FINAL DISCLOSURE SUPPLEMENT Dated November 23, 2010
To the Disclosure Statement dated October 15, 2010
Union Bank, N.A.
Market-Linked Certificates of Deposit, due November 24, 2017 (MLCD No. 86)
$8,500,000 Notional
Currency Basket Return
Set forth below are the terms and conditions of the Union Bank, N.A. (the “Bank”) Currency Basket Return Market-Linked Certificates of Deposit (the
“MLCDs”). You should carefully review this Disclosure Supplement (the “Supplement”), as well as the attached Disclosure Statement, before
deciding if an investment in an MLCD is appropriate for you. In the event of any inconsistency between the Disclosure Statement and the
Supplement, the terms of the Supplement will control. In general, the MLCDs are designed for investors who are prepared to hold the MLCDs until
the Maturity Date and seek return of principal along with participation in the potential depreciation of the U.S. Dollar against the Brazilian Real,
Russian Ruble, Indian Rupee, and Korean Won. All capitalized terms used but not defined herein have the meanings set forth in the Disclosure
Statement.
MLCD Description
Each MLCD is a certificate of deposit that pays a return based on the appreciation against the United States Dollar of a basket of foreign currencies
as specified below (the “Currency Basket”), subject to minimum return if held to maturity. This return is therefore not a fixed coupon and no periodic
interest payments will be made on the MLCDs.

Return Potential: The interest payment to the depositor on the Maturity Date is equal to the greater of (i) the product of the appreciation, if any,
of the Currency Basket against the U.S. Dollar over the term of the MLCDs, the outstanding Deposit Amount, and the Participation Rate (as
defined below) or (ii) the Minimum Indexed Interest Amount (as defined below).

Return of Principal: At maturity, you will receive repayment of your Deposit Amount and an amount no less than the Minimum Indexed Interest
Amount, regardless of the performance of the Currency Basket. Investors who redeem all or a portion of their MLCD early may lose a portion of
their Deposit Amount.

FDIC Insurance: The MLCDs are our deposit obligations and are therefore eligible for FDIC coverage up to applicable limits set by federal law
and regulation. The FDIC insures all deposits maintained by a depositor in the same ownership capacity (i.e., individual or joint) at the same
insured depository institution up to an aggregate amount of $250,000. Further, with respect to the MLCDs, the FDIC insurance covers only the
Deposit Amount and does not include any Indexed Interest Amount, Minimum Indexed Interest Amount or secondary market premium. You are
responsible for determining and monitoring the FDIC insurance coverage limit in purchasing any MLCD. The Bank has no obligation to monitor
the FDIC insurance coverage that is available to you.

IRA Eligible: MLCDs are eligible investments for individual retirement accounts (“IRAs”).
Risks and Considerations
Purchasing an MLCD involves a number of risks, including risks not typically associated with fixed-rate or floating-rate certificates of
deposit or debt instruments. The Bank recommends that prospective investors carefully consider, together with their financial, legal,
accounting, tax and other advisors, those risks in determining the suitability of an MLCD in light of their financial circumstances.
Please refer to the accompanying Disclosure Statement for a more detailed discussion of these risks which include, but are not
limited to:

You are not guaranteed the return of the Deposit Amount if your MLCD is not held to maturity. In addition, if you choose to
exercise the Early Redemption feature, you are not guaranteed the return of the Deposit Amount.

If you hold more than the FDIC insured limitations in deposits with the Bank (including the MLCDs you purchase), you will not
receive the benefit of FDIC insurance for any balance in excess of that amount. In this instance, the return of principal is subject
to the credit risk of the Bank.

Neither the Bank nor any Offering Broker is required to, nor does the Bank or any of its affiliates intend to, make a secondary
market in the MLCDs. There is no assurance that a secondary market will develop. Funds needed prior to maturity should not
be invested in MLCDs.

The MLCDs may yield a return that is less than that of a traditional certificate of deposit or debt instrument of a comparable
maturity.

