Ringkjøbing Landbobank — Capital/Financing Update 2021

May 28, 2021

FINAL TERMS

MIFID II PRODUCT GOVERNANCE / PROFESSIONAL INVESTORS AND ECPS ONLY TARGET MARKET — Solely for the purposes of the manufacturer's product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties and professional clients only, each as defined in Directive 2014/65/EU (as amended, "MiFID II"); and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Notes (a "distributør") should take into consideration the manufacturer's target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refming the manufacturer's target market assessment) and determining appropriate distribution channels.

PROHIBITION OF SALES TO EEA AND UK RETAIL INVESTORS - The Notes are not intended, from 1 January 2018, to be offered, sold or otherwise made available to and, with effect from such date, should not be offered, sold or otherwise made available to any retail investor in the European Economic Area ("EEA") or in the United Kingdom ("UK"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II: (ii) a customer within the meaning of Directive 2016/97/EU ("IDD"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently no key information document required by Regulation (EU) No 1286/2014 (the "PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to retail investors in the EEA or in the UK has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA or in the UK may be unlawful under the PRIIPS Regulation.

26 May 2021

RINGKJOBING LANDBOBANK AKTIESELSKAB

Legal entity identifier (LEI): 2138002M5U5K4OUMVV62

Issue of Euro 10,000,000 Callable Non-Preferred Senior Fixed Rate Notes due May 2036 under the E2,000,000,000 Euro Medium Term Note Programme

PART A — CONTRACTUAL TERMS

Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Prospectus dated 24 June 2020 which constitutes a base prospectus (the "Prospectus") for the purposes of Regulation (EU) 2017/1129 (as amended or superseded, the "Prospectus Regulation")]. This document constitutes the Final Terms of the Notes described herein for the purposes of Article 8 of the Prospectus Regulation and must be read in conjunction with such Prospectus. Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of these Final Terms and the Prospectus. The Prospectus is available for viewing on the website of the Regulatory News Service operated by the London Stock Exchange, www.londonstockexchange.com and at the registered office of the Issuer and at the specified offices of the Agent during normal business hours and copies may be obtained from the registered office of the Issuer and the specified offices of the Agent.

I.	(a)	Series Number:	27
	(b)	Tranche Number:	1
	(c)	Date on which the Notes become fungible:	Not Applicable
2.		Specified Currency:	Euro ("EUR")

1. Aggregate Nominal Amount:

	(a)	Series:	EUR 10,000,000
	(b)	Tranche:	EUR 10,000,000
4.	Issue Price:		100 per cent. of the Aggregate Nominal Amount
		Specified Denominations:	EUR 100,000
		Calculation Amount:	EUR 100,000
		Issue Date:	28 May 2021
		Interest Commencement Date:	Issue Date
7.	Maturity Date:		28 May 2036
8.	Interest Basis:		1.23 per cent. Fixed Rate
9.	Redemption/Payment Basis:		Subject to any purchase and cancellation or early redemption, the Notes will be redeemed on the Maturity Date at par
10.	Change of Interest Basis or Redemption/Payment Basis:		Not Applicable
	Put/Call Options:		Applicable Issuer Call
			and
			MREL Disqualification Event Redemption Option
12	(a)	Status of the Notes:	Non-Preferred Senior
	(b)	Date Board approval for issuance of Notes obtained:	26 May 2020

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE

13.	Fixed Rate Note Provisions		Applicable
	(a)	Rate(s) of Interest:	1.23 per cent. per annum payable annually in arrear
	(b)	Interest Payment Date(s):	28 May in each year adjusted for payment purposes only in accordance with the Following Business Day Convention, not adjusted
	(c)	Fixed Coupon Amount(s):	EUR 1,230 per Calculation Amount
	(d)	Broken Amount(s):	Not Applicable
	(e)	Day Count Fraction:	Actual/Actual (ICMA)
	(f)	Determination Date(s):	28 May in each year

14.	Floating Rate Note Provisions	Not Applicable
15.	Reset Note Provisions:	Not Applicable
16.	Zero Coupon Note Provisions	Not Applicable

