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

constitutes a translation. In respect of the issue of any Tranche of Notes under the Programme, the
German text of the Terms and Conditions may be controlling and binding if so specified in the relevant
Final Terms. The Issuer confirms that in such case the non-binding English text of the Terms and
Conditions correctly and adequately reflects the binding German language version of the Terms and
Conditions.
This Prospectus may only be used for the purpose for which it has been published.
This Prospectus and any Final Terms may not be used for the purpose of an offer or
solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorised or
to any person to whom it is unlawful to make such an offer or solicitation.
This Prospectus and any Final Terms do not constitute an offer or an invitation to subscribe for
or purchase any Notes.
In connection with the issue of any Tranche of Notes the Dealer or Dealers named as the
stabilising manager(s) (or persons acting on behalf of any stabilising mangaer(s)) in the
applicable Final Terms may over-allot Notes (provided that the aggregate principal amount of
Notes allotted does not exceed 105 per cent. of the aggregate principal amount of the relevant
Tranche of Notes) or effect transactions with a view to supporting the price of the Notes at a
level higher than that which might otherwise prevail. However, there is no assurance that the
stabilising manager(s) (or persons acting on behalf of a stabilising manager) will undertake
stabilisation action. Any stabilisation action may begin on or after the date on which adequate
public disclosure of the Final Terms of the offer of the the relevant tranche of the Notes is
made and, if begun, may be ended at any time, but it must end no later than the earlier of 30
days after the issue date and 60 days after the date of the allotment of the relevant Tranche of
Notes.
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