total 6,000 1,109 

€427 million in income and €496 million in expenses in the income statement were attributable to transactions 

with the parent company and affiliated companies. 

Loans and advances and liabilities to non-affiliated enterprises: 

€ mn 2003 2002 





Total 12,719 8,646 

Liabilities: 

Liabilities to banks 1,813 936 

Liabilities to customers 410 339 

Total 2,223 1,275 

Loans and advances and liabilities to non-affiliated enterprises also contain loans and advances and liabilities 

to associates; the prior-year figures were adjusted accordingly.

Loans to shareholders. In the normal course of business, the Group may grant loans to shareholders. These 

transactions are entered into on an arm's-length basis. 

Loans to members of the Board of Managing Directors and the Supervisory Board. Loans to members 

of the Board of Managing Directors and liabilities assumed on their behalf totalled €505,150.94 

(2002: €1,457,419.23). This included loans extended to, or liabilities assumed on behalf of, managers of subsidiaries 

in the amount of €2,699.50 (2002: none). Loans to members of Dresdner Bank AG’s Supervisory 

Board and liabilities assumed on their behalf totalled €71,000.35 (2002:€ 47,335.97). These transactions have 

been entered into at the usual terms. A list of all members of the Board of Managing Directors and the 

Supervisory Board is provided in the list of executive body members and of offices held (see Note 51). 

Remuneration of executive body members. Compensation paid within the Group to members of the Board 

of Managing Directors totalled € 10,989,017.45 (2002: €9,605,828.88); the amount for the year under review 

includes stock-based incentive plans. Compensation granted to members of the Group’s Supervisory Board 

for fiscal 2003 amounted to €1,116,900.00, including value-added tax (2002: €1,418,809.94). Payments to 

former members of the Board of Managing Directors and their surviving dependants amounted to 

€13,915,742.28 (2002: €11,552,897.62); pension provisions for these persons as at 31 December 2003 amounted 

to €93.0 million (2002: €98.0 million). Total remuneration paid to members of the Advisory Management 

Council amounted to €214,600.00 (2002: €916,400.00), including value-added tax. Payments to members of 

the other advisory boards amounted to €1,431,638.00 (2002: €1,565,734.00). 

(47) Share-based payment 

Employee share purchase plans. Shares of Allianz AG are offered to qualifying employees in Germany and 

abroad at preferred terms within a defined period. To qualify, employees must have been in an employment 

or training relationship, with no notice of termination given, for at least six months before the share offer; in 

addition, the purchase is subject to restrictions on the amount that employees can invest. The number of 

shares issued under these offers in the year under review amounted to 432,430; the difference between the 

exercise price and the market price in the amount of €7 million in 2003 was recognised in Total staff costs. 

Long-term Incentive Plan. The Allianz Long-term Incentive Plan (LIP) was established for top-level executives 

and is designed to recognise their contribution to the increase in enterprise value and to promote the 

Group's long-term success. Beneficiaries under these plans are granted “stock appreciation rights” (SARs). 

These rights are subject to a two-year lock-up and expire after seven years. 

The stock appreciation rights can be exercised at any time between the second and seventh anniversary of the 

grant date of the plan concerned, provided that the price of Allianz AG's shares has outperformed the Dow 

Jones Europe STOXX Price Index (600) at least once for a period of five consecutive exchange trading days, 

and that it exceeds the reference price by at least 20.0% at the time of exercise. 

Under the terms of the LIP, the Bank is obliged to settle in cash the difference between the quoted market 

price of Allianz's shares on the exercise date and the reference price specified in the relevant plan. The maximum 

difference is capped at 150% of the reference price. Once the SARs have been exercised, payment is 

made in the relevant local currency by the company granting the rights. Any rights that have not been exercised 

by the last day of the plan will be automatically exercised to the extent that the conditions for this have 

been met. Where the conditions have not been met or where a participant has left the company's employment, 

the rights will expire. 

202,285 SARs were granted in the year under review (2002: 62,128). No rights had been exercised as at 

31 December 2003. On 31 December 2003, the number of SARs granted under the LIPs but not yet exercised 

amounted to 353,479 (2002: 151,194). 