Interest on the MLCDs will be subject to annual income taxes based upon a comparable yield for the issuance, even though no
payments will be made on the MLCDs until the Maturity Date absent early redemption. You may incur a tax liability without any
offsetting income from the MLCDs. Interest is taxed as ordinary income which may be taxed at a higher rate than the lower capital
gains rate normally paid by investors on longer term investments. See “United States Federal Income Tax Considerations” herein
and in the Disclosure Statement.

Investing in the MLCDs is not equivalent to investing directly in the Currency Basket.

The Currency Basket is composed of the currencies of Brazil, Russia, India and Korea. The exchange rates of these currencies
against the U.S. Dollar may be affected by many complex factors, including government policies/interventions by either those
nations, or the U.S., and actions of central banks of various countries, and may be highly volatile and unpredictable.

The Payment at Maturity is based on the Exchange Rates of the Basket Currencies as of a single day. Your return could be
significantly different if it were determined on a different day. We cannot predict the direction or magnitude of the changes that
would result from the selection of any different date.

Changes in the Exchange Rates of one or more Basket Currencies may offset each other, resulting in a Payment at Maturity
that is limited to the Deposit Amount plus the Minimum Indexed Interest Amount even if one or more Basket Currencies have
appreciated against the U.S. Dollar.
The MLCDs are made available through UnionBanc Investment Services, LLC (“UBIS”), a subsidiary of the Bank. The MLCDs are time deposit obligations of the Bank, a
national banking association, and are not obligations of UnionBanCal Corporation, the Offering Brokers, or any other company affiliated with the Bank. None of
UnionBanCal Corporation, UBIS or any other affiliate of the Bank guarantees the financial condition of the Bank.
Key Terms
Issuer ...............................................................
Union Bank, N.A.
Investment Benchmark ....................................
A basket of foreign currencies consisting of the Brazilian Real, Russian
Ruble, Indian Rupee and Korean Won, each a “Basket Currency” and
collectively, subject to equal, 25% weightings, the “Currency Basket”.
Currency ..........................................................
USD
Minimum Deposit Amount ................................
$1,000 principal amount (except that each Offering Broker may, in its
discretion, impose a higher minimum deposit amount with respect to the
MLCD sales to its customers) and multiples of $1,000 principal amount in
excess of such amount.
Pricing Date .....................................................
November 23, 2010.
Issue Date (Settlement Date)...........................
November 29, 2010.
Maturity Date ...................................................
November 24, 2017.
Payment at Maturity .........................................
The Deposit Amount plus the greater of a) the Minimum Indexed Interest
Amount or b) the Indexed Interest Amount.
Indexed Interest Amount .................................
The product of the following:
a)
Deposit Amount
b)
Participation Rate
c)
Basket Appreciation
Basket Appreciation .........................................
Final Basket Value – Initial Basket Value
Initial Basket Value
Initial Basket Value ..........................................
100.
Final Basket Value ...........................................
100 times (1 plus the sum of 25% of the Brazilian Real Currency Return and
25% of the Russian Ruble Currency Return and 25% of the Indian Rupee
Currency Return and 25% of the Korean Won Currency Return)
Currency Return ..............................................
For each Basket Currency the amount determined for the applicable
Exchange Rate for such currency, as follows:
Initial Exchange Rate – Final Exchange Rate
Initial Exchange Rate
Where:
“Initial Exchange Rate” is the Exchange Rate of the relevant Basket
Currency on the Pricing Date.
Brazilian Real Russian Ruble Indian Rupee Korean Won 1.7336 31.2635 45.6100 1134.2000 “Final Exchange Rate” is the Exchange Rate of the relevant Basket Currency
on the Final Valuation Date. Changes in the Exchange Rates from the Final
Valuation Date to the Maturity Date will not be taken into account for
purposes of determining the Payment at Maturity and will not affect the
return on the MLCDs. The Currency Return is based solely on the change in
the Exchange Rates for the Basket Currencies from the Pricing Date to the
Final Valuation Date. No changes between the Pricing Date and Final
Valuation Date (or Early Redemption Dates) in the Exchange Rates,
including increases, will be considered in determining the Currency Return.
2
Final Valuation Date ........................................
November 20, 2017.
Participation Rate ............................................
200%.
Exchange Rate ................................................
For each Basket Currency, the amount determined for the applicable
Exchange Rate for such currency, as follows:




