RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG

This document constitutes two base prospectuses of: (i) the base prospectus in respect of non-equity 

securities ("Non-Equity Securities") within the meaning of Article 5 sub-paragraph 4 of the Prospectus 

Directive (as defined below) and Article 22 sub-paragraph 6(4) of the Commission Regulation (EC) 

No. 809/2004 of 29 April 2004 (the "Commission Regulation") and (ii) the base prospectus in respect of 

Covered Bonds within the meaning of Article 22 sub-paragraph 6(3) of the Commission Regulation 

(together, the "Debt Issuance Programme Prospectus", or the "Prospectus"). 

RAIFFEISENLANDESBANK 

NIEDERÖSTERREICH-WIEN AG 

EUR 2,000,000,000 

Debt Issuance Programme 

(the "Programme") 

Debt Issuance Programme Prospectus 

Dated 11 May 2012 

RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG ("RLB NÖ-Wien" or the "Issuer") has 

requested the Commission de Surveillance du Secteur Financier (the "CSSF") of the Grand Duchy of 

Luxembourg ("Luxembourg") in its capacity as competent authority under the Luxembourg law relating to 

prospectuses for securities (Loi relative aux prospectus pour valeurs mobilières), which implements 

Directive 2003/71/EC of the European Parliament and the Council of 4 November 2003 (the "Prospectus 

Directive"), for approval of this Prospectus. 

Application has been made to list notes to be issued under the EUR 2,000,000,000 Debt Issuance 

Programme (the "Notes", which expression includes covered bonds unless indicated otherwise) on the 

Official List of the Luxembourg Stock Exchange and to trade Notes on the Regulated Market "Bourse de 

Luxembourg", (the "Regulated Market") and on the Second Regulated Market (Geregelter Freiverkehr) of 

the Vienna Stock Exchange, each a regulated market within the meaning of Directive 2004/39/EC that 

appears on the list of regulated markets issued by the European Commission. Application may also be 

made to trade Notes on the Euro MTF market of the Luxembourg Stock Exchange. Notes issued under the 

Programme may also be listed on other or further stock exchanges or may not be listed at all. 

The Issuer has requested the CSSF to provide the competent authorities in the Federal Republic of 

Germany ("Germany") and the Republic of Austria ("Austria") with a certificate of approval attesting that 

the Prospectus has been drawn up in accordance with the Luxembourg Law relating to prospectuses for 

securities (each a "Notification"). The Issuer may request the CSSF to provide competent authorities in 

additional host Member States within the European Economic Area with a Notification. By approving a 

prospectus, the CSSF shall give no undertaking as to the economic and financial soundness of the 

operation or the quality or solvency of the issuer. 

Commerzbank 

DZ BANK AG 



Arranger 

Commerzbank 

Dealers 

UniCredit Bank 

Deutsche Bank 

Landesbank Baden-Württemberg 

Raiffeisen Bank International AG 

This Prospectus will be published in electronic form on the website of the Luxembourg Stock Exchange 

(www.bourse.lu). This Prospectus is valid for a period of 12 months from its date of publication.

2 

RESPONSIBILITY STATEMENT 

RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG, with its registered office in Vienna, is 

solely responsible for the information given in this Prospectus. The Issuer hereby declares that, having 

taken all reasonable care to ensure that such is the case, the information contained in this Prospectus 

is, to the best of its knowledge, in accordance with the facts and contains no omission likely to affect 

its import. 

NOTICE 

This Prospectus should be read and understood in conjunction with any supplement hereto and with 

any other document incorporated herein by reference. Full information on the Issuer and any series of 

Notes is only available on the basis of the combination of the Prospectus and the relevant Final Terms 

(the "Final Terms"). 

The Issuer has confirmed to the dealers set forth on the cover page and any additional dealer 

appointed from time to time under the Programme (each a "Dealer" and together the "Dealers") that 

this Prospectus contains all information with regard to the Issuer and any Notes which is material in 

the context of the Programme and the issue and offering of Notes thereunder, that the information 

contained herein is accurate in all material respects and is not misleading, that the opinions and 

intentions expressed herein are honestly held, that there are no other facts, the omission of which 

would make this Prospectus as a whole or any of such information or the expression of any such 

opinions or intentions misleading in any material respect, and that all reasonable enquiries have been 

made to ascertain all facts and to verify the accuracy of all statements contained herein. 

No person has been authorised to give any information which is not contained in or not consistent with 

this Prospectus or any other document entered into or any other information supplied in connection 

with the Programme and, if given or made, such information must not be relied upon as having been 

authorised by or on behalf of the Issuer, the Dealers or any of them. 

This Prospectus is valid for 12 months following its publication. The Base Prospectus and any 

supplement hereto as well as any Final Terms reflect the status as of their respective dates of issue. 

The offering, sale or delivery of any Notes may not be taken as an implication that the information 

contained in such documents is accurate and complete subsequent to their respective dates of issue 

or that there has been no adverse change in the financial condition of the Issuer since such date or 

that any other information supplied in connection with the Programme is accurate at any time 

subsequent to the date on which it is supplied or, if different, the date indicated in the document 

containing the same. 

The Issuer has undertaken with the Dealers to supplement this Prospectus or publish a new 

Prospectus if and when the information herein should become materially inaccurate or incomplete, 

and has further agreed with the Dealers to furnish a supplement to the Prospectus in the event of any 

significant new factor, material mistake or inaccuracy relating to the information included in this 

Prospectus which is capable of affecting the assessment of the Notes and where approval by the 

CSSF of any such document is required, upon such approval having been given. 

Neither the Arranger nor any Dealer nor any other person mentioned in this Prospectus, excluding the 

Issuer, is responsible for the information contained in this Prospectus or any supplement thereof, or 

any Final Terms or any other document incorporated herein by reference and, accordingly, none of 

these persons accepts any responsibility for the accuracy and completeness of the information 

contained in any of these documents. 

The distribution of this Prospectus, any document incorporated herein by reference and any Final 

Terms and the offering, sale and delivery of Notes in certain jurisdictions may be restricted by law. 

Persons into whose possession this Prospectus and any supplement, if applicable or any Final Terms 

come are required by the Issuer and the Dealers to inform themselves about, and to observe, any 

such restrictions. For a description of certain restrictions on offers, sales and deliveries of Notes and 

on the distribution of the Prospectus or any Final Terms and other offering material relating to the 

Notes, in the United States of America, the European Economic Area, the United Kingdom of Great 

Britain and Northern Ireland ("United Kingdom") and Japan see "Selling Restrictions". In particular, 

the Notes have not been and will not be registered under the United States Securities Act of 1933, as

3 

amended, and are subject to U.S. tax law requirements. Subject to certain exceptions, Notes may not 

be offered, sold or delivered within the United States of America or to U.S. persons. 

The language of this Prospectus (excluding the audited consolidated financial statements of the Issuer 

incorporated by reference herein) is English. The German versions of the English language Terms and 

Conditions and Guarantee are shown in the Prospectus for additional information. As to form and 

content, and all rights and obligations of the Holders and the Issuer under the Notes to be issued, 

German is the controlling legally binding language if so specified in the relevant Final Terms. 

This Prospectus may only be used for the purpose for which it has been published. 

This Prospectus and any Final Terms may not be used for the purpose of an offer or 

solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorised or 

to any person to whom it is unlawful to make such an offer or solicitation. 

This Prospectus and any Final Terms do not constitute an offer or an invitation to subscribe for 

or purchase any Notes. 

In connection with the issue of any Tranche of Notes, the Dealer or Dealers (if any) named as 

the stabilising manager(s) (or persons acting on behalf of any stabilising manager(s)) in the 

applicable Final Terms may over-allot Notes or effect transactions with a view to supporting 

the price of the Notes at a level higher than that which might otherwise prevail. However, there 

is no assurance that the stabilising manager(s) (or persons acting on behalf of a stabilising 

manager) will undertake stabilisation action. Any stabilisation action may begin on or after the 

date on which adequate public disclosure of the terms and conditions of the offer of the 

relevant Tranche of Notes is made and, if begun, may be ended at any time, but it must end no 

later than the earlier of 30 days after the issue date of the relevant Tranche and 60 days after 

the date of the allotment of the relevant Tranche of Notes. Any stabilisation action or overallotment 

must be conducted by the relevant stabilising manager(s) (or person(s) acting on 

behalf of any stabilising manager(s)) in accordance with all applicable laws and rules. 

FORWARD-LOOKING STATEMENTS 

This Prospectus contains certain forward-looking statements. A forward-looking statement is a 

statement that does not relate to historical facts and events. They are based on analyses or forecasts 

of future results and estimates of amounts not yet determinable or foreseeable. These forward-looking 

statements are identified by the use of terms and phrases such as "anticipate", "believe", "could", 

"estimate", "expect", "intend", "may", "plan", "predict", "project", "will" and similar terms and phrases, 

including references and assumptions. This applies, in particular, to statements in this Prospectus 

containing information on future earning capacity, plans and expectations regarding RLB NÖ-Wien's 

business and management, its growth and profitability, and general economic and regulatory 

conditions and other factors that affect it. 

Forward-looking statements in this Prospectus are based on current estimates and assumptions that 

the Issuer make to the best of their present knowledge. These forward-looking statements are subject 

to risks, uncertainties and other factors which could cause actual results, including RLB NÖ-Wien's 

financial condition and results of operations, to differ materially from and be worse than results that 

have expressly or implicitly been assumed or described in these forward-looking statements. RLB NÖ- 

Wien's business is also subject to a number of risks and uncertainties that could cause a forwardlooking 

statement, estimate or prediction in this Prospectus to become inaccurate. Accordingly, 

investors are strongly advised to read the following sections of this Prospectus: "Summary regarding 

RLB NÖ-Wien", "Risk Factors regarding RLB NÖ-Wien", "Raiffeisenlandesbank Niederösterreich-Wien 

AG". These sections include more detailed descriptions of factors that might have an impact on RLB 

NÖ-Wien's business and the markets in which it operates. 

In light of these risks, uncertainties and assumptions, future events described in this Prospectus may 

not occur. In addition, neither the Issuer nor the Dealers assume any obligation, except as required by 

law, to update any forward-looking statement or to conform these forward-looking statements to actual 

events or developments.

4 

TABLE OF CONTENTS 

Clause Page 

General Description of the Programme....................................................................................................5 

General...........................................................................................................................................5 

Issue Procedures ...........................................................................................................................6 

Summary ..................................................................................................................................................8 

Summary regarding the Notes .......................................................................................................8 

Summary regarding Risk Factors.................................................................................................15 

Summary regarding RLB NÖ-Wien..............................................................................................18 

German Translation of the Summary .....................................................................................................22 

Risk Factors............................................................................................................................................39 

Risk Factors regarding RLB NÖ-Wien .........................................................................................40 

Risk Factors regarding the Notes.................................................................................................47 

Terms and Conditions of the Notes (English Language Version) ..........................................................53 

Terms and Conditions of the Notes (German Language Version).........................................................75 

Description of Rules regarding Resolutions of Holders........................................................................100 

Form of Final Terms .............................................................................................................................102 

Raiffeisenlandesbank Niederösterreich-Wien AG................................................................................124 

Taxation................................................................................................................................................145 

Selling Restrictions ...............................................................................................................................154 

General Information..............................................................................................................................158 

Covered Bonds...........................................................................................................................158 

Use of Proceeds and Reasons for an Offer ...............................................................................159 

Interest of Natural and Legal Persons Involved in an Issue/Offer .............................................159 

Authorisation ..............................................................................................................................159 

Listing and Admission to Trading ...............................................................................................159 

Post Issuance Information..........................................................................................................159 

Documents Incorporated by Reference .....................................................................................159 

Availability of Documents / Documents on Display....................................................................160 

Names and Addresses .........................................................................................................................161

I. General 

5 

GENERAL DESCRIPTION OF THE PROGRAMME 

Under this Programme, the Issuer may from time to time issue Notes, including covered bonds (the 

"Covered Bonds") denominated in any specified currency agreed between the Issuer and the relevant 

Dealer(s). The Issuer may increase the amount of the Programme in accordance with the terms of the 

Dealer Agreement (as defined herein) from time to time. The maximum aggregate principal amount of 

all Notes at any time outstanding under the Programme will not exceed EUR 2,000,000,000 (or its 

equivalent in other currencies). 

Notes may be issued on a continuing basis to one or more of the Dealers and any additional dealer 

appointed under the Programme from time to time, which appointment may be for a specific issue or 

on an ongoing basis. Notes may be distributed by way of public offer or private placements and, in 

each case, on a syndicated or non-syndicated basis. The method of distribution of each Tranche will 

be stated in the relevant Final Terms. 

Notes will be issued in Tranches, each Tranche consisting of Notes which are identical in all respects. 

One or more Tranches, which are expressed to be consolidated and forming a single series and 

identical in all respects, but having different issue dates, interest commencement dates, issue prices 

and dates for first interest payments may form a series ("Series") of Notes. Further Notes may be 

issued as part of an existing Series. The specific terms of each Tranche (which will be supplemented, 

where necessary, with supplemental terms and conditions) will be set forth in the applicable Final 

Terms. 

Notes will be issued in such denominations as may be agreed between the Issuer and the relevant 

Dealer(s) save that the minimum denominations of the Notes will be EUR 1,000 or, if any currency 

other than euro, in an amount in such other currency nearly the equivalent of EUR 1,000 at the time of 

the issue of the Notes. 

Notes may be issued under the Programme as Senior Notes or Subordinated Notes. Furthermore, 

Notes may be issued as Covered Bonds (as described below under "General Information"). 

Notes issued pursuant to the Programme may be rated or unrated. A security rating is not a 

recommendation to buy, sell or hold Notes issued under the Programme and may be subject to 

suspension, reduction or withdrawal at any time by the assigning rating agency. A suspension, 

reduction or withdrawal of the rating assigned to the Notes issued under the Programme may 

adversely affect the market price of the Notes issued under the Programme. 

Notes may be issued at an issue price which is at par or at a discount to, or premium over, par. 

Application has been made to the Luxembourg Stock Exchange for notes issued under this 

Programme to be admitted to trading on the Luxembourg Stock Exchange's Regulated Market and to 

be listed on the Official List of the Luxembourg Stock Exchange and on the Second Regulated Market 

(Geregelter Freiverkehr) at the Vienna Stock Exchange. The Programme provides that Notes may be 

listed on other or further stock exchanges including, but not limited to Euro MTF of the Luxembourg 

Stock Exchange as may be agreed between the Issuer and the relevant Dealer(s) in relation to each 

issue. Notes may further be issued under the Programme without being listed on any stock exchange. 

Notes will be accepted for clearing through one or more Clearing Systems as specified in the 

applicable Final Terms. These systems will include those operated by Clearstream Banking AG, 

Frankfurt am Main (CBF), Clearstream Banking, société anonyme, Luxembourg (CBL), Euroclear 

Bank SA/NV (Euroclear) and Oesterreichische Kontrollbank Aktiengesellschaft (OeKB). 

Citibank, N.A. London Branch will act as Fiscal Agent. Banque Internationale à Luxembourg, 

RAIFFEISENLANDESBANK NIEDERÖSTERREICH WIEN AG and other institutions, all as indicated 

in the applicable Final Terms, will act as Paying Agents. Banque Internationale à Luxembourg will also 

act as Luxembourg Listing Agent.