153

90 


154 

The total staff costs for the LIP are calculated as the amount by which the Allianz AG share price exceeds the 

LIP reference price. The total staff costs are recalculated for each reporting period on the basis of the changes 

in the Allianz AG share price and are accrued over the two-year lock-up period. A provision in the amount of 

€3 million was recognised as an expense as at 31 December 2003. 

Restricted Stock Units Plans. In 2003, the Group launched an incentive plan that grants performancerelated 

compensation in the form of virtual shares, or “restricted stock units” (RSUs). The goal of the RSU 

Plan is to increase enterprise value and align the interests of the Group's shareholders and management by 

linking the compensation paid to key executives to Allianz AG's share price performance. 

84,726 RSUs were issued to executives under this plan on 13 May 2003. These rights will be exercised at the 

same time for all Plan participants on the first exchange trading day following the expiration of the five-year 

lock-up period. Either of the following methods of redemption can be chosen at the time of exercise: 

- a cash payment to the beneficiaries in the amount of the average closing price of Allianz AG's shares on the 

ten exchange trading days preceeding the end of the lock-up period, or 

- the issue to the beneficiary of one Allianz AG share or capital instrument of equal value per RSU. 

The total staff costs for the RSU Plan are based on the Allianz AG share price; they are recalculated for each 

reporting period on the basis of the changes in the share price and are accrued over the five-year lock-up period. 

A provision in the amount of €1 million was recognised as an expense as at 31 December 2003. 

Dresdner Kleinwort Wasserstein Bonus Plan. In 2003, a Bonus Plan based on Allianz AG shares was launched 

for selected “Dresdner Kleinwort Wasserstein” division employees. This replaces the previous Cash 

Deferral Plan. The goal of this Plan is to improve the connection between the compensation paid to employees 

and Allianz AG's share price performance, and hence between compensation and shareholder value. The 

Plan provides for part of employees' bonuses to be distributed in the form of Allianz AG shares. For bonuses 

exceeding a certain overall amount per employee, a percentage of the compensation will be spread evenly 

over the following three years and distributed in the form of Allianz AG shares. The number of shares distributed 

depends on the operating results for the following years. If the results are positive, additional shares 

will be distributed, whereas if the results are negative, the number of shares distributed will be reduced. 

(48) Significant subsidiaries, associated enterprises and joint ventures 

Significant subsidiaries: Subsidiaries consolidated at 31 December 2003 included 61 domestic (2002: 70) 

and 84 foreign (2002: 78) entities, including 13 funds and 19 special purpose entities relating to the application 

of SIC 12. These figures include 8 sub-groups, but not their 199 companies and the 11 enterprises within 

them accounted for using the equity method. 

13 domestic and 7 foreign entities (2002: 20 domestic and 7 foreign entities) were deconsolidated. 4 domestic 

and 13 foreign entities (2002: 15 domestic and 19 foreign entities) were included in consolidation for the first 

time. 

72 domestic and 121 foreign Group companies (2002: 69 domestic and 45 foreign companies) were not 

included in the consolidated financial statements because their inclusion would not have been material. Had 

these companies been consolidated, consolidated total assets would have increased by a total of €302.2 million 

or 0.06% (2002: €306.2 million or 0.07%); the net loss would have been impacted by €2.3 million or 0.1% 

(2002: €–5.5 million or –0.6%).

One enterprise was included in the consolidated financial statements on the basis of accounts prepared as at 

30 September 2003, and 13 enterprises were included on the basis of accounts prepared as at 30 November 

2003. 


Companies included in consolidation for the first time have been accounted for using the purchase method. 

The principles applied were the same as in the previous year. In 2003, this resulted in goodwill in the amount 

of €25 million (2002: €123 million). 

Changes in goodwill are discussed in Note 21, Goodwill. 

Associates: Investments in 8 (2002: 9) domestic and 2 (2002: 2) foreign companies were reported as associates 

in the consolidated balance sheet and accounted for using the equity method. 

Current income from these investments is included in Net interest and current income. 

Joint ventures: Two (2002: 2) joint ventures in which the Group holds between 30% and 50% of the shares 

were also accounted for using the equity method. 

The Group’s pro rata share of earnings and losses reported by these companies is included in Net interest and 

current income under the item Current income from investments in enterprises accounted for using the equity 

method. 