Brazilian Real: the number of Brazilian Reals for which one U.S.
Dollar can be exchanged, as determined by reference to the “ASK”
price on the Bloomberg page “BZFXPTAX<CURNCY>”, or any
successor page at approximately 6:00pm Sao Paulo time.
Russian Ruble: the number of Russian Rubles for which one U.S.
Dollar can be exchanged, as reported by Reuters on Page “EMTA”,
or any successor page at approximately 1:30pm Moscow time.
Indian Rupee: the number of Indian Rupees for which one U.S.
Dollar can be exchanged, as determined by reference to the
Bloomberg page “INRRATE<CURNCY>”, or any successor page at
approximately 2:30pm Mumbai time.
Korean Won: the number of Korean Wons for which on U.S. dollar
can be exchanged, as determined by reference to Reuters page
“KFTC18”, or any successor page at approximately 3:30 p.m. Seoul
time.
Minimum Indexed Interest Amount ..................
14.00% multiplied by the outstanding Deposit Amount on the Maturity Date.
This equates to a 1.89% Annual Percentage Yield on such Deposit Amount.
Annual Percentage Yield (APY) .......................
1.89% (if the Indexed Interest Amount does not exceed the Minimum
Indexed Interest Amount, so that only the outstanding Deposit Amount and
the Minimum Indexed Interest Amount is payable on the MLCDs). APYs
assume that the MLCDs were purchased in the original offering and are
calculated on the basis of a 365-day year.
Periodic Interest Payments ..............................
None.
Call Feature .....................................................
None.
Early Redemption Dates ..................................
The 15th of each March, June, September, and December, beginning
December 15, 2011. The amount you receive upon an early redemption (the
“Early Redemption Amount”) is described in the section of the Disclosure
Statement entitled “General Description of the MLCDs - Early Redemption."
Upon an Early Redemption, the value of your MLCD may be less than if held
to maturity and will be impacted by the factors described under "Risk Factors
- Value of the MLCDs Prior to Maturity May Be Substantially Less Than Your
Deposit Amount” and “Fees and Hedging” in the Disclosure Statement.
Survivor’s Option .............................................
Upon the death or adjudication of incompetence of the beneficial owner of
the MLCD prior to the Final Valuation Date, the estate will be entitled to the
return of the full Deposit Amount. The estate will not be entitled to additional
payments associated with the performance of the Investment Benchmark or
any secondary market premiums that may have been paid.
Survivor’s Option Payment Dates ....................
The 10th of each month, beginning January 10, 2011.
Calculation Agent.............................................
Union Bank, N.A.
CUSIP ..............................................................
90521ADP0
Selling Concession ..........................................
3.50% of the Deposit Amount of each MLCD.
3
Additional Risk Factors
You should carefully consider the risk factors set forth below as well as the risk factors discussed under “Risk
Factors” in the Disclosure Statement and the other information contained in this Supplement and the
accompanying Disclosure Statement. In particular, please review the information in the disclosure statement set
forth under the caption, “You Will be Subject to Foreign Currency Risks if Your Investment Benchmark is Linked
to Foreign Currency.” You should reach an investment decision only after you have carefully considered with
your advisors the suitability of an investment in the MLCDs in light of your particular circumstance.
Adjustments to a Basket Currency
If, after the Pricing Date and on or before the valuation date, any country issuing a Basket Currency has lawfully
eliminated, converted, redenominated or exchanged its lawful currency that was in effect on the Pricing Date (an
“original currency”) for a successor currency, then for the purpose of calculating the Currency Return for such
Basket Currency, the Basket will include the successor currency and no longer include the original currency. The
Initial Exchange Rate for the successor currency will be adjusted to reflect such successor currency in
accordance with the exchange ratio set by the relevant government for converting the original currency into the
successor currency on the date that the elimination, conversion, redenomination or exchange occurred.