II. Issue Procedures 

General 

6 

The Issuer and the relevant Dealer(s) will agree on the terms and conditions applicable to each 

particular Tranche of Notes (the "Conditions"). The Conditions will be constituted by the Terms and 

Conditions of the Notes set forth below (the "Terms and Conditions") as completed, modified, 

supplemented or replaced by the provisions of the Final Terms. The Final Terms relating to each 

Tranche of Notes will specify: 

– whether the Conditions are to be Long-Form Conditions or Integrated Conditions (each as 

described below); and 

– whether the Conditions will be in the German language or the English language or both (and, if 

both, whether the German language version or the English language version is controlling). 

As to whether the Conditions are documented as Long-Form Conditions or Integrated Conditions the 

following applies: 

– Integrated Conditions will be required where the Notes are to be publicly offered, in whole or in 

part, or are to be initially distributed, in whole or in part, to non-qualified investors. 

– In all other cases, the Issuer may elect to use Long-Form Conditions or Integrated 

Conditions. 

As to the controlling language of the respective Conditions, the Issuer anticipates that, in general, 

subject to any stock exchange or legal requirements applicable from time to time, and unless 

otherwise agreed between the Issuer and the relevant Dealer(s): 

– in the case of Notes publicly offered, in whole or in part, in Austria and/or Germany, or 

distributed, in whole or in part, to non-qualified investors in Austria and/or Germany, German 

will be the controlling language. If, in the event of such public offer or distribution to nonqualified 

investors, however, English is chosen as the controlling language, a German language 

translation of the Conditions will be available from the principal office of the Fiscal Agent and the 

Issuer, as specified on the back cover of this Prospectus. 

Long-Form Conditions 

If the Final Terms specify that Long-Form Conditions are to apply to the Notes, the provisions of the 

applicable Final Terms and the Terms and Conditions, taken together, shall constitute the Conditions. 

Such Conditions will be constituted as follows: 

– the blanks in the provisions of the Terms and Conditions which are applicable to the Notes will 

be deemed to be completed by the information contained in the Final Terms as if such 

information was inserted in the blanks of such provisions; 

– the Terms and Conditions will be modified, supplemented or replaced by the text of any 

provisions of the Final Terms modifying, supplementing or replacing, in whole or in part, the 

provisions of the Terms and Conditions; 

– alternative or optional provisions of the Terms and Conditions as to which the corresponding 

provisions of the Final Terms are not completed or are deleted will be deemed to be deleted 

from the Conditions; and 

– all instructions and explanatory notes set out in square brackets in the Terms and Conditions 

and any footnotes and explanatory text in the Final Terms will be deemed to be deleted from the 

Conditions. 

Where Long-Form Conditions apply, each global note representing the Notes of the relevant Series 

will have the Final Terms and the Terms and Conditions attached.

Integrated Conditions 

7 

If the Final Terms specify that Integrated Conditions are to apply to the Notes, the Conditions in 

respect of such Notes will be constituted as follows: 

– all of the blanks in all applicable provisions of the Terms and Conditions will be completed 

according to the information contained in the Final Terms and all non-applicable provisions of 

the Terms and Conditions (including the instructions and explanatory notes set out in square 

brackets) will be deleted; and/or 

– the Terms and Conditions will be otherwise modified, supplemented or replaced, in whole or in 

part, according to the information set forth in the Final Terms. 

Where Integrated Conditions apply, the Integrated Conditions alone will constitute the Conditions. The 

Integrated Conditions will be attached to each global note representing Notes of the relevant Series.

8 

SUMMARY 

The following constitutes the summary (the "Summary") of the essential characteristics and risks 

associated with the Issuer and the Notes to be issued under the Programme. This Summary should be 

read as an introduction to this Prospectus. Any decision by an investor to invest in the Notes should 

be based on consideration of this Prospectus as a whole, including the documents incorporated by 

reference, any supplements thereto and the relevant Final Terms. Where a claim relating to the 

information contained in this Prospectus, including the documents incorporated by reference, any 

supplements thereto and the relevant Final Terms is brought before a court, the plaintiff investor 

might, under the national legislation of such court, have to bear the costs of translating the 

Prospectus, the documents incorporated by reference, any supplements thereto and the relevant Final 

Terms before the legal proceedings are initiated. Civil liability attaches to the Issuer who has tabled 

this Summary including any translation thereof and has applied or will apply for its notification, but only 

if this Summary is misleading, inaccurate or inconsistent when read together with the other parts of 

this Prospectus. 

The following Summary does not purport to be complete and is taken from and qualified in its entirety 

by the remainder of this Prospectus and, in relation to the terms and conditions of any particular 

tranche of the Notes, the applicable Final Terms. 

Summary regarding the Notes 

Issuer RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG 

Arranger Commerzbank Aktiengesellschaft 

Dealers 

Commerzbank Aktiengesellschaft 

Deutsche Bank Aktiengesellschaft 

DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main 


RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG 


UniCredit Bank AG 

and any new Dealer appointed in accordance with the Dealer Agreement 

Fiscal Agent Citibank, N.A. London Branch 

Austrian Fiscal Agent RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG in 

accordance with the Agency Agreement. 

Paying Agents 

Luxembourg Listing 

Agent 

Banque Internationale à Luxembourg 

RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG and the 

other institutions, all as indicated in the applicable Final Terms 


Specified Currencies Subject to any applicable legal or regulatory restrictions and requirements 

of relevant central banks, Notes may be issued in euro or any other 

currency agreed by the Issuer and the relevant Dealer(s). 

Denomination of Notes 

Maturities 

Notes will be issued in such denominations as may be agreed between 

the Issuer and the relevant Dealer(s) save that the minimum 

denomination of the Notes will be EUR 1,000 or, if in any currency other 

than euro, in an amount in such other currency nearly the equivalent of 

EUR 1,000 at the time of the issue of the Notes. 

Such maturities as may be agreed between the Issuer and the relevant 

Dealer(s) and as indicated in the applicable Final Terms, subject to such 

minimum or maximum maturities as may be allowed or required from time 

to time by the relevant central bank (or equivalent body) or any laws or 

regulations applicable to the Issuer or the relevant specified currency.

9 

Subordinated Notes will have a minimum maturity of five years and Shortterm 

Subordinated Notes will have a minimum maturity of two. 

The Issuer can issue Series of Notes where the Terms and Conditions 

provide for the option of the Issuer to extend the maturity date, as 

specified in the applicable Final Terms. 

Any Notes, the proceeds of which are to be accepted by the Issuer in the 

United Kingdom, which must be redeemed before the first anniversary of 

the date of their issue, shall (a) have a redemption value of not less than 

£ 100,000 (or an amount of equivalent value denominated wholly or partly 

in a currency other than Sterling), and (b) provide that no part of any such 

Note may be transferred unless the redemption value of that part is not 

less than £ 100,000 (or such an equivalent amount). 

Form of Notes Notes may be issued in bearer form only. 

Description of Notes Notes may be either interest bearing at fixed or variable rates or noninterest 

bearing, with principal repayable at a fixed amount or by 

reference to a formula as may be agreed between the Issuer and the 

relevant Dealer(s) as specified in the applicable Final Terms. 

Fixed Rate Notes 

Floating Rate Notes 

Structured Floating 

Rate Notes 

CMS Floating Rate 

Notes 

Inverse/Reverse 


Fixed to Floating Rate 

Notes 

Fixed rate Notes bear a fixed interest income throughout the entire term 

of the Notes. Fixed interest will be payable on such basis as may be 

agreed between the Issuer and the relevant Dealer(s), as specified in the 

applicable Final Terms. 

Floating rate Notes will bear interest at a rate determined (and as 

adjusted for any applicable margin): 

– on the same basis as the floating rate under a notional interest rate 

swap transaction in the relevant specified currency governed by an 

agreement incorporating either the 2000 ISDA Definitions or the 

2006 ISDA Definitions (each as published by the International 

Swaps and Derivatives Association, Inc., and each as amended 

and updated as at the date on which the first Tranche of the Notes 

of the relevant Series is issued), or 

– on the basis of a reference rate appearing on the agreed screen 

page of a commercial quotation service, or 

– on such basis as indicated in the applicable Final Terms. 

The margin (if any) relating to such floating rate will be indicated in the 

applicable Final Terms for each series of floating rate Notes. Interest 

periods for floating rate Notes will be one, two, three, six or twelve months 

or such other period(s) as may be agreed between the Issuer and the 

relevant Dealer, as specified in the applicable Final Terms. 

A floating rate Note may include multipliers or other leverage factors, or 

caps or floors, or any combination of those features or other similar 

related features. 

CMS floating rate Notes bear variable interest which is determined by 

reference to certain swap rates. 

Inverse/Reverse floating rate Notes have an interest rate which is 

determined as the difference between a fixed interest rate and a floating 

rate reference rate such as the Euro Interbank Offered Rate (EURIBOR) 

or the London Interbank Offered Rate (LIBOR). 

Fixed to floating rate Notes may bear interest at a rate that the Issuer may 

elect to convert from a fixed rate to a floating rate, or from a floating rate 

to a fixed rate.

Step-Up and Step-Down 

Notes 

Zero Coupon Notes 

Dual Currency Notes 

Instalment Notes 

Inflation-related Notes 

Range Accrual Notes 

10 

Interest rates on step-up Notes increase over the years, interest on stepdown 

Notes decrease over the years. The dates on which interest 

increases or decreases, respectively, and the interest rates are 

predetermined. There are also combinations of step-up and step-down 

Notes, whereby the predetermined interest rate may increase or decrease 

from one year to another. 

Zero coupon Notes will be offered and sold at a discount to their principal 

amount or on an accumulated interest basis, in each case without 

periodic payments of interest. 

Dual currency Notes are Notes where payment of principal and/or 

payment of interest can be made in different currencies. Payments 

(whether in respect of principal or interest and whether at maturity or 

otherwise) in respect of dual currency Notes will be made in such 

currencies, and based on such rates of exchange, as the Issuer and the 

relevant Dealer may agree, as specified in the applicable Final Terms. 

Instalment Notes are Notes, where payment of principal is made in 

instalments. Instalment will be made as the Issuer and the relevant 

Dealer(s) may agree (as indicated in the applicable Final Terms). 

Inflation-related Notes bear interest at a minimum interest rate as 

specified in the Final Terms plus a rate determined by reference to 

changes in the unrevised and harmonised consumer price index (without 

tobacco) for the Euro-Zone (HVPI) calculated on a monthly basis by the 

Statistical Office of the European Community (EUROSTAT). 

Range Accrual Notes bear interest at a floating rate of interest linked to a 

formula as specified in the Final Terms. On the Interest Determination 

Date, the Calculation Agent determines for the relevant current interest 

period in arrear the number of calendar days within an Observation 

Period, on which the determined reference rate fell within a pre-defined 

range. The number of calendar days on which the determined reference 

rate fell within that range will positively affect the rate of interest for the 

relevant Interest Period. 

Steepener Notes Steepener Notes are Notes with a variable interest rate which amounts to 

the difference or a multiple of the difference between two reference rates. 

Index Linked Notes 

Index linked Notes may be issued as index linked interest Notes or index 

linked redemption Notes or a combination of both. 

Index Linked Interest Notes 

Payments of interest in respect of index linked interest Notes will be made 

by reference to a single index or other factors (including changes in the 

price of securities and commodities or movements in exchange rates) 

and/or such formula as may be specified by the Issuer and the relevant 

Dealer (as indicated in the applicable Final Terms). 

Index Linked Redemption Notes 

Payments of principal in respect of index linked redemption Notes will be 

calculated by reference to a single index or other factors (including 

changes in the price of securities and commodities or movements in 

exchange rates) and/or such formula as may be specified by the Issuer 

and the relevant Dealer(s) (as indicated in the applicable Final Terms). 

Each nominal amount of Notes equal to the lowest specified 

denomination specified in the applicable Final Terms will be redeemed by 

payment of the redemption amount specified in or as determined pursuant 

to provisions in the applicable Final Terms.

Other provisions in 

relation to Floating Rate 

Notes and Index Linked 

Interest Notes 

Covered Bonds 

Equity Linked Notes 

11 

Floating rate Notes and index linked interest Notes may also have a 

maximum interest rate ("Cap"), a minimum interest rate ("Floor") or both. 

Interest on floating rate Notes and index linked interest Notes in respect 

of each interest period, as selected prior to issue by the Issuer and the 

relevant Dealer, will be payable on such interest payment dates specified 

in, or determined pursuant to, the applicable Final Terms and will be 

calculated as specified in the applicable Final Terms. 

Covered Bonds are non-equity securities within the meaning of Art. 22 

No. 6(3) of Commission Regulation (EC) No. 809/2004 of 29 April 2004 

and may be issued under the Programme in accordance with the 

provisions of the Austrian Law on Covered Bonds of Banks, as amended, 

(Gesetz betreffend fundierte Bankschuldverschreibungen) and the 

Articles of Association of RLB NÖ-Wien. Covered Bonds are secured or 

"covered" by assets which meet the requirements set out in the Austrian 

Law on Covered Bonds of Banks, as amended, and the Articles of 

Association of RLB NÖ-Wien. In accordance with Section 1 Paragraph 9 

of the Austrian Law on Covered Bonds of Banks, RLB NÖ-Wien has 

formed two separate pools of assets to secure Covered Bonds: 

- The mortgage-backed pool of assets (hypothekarischer 

Deckungsstock) contains primarily assets in accordance with 

Section 1 Paragraph 5 items 1 and 2 of the Austrian Law on 

Covered Bonds of Banks. The Issuer intends that, at the time of 

issuance of covered bonds, the mortgage-backed pool of assets 

will consist of at least 80% mortgage backed claims in 

accordance with Section 1 Paragraph 5 item 2 of the Austrian 

Law on Covered Bonds of Banks. The Issuer further intends that 

the mortgage-backed pool of assets at any time consists of at 

least 50% mortgage backed claims in accordance with Section 1 

Paragraph 5 item 2 of the Austrian Law on Covered Bonds of 

Banks. Furthermore the Issuer has stipulated that for the 

calculation of the cover pool required in accordance with Section 

1 Paragraph 8 of the Austrian Law on Covered Bonds of Banks, 

claims attributed to the mortgage-backed pool of assets, for which 

a mortgage is registered in public records, will be taken into 

account at a maximum of 60% of the value of the collateral 

securing such claims and prior ranking rights will be deducted 

from such value. 

- The public pool of assets (öffentlicher Deckungsstock) consists 

primarily of assets held against or secured by public debtors in 

accordance with Section 1 Paragraph 5 items 3 and 4 of the 

Austrian Law on Covered Bonds of Banks. 

In the event that RLB NÖ-Wien becomes insolvent (or otherwise fails to 

make payments in respect of the Covered Bonds in accordance with the 

Terms and Conditions of the Notes), the holders of the Covered Bonds 

have a preferred claim on the respective pool of assets which covers the 

relevant Covered Bonds. Covered Bonds covered by one pool of assets 

have no right for preferred satisfaction from the other pool of assets. 

Disposals from each pool of assets are subject to the approval of a 

Government Commissioner and the level of cover provided by each pool 

of assets is thereby controlled by such Government Commissioner. 

Equity linked Notes may be issued in the form of equity linked interest 

Notes or equity linked redemption Notes or a combination of both. 

Equity Linked Interest Notes 

Payments of interest in respect of equity linked interest Notes will be 

calculated by reference to a single equity security or basket of equity

Other Notes 

Redemption 

Taxation 

Early Redemption for 

Taxation Reasons 

Status of the Notes 

12 

securities on such terms as indicated in the applicable Final Terms. 

