La capacidad conforme al pensamiento de Riccardo Guastini.

4.1. The interest on securities denominated in euro is payable by the NBB-SSS to participants at the intervals indicated by the issuer on the basis of the interest due date and the annual interest rate communicated by the issuer in accordance with Article 3.1.

4.2. When calculating the interest to be paid, if necessary, the NBB-SSS takes account of the “bond factor”, which is the percentage of the capital outstanding over the interest period in relation to the original amount issued. The fraction made up by the “bond factor” is expressed in a number with twelve (12) decimal places. Its face value is 1; a partial reimbursement of the capital brings its value down to 0 at final maturity of the bonds. Any change in the bond factor implies that its new value must always be less than its previous value.

The “bond factor” that is valid for the new interest period has to be notified to the Bank by 3 pm at the latest on the second working day of the NBB-SSS preceding each interest period.

4.3. On the interest due date for the securities (i.e. for the purposes of this contract, the date on which the issuer actually has to pay the amount of interest, according to his statement to the NBB-SSS), or, if that day is not an NBB-SSS working day, the next NBB-SSS working day, the NBB-SSS shall effect the cash debits and credits as follows:

1° the NBB-SSS automatically debits the total amount of the interest to the current account of the issuer or of his paying agent, as the case may be, in the Bank’s books during the settlement cycle and in accordance with the conditions specified in the NBB-SSS Regulations;

2° subject to clearing of the transaction described under 1°, the NB B-SSS automatically credits the amount of the interest to t he current accounts of the participants having a balance in t he security concerned – if appropriate after deduction of the w ithholding tax on income from movable assets – determined on t he basis of the balances on their securities accounts at the end of the NBB-SSS working day preceding the due dat e; that interest is credited during the se ttlement cycle and in accordance with the conditions specified in the NBB-SSS Regulations.

The interest is calculated as follows:

- the amount of interest debited in accordance with paragraph 1, 1° is calculated by applying the interest rate to the total amount of the issue which is interest-bearing; the amount thus obtained is rounded off to the next lower cent if the decimal part is less than 0.5 cent and to the next higher cent if the decimal part is equal to 0.5 cent or more;

- the amounts of interest credited to each of the beneficiaries and for each account in accordance with paragraph 1, 2° a re calculated by applying the interest rate to the interest-bearing amount of the securities entered in that account, rounding the amount obtained down to the nearest cent.

Annex 19.2a Service contract for Treasury Certificates and Certificates of Deposit - V. 10-2012 6/9 English translation - for information purposes only

4.4. On the final due date of the securities (i.e. for the purposes of this contract, the date on which the issuer actually has to effect the repayment, according to his statement to the NBB-SSS), or, if that day is not an NBB-SSS working day, the ne xt NBB-SSS working day, the NBB-SSS shall effect the cash debits and credits as follows:

1° the NBB-SSS automatically debits the capital sum repayable from the current account of the issuer or of his paying agent, as the case may be, in the Bank’s books during the settlement cycle and in accordance with the conditions specified in the NBB-SSS Regulations;

2° subject to clearing of the transaction described under 1°, the NBB-SSS automatically credits to the current accounts of the participants having a balance i n the security concerned the capital sum repayable (determined on the basis of the balances on their securities accounts at the end of the NBB- SSS working day preceding the due date), if appropriate after deduction of the withholding tax on income from movable assets; that capital sum is credited during the settlement cycle and in accordance with the conditions specified in the NBB-SSS Regulations.

On the final due date of the securities (i.e. for the purposes of this contract, the date on which the issuer actually has to repay the whole of the outstanding amount payable, according to his statement to the NBB-SSS), or, if that day is not an NBB-SSS working day, the next NBB-SSS working day, the securities accounts of the participants for cancellation are debited with the amount of the securities which have matured and which were entered on their account, subject to clearing of the transaction described in the first paragraph under 1°.

4.5. The issuer undertakes, if appropriate via his paying agent, to have sufficient funds available to be able to pay the amounts due by way of capital and interest on the due date.

Annex 19.2a Service contract for Treasury Certificates and Certificates of Deposit - V. 10-2012 7/9 English translation - for information purposes only

Article 5 - Payment of accrued interest and of the capital sums repayable on dematerialised securities