4
Illustrative Examples
The following examples are provided for illustration purposes only and are hypothetical. They are not
representative of every possible scenario concerning possible Indexed Interest Amounts that could result
from possible changes in the value of the Investment Benchmark over the term of the MLCDs. We
cannot predict the Final Basket Value. The assumptions we have made in connection with the
illustrations set forth below may not reflect actual events, and the hypothetical Final Exchange Rate of the
Basket Currencies used in the scenarios below may not be the actual Final Exchange Rate of each
Basket Currency. The Participation Rate is 200%. You should not take these examples as an indication
or assurance of the expected performance of the Investment Benchmark or of the return on the MLCDs.
The following examples indicate how the Indexed Interest Amount would be calculated with respect to a
hypothetical $1,000 Deposit Amount in the MLCDs. These examples assume that there is no early
redemption, and that the MLCDs are held to maturity.
Indexed Interest Amount:
The product of the following:
a) Deposit Amount
b) Participation Rate
c) Basket Appreciation Amount
Final Basket Value – Initial Basket Value
Initial Basket Value
Basket Appreciation Amount
Initial Basket Value
The Initial Basket Value as of the close of trading on the Pricing Date will be
100.
Final Basket Value
The Final Basket Value will be equal to:
100 x (1+25% of the Brazilian Real Currency Return + 25% of the Russian
Ruble Currency Return + 25% of the Indian Rupee Currency Return + 25% of
the Korean Won Currency Return)
Currency Return:
Equal to:
Initial Exchange Rate – Final Exchange Rate
Initial Exchange Rate
Participation Rate:
200%
Minimum Indexed Interest
Amount:
The Minimum Indexed Interest Amount at maturity will be 14.00%
multiplied by the outstanding Deposit Amount on the Maturity Date.
This equates to a 1.89% Annual Percentage Yield.
Payment at Maturity:
The Deposit Amount plus the greater of (i) the Minimum Indexed
Interest Amount or (ii) the Indexed Interest Amount.
5
Sample Scenarios
The following tables show four different scenarios for calculating the Payment at Maturity over the term of
the MLCDs. These hypothetical examples are for purposes of illustration only. The actual Payment at
Maturity will depend on the Final Basket Value.
Scenario 1 shows that the movement of one or more of the Basket Currencies can offset the depreciation
of one or more other Basket Currencies. In this scenario, the Brazilian Real and the Russian Ruble both
appreciate against the U.S. Dollar by more than the amount that the Indian Rupee and the Korean Won
both depreciate against the U.S. Dollar. However, because the Indexed Interest Amount is still less than
the Minimum Indexed Amount, the Payment at Maturity is equal to the Deposit Amount plus the Minimum
Indexed Interest Amount.
Initial
Final
Exchange
Exchange
Final Basket
Scenario
Currency
Rate
Rate
Currency Return
Value
Brazilian Real
1.7336
1.6391
5.45%
Russian Ruble
31.2635
28.4623
8.96%
101.5375
1
Indian Rupee
45.6100
47.8859
-4.99%
Korean Won
1134.2000
1171.2883
-3.27%
The Final Basket Value in the above scenario would equal 100 x [1 + (0.0545 x 25%) + (0.0896 x 25%) +
(-0.0499 x 25%) + (-0.0327 x 25%)], or 101.5375. The Indexed Interest Amount for each $1,000 Deposit
Amount of an MLCD would be:
$1,000 x 200% x (101.5375 -100)/100 = $30.75
Since this is less than the Minimum Indexed Interest Amount of $140, the Payment at Maturity would be:
$1,000 + (14% x $1,000) = $1,140.00
Scenario 2 shows the depreciation of all four of the Basket Currencies against the U.S. Dollar. In this
scenario, the Brazilian Real, Russian Ruble, Indian Rupee, and Korean Won all depreciate against the
U.S. Dollar. The Payment at Maturity is equal to the Deposit Amount plus the Minimum Indexed Interest
Amount.
Initial
Final
Exchange
Exchange
Final Basket
Scenario
Currency
Rate
Rate
Currency Return
Value
Brazilian Real
1.7336
1.8307
-5.60%
Russian Ruble
31.2635
33.2644
-6.40%
95.5950
2
Indian Rupee
45.6100
47.5165
-4.18%
Korean Won
1134.2000
1150.5325
-1.44%
The Final Basket Value in the above scenario would equal 100 x [1 + (-0.0560 x 25%) +
(-0.0640 x 25%) + (-0.0418 x 25%) + (-0.0144 x 25%)], or 95.5950. The Indexed Interest Amount for each
$1,000 Deposit Amount of an MLCD would be:
$1,000 x 200% x (95.5950 -100)/100 = -$88.10
