Euro 25,000,000,000 Debt Issuance Programme - Münchener ...

Inflation-related Notes bear interest at a minimum interest rate as specified in the Final Terms plus a
rate determined by reference to changes in the unrevised and harmonized consumer price index
without tobacco for the Euro-Zone (HVPI) calculated on a monthly basis by the Statistical Office of the
European Community (“EUROSTAT”).
Now or Later Notes
Now or Later Notes bear fixed interest on such basis as may be agreed between the Issuer and the
relevant Dealer(s) as specified in the Final Terms. Interest with respect to an Interest Period shall be
payable either on the respective Interest Payment Date or on the Maturity Date. On each Interest
Determination Date, the Calculation Agent determines whether the offered quotation (“Offered
Quotation”) for deposits in the specified currency for the respective Interest Period is lower than or
equal to the reference interest rate for the respective Interest Period (the “Reference Interest Rate”)
as specified in the Final Terms. If the Offered Quotation is lower than or equal to the Reference
Interest Rate, payment of interest shall be made on the following Interest Payment Date. If the Offered
Quotation for the relevant Interest Period is higher than the Reference Interest Rate, payment of
interest shall be made on the Maturity Date.
Daily Range Accrual Notes
Daily Range Accrual Notes bear interest at a floating rate of interest linked to a formula as specified in
the Final Terms. On the Interest Determination Date, the Calculation Agent determines for the relevant
interest period in arrear the number of calendar days within an Observation Period, on which the
determined reference rate fell within a pre-defined range. The number of calendar days on which the
determined reference rate fell within that range will positively affect the rate of interest for the relevant
Interest Period.
Basis Plus Notes
Initially, Basis Plus Notes bear fixed interest, and thereafter floating interest until their redemption. In
the phase of floating interest, the Interest Determination Agent asserts on the Interest Determination
Date, for the Interest Period following such Interest Determination Date, whether the reference rate is
above or below a pre-defined threshold level and, depending thereon, determines whether the interest
for the following interest period is equal to one or the other interest rate specified in the Final Terms.
Basis Plus Corridor Notes
Basis Plus Corridor Notes bear floating rate interest. On the Interest Determination Date, the Interest
Determination Agent asserts in arrear for the current Interest Period, whether the reference rate falls
within a pre-defined range and, depending thereon, determines whether the interest for the current
interest period is equal to one or the other interest rate specified in the Final Terms.
Other Notes
Notes may be of any other type of security provided that the Issuer will not issue Notes where the
redemption amount is determined by reference to an underlying (including an underlying in the form of
a security, an index, an interest rate or a basket of underlyings). The terms governing any such Notes
will be specified in the Final Terms.
Redemption of the Notes (other than Pfandbriefe)
The Final Terms will indicate either that the Notes cannot be redeemed prior to their stated maturity
(except for taxation reasons, or only, upon the occurrence of an event of default) or that such Notes
will be redeemable at the option of the Issuer and/or the holders of Notes (“Holders”) upon giving
notice within the notice period (if any) indicated in the Final Terms to the Holders or the Issuer, as the
case may be, on a date or dates specified prior to such stated maturity and at a price or prices and on
such terms as indicated in the Final Terms.
Maturities of the Notes
Notes will have such maturities as may be agreed between the Issuer and the relevant Dealer(s) as
indicated in the Final Terms, subject to such minimum or maximum maturities as may be allowed or
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