Equity Linked Redemption Notes 

Payments of principal in respect of equity linked redemption Notes will be 

calculated by reference to a single equity security or a basket of equity 

securities. Each principal amount of Notes equal to the specified 

denomination specified in the applicable Final Terms will be redeemed by 

payment of the redemption amount specified in, or as determined 

pursuant to the provisions of the applicable Final Terms. 

Notes may be of any other type of security which the Issuer and the 

relevant Dealer may agree. The terms governing any such Notes will be 

specified in the applicable Final Terms. 

The applicable Final Terms will indicate either that the Notes cannot be 

redeemed prior to their stated maturity (except for taxation reasons, or, in 

the case of senior Notes only, upon the occurrence of an event of default) 

or that such Notes will be redeemable at the option of the Issuer and/or 

the holders of the Notes upon giving notice within the notice period (if 

any) indicated in the applicable Final Terms to the holders of the Notes or 

the Issuer, as the case may be, on a date or dates specified prior to such 

stated maturity and at a price or prices and on such terms as indicated in 

the applicable Final Terms. 

Subordinated Notes will not be subject to early redemption at the option of 

a holder of Notes in the first five years of their term and short-term 

subordinated Notes will not be subject to early redemption at the option of 

a holder of Notes in the first two years of their term. 

The applicable Final Terms will indicate if all payments of principal and 

interest in respect of the Notes will be made: 

(i) without withholding or deduction for or on account of any present or 

future taxes or duties of whatever nature imposed or levied by way of 

withholding or deduction at source by or on behalf of Austria or any 

political subdivision or any authority thereof or therein having power to 

tax, unless such withholding or deduction is required by law, in which 

case, the Issuer will generally pay such additional amounts as shall be 

necessary in order that the net amounts received by the holders of the 

Notes after such withholding or deduction shall equal the respective 

amounts of principal and interest which would otherwise have been 

receivable in respect of the Notes in the absence of such withholding 

or deduction, subject to the exceptions set out in § 7 of the Terms and 

Conditions of the Notes; or in any other case 

(ii) with withholding on deduction of taxes, duties or governmental 

charges, if such withholding or deduction is required by law and in 

each case without any tax gross-up. 

Please note that generally no additional amounts as described under (i) 

above will be paid by the Issuer in respect of Austrian withholding tax on 

capital investment income (Kapitalertragssteuer). 

Early redemption for taxation reasons will be permitted if, as a result of 

any change in, or amendment to the tax laws or regulations (including any 

change in, or amendment to, an official interpretation or application of 

such laws or regulations) of Austria, the Issuer is required to pay 

additional amounts on the Notes, all as more fully set out in the Terms 

and Conditions of the Notes. 

Senior Notes will constitute unsecured and unsubordinated obligations of 

the Issuer ranking pari passu among themselves and pari passu with all 

other unsecured and unsubordinated obligations of the Issuer.

Negative Pledge 

Events of Default and 

Cross Default 

Distribution 

Listing and Admission 

to Trading 

Governing Law German law. 

13 

Covered Bonds will constitute unsubordinated obligations of the Issuer 

ranking pari passu among themselves. Covered Bonds are secured or 

"covered" by assets which meet the requirements set out in the Austrian 

law on Covered Bonds of Banks, as amended, and the Articles of 

Association of RLB NÖ-Wien. In the event that RLB NÖ-Wien becomes 

insolvent (or otherwise fails to make payments in respect of the Covered 

Bonds in accordance with the Terms and Conditions of the Notes), the 

holders of the Covered Bonds have a preferred claim on the respective 

pool of assets which covers the relevant Covered Bonds. Covered Bonds 

covered by one pool of assets have no right for preferred satisfaction from 

the other pool of assets. Subordinated Notes and short-term subordinated 

Notes will constitute unsecured and subordinated obligations of the Issuer 

ranking pari passu among themselves and pari passu with all other 

subordinated obligations of the Issuer. In the event of the liquidation or 

institution of insolvency proceedings over the assets of the Issuer, such 

obligations may be satisfied only after the non-subordinated claims of 

creditors of the Issuer have been satisfied. 

Senior Notes will contain a negative pledge provision as set out in the 

Terms and Conditions of the Notes. No negative pledge provision will 

apply to Covered Bonds or Subordinated Notes, including short-term 

subordinated Notes. 

Senior Notes and Covered Bonds will provide for events of default 

entitling holders of the Notes to demand immediate redemption of the 

Notes as set out in the Terms and Conditions of the Notes (the "Events 

of Default"). The Events of Default that apply to Covered Bonds are 

narrower in scope than those that apply to Senior Notes. 

Senior Notes will provide for a cross default provision. 

Subordinated Notes, including short-term subordinated, will not provide 

for any Events of Default. 

Notes will be issued on an ongoing basis to one or more of the Dealers 

and any additional Dealer appointed under the Programme from time to 

time by the Issuer, which appointment may be for a specific issue or on 

an ongoing basis. Notes may be distributed by way of public offer or 

private placements and, in each case, on a syndicated or non-syndicated 

basis. The method of distribution of each Tranche will be stated in the 

relevant Final Terms. 

Application has been made to the Luxembourg Stock Exchange for notes 

issued under this Programme to be admitted to trading on the 

Luxembourg Stock Exchange's Regulated Market and to be listed on the 

Official List of the Luxembourg Stock Exchange and on the Second 

Regulated Market (Geregelter Freiverkehr) of the Vienna Stock 

Exchange. The Programme provides that Notes may also be listed on an 

alternative stock exchange, including but not limited to, the Euro MTF of 

the Luxembourg Stock Exchange, or not be listed at all. 

Place of Jurisdiction Non-exclusive place of jurisdiction for any legal proceedings arising under 

the Notes is Frankfurt am Main. 

Resolutions of Holders In accordance with the Act on Debt Securities of 2009 

(Schuldverschreibungsgesetz – "SchVG") the Notes may contain 

provisions pursuant to which Holders may agree by resolution to amend 

the Terms and Conditions (with the consent of the Issuer) and to decide 

upon certain other matters regarding the Notes. Resolutions of Holders 

properly adopted, either in a meeting of Holders or by vote taken without 

a meeting in accordance with the Terms and Conditions, are binding upon

14 

all Holders. Resolutions which do not provide for identical conditions for 

all Holders are void, unless Holders which are disadvantaged expressly 

consent to their being treated disadvantageously. In no event, however, 

may any obligation to make any payment or render any other 

performance be imposed on any Holder by resolution. Resolutions 

providing for material amendments to the Terms and Conditions require a 

majority of not less than 75 % of the votes cast. Resolutions regarding 

other amendments are passed by a simple majority of the votes cast, 

subject to a higher majority provided for in the Terms and Conditions. 

Holders' Representative In accordance with the SchVG the Notes may provide that the Holders 

may by majority resolution appoint a representative for all Holders (the 

"Holders' Representative"). The responsibilities and functions assigned 

to the Holders' Representative appointed by a resolution are determined 

by the SchVG and by majority resolutions of the Holders. The Holders' 

Representative may also be designated in the Terms and Conditions of 

the Notes. In such case, the duties, rights and functions of the Holders' 

Representative are determined by the relevant provisions of the Terms 

and Conditions. The Holders' Representative is subject to the instructions 

of the Holders and its appointment may be revoked at any time by a 

majority resolution of the Holders.

15 

Summary regarding Risk Factors 

Summary of Risk Factors regarding RLB NÖ-Wien 

The following is a disclosure of material risk factors that may affect RLB NÖ-Wien's ability to fulfil its 

obligations as Issuer of debt securities. 

The following statements are not exhaustive. Prospective investors should consider all information 

provided in this Prospectus and consult with their own professional advisers if they consider it 

necessary. In addition, investors should be aware that the risks described may combine and thus 

intensify one another. 

The following risks can occur, among others: 

• Credit risk comprising, amongst others, non-payment risks and default risks. 

• Concentration risk. 

• Market risk due to changing market situations. 

• Risk relating to commercial transactions. 

• Dependency on commission transactions. 

• Risk relating to currency fluctuations. 

• Dependency on capital adequacy. 

• Requirement to raise additional Tier-1 capital. 

• Regulatory risk. 

• Risk relating to the Austrian stability tax (Stabilitätsabgabe) 

• Liquidity risk of the Issuer. 

• Refinancing risk of the Issuer. 

• Rating Downgrade Risk. 

• Country Risk. 

• Shareholding risk, risk of participation in Raiffeisen Zentralbank Österreich AG and in Raiffeisen 

Bank Zrt., Budapest. 

• Economic and political risks, risks relating to the current economic and financial crisis. 

• Systemic risk. 

• Declining value of the collateral supporting commercial and real estate lending. 

• Risks relating to the liquidity management agreements. 

• Risks relating to associations in which the Issuer is a member. 

• Operation in highly competitive markets. 

• Changes in accounting policies or standards. 

• Litigation risk. 

• Operational risk with respect to unexpected losses arising from internal or external failures, in 

particular IT-systems failures. 

• Failure or non-suitability of risk control and risk management. 

• Dependency on sophisticated information technology systems. 

• Resignation or loss of key personnel and possible difficulties in recruiting or retaining qualified 

employees. 

• Conflicts of interest arising in relation to the Issuer's board members.

Summary of Risk Factors regarding the Notes 

Notes may not be a suitable investment 

16 

A potential investor should not invest in Notes which are complex financial instruments unless the 

investor has the expertise (either alone or with a financial advisor) to evaluate how the Notes will 

perform under changing conditions, the resulting effects on the value of the Notes and the impact this 

investment will have on the potential investor's overall investment portfolio. 

Liquidity Risk 

There can be no assurance that a liquid secondary market for the Notes will develop or, if it does 

develop, that it will continue. In an illiquid market, an investor might not be able to sell his Notes at any 

time at fair market prices. Moreover, the possibility to sell the Notes may be restricted by country 

specific reasons. 

Market Price Risk 

The holder of Notes is exposed to the risk of an unfavourable development of market prices of its 

Notes which materialises if the holder sells the Notes prior to the final maturity of such Notes. 

Risk of Early Redemption 

If the Issuer has the right to redeem the Notes prior to maturity or if the Notes are redeemed prior to 

maturity due to the occurrence of an event set out in the Terms and Conditions of the Notes, a holder 

of such Notes is exposed to the risk that due to early redemption his investment will have a lower than 

expected yield. The holder may also only be able to reinvest on less favourable conditions as 

compared to the original investment. 

Currency Risk/Dual Currency Notes 

A holder of a Note denominated in a foreign currency and a holder of a dual currency Note is exposed 

to the risk of changes in currency exchange rates which may affect the yield of such Notes. 

Fixed Rate Notes and Step-up and Step-down Fixed Rate Notes 

A holder of fixed rate Notes and step-up and step-down fixed rate Notes is exposed to the risk that the 

price of such Note falls as a result of changes in the market interest rate. 


A holder of a floating rate Note is exposed to the risk of fluctuating interest rate levels and uncertain 

interest income. Fluctuating interest rate levels make it impossible to determine the profitability of 

floating rate Notes. Floating rate Notes may include multipliers or other leverage factors, or caps or 

floors, or any combination of those features or other similar related features. In addition, floating rate 

Notes may be issued as inverse floating rate Notes. The market value of such structured floating rate 

Notes tend to be more volatile than the market value of conventional floating rate Notes. 


A holder of a zero coupon Note is exposed to the risk that the price of such Note falls as a result of 

changes in the market interest rate. Prices of zero coupon Notes are more volatile than prices of fixed 

rate Notes and are likely to respond to a greater degree to market interest rate changes than interest 

bearing Notes with a similar maturity. 


The holder of Range Accrual Notes is exposed to the risk that interest on such Notes will not accrue 

and thus not be payable with respect to such days on which a reference rate does not fall within a predefined 

range. 


A holder of an index linked interest Note is exposed to the risk of fluctuating interest rate levels and 

uncertainty with respect to the interest income and may receive no interest at all. The yield of an index 

linked interest Note may even be negative. A holder of index linked redemption Notes is exposed to 

uncertainty with respect to the redemption amount. The yield of an index linked redemption Note may 

be negative and an investor may lose the value of its entire investment or part of it. Uncertainty with 

respect to interest and repayment amount makes it impossible to determine the yield of index linked

17 

Notes in advance. The more volatile the relevant index is, the greater is the uncertainty of interest 

income and repayment amount. 


An investment in equity linked interest Notes or equity linked redemption Notes may bear similar risks 

as a direct equity investment and investors should take advice accordingly. The investor in equity 

linked interest Notes may receive no interest at all and the yield of equity linked redemption Notes may 

be negative and the investor may lose the value of its entire investment or part of it. 

Covered Bonds 

Covered Bonds are secured by a pool of assets. The Issuer has implemented two separate pools of 

assets to secure Covered Bonds: a mortgage-backed pool of assets (hypothekarischer 

Deckungsstock) and a public pool of assets (öffentlicher Deckungsstock). Covered Bonds covered by 

one pool of assets have no right for preferred satisfaction from the other pool of assets. In the case of 

a deterioration of market conditions, the Issuer may not be in a position to allocate to its pools of 

assets sufficient or any of the eligible claims in accordance with the Austrian Law on Covered Bonds 

of Banks at all. 

Subordinated Notes 

In the event of the liquidation or institution of insolvency proceedings over the assets of the Issuer, 

such obligations will be subordinated to the claims of all unsubordinated creditors of the Issuer so that 

in any such event no amounts will be payable under such obligations until the claims of all 

unsubordinated creditors of the Issuer will have been satisfied in full. 

Risk of unsecured notes 

In case of an insolvency of the Issuer secured creditors (such as, for example, holders of covered 

bonds) will receive payment prior to other creditors out of the pledged or segregated assets of the 

Issuer (in the case of covered bonds: the cover pool(s)). 

Structured Notes (general risks) 

An investment in Notes by which the premium and/or the interest on, or principal of which is 

determined by reference to one or more values of currencies, commodities, interest rates or other 

indices or formulae, either directly or inversely, may entail significant risks not associated with similar 

investments in a conventional debt security, including the risks that the resulting interest rate will be 

less than that payable on a conventional debt security at the same time and/or that an investor could 

lose all or a substantial portion of the principal of his Notes. 

Risk of Potential Conflicts of Interest in case of an Underlying 

It cannot be ruled out that decisions made by the Issuer and/or the Dealer(s) made in other 

independent business areas may have a negative impact on the value of an underlying. 

Risk of potential Conflicts of Interest 

In case of Notes linked to an underlying, the Issuer, each Dealer or any of their respective affiliates 

may from time to time engage in transactions relating to such underlying which could create conflicts 

of interest and may have a negative impact on the underlying value. 

Resolutions of Holders 

If the Notes provide for resolutions of Holders, either to be passed in a meeting of Holders or by vote 

taken without a meeting, a Holder is subject to the risk of being outvoted. As resolutions properly 

adopted are binding on all Holders, certain rights of such Holder against the Issuer under the Terms 

and Conditions may be amended or reduced or even cancelled. 

Holders' Representative 

If the Notes provide for the appointment of a Holders' Representative, it is possible that a Holder may 

be deprived of its individual right to pursue and enforce its rights under the Terms and Conditions 

against the Issuer, such right passing to the Holders' Representative who is then responsible to claim 

and enforce the rights of all Holders.