PROVISIONS RELATING TO REDEMPTION

17.	Issuer Call:				Applicable
	(a)		Optional Redemption Date(s):		28 May 2035
	(b)		Optional Redemption Amount:		EUR 100,000 per Calculation Amount
	(c)		If redeemable in part:
		(i)	Minimum Amount:	Redemption	Not Applicable
		(ii)	Maximum Amount:	Redemption	Not Applicable
	(d)	Notice period:			As set out in Condition 7.5
18.		Clean-up Call Option			Not Applicable
19.	Investor Put:				Not Applicable
20.	MREL Disqualification Event Redemption Option:				Applicable
21.	Final Redemption Amount:				EUR 100,000 per Calculation Amount
22.	Early Redemption Amount payable on redemption for taxation reasons or on event of default if different from the principal amount of the Notes:				EUR 100,000 per Calculation Amount
23.	Early Redemption Amount (MREL Disqualification Event)				EUR 100,000 per Calculation Amount

GENERAL PROVISIONS APPLICABLE TO THE NOTES

24.		Form of Notes:
	(a)	Form:	Temporary Global Note exchangeable for a Permanent Global Note which is exchangeable for Definitive Notes only upon an Exchange Event
	(b)	New Global Note:	Yes
25.	Days:	Additional Financial Centre(s) or other special provisions relating to Payment	TARGET2, London
26.		Talons for future Coupons or Receipts to be attached to Definitive Notes (and dates on which such Talons mature):	No
27.		Details relating to Instalment Notes:

• (a) Instalment Amount(s): Not Applicable
• (b) Instalment Date(s): Not Applicable
• 1. Redenomination applicable: Redenomination not applicable
• 1. VP Notes: Not Applicable
• 1. MREL Disqualification Event Applicable SubstitutionNariation Option:
• 1. Substitution and variation for Not Applicable Subordinated Notes

SIGNATURE

Signed on beh rRigkjébing Landbobank elskab:

By: Duly i uthorised

,

PART B — OTHER INFORMATION

1. LISTING AND ADMISSION TO TRADING

• (D Listing and Admission to trading Application is expected to be made by the Issuer (or on its behalf) for the Notes to be admitted to trading on the London Stock Exchange's regulated market and to be listed on the Official List of the UK Listing Authority with effect from 28 May 2021.
• (ii) Estimate of total expenses related GBP 445 to admission to trading:

2. RATINGS

Ratings: The Notes to be issued have not been rated

3. INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE

Save for any fees payable to the Dealer, so far as the Issuer is aware, no person involved in the issue of the Notes has an interest material to the offer. The Dealer and its affiliates have engaged, and may in the future engage, in investment banking and/or commercial banking transactions with, and may perform other services for, the Issuer and its affiliates in the ordinary course of business.

4. REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES

	Ri)	Reasons for the offer	General corporate purposes
	[(ii)]	Estimated net proceeds:	EUR 10,000,000
5.		YIELD (Fixed Rate Notes only)
		Indication of yield:	1.23 per cent. per annum
6.		OPERATIONAL INFORMATION
	(i)	ISIN Code:	XS2347084498
	(ii)	Common Code:	234708449
	(iii) FISN (iv) CFI Code		RINGKJOBING LBK/M'TN 20360528
			DTFXFB
	(v)	Any clearing system(s) other than Euroclear Bank and SA/NV Clearstream Banking S.A. and the relevant identification number(s):	Not Applicable
	(vi)	Delivery:	Delivery against payment
	(vii)	Names and addresses of additional Paying Agent(s) (if any):	Not Applicable
	(viii)	VP Issuing Agent:	Not Applicable

(ix)	Intended to be held in a manner which would allow Eurosystem eligibility:	Yes. Note that the designation "yes" simply means that the Notes are intended upon issue to be deposited with one of the ICSDs as common safekeeper] and does not necessarily mean that the Notes will be recognised as eligible collateral for Eurosystem monetary policy and intra day credit operations by the Eurosystem either upon issue or at any or all times during their life. Such recognition will depend upon the ECB being satisfied that Eurosystem eligibility criteria have been met.

Relevant Benchmarks: Not Applicable

1. DISTRIBUTION (i) If syndicated, names of Managers: Not Applicable (ii) Date of Subscription Agreement: Not Applicable (iii) Stabilising Manager(s): Not Applicable (iv) Delivery: Delivery against payment (v) If non syndicated, name of relevant Landesbank Baden-Wiirttemberg, Am Dealer: Hauptbahnhof 2, 70173 Stuttgart, Germany (vi) U.S. Selling Restrictions: TEFRA D Rules (vii) Prohibition of Sales to EEA and Applicable UK Retail Investors: (viii) Prohibition of sales to Belgian Applicable Consumers

THIRD PARTY INFORMATION

Not Applicable