Since this is less than the Minimum Indexed Interest Amount of $140, the Payment at Maturity would be:
$1,000 + (14% x $1,000) = $1,140.00
6
Scenario 3 shows the appreciation of all four of the Basket Currencies against the U.S. Dollar. In this
scenario, the Brazilian Real, Russian Ruble, Indian Rupee and Korean Won all appreciate against the
U.S. Dollar. The Payment at Maturity is equal to the Deposit Amount plus the Indexed Interest Amount.
Scenario
3
Currency
Brazilian Real
Russian Ruble
Indian Rupee
Korean Won
Initial
Exchange
Rate
1.7336
31.2635
45.6100
1134.2000
Final
Exchange
Rate
Currency Return
1.2003
30.76%
25.8237
17.40%
39.7263
12.90%
1115.4857
1.65%
Final Basket
Value
115.6775
The Final Basket Value in the above scenario would equal 100 x [1 + (0.3076 x 25%) + (0.1740 x 25%) +
(0.1290 x 25%) + (0.0165 x 25%)], or 115.6775. The Indexed Interest Amount for each $1,000 Deposit
Amount of an MLCD would be:
$1,000 x 200% x (115.6775 -100)/100 = $313.55
Since this is greater than the Minimum Indexed Interest Amount, the Payment at Maturity would be:
$1,000 + $313.55 = $1,313.55.
Scenario 4 shows that the depreciation of one of the Basket Currencies can offset the appreciation of the
other three Basket Currencies. In this scenario, the percentage by which the Russian Ruble depreciates
against the U.S. Dollar is greater than the aggregate percentage by which the Brazilian Real, the Indian
Rupee and the Korean Won appreciate against the U.S. Dollar. The Payment at Maturity is equal to the
Deposit Amount plus the Minimum Indexed Interest Amount.
Scenario
4
Currency
Brazilian Real
Russian Ruble
Indian Rupee
Korean Won
Initial
Exchange
Rate
1.7336
31.2635
45.6100
1134.2000
Final
Exchange
Rate
Currency Return
1.5751
9.14%
37.5068
-19.97%
42.8460
6.06%
1119.2286
1.32%
Final Basket
Value
99.1375
The Final Basket Value in the above scenario would equal 100 x [1 + (0.0914 x 25%) + (-0.1997 x 25%) +
(0.0606 x 25%) + (0.0132 x 25%)], or 99.1375. The Indexed Interest Amount for each $1,000 Deposit
Amount of an MLCD would be:
$1,000 x 200% x (99.1375 -100)/100 = -$17.25
Since this is less than the Minimum Indexed Interest Amount, the Payment at Maturity would be:
$1,000 + (14% x $1,000) = $1,140.00
7
Hypothetical Final Basket Values
The following table shows hypothetical values of the Currency Basket for several different scenarios over
the term of the MLCDs. Because the value of the Currency Basket may be subject to significant
fluctuations over the term of the MLCDs, we cannot show the range of all possible Indexed Interest
Amounts that would result from given changes in the value of the Currency Basket. These hypothetical
examples are for purposes of illustration only. The actual Payment at Maturity will depend on the actual
values of the Currency Basket used to calculate the Indexed Interest Amount at maturity.
The following table indicates how the interest payable on the MLCD would be calculated with respect to
nine hypothetical scenarios, each of which assumes an Initial Basket Value of 100 and Final Basket
Values in the range of 75 to 250 and the Participation Rate of 200%. The Payment at Maturity equals the
outstanding Deposit Amount plus the greater of the Minimum Indexed Interest Amount or the Indexed
Interest Amount.
Scenarios
A
B
C
D
E
F
G
H
I
Initial
Basket Value
100
100
100
100
100
100
100
100
100
Final
Basket Value
75
95
100
110
125
150
165
180
200
(Final Basket Value - Initial Basket Value)
(Initial Basket Value)
-25.00%
-5.00%
0.00%
10.00%
25.00%
50.00%
65.00%
80.00%
100.00%
Participation
Rate
200.00%
200.00%
200.00%
200.00%
200.00%
200.00%
200.00%
200.00%
200.00%
Interest Payable
at Maturity
14.00%
14.00%
14.00%
20.00%
50.00%
100.00%
130.00%
160.00%
200.00%
APY
1.89%
1.89%
1.89%
2.64%
5.97%
10.42%
12.65%
14.64%
17.01%
Payment at
Maturity
$ 1,140.00
$ 1,140.00
$ 1,140.00
$ 1,200.00
$ 1,500.00
$ 2,000.00
$ 2,300.00
$ 2,600.00
$ 3,000.00
The graph below of the hypothetical scenarios A, D, F and H illustrates the fact that changes in the
Currency Basket, including increases, between the Pricing Date and the valuation date are not used to
determine the Indexed Interest Amount. Only the Initial Basket Value and the Final Basket Value on the
valuation date are used to determine the Indexed Interest Amount. For example, in Scenario A, the
Currency Basket increases to 150, a 50% increase from the Initial Basket Value of 100, during the term of