18 

Summary regarding RLB NÖ-Wien 

Company Name RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG 

Legal form Stock corporation under Austrian Law 

Concession Financial Institution according to § 1 Section 1 Austrian Banking 

Act 

Domicile Vienna 

Business Address Friedrich-Wilhelm-Raiffeisen-Platz 1, A-1020 Vienna, Republic of 

Austria 

Commercial Register The Issuer is registered at the commercial court of Vienna under 

the number FN 203160s. 

Share Holders RAIFFEISEN-HOLDING NIEDERÖSTERREICH-WIEN 

registrierte Genossenschaft mit beschränkter Haftung (78.58 %) 

and Lower Austrian Raiffeisen Banks (21.42 %). 

RAIFFEISEN-HOLDING 

NIEDERÖSTERREICH-WIEN 

registrierte Genossenschaft 

mit beschränkter Haftung 

Raiffeisen Banks in Lower 

Austria 

RAIFFEISEN-HOLDING NIEDERÖSTERREICH-WIEN 

registrierte Genossenschaft mit beschränkter Haftung 

("Raiffeisen-Holding NÖ-Wien") is a group of companies with 

participations both within and outside of Austria. The key focus of 

its activities is in the Eastern federal states of Austria and 

increasingly also in the new EU countries and the EU candidate 

countries in South Eastern Europe. The about 740 companies in 

the group are represented in a total of about 3,800 locations 

globally. The most important participation – both in its value and 

strategic significance – is RLB NÖ-Wien. 

72 independent Lower Austrian Raiffeisen Banks. 

Executive Bodies Board of Directors, Supervisory Board. 

Members of the Board of 

Directors 

Corporate History 

Principal Activities, Markets 

Klaus Buchleitner, Chairman as of 1 June 2012 

Georg Kraft-Kinz, Deputy Chairman 

Reinhard Karl 

Michael Rab 

Gerhard Rehor 

The legal predecessor of RLB NÖ-Wien was established on 

4 November 1898 as a cooperative bank under the name "Nö 

Genossenschafts-Centralcasse". Subsequently it was renamed 

several times. 

In 2001 a significant separation of the banking business (carried 

out by RLB NÖ-Wien) from the participation business (carried 

out by Raiffeisen-Holding NÖ-Wien) took place. 

The principle activities of RLB NÖ-Wien comprise all kind of 

banking business and ancillary business with the exception of 

the issuance of mortgage bonds and municipality mortgage 

bonds, the building savings business, the investment business, 

the real estate fund business, the pension fund business and the 

participation fund business. 

RLB NÖ-Wien is active as a regional bank in the East of Austria. 

The bank serves customers with cross-border business activities 

as a consultancy bank in the Centrope region (defined as 

Vienna, Lower Austria, Burgenland and the Czech Republic,

Raiffeisen-Bankengruppe 

Niederösterreich-Wien 

19 

Slovakia and Hungary). 

In Vienna, the Issuer specialises in customer business for small 

and medium sized companies, in private banking, private 

customer business as well as increasingly in corporate customer 

business. RLB NÖ-Wien has 66 locations in Vienna itself. 

The Issuer is the regional central institution of 72 independent 

Lower Austrian Raiffeisen Banks with 545 business locations in 

Lower Austria as of 31 December 2011. 

The structure and organisation of RLB NÖ-Wien is as follows: 

• Private and commercial customers 

• Corporate customers 

• Financial markets 

• Risk management/organisation 

• Raiffeisen Banks/Management Services 

Raiffeisen-Bankengruppe Niederösterreich-Wien ("RBG NÖ- 

WIEN") as of 31 December 2011 had 611 business locations in 

Vienna and Lower Austria, and employed 5,038 members of 

staff. RBG NÖ-WIEN managed about EUR 22.96 billion in 

customer deposits as of 31 December 2011; the customer credit 

volume amounted to about EUR 19.24 billion (consolidated, not 

audited). The consolidated balance sheet total of RBG NÖ-Wien 

as of 31 December 2011 amounted to EUR 40.53 billion (not 

audited). 

Participations RLB NÖ-Wien holds participations in banks and bank-related 

companies. RLB NÖ-Wien with a 31.92 % (direct and indirect) 

participation is the largest shareholder of Raiffeisen Zentralbank 

Österreich AG ("RZB") (31 December 2011). RZB with a 

participation of 78.5 % (31 December 2011) is the largest 

shareholder of Raiffeisen Bank International AG ("RBI"). RBI 

group is a fully integrated corporate and retail banking group in 

CEE (including Austria). 

RLB NÖ-Wien furthermore holds a participation in Raiffeisen 

Bank Zrt., Budapest (16.23 %) (31 December 2011). 

Material Contracts A profit and loss transfer agreement was concluded between 

Raiffeisen-Holding NÖ-Wien and RLB NÖ-Wien. On basis of this 

agreement the entire annual result of RLB NÖ-Wien (after the 

fixed payment on participation capital) is transferred to the 

Raiffeisen-Holding NÖ-Wien, respectively taken over by it. 

Raiffeisen-Holding NÖ-Wien and RLB NÖ-Wien concluded a 

group taxation contract in the year 2005, which enabled the 

group to make use of the tax regulations in the framework of the 

tax reform law of 2005. 

As the central institution of the RBG NÖ-Wien, the Issuer 

concluded bilateral liquidity management agreements in 2007 

with all Lower Austrian Raiffeisen Banks and with Raiffeisen- 

Holding NÖ-Wien which have been amended as of March 2010. 

RLB NÖ-Wien is a member of the Raiffeisen- 

Kundengarantiegemeinschaft Österreich, the Raiffeisen- 

Einlagensicherung Niederösterreich-Wien reg. Gen.m.b.H and 

the Solidaritätsverein.

Auditors (Consolidated 

annual financial statements 

2010) 

Auditors (Consolidated 

annual financial statements 

2011) 

20 

- Christian Loicht (Auditor) and 

- KPMG Austria GmbH 1 Wirtschaftsprüfungs- und 

Steuerberatungsgesellschaft, Porzellangasse 51, 1090 

Vienna, Austria, represented by the auditors Wilhelm Kovsca 

and Franz Frauwallner 

both appointed by Österreichischer Raiffeisenverband, Friedrich- 

Wilhelm-Raiffeisen-Platz 1, 1020 Vienna, Austria. 

- Andreas Gilly (Auditor) and 


Steuerberatungsgesellschaft, Porzellangasse 51, 1090 

Vienna, Austria, represented by the auditors Bernhard 

Mechtler and Franz Frauwallner 

both appointed by Österreichischer Raiffeisenverband, Friedrich- 

Wilhelm-Raiffeisen-Platz 1, 1020 Vienna, Austria. 

RLB NÖ-Wien Overview (as of 31 December 2011 and 31 December 2010) 

(Consolidated Income Statement, Consolidated Balance Sheet and Financial Ratios) 

RLB NÖ-Wien Group 2011 +(-) CHANGE 2010 

MONETARY VALUES ARE IN €mn 

Consolidated Income Statement 

Net interest income after impairment charge 149.5 -22.8 % 193.8 

Net fee and commission income 67.6 2.8 % 65.7 

Net trading income -1.6 - 24.2 

Profit from investments in entities accounted for 

using the equity method 120.6 -53.0 % 256.4 

General administrative expenses -187.1 3.5 % -180.7 

Profit for the year before tax 107.6 -66.0 % 316.3 

Consolidated net profit for the year 109.7 -64.5 % 308.6 

Consolidated Balance Sheet 

Loans and advances to other banks 10,915 -10.5 % 12,189 

Loans and advances to customers 10,094 4.3 % 9,680 

Deposits from other banks 14,429 -9.2 % 15,899 

Deposits from customers 7,294 3.2 % 7,071 

Equity (incl. profit) 2,272 -4.7 % 2,383 

Consolidated assets 32,103 -1.8 % 32,683 

1 KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft has been transformed (formwechselnde 

Umwandlung) into KPMG Austria AG Wirtschaftsprüfungs- und Steuerberatungsgesellschaft as of April 2012.

Regulatory Information 1) 

Risk-weighted basis of assessment 13,547 4.8 % 12,930 

Total own funds 2,033 11.3 % 1,826 

Own funds requirement 1,155 4.8 % 1,102 

Surplus own funds ratio 76.1 % 10.3 PP 65.8 % 

Tier 1 ratio (credit risk) 10.1 % 0.4 PP 9.7 % 

Tier 1 ratio (total) 9.4 % 0.3 PP 9.1 % 

Total own funds ratio 14.1 % 0.8 PP 13.3 % 

Performance 

Return on equity before tax 4.6 % -9.7 PP 14.3 % 

Consolidated return on equity 4.7 % -9.3 PP 14.0 % 

Consolidated cost/income ratio 52.5 % 17.9 PP 34.6 % 

Earnings per share (€) 49.35 -65.3 % 142.06 

Return on assets after tax 0.34 % -0.62 PP 0.96 % 

Risk/Earnings ratio 27.6 % 14.3 PP 13.3 % 

Additional Information 

Workforce on balance sheet date 1,354 1.7 % 1,332 

Branches and offices 66 -1 67 

1) The RLB NÖ-Wien Group is a subgroup of the Raiffeisen-Holding NÖ-Wien Group. The Austrian Banking 

Act (BWG) does not govern the regulatory own funds of subsidiaries that make up a subgroup. The 

presentation of the RLB NÖ-Wien Group's own funds within the meaning of BWG is therefore provided for 

informational purposes only. 

Note: Figures of Regulatory Information, Performance and Additional Information in the table above are not audited. 

21

22 

GERMAN TRANSLATION OF THE SUMMARY 

Der folgende Abschnitt stellt die Zusammenfassung (die "Zusammenfassung") der wesentlichen 

Merkmale und Risiken der Emittentin und der Schuldverschreibungen, die unter dem Programm 

begeben werden, dar. Die Zusammenfassung ist als Einleitung zum Prospekt zu verstehen. Der 

Anleger sollte jede Entscheidung zur Anlage in die betreffenden Wertpapiere auf die Prüfung des 

gesamten Prospekts, einschließlich der durch Verweis einbezogenen Dokumente, etwaiger Nachträge 

und der Endgültigen Bedingungen stützen. Für den Fall, dass vor einem Gericht Ansprüche aufgrund 

der in einem Prospekt, durch Verweis einbezogenen Dokumenten, etwaigen Nachträgen sowie den in 

den jeweiligen Endgültigen Bedingungen enthaltenen Informationen geltend gemacht werden, könnten 

klagende Anleger aufgrund einzelstaatlicher Rechtsvorschriften die Kosten für eine Übersetzung des 

Prospekts, der durch Verweis einbezogenen Dokumente, etwaiger Nachträge und der Endgültigen 

Bedingungen in die Gerichtssprache vor Prozessbeginn zu tragen haben. Die Emittentin, die die 

Zusammenfassung einschließlich einer Übersetzung davon vorgelegt und deren Notifizierung 

beantragt hat oder beantragen wird, kann haftbar gemacht werden, jedoch nur für den Fall, dass die 

Zusammenfassung irreführend, unrichtig oder widersprüchlich ist, wenn sie zusammen mit anderen 

Teilen des Prospekts gelesen wird. 

Die nachstehende Zusammenfassung ist keine vollständige Darstellung, sondern ist Teil des 

Prospekts und im Zusammenhang mit dem Prospekt insgesamt sowie, in Bezug auf die 

Anleihebedingungen einzelner Tranchen von Schuldverschreibungen, mit den maßgeblichen 

Endgültigen Bedingungen zu lesen. 

Zusammenfassung in Bezug auf die Wertpapiere 

Emittentin RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG 

Arranger Commerzbank Aktiengesellschaft 

Platzeure 



DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am 

Main 





und jeder gemäß dem Dealer Agreement ernannte neue Platzeur 

Emissionsstelle Citibank, N.A. London Branch 

Zahlstellen 

Österreichische 

Emissionsstelle 

Luxemburger Listing 

Agent 


RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG und die 

anderen Institutionen, wie in den anwendbaren Endgültigen 

Bedingungen beschrieben 


entsprechend den Bestimmungen des Agency Agreements. 


Festgelegte Währungen Vorbehaltlich der Einhaltung aller anzuwendenden gesetzlichen oder 

regulatorischen Beschränkungen sowie Anforderungen der 

betreffenden Zentralbanken können die Schuldverschreibungen in Euro 

oder jeder anderen Währung begeben werden, die zwischen der 

Emittentin und dem jeweiligen Platzeur vereinbart wird.

Stückelungen der 

Schuldverschreibungen 

Laufzeiten 

Form der 


Beschreibung der 


Festverzinsliche 


Variabel verzinsliche 


23 

Die Schuldverschreibungen werden in den Stückelungen begeben, die 

zwischen der Emittentin und dem(n) Plazeur(en) vereinbart werden, 

mit der Maßgabe, dass die Mindeststückelung der 

Schuldverschreibungen EUR 1.000 betragen wird, oder, falls die 

Schuldverschreibungen auf eine andere Währung lauten, einen Betrag 

in dieser anderen Währung, der zur Zeit der Begebung der 

Schuldverschreibungen dem Gegenwert von annähernd EUR 1.000 

entspricht. 

Die Laufzeiten der Schuldverschreibungen werden jeweils zwischen 

der Emittentin und dem(n) jeweiligen Platzeur(en) vereinbart und in 

den maßgeblichen Endgültigen Bedingungen angegeben, allerdings 

vorbehaltlich der Mindest- oder Höchstlaufzeiten, die jeweils gemäß 

den betreffenden Aufsichtsbehörden oder gemäß den für die 

Emittentin oder die relevante Währung geltenden Gesetzen und 

Vorschriften zulässig oder erforderlich sind. 

Nachrangige Schuldverschreibungen werden eine Mindestlaufzeit von 

fünf Jahren, kurzfristig nachrangige Schuldverschreibungen werden 

eine Mindestlaufzeit von zwei Jahren haben. 

Die Emittentin kann Schuldverschreibungen begeben, deren 

Anleihebedingungen die Option für die Emittentin enthalten, die 

Laufzeit der Schuldverschreibungen zu verlängern, wie in den 

anwendbaren Endgültigen Bedingungen angegeben. 

Bei Schuldverschreibungen, deren Erlöse von der Emittentin im 

Vereinigten Königreich vereinnahmt und die vor dem ersten Jahrestag 

ihres jeweiligen Ausgabedatums zurückgezahlt werden müssen, muss 

(a) der Rückzahlungswert mindestens ₤ 100.000 (bzw. einen diesem 

Wert entsprechenden Betrag, der ganz oder teilweise auf eine andere 

Währung als Pfund Sterling lautet) betragen, und es muss (b) 

vorgeschrieben sein, dass eine Übertragung von Teilen dieser 

Schuldverschreibungen nur zulässig ist, wenn der Rückkaufwert des 

betreffenden Teils mindestens ₤ 100.000 (bzw. dem entsprechenden 

Betrag) entspricht. 

Die Schuldverschreibungen können nur als Inhaberpapiere begeben 

werden. 

Schuldverschreibungen können entweder verzinslich zu festen oder 

variablen Zinssätzen oder unverzinslich sein, mit Kapitalrückzahlung 

zu einem festen Betrag oder unter Bezugnahme auf eine Formel, wie 

zwischen der Emittentin und dem jeweiligen Platzeur vereinbart und in 

den anwendbaren Endgültigen Bedingungen angegeben. 

