Invitation to bid by auction

For the account of the Federal Government, the German Finance Agency, through Deutsche Bundesbank, will reopen once again the

3.50 % bond of the Federal Republic of Germany of 2009 (2019)
due on 4 July 2019
annual coupon date 4 July
interest has begun to accrue on 22 May 2009
first interest payment on 4 July 2010 for 408 days
ISIN DE0001135382 // WKN 113 538

launched on 20 May 2009, using an auction procedure. An increase of € 6 billion is envisaged for the issue (auction allotment and amount set aside for secondary market operations). The current volume of the bond amounts to € 13 billion.

Members of the Bund Issues Auction Group are entitled to bid. Bids must be for a par value of not less than € 1 million or an integral multiple thereof. The price bids must be expressed in terms of full 0.01 percentage points. Non-competitive bids are possible. The bids accepted by the issuer will be allotted at the price bid. Non-competitive bids are filled at the weighted average price of the bids accepted. The right to scale down bids is reserved. The separation of principal and interest payments and their separate trading ("stripping") will be possible.

Time schedule of the auction procedure:

Bidding period: Wednesday, 12 August 2009, from 8.00 a. m. until 11.00 a. m. Frankfurt time
Inclusion in stock exchange trading: Wednesday, 12 August 2009
Value date: Friday, 14 August 2009
Settlement: delivery versus payment-settlement in the night-time processing of Clearstream Banking AG Frankfurt, beginning on the eve of the value date

In addition, the Auction rules, the Special terms and conditions of the Deutsche Bundesbank for auctions of Federal securities using the Bund Bidding System (BBS) and the Issue terms for Federal securities shall apply.