HPBI is the first Luxembourg Issuer of Lettre de Gage to launch a European Commercial Paper Programme (ECP) in January 2001. The EUR 1.000.000.000 Programme for the Issuance of European Commercial Paper is arranged by Morgan Stanley Dean Witter. Dealers under the programme are Barclays Bank PLC, Bayerische Hypo- und Vereinsbank AG, Citibank International plc, Credit Suisse First Boston (Europe) Limited, Deutsche Bank AG London, Goldman Sachs International, Morgan Stanley Dean Witter and Hypo Pfandbrief Bank International S.A.

By using this ECP programme HPBI can offer to investors short-term issues up to one year. Combined with its EUR 10.000.000.000 Programme for the Issuance of Debt Instruments HPBI can present issues to investors over the whole yield curve in various currencies.

This standard documentation enables market participants to get used to HPBI´s documentation and minimise documentation risk.

Please find attached the documentation for your convenience.