Festverzinsliche Schuldverschreibungen verbriefen einen festen 

Zinsertrag über die gesamte Laufzeit der Schuldverschreibungen. Bei 

Schuldverschreibungen, bei denen ein Festzins vorliegt, wird der 

Festzins auf der Basis fällig wie zwischen der Emittentin und dem 

betreffenden Platzeur vereinbart und in den maßgeblichen 

Endgültigen Bedingungen angegeben. 

Variabel verzinsliche Schuldverschreibungen werden mit einem 

Zinssatz verzinst (angepasst um eine gegebenenfalls anwendbare 

Marge): 

- der dem variablen Zinssatz einer angenommenen Zins-Swap- 

Transaction in der betreffenden festgelegten Währung entspricht, 

die durch einen Vertrag geregelt wird, welcher entweder die 2000 

ISDA Definitionen oder die 2006 ISDA Definitionen einbezieht (die 

jeweils von der International Swaps and Derivatives Association, 

Inc. veröffentlicht wurden, und zwar in der jeweiligen zum Datum

Strukturierte variabel 

verzinsliche 


CMS variabel verzinsliche 


Inverse/reverse variabel 

verzinsliche 


Fest zu variabel 

verzinsliche 


Step-Up- und Step-Down- 


Nullkupon- 


Doppelwährungs- 


24 

der ersten Tranche der Schuldverschreibungen der betreffenden 

Serie geltenden ggf. geänderten Fassung), oder 

- der auf einem Referenzzinssatz basiert, der auf einer vereinbarten 

Bildschirmseite eines Kursdienstes angezeigt wird, oder 

- auf der in den maßgeblichen Endgültigen Bedingungen 

angegebenen Grundlage. 

Eine etwaige Marge bezogen auf einen solchen variablen Zinssatz 

wird für jede Serie von variabel verzinslichen Schuldverschreibungen 

in den anwendbaren Endgültigen Bedingungen angegeben. Die 

Zinsperioden für variabel verzinsliche Schuldverschreibungen 

umfassen einen, zwei, drei, sechs oder zwölf Monat(e) oder einen 

oder mehrere andere zwischen der Emittentin und dem(n) 

betreffenden Platzeur(en) vereinbarte Zeiträume, wie in den 

Endgültigen Bedingungen festgelegt. 

Variabel verzinsliche Schuldverschreibungen können mit 

Multiplikatoren oder anderen Hebelfaktoren sowie mit Zinsober- und 

Zinsuntergrenzen oder einer Kombination dieser Merkmale oder mit 

ähnlichen Merkmalen ausgestattet sein. 

CMS variabel verzinsliche Schuldverschreibungen werden mit einem 

variablen Zinssatz, welcher unter Bezugnahme auf bestimmte Swap- 

Sätze ermittelt wird, verzinst. 

Inverse/reverse variabel verzinsliche Schuldverschreibungen 

verbriefen einen Zinssatz, welcher bestimmt wird als Differenz eines 

festen Zinssatzes und eines variablen Zinssatzes wie der Euro 

Interbank Offered Rate (EURIBOR) oder der London Interbank 

Offered Rate (LIBOR). 

Fest zu variabel verzinsliche Schuldverschreibungen werden mit 

einem Zinssatz verzinst, der von der Emittentin nach ihrer Wahl von 

einem festen zu einem variablen Zinssatz oder von einem variablen zu 

einem festen Zinssatz gewandelt werden kann. 

Die Zinssätze von Step-Up-Schuldverschreibungen steigen im Laufe 

der Jahre, während die Zinssätze bei Step-Down- 

Schuldverschreibungen über die Jahre sinken. Die jeweiligen 

Zeitpunkte, zu denen ein Anstieg oder ein Absenken der Zinssätze 

erfolgt, sowie der jeweilige Zinssatz werden vorab festgelegt. Es gibt 

außerdem Kombinationen aus Step-Up- und Step-Down- 

Schuldverschreibungen, bei denen der vorab festgelegte Zinssatz von 

einem zum anderen Jahr steigen oder sinken kann. 

Nullkupon-Schuldverschreibungen werden mit einem Abschlag auf 

ihren Kapitalbetrag angeboten und verkauft oder auf Basis 

akkumulierter Zinsen, in jedem Fall ohne periodische Zinszahlungen. 

Doppelwährungs-Schuldverschreibungen sind Schuldverschreibungen, 

bei denen die Kapitalzahlung und/oder die Zinszahlung in 

unterschiedlichen Währungen erfolgen kann. Zahlungen (ob in Bezug 

auf Kapital oder Zinsen, sei es zum Rückzahlungstag oder zu einem 

anderen Zeitpunkt) auf Doppelwährungs-Schuldverschreibungen 

erfolgen in der Währung und auf der Grundlage der Wechselkurse, die 

zwischen der Emittentin und dem betreffenden Platzeur vereinbart 

werden, wie in den anwendbaren Endgültigen Bedingungen 

angegeben.

Raten- 


Inflationsbezogene 


Range Accrual 


Steepener 


Indexierte 


25 

Raten-Schuldverschreibungen sind Schuldverschreibungen, bei denen 

die Kapitalzahlung in Raten erfolgt. Die Zahlung von Raten erfolgt wie 

zwischen der Emittentin und dem(n) betreffenden Platzeur(en) 

vereinbart (und in den maßgeblichen Endgültigen Bedingungen 

angegeben). 

Inflationsbezogene Schuldverschreibungen werden zu einem in den 

Endgültigen Bedingungen angegebenen Mindestzinssatz zuzüglich 

eines Satzes verzinst, der auf der Grundlage der Veränderung des 

unrevidierten harmonisierten Verbraucherpreisindexes (HVPI) ohne 

Tabak für die Eurozone bestimmt wird, wie monatlich durch das 

Statistische Amt der Europäischen Gemeinschaften (EUROSTAT) 

berechnet. 

Range Accrual-Schuldverschreibungen werden mit einem an eine 

Formel gebundenen Zinssatz, wie in den Endgültigen Bedingungen 

angegeben, verzinst. Am Zinsermittlungstag stellt die 

Zinsermittlungsstelle nachträglich für die jeweilige laufende 

Zinsperiode die Anzahl der Kalendertage innerhalb einer 

Beobachtungsperiode fest, an denen der Referenzzinssatz innerhalb 

einer Bandbreite festgestellt wurde. Die Anzahl der Kalendertage, an 

denen der Referenzzinssatz innerhalb der Bandbreite festgestellt 

wurde, wirkt sich positiv auf die Höhe der Verzinsung für die 

betreffende Zinsperiode aus. 

Steepener Schuldverschreibungen sind Schuldverschreibungen, deren 

variable Verzinsung der Differenz bzw. einem Vielfachen der Differenz 

zwischen zwei Referenzzinssätzen entspricht. 

Indexierte Schuldverschreibungen können in Form von 

Schuldverschreibungen mit indexabhängiger Verzinsung oder 

Schuldverschreibungen mit indexabhängiger Rückzahlung oder als 

Kombination dieser beiden Formen ausgegeben werden. 

Schuldverschreibungen mit indexabhängiger Verzinsung 

Zinszahlungen auf Schuldverschreibungen mit indexabhängiger 

Verzinsung erfolgen auf Basis eines einzelnen Index oder anderer 

Faktoren (einschließlich Kurs- bzw. Preisänderungen von 

Wertpapieren und Waren oder Wechselkursbewegungen) und/oder 

auf Basis einer von der Emittentin und dem betreffenden Platzeur 

festgelegten Formel (wie in den maßgeblichen Endgültigen 

Bedingungen angegeben). 

Schuldverschreibungen mit indexabhängiger Rückzahlung 

Kapitalzahlungen in Bezug auf Schuldverschreibungen mit 

indexabhängiger Rückzahlung werden auf Basis eines einzelnen 

Index oder anderer Faktoren (einschließlich Kurs- oder 

Preisänderungen von Wertpapieren und Waren oder 

Wechselkursbewegungen) und/oder auf Basis einer von der Emittentin 

und dem(n) betreffenden Platzeur(en) festgelegten Formel berechnet 

(wie in den maßgeblichen Endgültigen Bedingungen angegeben). Die 

Rückzahlung jedes Nennbetrages einer Schuldverschreibung in Höhe 

der in den maßgeblichen Endgültigen Bedingungen festgelegten 

Stückelung, erfolgt in Höhe des Rückzahlungsbetrages, der in den 

maßgeblichen Endgültigen Bedingungen angegeben ist oder gemäß 

den darin enthaltenen Bestimmungen ermittelt wird.

Andere Bestimmungen in 

Bezug auf variabel 

verzinsliche 


und 


mit indexabhängiger 

Verzinsung 

Fundierte 

Bankschuldverschreibungen 

26 

Für variabel verzinsliche Schuldverschreibungen und 

Schuldverschreibungen mit indexabhängiger Verzinsung kann ein 

Höchstzinssatz ("Cap"), ein Mindestzinssatz ("Floor") oder beides 

festgelegt sein. 

Zinsen auf variabel verzinsliche Schuldverschreibungen und 

Schuldverschreibungen mit indexabhängiger Verzinsung sind in Bezug 

auf jede vor Ausgabe der Schuldverschreibungen jeweils zwischen der 

Emittentin und dem(n) betreffenden Platzeur(en) bestimmten 

Zinsperiode an den Zinszahlungstagen fällig, die in den maßgeblichen 

Endgültigen Bedingungen angegeben oder gemäß diesen 

Bedingungen bestimmt werden, und gemäß den maßgeblichen 

Endgültigen Bedingungen zu berechnen. 

Fundierte Bankschuldverschreibungen sind Nichtdividendenwerte im 

Sinne von Art. 22 No. 6(3) der Verordnung (EG) Nr. 809/2004 der 

Kommission vom 29. April 2004 und dürfen unter dem Programm nach 

Maßgabe des österreichischen Gesetzes betreffend fundierte 

Bankschuldverschreibungen in der jeweils geltenden Fassung und der 

Satzung der RLB NÖ-Wien begeben werden. Fundierte 

Bankschuldverschreibungen sind durch Werte, die den Anforderungen 

des Gesetzes betreffend fundierte Bankschuldverschreibungen in der 

jeweils geltenden Fassung (FBSchVG) und der Satzung der RLB NÖ- 

Wien entsprechen, gesichert oder "gedeckt". Gemäß § 1 Abs 9 

FBSchVG, hat die RLB NÖ-Wien zwei getrennte Deckungsstöcke 

gebildet: 

- Der hypothekarische Deckungsstock enthält hauptsächlich die 

in § 1 Abs 5 Z 1 und 2 FBSchVG genannten Werte. Die 

Emittentin beabsichtigt, dass der hypothekarische 

Deckungsstock im Zeitpunkt jeder Emission von fundierten 

Bankschuldverschreibungen zumindest zu 80% aus 

hypothekarisch besicherten Forderungen gemäß § 1 Abs 5 Z 

2 FBSchVG bestehen wird. Die Emittentin beabsichtigt 

weiters, dass der hypothekarische Deckungsstock jederzeit 

zumindest zu 50% aus hypothekarisch besicherten 

Forderungen gemäß § 1 Abs 5 Z 2 FBSchVG besteht. 

Außerdem hat die Emittentin festgelegt, dass für die 

Berechnung des Deckungserfordernisses gemäß § 1 Abs 8 

FBSchVG Forderungen, für die ein Pfandrecht in öffentlichen 

Büchern eingetragen ist, maximal zu 60% des Werts der diese 

Forderungen besichernden Pfandobjekte berücksichtigt 

werden, wobei im Rang vorgehende Lasten in Abzug zu 

bringen sind. 

- Der öffentliche Deckungsstock besteht hauptsächlich aus 

Forderungen gegenüber oder besichert von öffentlichen 

Schuldnern gemäß § 1 Abs 5 Z 3 und 4 FBSchVG. 

Im Fall der Insolvenz der RLB NÖ-Wien (oder falls die RLB NÖ-Wien 

aus anderen Gründen den Zahlungen bezüglich der fundierten 

Bankschuldverschreibungen gemäß den Anleihebedingungen nicht 

nachkommt) werden die Gläubiger der fundierten 

Bankschuldverschreibungen aus den jeweiligen Deckungswerten, die 

die fundierten Bankschuldverschreibungen decken, vorrangig 

befriedigt. Fundierte Bankschuldverschreibungen, die durch einen 

Deckungsstock gedeckt sind, haben kein Recht auf vorrangige 

Befriedigung aus dem jeweils anderen Deckungsstock. Die Emittentin 

darf über die jeweiligen Deckungswerte nur mit Zustimmung des 

Regierungskommissärs verfügen und der Umfang der Deckung wird 

hierbei durch diesen Regierungskommissär überwacht.

Equity Linked 


Sonstige 


Rückzahlung 

Besteuerung 

27 

Equity linked Schuldverschreibungen können in Form von 

Schuldverschreibungen, bei denen der Zinsbetrag an 

Eigenkapitalwerte (Equity Linked Interest Notes) oder der 

Rückzahlungsbetrag an Eigenkapitalwerte (Equity Linked Redemption 

Notes) gebunden ist oder als Kombination dieser beiden Formen, 

begeben werden. 

Schuldverschreibungen, bei denen der Zinsbetrag an 

Eigenkapitalwerte gebunden ist 

Zinszahlungen auf Schuldverschreibungen, bei denen der Zinsbetrag 

an Eigenkapitalwerte gebunden ist, werden durch Bezugnahme auf 

einen einzelnen Eigenkapitalwert oder einen Eigenkapitalwertekorb 

berechnet, zu solchen Bedingungen wie in den anwendbaren 

Endgültigen Bedingungen angegeben. 

Schuldverschreibungen, bei denen der Rückzahlungsbetrag an 

Eigenkapitalwerte gebunden ist 

Kapitalzahlungen in Bezug auf Schuldverschreibungen, bei denen der 

Rückzahlungsbetrag an Eigenkapitalwerte gebunden ist, werden unter 

Bezugnahme auf einen einzelnen Eigenkapitalwert oder einen 

Eigenkapitalwertekorb berechnet. Die Rückzahlung jedes 

Nennbetrags einer Schuldverschreibung in Höhe der in den 

maßgeblichen Endgültigen Bedingungen festgelegten Stückelung 

erfolgt in Höhe des Rückzahlungsbetrags, der in den maßgeblichen 

Endgültigen Bedingungen angegeben ist oder gemäß den darin 

enthaltenen Bestimmungen ermittelt wird. 

Schuldverschreibungen können in jeder anderen von der Emittentin 

und dem betreffenden Platzeur jeweils festgelegten Wertpapierform 

begeben werden. Die jeweiligen Bedingungen dieser 

Schuldverschreibungen sind in den maßgeblichen Endgültigen 

Bedingungen festgelegt. 

In den maßgeblichen Endgültigen Bedingungen ist entweder 

festgelegt, dass die Schuldverschreibungen vor Ablauf ihrer 

festgelegten Laufzeit nicht rückzahlbar sind (es sein denn aus 

steuerlichen Gründen, und bei nicht nachrangigen 

Schuldverschreibungen nur bei Eintritt eines Kündigungsereignisses), 

oder dass die Schuldverschreibungen nach Wahl der Emittentin 

und/oder der Gläubiger unter Einhaltung einer in den Endgültigen 

Bedingungen festgelegten Frist gegenüber den Gläubigern oder der 

Emittentin kündbar (rückzahlbar) sind, und zwar zu dem(n) 

Zeitpunkt(en) vor der angegebenen Fälligkeit und zu dem(n) Preis(en), 

wie diese jeweils in den maßgeblichen Endgültigen Bedingungen 

festgelegt sind. 