The Group’s share in the aggregate assets and liabilities, as well as in the income and expenses, of the joint 

ventures is set out below: 

€ mn 2003 2002 

Assets 365 365 

Liabilities 72 79 

Income 35 79 

Expenses 16 6 

List of shareholdings: The list of our shareholdings pursuant to section 313(2) of the HGB is filed with the 

Commercial Register at the Frankfurt/Main Local Court, under registration number HRB 14000. This list 

contains significant subsidiaries, associates and joint ventures. 

155 

91

92 


156 

(49) Changes in the companies included in consolidation 

Additions: 

Germany: 

dbi-BSK Rentenfonds Plus, Frankfurt/Main 

Dresdner Zahlungsverkehrsservice GmbH, Frankfurt/Main 

Sechste FraMü Beteiligungs GmbH, Frankfurt/Main 

Siebte FraMü Beteiligungs GmbH, Frankfurt/Main 

Other countries: 

Advisa Zürich Aktiengesellschaft, Zurich 

Assurance Vie et Prévoyance-Indendie, Accident, Risques Divers AVIP IARD SA, Paris 

Brazil Fund, Grand Cayman 

DKNA Phoenix LLC , New York 

Dresdner Kleinwort Wasserstein Derivative Investments Ltd., London 

Lisa Synthetic CDO, London 

LUFRA Beteiligungsholding AG, Zurich 

New comp. USA 1, Grand Cayman 

Radian Inc., George Town, Cayman Islands 

SCI AVIP SCPI Selection, Paris 

SCI Dicca, Paris 

SCI Méditeranée Distribution, Paris 

SCI stratus, Paris 

Disposals: 

Name Reason for deconsolidation 

Advance Bank AG, Munich Merged with Dresdner Bank AG 

AFORE Allianz Dresdner S.A. de C.V., Sale 

Mexico City 

Banque pour l' Europe S.A. Liquidation 

Europa Bank AG Bank for Europe Ltd., Luxembourg 

C. F. Beteiligungsgesellschaft mbH, 


Deconsolidation 

Compagnie Financière Immobilière Lafayette COFIL, Lyon Dissolution 

dbi European Equity Portfolio, Frankfurt/Main Dissolution 

dbi-Fonds AKAS Europa, Frankfurt/Main Dissolution 

dbi-Fonds AKAS SC, Frankfurt/Main Dissolution 

dbi-Fonds Euroland, Frankfurt/Main Dissolution 

dbi-Fonds Global Equity Q, Frankfurt/Main Dissolution 

Dr. Lübke GmbH, Stuttgart Sale 

DREGIS Dresdner Global IT-Services 

Gesellschaft mbH, Frankfurt/Main 

Merged with AGIS 

Dresdner Bank (Ireland) plc, Dublin Discontinuation 

Dresdner Bank Mexico S.A., Mexico City Sale 

Dresdner Gestion Privée, Paris Sale 

Euro American Arbitrage Inc, Chicago Liquidation 

GENUJO Beteiligungs GmbH, Frankfurt/Main Deconsolidation 

SVV Beteiligungs GmbH, Fürth/Bavaria Merged with First Europ Omega 

Zweite Herakles Beteiligungs-Gesellschaft mbH & Co, Merged with Dresdner Bank AG 

Bad Vilbel 

Zweite Sonnenplatz Beteiligungs-Gesellschaft mbH, Deconsolidation 

Bad Vilbel

Name changes: 

New name Previous name 

Allianz Dresdner Funds Ltd., London Dresdner RCM Funds (UK) Ltd., London 

Dresdner Kleinwort Wasserstein Dresdner Kleinwort Wasserstein 

Servicios y Asesorias Ltda, Santiago de Chile South Andes Servicios y Asesorias Ltda, Santiago de Chile 

Allianz Dresdner Management Dresdner RCM Global Investors Holdings (UK) 

Services (UK) Ltd., London Ltd., London 

Allianz Dresdner Asset Management (UK) Ltd., 

London 

Dresdner RCM Global Investors (UK) Ltd., London 

Dresdner Kleinwort Benson Dresdner Kleinwort Capital 

General Life Sciences LP, New York General Life Sciences Managers LP, New York 

Dresdner Zahlungsverkehrsservice GmbH, FGB Frankfurter Gesellschaft für Bauwerte, 

Frankfurt Frankfurt 

Kleinwort Benson Private Bank Ltd., London Kleinwort Benson Investment Management Ltd., London 

dbi-BSK Rentenfonds, Frankfurt/Main dbi-Fonds BAG, Frankfurt/Main 

visionapp GmbH, Frankfurt/Main Fünfte Sonnenplatz Beteiligungs-Gesellschaft mbH, Bad Vilbel 

(50) Events occurring after the balance sheet date 

No dividend will be distributed for fiscal year 2003. 

