EPOS II - The "Climate Awareness Bond" Pan-EU public offering extended

Size:

EPOS benchmark size

Maturity Date:

28 June 2012 (5-year)

Price:

100%

Coupon:

None

Redemption amount:

100% (capital protected)

Additional redemption amount:

Index-linked

Index: FTSE4Good Environmental Leaders Europe 40

Index participation: 75% - 85%, to be determined at  pricing

Minimum additional redemption amount:

5%

CO2 option:

At maturity, investors have the option to use  additional redemption amount in excess of 25% to purchase and cancel EU Allowances (EUAs) allocated and traded in accordance with the EU Emission Trading Scheme referred to under the EU Directive 2003/87/EC

Documentation:

Prospectus prepared in European Public Offering of Securities (EPOS) format, in compliance with the EU Prospectus Directive (prospectus approved and passported by CSSF - Luxembourg into all countries of the EU)

Public offering:

in all 27 countries of the EU

Offering period:

29 May to 29 June 2007

Denomination:

EUR 100

Settlement:

5 July 2007

Listing:

Luxembourg. In addition the Bonds have been included in the Regulated Unofficial Market (Freiverkehr) at the Stuttgart Stock Exchange. It is also possible that additional listings will take place on further EU stock exchanges-

Arrangers and Joint-bookrunners:

Dresdner Kleinwort, Merrill Lynch International and UniCredit Markets & Investment Banking

Syndicate:

Co-lead managers: BBVA, Barclays Capital, NBG, Natixis

Co-managers: Dexia Capital Markets, ING Wholesale Banking, UBS Investment Bank

Selling Group: Banca Comerciala HVB Tiriac SA, Bank Austria Creditanstalt d.d. Ljubljana, HVB Bank Czech Republic A.s., Rasbank S.p.A., UniCredit Bank Slovakia a.s.