Nachrangige Schuldverschreibungen können in keinem Fall vor Ablauf 

ihrer Fünfjahreslaufzeit und kurzfristig nachrangige 

Schuldverschreibungen vor Ablauf der ersten zwei Jahren ihrer 

Laufzeit nach Wahl der Gläubiger zurückgezahlt werden. 

In den jeweiligen anwendbaren Endgültigen Bedingungen wird 

angegeben, ob Zahlungen von Kapital und Zinsen auf die 

Schuldverschreibungen: 

(i) ohne Einbehalt oder Abzug von oder aufgrund von gegenwärtigen 

oder zukünftigen Steuern oder sonstigen Abgaben gleich welcher 

Art geleistet werden, die von oder in Österreich oder einer 

politischen Untergliederung oder Steuerbehörde Österreichs 

auferlegt oder erhoben werden, es sei denn, ein solcher Einbehalt 

oder Abzug ist gesetzlich vorgeschrieben, wobei die Emittentin in

Vorzeitige Rückzahlung 

aus Steuergründen 

Status der 


Negativverpflichtung 

28 

diesem Fall zusätzliche Beträge in der Höhe leisten, die notwendig 

sind, um zu gewährleisten, dass die von den Gläubigern unter 

Berücksichtigung eines solchen Einbehalts oder Abzugs 

erhaltenen Beträge den Beträgen entsprechen, die die Gläubiger 

ohne einen solchen Einbehalt oder Abzug erhalten hätten, 

vorbehaltlich der in § 7 der Anleihebedingungen der 

Schuldverschreibungen angeführten Ausnahmen; oder in allen 

anderen Fällen 

(ii) unter Abzug von Steuern oder sonstigen Abgaben gleich welcher 

Art, soweit diese gesetzlich vorgeschrieben ist, in jedem Fall ohne 

Ausgleichszahlung geleistet wird. 

Es ist zu beachten, dass die Emittentin für österreichische 

Kapitalertragsteuer im Allgemeinen keine zusätzlichen Beträge wie sie 

unter (i) beschrieben sind zahlen wird. 

Die vorzeitige Rückzahlung der Schuldverschreibungen aus 

steuerlichen Gründen ist zulässig, falls als Folge einer Änderung oder 

Ergänzung der österreichischen Gesetze oder Vorschriften 

(einschließlich einer Änderung oder Ergänzung der Anwendung oder 

der offiziellen Auslegung dieser Gesetze oder Vorschriften) die 

Emittentin zur Zahlung zusätzlicher Beträge auf die 

Schuldverschreibungen verpflichtet ist, wie im Einzelnen in den 

Anleihebedingungen der Schuldverschreibungen dargelegt. 

Nicht nachrangige Schuldverschreibungen stellen unbesicherte nicht 

nachrangige Verbindlichkeiten der Emittentin dar, die untereinander 

und mit allen anderen unbesicherten und nicht nachrangigen 

Verbindlichkeiten der Emittentin gleichrangig sind. 

Fundierte Bankschuldverschreibungen stellen nicht nachrangige 

Verbindlichkeiten der Emittentin dar, die untereinander gleichrangig 

sind. Fundierte Bankschuldverschreibungen sind durch Werte, die den 

Anforderungen des Gesetzes betreffend fundierte 

Bankschuldverschreibungen in der jeweils geltenden Fassung und der 

Satzung der RLB NÖ-Wien entsprechen, gesichert oder "gedeckt". Im 

Fall der Insolvenz der RLB NÖ-Wien (oder falls die RLB NÖ-Wien aus 

anderen Gründen den Zahlungsverpflichtungen aus den fundierten 

Bankschuldverschreibungen gemäß den Anleihebedingungen nicht 

nachkommt) werden die Gläubiger der fundierten 

Bankschuldverschreibungen aus den jeweiligen Deckungswerten, die 

die entsprechende fundierte Bankschuldverschreibung decken, 

vorrangig befriedigt. Fundierte Bankschuldverschreibungen, die durch 

einen Deckungsstock gedeckt sind, haben kein Recht auf vorrangige 

Befriedigung aus dem jeweils anderen Deckungsstock. 

Nachrangige Schuldverschreibungen und kurzfristig nachrangige 

Schuldverschreibungen bilden unbesicherte und nachrangige 

Verbindlichkeiten der Emittentin, die untereinander und mit allen 

anderen nachrangigen Verbindlichkeiten der Emittentin gleichrangig 

sind. Im Falle der Liquidation oder des Konkurses der Emittentin sind 

diese Verbindlichkeiten nachrangig zu den Ansprüchen aller nicht 

nachrangigen Gläubiger der Emittentin. 

Die Anleihebedingungen nicht nachrangiger Schuldverschreibungen 

werden eine Negativverpflichtung vorsehen. Für fundierte 

Schuldverschreibungen und nachrangige Schuldverschreibungen 

inklusive kurzfristig nachrangiger Schuldverschreibungen ist keine 

Negativverpflichtung vorgesehen. 

Kündigungsgründe und Für nicht nachrangige Schuldverschreibungen und fundierte 

Schuldverschreibungen werden Kündigungsgründe definiert, die die

Drittverzug 

Platzierung 

Börsenzulassung und 

Notierungsaufnahme 

Geltendes Recht Deutsches Recht. 

Gerichtsstand 

29 

Gläubiger berechtigen, die unverzügliche Rückzahlung der 

Schuldverschreibungen zu verlangen (die "Kündigungsgründe"). Die 

Kündigungsgründe fundierter Schuldverschreibungen sind weniger 

weitreichend als die Kündigungsgründe nicht nachrangiger 

Schuldverschreibungen. 

Für nicht nachrangige Schuldverschreibungen ist eine 

Drittverzugsklausel vorgesehen. 

Für nachrangige Schuldverschreibungen inklusive kurzfristig 

nachrangiger Schuldverschreibungen sind keine Kündigungsgründe 

vorgesehen. 

Die Schuldverschreibungen werden fortlaufend an einen oder mehrere 

Platzeure und zusätzliche Platzeure, die unter dem Programm von 

Zeit zu Zeit ernannt werden, begeben. Eine solche Ernennung als 

Platzeur kann für eine bestimmte Emission oder auf fortdauernder 

Basis erfolgen. Schuldverschreibungen können in Form eines 

öffentlichen Angebots oder in Form einer Privatplatzierung, jeweils auf 

syndizierter oder nicht syndizierter Basis begeben werden. Die Art der 

Platzierung einer Tranche ist in den maßgeblichen Endgültigen 

Bedingungen angegeben. 

Für die unter dem Programm begebenen Schuldverschreibungen 

wurde ein Antrag auf Börsenzulassung im Regulierten Markt der 

Luxemburger Wertpapierbörse und zum Börsenhandel an der Official 

List im Geregelten Freiverkehr der Wiener Börse gestellt. Das 

Programm sieht vor, dass Schuldverschreibungen an anderen Börsen 

zugelassen werden können (z.B. Euro MTF) und dass 

Schuldverschreibungen begeben werden, die an keiner Börse 

zugelassen sind. 

Nicht ausschließlicher Gerichtsstand für alle gerichtlichen Verfahren 

im Zusammenhang mit den Schuldverschreibungen ist Frankfurt am 

Main. 

Gläubigerbeschlüsse In Übereinstimmung mit dem Schuldverschreibungsgesetz 2009 

("SchVG") können die Schuldverschreibungen vorsehen, dass die 

Gläubiger durch Beschluss (mit Zustimmung der Emittentin) 

Änderungen der Anleihebedingungen zustimmen und gewisse 

sonstige Maßnahmen in Bezug auf die Schuldverschreibungen 

beschließen. Beschlüsse der Gläubiger können nach Maßgabe der 

Anleihebedingungen entweder in einer Gläubigerversammlung oder im 

Wege der Abstimmung ohne Versammlung gefasst werden. 

Ordnungsgemäß gefasste Beschlüsse der Gläubiger sind für alle 

Gläubiger gleichermaßen verbindlich. Beschlüsse, die nicht gleiche 

Bedingungen für alle Gläubiger vorsehen, sind unwirksam, es sei denn 

die benachteiligten Gläubiger stimmen ihrer Benachteiligung 

ausdrücklich zu. In keinem Fall kann eine Verpflichtung zur Leistung 

für die Gläubiger durch Mehrheitsbeschluss begründet werden. 

Beschlüsse der Gläubiger, durch welche der wesentliche Inhalt der 

Anleihebedingungen geändert wird, bedürfen einer Mehrheit von 

mindestens 75 % der an der Abstimmung teilnehmenden 

Stimmrechte. Sonstige Beschlüsse bedürfen – vorbehaltlich 

abweichender Bestimmungen in den Anleihebedingungen – der 

einfachen Mehrheit der teilnehmenden Stimmrechte. 

Gemeinsamer Vertreter In Übereinstimmung mit dem SchVG können die 

Schuldverschreibungen vorsehen, dass die Gläubiger durch 

Beschluss einen gemeinsamen Vertreter bestellen. Die Aufgaben und 

Befugnisse des durch Beschluss bestellten gemeinsamen Vertreters

30 

bestimmen sich nach dem SchVG sowie den Beschlüssen der 

Gläubiger. Ein gemeinsamer Vertreter der Gläubiger kann auch 

bereits in den Anleihebedingungen der Schuldverschreibungen bestellt 

werden. In diesem Fall bestimmen sich die Aufgaben und Befugnisse 

des gemeinsamen Vertreters nach den Anleihebedingungen. Der 

gemeinsame Vertreter hat die Weisungen der Gläubiger zu befolgen. 

Er kann von den Gläubigern jederzeit durch Mehrheitsbeschluss 

abberufen werden. 

Zusammenfassung der Risikofaktoren 

Zusammenfassung der Risikofaktoren in Bezug auf die RLB NÖ-Wien 

Im folgenden Abschnitt werden wesentliche Risiken offengelegt, die die Fähigkeit der RLB NÖ-Wien 

ihre Verpflichtungen als Emittentin der Wertpapiere zu erfüllen, beeinflussen können. 

Die folgende Aufzählung ist nicht abschließend. Potentielle Anleger sollten alle Informationen, die in 

diesem Prospekt enthalten sind, berücksichtigen und falls sie es für notwendig erachten, eigene 

professionelle Berater beiziehen. Außerdem sollten sich die Anleger bewusst sein, dass die 

beschriebenen Risiken kumulativ auftreten und sich daher gegenseitig verstärken können. 

Es können, unter anderem, folgende Risiken auftreten: 

• Kreditrisiko unter anderem einschließlich Ausfallsrisiko und Vertragsverletzungsrisiko. 

• Konzentrationsrisiko 

• Marktrisiko auf Grund wechselnder Marktverhältnisse. 

• Risiko aus Handelsgeschäften. 

• Abhängigkeit vom Provisionsgeschäft. 

• Währungsrisiko. 

• Abhängigkeit von ausreichend vorhandenen Eigenmitteln. 

• Erfordernis der Aufnahme von weiterem Tier-1 Kapital. 

• Regulatorisches Risiko. 

• Risiko aus der Einführung der Stabilitätsabgabe. 

• Liquiditätsrisiko der Emittentin. 

• Refinanzierungsrisiko der Emittentin. 

• Risiko in Bezug auf Ratingherabstufung. 

• Länderrisiko. 

• Risiko aus Beteiligungen, Risiko aus der Beteiligung an der Raiffeisen Zentralbank Österreich AG 

und der Raiffeisen Bank Zrt., Budapest. 

• Wirtschaftliche und politische Risiken, Risiken in Zusammenhang mit der aktuellen Wirtschafts- 

und Finanzkrise. 

• Systemisches Risiko. 

• Wertminderung der Sicherheiten zur Absicherung von Geschäfts- und Immobilienkrediten. 

• Risiko aus Liquiditätsmanagementvereinbarungen. 

• Risiken, die sich aus der Mitgliedschaft der Emittentin in Verbänden ergeben.

• Tätigkeit in wettbewerbsintensiven Märkten. 

31 

• Änderungen in Buchführungsgrundsätzen und –standards. 

• Risiko laufender Gerichtsverfahren. 

• Operationales Risiko unerwarteter Verluste auf Grund internen oder externen Versagens, 

insbesondere Versagens von IT-Systemen. 

• Versagen oder Untauglichkeit der Risikosteuerung und des Risikomanagements. 

• Abhängigkeit von komplexen IT-Systemen. 

• Kündigung oder Verlust von Schlüsselpersonal und mögliche Schwierigkeiten qualifizierte 

Angestellte zu halten bzw. zu rekrutieren. 

• Interessenkonflikte von Organmitgliedern der Emittentin.

32 

Zusammenfassung der Risikofaktoren in Bezug auf die Wertpapiere 

Schuldverschreibungen als nicht geeignetes Investment 

Schuldverschreibungen sind komplexe Finanzinstrumente, in die potentielle Anleger nur investieren 

sollten, wenn sie (selbst oder durch ihre Finanzberater) über die nötige Expertise verfügen, um die 

Performance der Schuldverschreibungen unter den wechselnden Bedingungen, die resultierenden 

Wertveränderungen der Schuldverschreibungen sowie die Auswirkungen einer solchen Anlage auf ihr 

Gesamtportfolio einzuschätzen. 

Liquiditätsrisiko 

Es besteht keine Gewissheit, dass ein liquider Sekundärmarkt für Schuldverschreibungen entstehen 

wird, oder sofern er entsteht, dass er fortbestehen wird. In einem illiquiden Markt könnte es sein, dass 

ein Anleger seine Schuldverschreibungen nicht jederzeit zu angemessenen Marktpreisen veräußern 

kann. Die Möglichkeit Schuldverschreibungen zu veräußern kann darüber hinaus aus 

landesspezifischen Gründen eingeschränkt sein. 

Marktpreisrisiko 

Der Gläubiger von Schuldverschreibungen ist dem Risiko nachteiliger Entwicklungen der Marktpreise 

seiner Schuldverschreibungen ausgesetzt, welches sich verwirklichen kann, wenn der Gläubiger seine 

Schuldverschreibungen vor Endfälligkeit veräußert. 

Risiko der Vorzeitigen Rückzahlung 

Sofern der Emittentin das Recht eingeräumt wird die Schuldverschreibungen vor Fälligkeit 

zurückzuzahlen oder sofern die Schuldverschreibungen vor Fälligkeit aufgrund des Eintritts eines 

Ereignisses, welches in den Anleihebedingungen dargelegt ist, zurückgezahlt werden, ist der 

Gläubiger solcher Schuldverschreibungen dem Risiko ausgesetzt, dass infolge der vorzeitigen 

Rückzahlung seine Kapitalanlage eine geringere Rendite als erwartet aufweisen wird. Außerdem 

besteht die Möglichkeit, dass der Gläubiger der Schuldverschreibungen eine Wiederanlage nur zu 

schlechteren als den Bedingungen des ursprünglichen Investments tätigen kann. 

Währungsrisiko/Doppelwährungs-Schuldverschreibungen 

Der Gläubiger von Schuldverschreibungen, die auf eine fremde Währung lauten und der Gläubiger 

von Doppelwährungs-Schuldverschreibungen ist dem Risiko von Wechselkursschwankungen 

ausgesetzt, welche die Rendite solcher Schuldverschreibungen beeinflussen können. 