The Bank is actively contributing to the restructuring of DEGI Grundwert-Fonds by transferring premium 

real estate, among other things. 


157

94 


158 

(51) List of executive body members and of offices held by members of the Board of 

Managing Directors and members of staff 

Supervisory Board members 

Michael Diekmann 

Chairman 


Peter Haimerl 


(Deputy Chairman since 8 April 2003) 

Reinhard Drönner 



Bernhard Enseling 

Dr. Martin Frühauf 




Manfred Karsten 


Ainis Kibermanis 


Oda-Renate Krauß 




Dr. Heinz Kriwet 

Chairman of the Board of Management of Allianz AG, 

Munich 


Trade union secretary, Lower Saxony-Bremen district, 


Hanover 

Dresdner Bank AG, Dortmund 


Member of the Supervisory Board of Aventis SA, 



Oldenburgische Landesbank AG, Oldenburg 



Berlin/Brandenburg district, Financial Services, Berlin 


Member of the Supervisory Board of 

ThyssenKrupp AG, Dusseldorf

Supervisory Board members 

Prof. Dr. Edward G. Krubasik 

Dr. Dietmar Kuhnt 

Igor Landau 


Dr. Hartmut Mehdorn 


Brunhilde Nast 


Michel Pébereau 


Dr. Helmut Perlet 

Dr. Bernd Pischetsrieder 

Dipl.-Kfm. Uwe Plucinski 



Stefan Quandt 

Jürgen Rose 


Sultan Salam 



Dr. Henning Schulte-Noelle 

Chairman 


Uwe Spitzbarth 

Dr. Bernd W. Voss 

Dr. Wolfgang Röller 

Honorary Chairman 

Member of the Managing Board of Siemens AG, 

Munich 

Member of the Supervisory Board of RWE AG, 

Essen 

Chairman of the Management Board of Aventis SA, 

Strasbourg 

Chairman of the Management Board of 

Deutsche Bahn AG, Berlin 

Dresdner Bank AG, Dresden 

Président, BNP Paribas SA, Paris 

Member of the Board of Management of Allianz AG, 

Munich 

Chairman of the Management Board of 

Volkswagen AG, Wolfsburg 

Dresdner Bank AG, Hamburg 

Chairman of the Supervisory Board of 

DELTON AG, Bad Homburg v. d. H. 

Dresdner Bank AG, Nuremberg 


Dresdner Bank AG, Aalen 

Chairman of the Supervisory Board of Allianz AG, 

Munich 

Head of the National Working Party on Banks, ver.di 

Vereinte Dienstleistungsgewerkschaft, Berlin 




159

96 


160 

Board of Managing Directors 

Name 

Dr. Herbert Walter 

Chairman 






Dr. Horst Müller 

(until 31 December 2003) 

Andrew Pisker 






Deutsche Börse AG, Frankfurt/Main 

TSV München von 1860 GmbH & Co. 

Kommanditgesellschaft auf Aktien, Munich 

ABB AG, Mannheim 


(Chairman) 


(Chairman) 

Deutscher Investment-Trust 

Gesellschaft für Wertpapieranlagen mbH, 


Eurohypo Aktiengesellschaft, Frankfurt/Main 


(Chairman) 

Rheinmetall AG, Dusseldorf 

RWE Dea Aktiengesellschaft, Hamburg 

dresdnerbank investment management Kapitalanlagegesellschaft 

mbH, Frankfurt/Main *) 


Hamburg *) 

(Chairman) 

Allianz Immobilien GmbH, Stuttgart 

– 


Munich 


Hamburg *)

Board of Managing Directors 

Name 


(since 1 June 2003) 


Prof. Dr. Bernd Fahrholz 

Chairman 

(until 25 March 2003) 

Heinrich Linz 

(until 31 May 2003) 




– 


Munich 

(Chairman) 



Members of the Board of Managing Directors who left the Board in the course of fiscal year 2003: 

