Invitation to bid by auction

Reopening of 10-year Federal bonds

Frankfurt, (PresseBox) - For the account of the Federal Government, the German Finance Agency, through Deutsche Bundesbank, will reopen the

3 % bond of the Federal Republic of Germany of 2010 (2020)
due on 4 July 2020
annual coupon date 4 July
interest has begun to accrue on 30 April 2010
first interest payment on 4 July 2011 for 430 days
ISIN DE0001135408 // WKN 113 540

launched on 28 April 2010, 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 € 6 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. Noncompetitive bids are possible. The bids accepted by the issuer will be allotted at the price bid. Noncompetitive 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, 19 May 2010,
from 8.00 a. m. until 11.00 a. m. Frankfurt time
Inclusion in stock exchange trading: Wednesday, 19 May 2010
Value date: Friday, 21 May 2010
Settlement: delivery versus paymentsettlement in the nighttime 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.

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