Festverzinsliche Schuldverschreibungen und Step-Up und Step-Down festverzinsliche 


Der Gläubiger von festverzinslichen Schuldverschreibungen sowie von Step-Up und Step-Down 

festverzinslichen Schuldverschreibungen ist dem Risiko ausgesetzt, dass der Kurs einer solchen 

Schuldverschreibung infolge von Veränderungen des aktuellen Marktzinssatzes fällt. 

Variabel verzinsliche Schuldverschreibungen 

Der Gläubiger von variabel verzinslichen Schuldverschreibungen ist dem Risiko eines schwankenden 

Zinsniveaus und ungewisser Zinserträge ausgesetzt. Ein schwankendes Zinsniveau macht es 

unmöglich, die Rendite von variabel verzinslichen Schuldverschreibungen im Voraus zu bestimmen. 

Variabel verzinsliche Schuldverschreibungen können mit Multiplikatoren oder anderen Hebelfaktoren 

sowie mit Zinsober- und Zinsuntergrenzen oder einer Kombination dieser Merkmale oder mit 

ähnlichen Merkmalen ausgestattet sein. Der Kurs solcher Schuldverschreibungen neigt zu größerer 

Volatilität als der von herkömmlichen Schuldverschreibungen. 

Nullkupon-Schuldverschreibungen 

Der Gläubiger von Nullkupon-Schuldverschreibungen ist dem Risiko ausgesetzt, dass der Kurs einer 

solchen Schuldverschreibung infolge von Veränderungen des Marktzinssatzes fällt. Kurse von 

Nullkupon-Schuldverschreibungen sind volatiler als Kurse von festverzinslichen 

Schuldverschreibungen und reagieren in höherem Maße auf Veränderungen des Marktzinssatzes als 

verzinsliche Schuldverschreibungen mit einer ähnlichen Laufzeit.

Range Accrual Schuldverschreibungen 

33 

Es besteht für den Anleihegläubiger von Range Accrual-Schuldverschreibungen das Risiko, dass an 

den Kalendertagen, an denen der Referenzzinssatz außerhalb der festgelegten Bandbreite festgestellt 

wird, keine Verzinsung der Teilschuldverschreibungen erfolgt. 

Indexierte Schuldverschreibungen 

Der Gläubiger einer Schuldverschreibung mit indexabhängiger Verzinsung ist dem Risiko eines 

schwankenden Zinsniveaus und Ungewissheit in Bezug auf den Zinsertrag ausgesetzt und wird 

möglicherweise überhaupt keine Verzinsung erhalten. Die Rendite einer Schuldverschreibung mit 

index-abhängiger Verzinsung kann negativ sein. Der Gläubiger einer Schuldverschreibung mit 

indexabhängiger Rückzahlung ist Ungewissheit in Bezug auf den Rückzahlungsbetrag ausgesetzt. Die 

Rendite einer in Bezug auf den Rückzahlungsbetrag indexierten Schuldverschreibung kann negativ 

sein und ein Anleger kann den Wert seiner Anlage ganz oder teilweise verlieren. Ungewissheit in 

Bezug auf den Zins- und den Rückzahlungsbetrag machen es unmöglich, die Rendite einer 

indexierten Schuldverschreibung im Voraus zu bestimmen. Je volatiler der betreffende Index ist, desto 

größer ist die Ungewissheit in Bezug auf Zinsertrag und Rückzahlungsbetrag. 

Aktienbezogene Schuldverschreibungen 

Eine Anlage in Schuldverschreibungen, deren Verzinsung oder Rückzahlungsbetrag auf Aktien oder 

andere Eigenkapitalinstrumente bezogen ist, kann ähnliche Risiken beinhalten wie eine unmittelbare 

Anlage in solchen Instrumenten und Anleger sollten sich entsprechend beraten lassen. Der Anleger in 

Schuldverschreibungen, deren Verzinsung auf Aktien oder andere Eigenkapitalinstrumente bezogen 

ist, erhält möglicherweise keine Zinsen und die Rendite von Schuldverschreibungen, deren 

Rückzahlungsbetrag auf Aktien oder andere Eigenkapitalinstrumente bezogen ist, kann negativ sein 

und ein Anleger kann den Wert seiner Anlage ganz oder teilweise verlieren. 

Fundierte Bankschuldverschreibungen 

Fundierte Bankschuldverschreibungen werden durch einen Deckungsstock besichert. Die Emittentin 

hat zwei separate Deckungsstöcke eingerichtet: einen hypothekarischen Deckungsstock und einen 

öffentlichen Deckungsstock. Fundierte Bankschuldverschreibungen, die durch einen dieser 

Deckungsstöcke besichert sind, haben kein Recht auf vorrangige Befriedigung aus dem jeweils 

anderen Deckungsstock. Im Fall sich verschlechternder Marktbedingungen könnte die Emittentin nicht 

in der Lage sein, geeignete Forderungen gemäß dem österreichischen Gesetz betreffend fundierte 

Bankschuldverschreibungen überhaupt oder in ausreichendem Umfang den Deckungsstöcken 

zuzuweisen. 

Nachrangige Schuldverschreibungen 

Im Fall der Liquidation oder der Insolvenz der Emittentin gehen die Verbindlichkeiten aus den 

Schuldverschreibungen den Ansprüchen dritter Gläubiger der Emittentin aus nicht nachrangigen 

Verbindlichkeiten im Range nach, so dass Zahlungen auf die Schuldverschreibungen solange nicht 

erfolgen, wie die Ansprüche dieser dritten Gläubiger der Emittentin aus nicht nachrangigen 

Verbindlichkeiten nicht vollständig befriedigt sind. 

Risiko unbesicherter Schuldverschreibungen 

Im Fall der Insolvenz der Emittentin werden Gläubiger von besicherten Schuldverschreibungen (wie 

beispielsweise Gläubiger von fundierten Bankschuldverschreibungen) ihre Zahlungen aus der 

gepfändeten oder ausgesonderten Vermögensmasse der Emittentin (im Fall von fundierten 

Bankschuldverschreibungen aus dem Deckungsstock) vor anderen Gläubigern erhalten. 

Strukturierte Schuldverschreibungen (allgemeine Risiken) 

Eine Kapitalanlage in Schuldverschreibungen, bei denen der Aufschlag und/oder der Zins und/oder 

der Rückzahlungsbetrag unter Bezugnahme einer oder mehrerer Währungen, Rohstoffe, Zinssätze 

oder anderer Indizes oder Formeln, entweder unmittelbar oder umgekehrt, bestimmt wird, kann 

bedeutsame Risiken mit sich bringen, die nicht mit ähnlichen Kapitalanlagen in einen herkömmlichen 

Schuldtitel verbunden sind, einschließlich des Risikos, dass der resultierende Zinssatz geringer sein 

wird als der zur gleichen Zeit auf einen herkömmlichen Schuldtitel zahlbare Zinssatz und/oder dass 

ein Anleger sein eingesetztes Kapital ganz oder zu einem erheblichen Teil verliert.

Risiko möglicher Interessenkonflikte im Falle eines Basiswertes 

34 

Es kann nicht ausgeschlossen werden, dass Entscheidungen der Emittentin und/oder des Plazeurs/ 

der Plazeure, die in anderen unabhängigen Geschäftsbereichen getroffen werden eine negative 

Auswirkung auf den Wert des Basiswertes haben. 

Interessenkonflikte 

Bei Schuldverschreibungen, die an einen Basiswert gebunden sind, können die Emittentin und die 

Platzeure oder mit diesen verbundene Unternehmen Geschäfte mit Bezug auf den diesen 

Schuldverschreibungen zu Grunde liegenden Basiswert abschließen, die Interessenkonflikte auslösen 

und einen negativen Einfluss auf den Wertpapieren zu Grunde liegenden Basiswert haben können. 

Beschlüsse der Gläubiger 

Sofern die Schuldverschreibungen Beschlüsse der Gläubiger im Rahmen einer 

Gläubigerversammlung oder durch Abstimmung ohne Versammlung vorsehen, ist ein Gläubiger dem 

Risiko ausgesetzt, durch einen Mehrheitsbeschluss der Gläubiger überstimmt zu werden. Da ein 

solcher Mehrheitsbeschluss für alle Gläubiger verbindlich ist, können bestimmte Rechte des 

Gläubigers gegen die Emittentin aus den Anleihebedingungen geändert, eingeschränkt oder sogar 

aufgehoben werden. 

Gemeinsamer Vertreter 

Sehen die Schuldverschreibungen die Bestellung eines gemeinsamen Vertreters vor, so ist es für 

einen Gläubiger möglich, dass sein persönliches Recht zur Geltendmachung und Durchsetzung seiner 

Rechte aus den Anleihebedingungen gegenüber der Emittentin auf den gemeinsamen Vertreter 

übergeht, der sodann allein verantwortlich ist, die Rechte sämtlicher Gläubiger geltend zu machen und 

durchzusetzen. 

Zusammenfassung in Bezug auf die RLB NÖ-Wien 

Firma RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG 

Rechtsform Aktiengesellschaft nach österreichischem Recht 

Konzession Kreditinstitut im Sinne des § 1 Abs. 1 österreichisches 

Bankwesengesetz 

Sitz Wien 

Geschäftsanschrift Friedrich-Wilhelm-Raiffeisen-Platz 1, A-1020 Wien, Republik 

Österreich 

Firmenbuch Die Emittentin ist im Firmenbuch beim Handelsgericht Wien 

unter der Nummer FN 203160s registriert. 

Aktionäre RAIFFEISEN-HOLDING NIEDERÖSTERREICH-WIEN 

registrierte Genossenschaft mit beschränkter Haftung (78,58 %) 

und niederösterreichische Raiffeisenbanken (21,42 %) 

RAIFFEISEN-HOLDING 

NIEDERÖSTERREICH-WIEN 

registrierte Genossenschaft 


Die RAIFFEISEN-HOLDING NIEDERÖSTERREICH-WIEN 

registrierte Genossenschaft mit beschränkter Haftung 

("Raiffeisen-Holding NÖ-Wien") ist eine Unternehmensgruppe 

mit Beteiligungen im In- und Ausland. Der Schwerpunkt ihrer 

Aktivitäten liegt in den östlichen Bundesländern Österreichs und, 

in immer stärkerem Ausmaß, auch in den neuen EU-Staaten 

sowie in EU-Kandidatenländern in Südosteuropa. Die rund 740 

Beteiligungsunternehmen der Gruppe sind an insgesamt rund 

3.800 Standorten weltweit vertreten. Die wichtigste Beteiligung – 

gemessen sowohl am Wert als auch an ihrer strategischen 

Bedeutung – ist die RLB NÖ-Wien. 

Raiffeisenbanken in 72 selbständige niederösterreichische Raiffeisenbanken

Niederösterreich 

35 

Organe Vorstand, Aufsichtsrat 

Vorstandsmitglieder Mag. Klaus Buchleitner, Vorstandsvorsitzender ab 1. Juni 2012 

Dr. Georg Kraft-Kinz, Stellvertreter des Vorsitzenden 

Mag. Reinhard Karl 

Mag. Michael Rab 

Mag. Dr. Gerhard Rehor 

Geschäftsgeschichte 

Haupttätigkeiten, Märkte 

Raiffeisen-Bankengruppe 


Die Rechtsvorgängerin der RLB NÖ-Wien wurde am 

4. November 1898 als Genossenschaftsbank mit der Firma "Nö 

Genossenschafts-Centralcasse" gegründet. In der Folge wurde 

sie mehrfach umfirmiert. 

Im Jahr 2001 fand die Trennung des Bankgeschäftes 

(Fortführung durch die RLB NÖ-Wien) und des 

Beteiligungsgeschäftes (Fortführung durch die Raiffeisen- 

Holding NÖ-Wien) statt. 

Die Haupttätigkeiten der RLB NÖ-Wien umfassen den Betrieb 

von Bankgeschäften aller Art und der damit 

zusammenhängenden Geschäfte, ausgenommen die Ausgabe 

von Pfandbriefen und Kommunalschuldverschreibungen, das 

Bauspargeschäft, Investmentgeschäft, Immobilienfondsgeschäft, 

Betriebliches Vorsorgekassengeschäft und 

Beteiligungsfondsgeschäft. 

Die RLB NÖ-Wien ist als Regionalbank im Osten Österreichs 

tätig. Kunden mit grenzüberschreitender Geschäftstätigkeit 

begleitet die RLB NÖ-Wien als Beraterbank in der Centrope 

Region (definiert als Wien, Niederösterreich, Burgenland und die 

Staaten Tschechien, Slowakei und Ungarn). 

In Wien betreibt die RLB NÖ-Wien das Bankgeschäft und ist 

dabei auf das Gewerbekundengeschäft für kleine und mittlere 

Unternehmen, auf Private Banking, auf das 

Privatkundengeschäft sowie zunehmend auf das 

Kommerzkundengeschäft spezialisiert. Die RLB NÖ-Wien verfügt 

in Wien über 66 Standorte. 

Die Emittentin ist das regionale Spitzeninstitut von 72 

selbständigen niederösterreichischen Raiffeisenbanken mit 545 

Geschäftsstellen in Niederösterreich zum Stichtag 31. Dezember 

2011. 

Die Aufbauorganisation der RLB NÖ-Wien stellt sich wie folgt 

dar: 

• Privat- und Gewerbekunden 

• Kommerzkunden 

• Finanzmärkte 

• Risikomanagement/Organisation 

• Raiffeisenbanken/Management-Service 

Die Raiffeisen-Bankengruppe Niederösterreich-Wien ("RBG NÖ- 

WIEN") verfügte in Wien und Niederösterreich per 31. Dezember 

2011 über 611 Geschäftsstellen und beschäftigte 5.038 

Mitarbeiter. Die RBG NÖ-WIEN verwaltete per 31. Dezember 

2011 ca. EUR 22,96 Mrd. an Kundeneinlagen, das 

Kundenkredit-Volumen betrug ca. EUR 19,24 Mrd. (konsolidiert, 

ungeprüft). Die konsolidierte Bilanzsumme der RBG NÖ-WIEN

36 

per 31. Dezember 2011 betrug EUR 40,53 Mrd. (ungeprüft). 

Beteiligungen Die RLB NÖ-Wien hält Beteiligungen an Banken und banknahen 

Gesellschaften. Die RLB NÖ-Wien ist (direkt und indirekt) mit 

einer 31,92 %-Beteiligung (31. Dezember 2011) der größte 

Aktionär der Raiffeisen Zentralbank Österreich AG (die "RZB"), 

dem Spitzeninstitut der Raiffeisen-Bankengruppe in Österreich. 

Die RZB ist mit einer Beteiligung von 78,5 % (31. Dezember 

2011) größter Aktionär der Raiffeisen Bank International AG (die 

"RBI"). Die RBI Gruppe ist eine voll integrierte Retail- und 

Kommerzkunden Bankengruppe in CEE (einschließlich 

Österreich). 

RLB NÖ-Wien ist weiters an folgender Bank beteiligt: Raiffeisen 

Bank Zrt., Budapest (16,23 %) (31. Dezember 2011). 

Wesentliche Verträge Zur Begründung einer steuerlichen (Voll-)Organschaft zwischen 

der Raiffeisen-Holding NÖ-Wien und der RLB NÖ-Wien wurde 

ein Ergebnisabführungsvertrag abgeschlossen. Aufgrund dieses 

Vertrages wird das gesamte Jahresergebnis der RLB NÖ-Wien 

nach der festen Vergütung für das Partizipationskapital an die 

Raiffeisen-Holding NÖ-Wien abgeführt bzw. von dieser 

übernommen. 

