DEPFA Deutsche Pfandbriefbank AG CHF 100,000,000 3.125 ...

Presentation and
Prescription in Relation
to Instruments:
Taxation of Notes:
Early Redemption of
Notes for Taxation
Reasons:
Events of Default in
Relation to Unsubordinated
Notes:
relevant definitive note at the specified office of the Fiscal Agent or the German Fiscal
Agent, as the case may be, outside the United States or at the specified office of any other
paying agent outside the United States.
The presentation period provided in § 801 (1) sentence 1 of the German Civil Code
(Bürgerliches Gesetzbuch) is reduced to ten years in relation to the Instruments. The
presentation period for any coupons in definitive form is, in accordance with § 801 (2)
sentence 1 of the German Civil Code, four years, such period beginning with the end of the
calendar year in which the relevant coupon falls due. Other than that, statutory presentation
and presecription provisions will apply to payments of principal and interest (if any) in
relation to the Instruments.
Unless otherwise set out in the relevant Final Terms, all payments of principal and interest
(if any) in respect of the Notes by or on behalf of the relevant Issuer will be made free or
clear of, and without withholding or deduction for, any present or future taxes, duties,
assessments or governmental charges of whatsoever nature imposed, levied collected,
withheld or assessed by the jurisdiction of incorporation of the relevant Issuer or any
political subdivision or any authority or agency thereof or therein having power to tax,
unless such withholding or deduction is required by law. In the event that any such
deduction is made, the relevant Issuer will, save in certain limited circumstances provided in
§ 7 of the Terms and Conditions of the Instruments (including, but not limited to, in the
event that withholding taxes are payable pursuant to legislation or regulations introduced as
a result of a directive of the European Union), be required to pay to the holders additional
amounts to cover the amounts so deducted.
Unless otherwise set out in the relevant Final Terms, early redemption will be permitted in
whole but not in part, if on the occasion of the next payment due under the Notes, the
relevant Issuer has or will become obliged to pay additional amounts pursuant to § 7 of the
Terms and Conditions of the Instruments as a result of any change in, or amendment to, the
laws or regulations of (in the case of Notes to be issued by DEPFA BANK) Ireland or (in the
case of Notes to be issued by the Pfandbriefbank) Germany or of any political subdivision or
taxing authority thereof or therein, or as a result of any change in, or amendment to, an
official interpretation or application of such laws or regulations, which amendment or
change is effective on or after the date on which the first Tranche of the relevant Series of
Notes is issued.
The terms and conditions of Unsubordinated Notes will provide for the following events of
default:
the relevant Issuer defaults in the payment of any amount of principal in respect of the
Notes or any of the Notes on the due date for payment thereof or in the payment of any
amount of interest in respect of the Notes or any of the Notes within 30 days of the due
date for payment thereof;
the relevant Issuer defaults in the performance of observance of any of its other
obligations under or in respect of the Notes and such default or failure remains
unremedied for 45 days after written notice requiring such default to be remedied has
been delivered to the relevant Issuer at the specified office of the Fiscal Agent or the
German Fiscal Agent, as the case may be, by the holder of any such Note;
the relevant Issuer suspends its payments or announces its insolvency;
a court opens bankruptcy or other insolvency proceedings against the relevant Issuer,
such proceedings are instituted and have not been discharged or stayed within 60 days,
or the relevant Issuer applies for or institutes such proceedings or offers or makes an
arrangement for the benefit of its creditors generally; or
the relevant Issuer goes into liquidation unless this is done in connection with a merger,
consolidation, restructuring or other form of combination with another company or in
connection with a transformation and such other or new company assumes all property
and assets of the relevant Issuer and all obligations contracted by the relevant Issuer in
connection with the issue of the Notes,
provided, however, in all cases set out above, that the relevant holder's right to declare its
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