Bayerische Motoren Werke AG, Munich 

Fresenius Medical Care AG, Hof/Saale 

HeidelbergCement AG, Heidelberg 




161

98 

Independent Auditors’ Reports 

162 

Offices held by members of staff 

Name 

Dr. A.-M. Graf von Ballestrem 

Hans-Jürgen Bartsch 


Volker von Franqué 

Winfried Gardocki 

Peter Haimerl 

Detlef Hermann 



Hans Krogmann 

Dr. Altfried M. Lütkenhaus 

Gerhard Malle 

Wulf Meier 

Gert Jürgen Müller 

Dr. Jürgen Neuhaus 

Herbert Pfennig 




MATERNUS-Kliniken AG, Bad Oeynhausen 

GSW Gemeinnützige Siedlungs- und 

Wohnungsbaugesellschaft Berlin mbH, Berlin 


Schwälbchen Molkerei Jakob Berz AG, 

Bad Schwalbach 


NorCom Information Technology AG, Munich 


Kaiser’s Tengelmann AG, Viersen 

RC Ritzenhoff Christal Aktiengesellschaft, Marsberg 



Rathgeber AG, Munich 


Blohm + Voss GmbH, Hamburg 


RWE Solutions Aktiengesellschaft, Frankfurt/Main 




Munich 

SchmidtBank Kommanditgesellschaft auf Aktien, 

Hof/Saale 

Eisen- und Hüttenwerke AG, Cologne 

INTERSEROH Aktiengesellschaft zur Verwertung 

von Sekundärrohstoffen, Cologne 

Allianz Aktiengesellschaft, Munich

Offices held by members of staff 

Name 

Gerhard Richter 

Sultan Salam 


Anton Simonet 

Dr. Jürgen Than 












Hamburg *) 

CSC Ploenzke AG, Wiesbaden 


Dr. Walter Dr. Georgi Jung Dr. Kaulvers 

Kvarnström Pisker Rosenfeld Steinmetz Dr. Wöbking 


163

100 

Independent Auditors’ Report 

164 

Independent Auditors' Report 

We have audited the consolidated financial statements, comprising the balance sheet, the income statement 

and the statements of changes in shareholders' equity and cash flows as well as the notes to the financial statements 

prepared by Dresdner Bank Aktiengesellschaft, Frankfurt am Main, for the business year from 1 January 

to 31 December 2003. The preparation and the content of the consolidated financial statements in accordance 

with International Financial Reporting Standards (IFRS) are the responsibility of the Company's 

management. Our responsibility is to express an opinion on these consolidated financial statements based 

on our audit. 

We conducted our audit of the consolidated financial statements in accordance with German auditing regulations 

and German generally accepted standards for the audit of financial statements promulgated by the Institut 

der Wirtschaftsprüfer (IDW, Institute of Independent Auditors) and in supplementary compliance with 

auditing standards generally accepted in the United States of America (US-GAAS). Those standards require 

that we plan and perform the audit such that it can be assessed with reasonable assurance whether the consolidated 

financial statements are free of material misstatements. Knowledge of the business activities and the 

economic and legal environment of the Group and evaluations of possible misstatements are taken into 

account in the determination of audit procedures. The evidence supporting the amounts and disclosures in 

the consolidated financial statements is examined on a test basis within the framework of the audit. The audit 

includes assessing the accounting principles used and significant estimates made by management, as well as 

evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides 

a reasonable basis for our opinion. 

In our opinion, the consolidated financial statements give a true and fair view of the net assets, financial position, 

results of operations and cash flows of the Group for the business year in accordance with International 

Financial Reporting Standards (IFRS). 

Our audit, which also extends to the group management report prepared by the Company's management for 

the business year from 1 January to 31 December 2003, has not led to any reservations. In our opinion on 

the whole the group management report provides a suitable understanding of the Group's position and suitably 

presents the risks of future development. In addition, we confirm that the consolidated financial statements 

and the group management report for the business year from 1 January to 31 December 2003 satisfy 

the conditions required for the Company's exemption from its duty to prepare consolidated financial statements 

and the group management report in accordance with German law. 





(Wohlmannstetter) (Andriowsky) 

Wirtschaftsprüfer Wirtschaftsprüfer

Dresdner Bank Aktiengesellschaft Dresdner Finance B.V. - Xetra

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