Pre-Stabilisation notice

    24th October 2016

    Not for distribution, directly or indirectly, in or into the United States or
    any jurisdiction in which such distribution would be unlawful.

    Landwirtschaftliche-Rentenbank

    EUR 500,000,000 Notes due 31 October 2036

    Issued pursuant to the EMTN Programme, dated 4th May 2016

    Pre-Stabilisation Notice

    Commerzbank AG (contact: Ian Turner; telephone: (44-207475-1817) hereby
    announces, as Stabilisation Coordinator, that the Stabilising Manager(s) named
    below may stabilise the offer of the following securities in accordance with
    Commission Delegated Regulation (EU) 2016/1052 under the Market Abuse
    Regulation (EU Regulation 596/2014).

    The security to be stabilised:                                                
                                                                                  
    Issuer:                            Landwirtschaftliche-Rentenbank             
                                                                                  
    Guarantor (if any):                Federal Republic of Germany                
                                                                                  
    Aggregate nominal amount:          EUR 500,000,000                            
                                                                                  
    Description:                       Fixed Rate Notes due 31 October 2036       
                                                                                  
    Offer price:                       [n/a]                                      
                                                                                  
    Other offer terms:                 Denoms: EUR1k+1k                           
                                                                                  
    Stabilisation:                                                                
                                                                                  
    Stabilising Manager(s):            Commerzbank Aktiengesellschaft (CSM)       
                                                                                  
                                       Stabilsation Managers:                     
                                       Credit Agricole Corporate and Investment   
                                       Bank                                       
                                       Goldman Sachs International                
                                                                                  
    Stabilisation period expected to   24th October 2016                          
    start on:                                                                     
                                                                                  
    Stabilisation period expected to   23rd November 2016 (30 days after the      
    end on:                            proposed issue date of the securities)     
                                                                                  
    Existence, maximum size and        The Stabilising Manager(s) may over-allot  
    conditions of use of               the securities to the extent permitted in  
    over-allotment facility.           accordance with applicable law.            
                                                                                  
    Stabilisation trading venue:       Luxembourg Stock Exchange                  

    In connection with the offer of the above securities, the Stabilising Manager
    (s) may over-allot the securities or effect transactions with a view to
    supporting the market price of the securities during the stabilisation period
    at a level higher than that which might otherwise prevail. However,
    stabilisation may not necessarily occur and and any stabilisation action, if
    begun, may cease at any time Any stabilisation action or over-allotment shall
    be conducted in accordance with all applicable laws and rules.

    This announcement is for information purposes only and does not constitute an
    invitation or offer to underwrite, subscribe for or otherwise acquire or
    dispose of any securities of the Issuer in any jurisdiction.

    This announcement is not for distribution, directly or indirectly, in or into
    the United States or any other jurisdiction in which such distribution would be
    unlawful.

    END