HPBI was the first Luxembourg Issuer of Lettre de Gage to launch a Debt Issuance Programme in mid 2000. The EUR 10.000.000.000 Programme for the Issuance of Debt Instruments has been arranged by Morgan Stanley. Dealers under the programme are ABN Amro, Barclays Capital, CDC-IXIS, Commerzbank Aktiengesellschaft, Deutsche Bank, Goldman Sachs, HypoVereinsbank, Citigroup, UBS and Morgan Stanley Dean Witter as well as Hypo Pfandbrief Bank International itself.

HPBI is able to issue a great variety of paper under this programme: Lettre de Gage publique or senior unsecured paper that are listed (in general in Luxembourg) or not, issues in a great variety of currencies, different structures and maturities.

This standard documentation enables market participants to get used to HPBI´s documentation and minimise documentation risk. The listing that is especially important for the ECB eligibility of an issue can be obtained at the Luxembourg Stock Exchange in several days time.

Please find attached the documentation for your convenience.