the MLCD; however, the Payment at Maturity is based on the Final Basket Value of 75, resulting in a
Payment at Maturity of $1,140, the outstanding Deposit Amount plus the Minimum Indexed Interest
Amount.
Currency Basket Values
250
200
150
Scenario A
Scenario D
Scenario F
100
Scenario H
50
0
2010
2011
2012
2013
2014
8
2015
2016
2017
Investment Benchmark
Historical Information
The historical exchange rate information for each Basket Currency set forth in the applicable table below
is provided on a basis comparable to the corresponding Exchange Rate definition for such Basket
Currency. As a result, the historical exchange rate information for each Basket Currency, other than the
Russian Ruble and Korean Won, is derived from the applicable rate information as published by
Bloomberg Financial Markets and was calculated by the Bank in a manner consistent with the Exchange
Rate definition for such Basket Currency. The historical exchange rate information for the Russian Ruble
and Korean Won is provided as published by Reuters. The Bank obtained such historical information from
Bloomberg Financial Markets or Reuters, as applicable, without independent verification. The historical
daily exchange rates and historical exchange rate performance of the Basket Currencies set forth below
should not be taken as an indication of future performance.
Please note that:
 Even though currencies trade around-the-clock, the market value of the MLCDs may not reflect
the up-to-the-minute underlying exchange rates.
 Suspensions or disruptions of market trading in the Basket Currencies may adversely affect the
value of the MLCDs, and may also affect the timing of payments. Please see “Market Disruption
Events” in the Disclosure Supplement for additional information.
10 Year Historical Price Graphs for Basket Currencies
Brazilian Real
Russian Ruble
4.5
38
36
34
32
30
28
26
24
22
20
4
3.5
3
2.5
2
1.5
1
Indian Rupee
Korean Won
55
1700
1600
1500
1400
1300
1200
1100
1000
900
800
50
45
40
35
30
9
10 Year Historical Price Graphs for Currency Basket
While historical information on the value of the Currency Basket does not exist for dates prior to the
Pricing Date, the following graph illustrates the hypothetical daily values of the Currency Basket over the
past 10 years, assuming the basket was constructed on November 25, 2000 and set equal to 100 on that
date. Over the past 10 years, the Currency Basket has experienced significant fluctuations. Any
historical upward or downward trend in the value of the Currency Basket during any period shown below
is not an indication that the value of the Currency Basket is more or less likely to increase or decrease at
any time during the term of the MLCDs. The historical Currency Basket values do not give an indication
of future performance of the Currency Basket. We cannot assure you that the future performance of the
Currency Basket or the constituent Basket Currencies will result in holders of the MLCDs receiving an
amount greater than the outstanding Deposit Amount of the MLCDs and the Minimum Indexed Interest
Amount on the Maturity Date.
10 Year Historical Basket Performance
Basket Closing Value
130
120
110
100
90
80
70
60
50
40
10
UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS
To ensure compliance with Treasury Department Circular 230, you are hereby notified that (a) any discussion
of United States federal tax issues in this Disclosure Supplement is not intended or written to be relied upon,
and cannot be relied upon by you for the purpose of avoiding penalties that may be imposed on you under
the Internal Revenue Code of 1986, as amended (the “Code”), (b) this discussion is included herein by the
Bank in connection with the promotion or marketing (within the meaning of Circular 230) by the Bank, UBIS
and the Offering Brokers of the transactions or matters addressed in this Disclosure Supplement, and (c) you
should seek advice based on your particular circumstances from an independent tax advisor.
The following discussion supplements (and, to the extent inconsistent with, supersedes) and should be
read in conjunction with the discussion in the attached Disclosure Statement under “United States
Federal Income Tax Considerations.” For purposes of that discussion, the MLCDs are “long-term
MLCDs.” The table below sets forth the following information with respect to each $1,000 principal
amount of the MLCDs for each of the indicated accrual periods through the maturity dates of the MLCDs:

the adjusted issue price at the beginning of the accrual period;

the amount of interest deemed to have accrued during the accrual period; and

the total amount of interest deemed to have accrued from the original issue date through the end
of the accrual period.
The table is based upon a projected payment schedule (including a comparable yield equal to 3.90% per
annum (compounded annually)) that the Bank established for the MLCDs. The table reflects the expected
issuance of the MLCDs on November 29, 2010 and the scheduled maturity date of November 24, 2017.
The table also assumes that the MLCDs will not be withdrawn prior to maturity under the Survivor’s
Option or pursuant to an early redemption. The projected payment schedule consists of a single payment
at maturity, which includes the principal amount and a projection for tax purposes of the Indexed Interest
Amount. The Bank has determined that the projected payment schedule for each $1,000 principal
amount of the MLCDs would consist of the payment on the maturity date of the principal amount of
$1,000 and a projected Indexed Interest Amount of $306.59, for a total of $1,306.59. This information is
provided solely for tax purposes, and the Bank makes no representations or predictions as to what the
actual Indexed Interest Amount will be.
Total Interest Deemed
Interest Deemed to
to Have Accrued from
Accrue on the MLCDs Original Issue Date as
During the Accrual
of End of Accrual
Period (1)
Period
Accrual Period
Adjusted Issue Price
at Beginning of
Accrual Period
November 29, 2010 to December 31, 2010
1,000.00
3.47
3.47
January 1, 2011 to December 31, 2011
1,003.47
39.14
42.61
January 1, 2012 to December 31, 2012
1,042.61
40.66
83.27
January 1, 2013 to December 31, 2013
1,083.27
42.25
125.52
January 1, 2014 to December 31, 2014
1,125.52
43.90
169.42
January 1, 2015 to December 31, 2015
1,169.42
45.61
215.03
January 1, 2016 to December 31, 2016
1,215.03
47.39
262.42
January 1, 2017 to November 24, 2017
1,262.42
44.17
306.59
(1) Represents the adjusted issue price at the beginning of the accrual period multiplied by the hypothetical comparable yield
for the accrual period.
Final Adjusted Issue Price = $1,306.59 per $1,000 principal amount of MLCDs.
All prospective investors in the MLCDs should consult their own tax advisors concerning the taxation of
the MLCDs.
11