Euro 6,000,000,000 Euro Medium Term Note Programme Due from ...

(b)
in the European Monetary Union as calculated and published by
Eurostat as such index may be adjusted or replaced from time to time
as provided herein. The first publication or announcement of a level
of such index for a given month shall be final and conclusive and
later revisions to the level for such month will not be used in any
calculations.
HICP Monthly Reference Index M – 1
(i) If the HICP Monthly Reference Index is not published in a
timely manner, a substitute HICP Monthly Reference Index (the
"Substitute HICP Monthly Reference Index") shall be
determined by the Calculation Agent in accordance with the
following provisions:
(x) If a provisional HICP Monthly Reference Index has
already been published by Eurostat, such index shall
automatically be used as the Substitute HICP Monthly
Reference Index. Once the definitive HICP Monthly
Reference Index is released, it would automatically apply
from the day following its release to all calculations taking
place from this date.
(y) If no provisional HICP Monthly Reference Index is
available, a substitute index shall be calculated on the basis
of the most recently published figure adjusted as set out in
the following formula:
Substitute HICP Monthly Reference IndexM=
43
HICP Monthly Reference Index
M -1
HICP Monthly Reference Index
M -13
(ii) In the event Eurostat decides to proceed with one or more base
changes for the purpose of calculating the HICP Monthly
Reference Index at any time while any of the Notes are still
outstanding, then for the purpose of calculating the relevant Rate
of Interest in respect of such Notes, the value of the HICP
Monthly Reference Index following such change in base shall be
determined in accordance with the methodology published by
Eurostat. In the event that no such methodology is published,
then the Calculation Agent shall make such calculation as it, in
its reasonable discretion, deems appropriate to determine the
relevant HICP Monthly Reference Index.
(d) Zero Coupon Notes: Where a Note the Interest Basis of which is specified to be Zero Coupon and
is repayable prior to the Maturity Date is not paid when due, the amount due and payable prior to
the Maturity Date shall be the Early Redemption Amount or the Optional Redemption Amount, as
the case may be, of such Note. As from the Maturity Date, the Rate of Interest for any overdue
principal of such a Note shall be a rate per annum (expressed as a percentage) equal to the
Amortisation Yield (as described in Condition 6(f)(i)).
1
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