Abschlussprüfer 

(Konzernabschluss 2010) 

Abschlussprüfer 

(Konzernabschluss 2011) 

Die Raiffeisen-Holding NÖ-Wien und die RLB NÖ-Wien haben 

im Jahr 2005 einen Gruppenbesteuerungsvertrag 

abgeschlossen, der es der Gruppe ermöglicht, die steuerlichen 

Regelungen im Rahmen des Steuerreformgesetzes 2005 zu 

nutzen. 

Die Emittentin hat als Spitzeninstitut der Raiffeisen- 

Bankengruppe Niederösterreich-Wien mit allen 

niederösterreichischen Raiffeisenbanken sowie mit der 

Raiffeisen-Holding NÖ-Wien im Jahr 2007 bilaterale 

Liquiditätsmanagementvereinbarungen geschlossen, welche im 

März 2010 erneuert wurden. 

Die RLB NÖ-Wien ist Mitglied der Raiffeisen- 

Kundengarantiegemeinschaft Österreich, der Raiffeisen- 

Einlagensicherung Niederösterreich-Wien reg. Gen.m.b.H. und 

des Solidaritätsvereins. 

- Mag. Christian Loicht (Wirtschaftsprüfer) und 


Steuerberatungsgesellschaft, Porzellangasse 51, 1090 Wien, 

Österreich, vertreten durch die Wirtschaftsprüfer Mag. 

Wilhelm Kovsca und Dr. Franz Frauwallner 

beide bestellt vom Österreichischen Raiffeisenverband, 

Friedrich-Wilhelm-Raiffeisen-Platz 1, 1020 Wien, Österreich. 

- Mag. Andreas Gilly (Wirtschaftsprüfer) und 


Steuerberatungsgesellschaft, Porzellangasse 51, 1090 Wien, 

Österreich, vertreten durch die Wirtschaftsprüfer Mag. 

Bernhard Mechtler und Dr. Franz Frauwallner 

beide bestellt vom Österreichischen Raiffeisenverband, 

1 Die KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft wurde im April 2012 im Wege der 

formwechselnden Umwandlung in die KPMG Austria AG Wirtschaftsprüfungs- und Steuerberatungsgesellschaft 

umgewandelt.

37 

Friedrich-Wilhelm-Raiffeisen-Platz 1, 1020 Wien, Österreich. 

Die RLB NÖ-Wien im Überblick (per 31. Dezember 2011 und 31. Dezember 2010) 

(Konzernerfolgsrechnung und Konzernbilanz sowie Kennzahlen nach IFRS) 

RLB NÖ-Wien Konzern 2011 Veränderung 2010 

Monetäre Werte in Mio. Euro 

Konzernerfolgsrechnung 

Zinsüberschuss nach Kreditvorsorge 149,5 -22,8 % 193,8 

Provisionsüberschuss 67,6 2,8 % 65,7 

Handelsergebnis -1,6 - 24,2 

Ergebnis aus at equity bilanzierten Unternehmen 120,6 -53,0 % 256,4 

Verwaltungsaufwendungen -187,1 3,5 % -180,7 

Jahresüberschuss vor Steuern 107,6 -66,0 % 316,3 

Konzernjahresüberschuss 109,7 -64,5 % 308,6 

Konzernbilanz 

Forderungen an Kreditinstitute 10.915 -10,5 % 12.189 

Forderungen an Kunden 10.094 4,3 % 9.680 

Verbindlichkeiten gegenüber Kreditinstituten 14.429 -9,2 % 15.899 

Verbindlichkeiten gegenüber Kunden 7.294 3,2 % 7.071 

Eigenkapital (inkl. Gewinn) 2.272 -4,7 % 2.383 

Konzernbilanzsumme 32.103 -1,8 % 32.683 

Bankaufsichtliche Kennzahlen 1) 

Risikogewichtete Bemessungsgrundlage 13.547 4,8 % 12.930 

Gesamte Eigenmittel 2.033 11,3 % 1.826 

Eigenmittelerfordernis 1.155 4,8 % 1.102 

Überdeckungsquote 76,1 % 10,3 PP 65,8 % 

Kernkapitalquote Kreditrisiko 10,1 % 0,4 PP 9,7 % 

Kernkapitalquote Gesamt 9,4 % 0,3 PP 9,1 % 

Eigenmittelquote Gesamt 14,1 % 0,8 PP 13,3 %

Kennzahlen 

Return on Equity vor Steuern 4,6 % -9,7 PP 14,3 % 

Konzern - Return on Equity 4,7 % -9,3 PP 14,0 % 

Konzern-Cost/Income Ratio 52,5 % 17,9 PP 34,6 % 

Ergebnis je Aktie in Euro 49,35 -65,3 % 142,06 

Return on Assets nach Steuern 0,34 % -0,62 PP 0,96 % 

Risk/Earnings Ratio 27,6 % 14,3 PP 13,3 % 

Zusätzliche Informationen 

Mitarbeiterinnen und Mitarbeiter zum 

Bilanzstichtag 1.354 1,7 % 1.332 

Geschäftsstellen 66 -1 67 

1) Der RLB NÖ-Wien Konzern ist Teil des Konzerns der Raiffeisen-Holding NÖ-Wien. Eine Regelung bezüglich 

aufsichtsrechtlicher Eigenmittel für Tochterunternehmen, die einen Teilkonzern aufstellen, ist im österreichischen 

Bankwesengesetz (BWG) nicht enthalten. Daher haben die angeführten bankaufsichtlichen Kennzahlen gemäß 

BWG auf teilkonsolidierter Basis der Kreditinstitutsgruppe lediglich Informationscharakter. 

Hinweis: Bankaufsichtliche Kennzahlen, Kennzahlen und zusätzliche Informationen: ungeprüft 

38

39 

RISK FACTORS 

The following is a disclosure of the principal risk factors which are material to the Notes issued 

under the Programme in order to assess the market risk associated with the Notes. 

Prospective investors should consider these risk factors before deciding to purchase Notes 

issued under the Programme. 

Prospective investors should consider all information provided in this Prospectus and consult 

with their own professional advisers (including their financial, accounting, legal and tax 

advisers) if they consider it necessary. In addition, investors should be aware that the risks 

described may combine and thus intensify one another. 

The Issuer believes that the following factors may affect its ability to fulfil its obligations under 

Notes issued under the Programme. All/Most of these factors are contingencies which may or 

may not occur and the Issuer is not in a position to predict the likelihood of such contingency 

occurring. 

In addition, factors which are material for the purpose of assessing the market risks associated 

with Notes issued under the Programme are also described below. 

The Issuer believes that the factors described below represent the principal risks inherent in 

investing in Notes issued under the Programme. However, the inability of the Issuer to pay 

interest, principal or other amounts on or in connection with any Notes may occur for other 

reasons which may not be considered significant risks by the Issuer based on information 

currently available to it or which it may not currently be able to anticipate. Prospective 

investors should also read the detailed information set out elsewhere in this Prospectus 

carefully and reach their own views prior to making any investment decision. 

Prospective investors should read the entire Prospectus. Words and expressions defined in 

the "Terms and Conditions of the Notes" below or elsewhere in this Prospectus have the same 

meanings in this section. Investing in the Notes involves certain risks. In particular, an 

investment in Notes the premium and/or the interest on or principal of which is determined by 

reference to one or more values of currencies, commodities, rates of interest, funds, equities 

or other indices or formulae, either directly or indirectly, may entail significant risks not 

associated with similar investments in a conventional debt security. The Final Terms or 

supplements to the Prospectus in respect of a Series of Notes may contain additional Risk 

Factors in respect of such Series. 

Prospective investors should carefully consider the following investment considerations and 

the other information in this Prospectus before deciding whether an investment in the Notes of 

the Issuer is suitable. If any of the following risks actually occurs, the trading price of the Notes 

of the Issuer could be negatively affected and decline and an investor could lose all or part of 

its investment. 

Under the circumstances described below and, as the case may be, in the applicable Final 

Terms, prospective investors may lose the value of their entire investment or part of it. In 

respect of Notes which require in view of their specific structure a specific description of risk 

factors, the following statements are not exhaustive; risk factors in addition to those 

mentioned below will be described in the Final Terms relating to such Notes.

Risk Factors regarding RLB NÖ-Wien 

40 

The Issuer is exposed to the general business risks that can affect an Austrian bank which is also 

operating on the international markets. The materialization of any of these risks may have a material 

adverse effect on RLB NÖ-Wien's business, results of operations and financial condition, which may in 

turn adversely affect the market price of the Notes and the Issuer's ability to fulfil its interest and/or 

redemption payment obligations under the Notes. 

The following specific risks can occur, among others: 

Credit risk 

Credit risk is the risk of a partial or complete loss of interest and/or redemption payment expected to 

be made by a counterparty. Any deterioration in the creditworthiness of a counterparty may lead to an 

increase in the credit risk as the Issuer's business with corporate customers, other banks, financial 

institutions and sovereign borrowers may be affected. The worse the credit standing of the 

counterparty, the higher the non-payment and default risks. Credit risk applies to both standard 

banking products, such as the credit, discount and guarantee business, as well as to certain trade 

products, such as derivative contracts like financial futures, swaps and options or security pension 

transactions and security lending. RLB NÖ-Wien could be required to make impairments or additional 

provisions for bad debts or face additional capital adequacy requirements as a result of credit risks. 

The proportion of non-performing loans and resulting impairments and provisions may have a material 

adverse effect on RLB NÖ-Wien's business, results of operations and financial condition. 

Participation risk 

The Issuer holds participations in Raiffeisen Zentralbank Österreich AG ("RZB"), and directly and 

indirectly in RZB's subsidiary Raiffeisen Bank International AG ("RBI"), as well as indirectly in 

Raiffeisen Bank Zrt., Budapest. The participations are consolidated at equity (affiliated companies). 

The profit contribution of affiliated companies (in particular RZB/RBI) has a material impact on RLB 

NÖ-Wien's consolidated annual net income. 

The Issuer's participations are subject to various risks. In particular, they are subject to general 

business risks such as the risk of possible losses arising from changes in the market due to fluctuating 

or changing interest rates, foreign exchange rates, share prices and prices in general (market risk), 

the risk that customers may not be able to fulfil contractual or financial obligations (credit risk), 

currency risks, the risk of unexpected losses resulting from inadequate or failed internal processes, 

people and systems or from external events, including legal risk (operational risk) and may become 

subject to litigation and regulatory or governmental scrutiny or changes in applicable regulatory 

regimes that may cause substantial losses. They are dependent on the availability of liquidity and 

refinancing opportunities and also subject to participation risks in connection with their own listed and 

unlisted equity holdings, i.e. the risk that money invested in an equity participation may not yield a 

return or depreciates in value. 

The business of RLB NÖ-Wien's participation in Hungary and of RBI, which operates banking 

subsidiaries and leasing companies in Central Europe, Southeastern Europe and various CIS 

countries, depends on the business and economic environment in particular the development of 

financial markets and the political situation in Central and Eastern Europe (CEE). These countries and 

regions, in particular countries which are not members of the EU, are subject to increased political, 

economic and social changes as well as risks related to these, for example, exchange-rate 

fluctuations, regulatory upheavals, government interference, inflation, economic recession, local 

market disruptions, tensions in the labor market combined with changes in social values, ethnic 

tensions, declining birth rates, increased life expectancy, etc. (country risk). The prevailing 

international financial and economic crisis, additionally, may even aggravate these effects and banking 

market growth rates may fall noticeably as compared to the preceding years as a result of increasing 

market saturation and stronger competition. 

RZB and, in particular, its indirect subsidiary RBI are furthermore subject to risks in connection with 

the 2010 merger and subsequent integration of RZB's corporate customer business into RBI (at that 

time operating under the corporate name Raiffeisen International Bank-Holding AG ("RI")). The merger 

has created a major financial institution in times of an economic and international macroeconomic 

downturn, which could result in increased economic pressure on the merged bank. The integration of

41 

significant parts of RZB's business and the business of RBI still takes a lot of effort during the postmerger-phase, 

which could trigger costs and investments considerably. Furthermore, synergies may 

not been exploited to the level expected. 

Any of these risks arising may have a material adverse effect on RLB NÖ-Wien's affiliated companies' 

value, their profit contributions and, as a consequence, the Issuer's business, operating results and 

financial status. 

Concentration risk 

As a result of its exposure to borrowers of certain business sectors or related parties according to IAS, 

the Issuer is – to a varying degree – subject to the adverse effects of concentration or 

interdependencies within a business sector or within the group of related companies. In an adverse 

economic scenario, connected or correlated exposures could all show an increased risk of default or 

actually default at the same time. Portfolio concentration may have a material adverse effect on RLB 

NÖ-Wien's business, results of operations and financial condition. 

Market risk 

The financial market conditions in Austria, Europe, the USA and worldwide have a material impact on 

RLB NÖ-Wien's business. Possible losses may arise from changes in the market due to fluctuating or 

changing interest rates, foreign exchange rates, share prices and prices in general. This market risk 

encompasses both trading book and banking book positions. Positions of risk are the result either of 

business positions taken for or in respect of customers, or of a deliberate assumption of such 

positions. The Issuer's market position is strongly influenced by both external factors. The Issuer is 

exposed to risks from market making and business with customers as well as from trading in shares 

on its own account, interest instruments, foreign currency and commodity products and in the context 

of balance sheet management. However, adverse financial market developments may not only result 

from purely economic factors but also from wars, acts of terrorism, natural disasters or similar events 

and could generally increase the Issuer's costs for the maintenance of capital and liquidity resources, 

require impairment with respect to existing asset positions and have a material adverse effect on RLB 


Risk relating to commercial transactions 

The Issuer generates proceeds from commercial transactions (e.g. interest rate trading, foreign 

exchange trading, securities trading). Possible losses may arise from adverse market or economic 

conditions. This could have a material adverse effect on RLB NÖ-Wien's business, results of 

operations and financial condition. 

Dependency on commission transactions 

The Issuer is active on the commission transactions market and therefore dependent on positive 

business results for future years. Should the Issuer be unable to maintain or increase its result out of 

commission transactions, this could have a material adverse effect on RLB NÖ-Wien's business, 

results of operations and financial condition. 

Risk relating to currency fluctuations 

Fluctuations between the Euro and currencies of countries outside the Eurozone, in which the Issuer 

is active, may have a material adverse effect on RLB NÖ-Wien's business, results of operations and 

financial condition. 

Dependence on capital adequacy 

The Issuer's regulatory own funds ratio pursuant to the Austrian Banking Act (Bankwesengesetz) is 

14.1 % as of 31 December 2011. 2 However, such ratio may not be sufficient in certain unforeseeable 

circumstances or could deteriorate. Any lack of own funds may have a material adverse effect on RLB 


2 The RLB NÖ-Wien Group is a subgroup of the Raiffeisen-Holding NÖ-Wien Group. The Austrian Banking Act (BWG) does 

not govern the regulatory own funds of subsidiaries that make up a subgroup. The presentation of the RLB NÖ-Wien 

Group's own funds within the meaning of BWG is therefore provided for informational purposes only.

The Issuer could be required to raise additional capital or Tier-1 capital 

42 

If the Austrian Financial Market Authority (FMA) raised the Issuer's capital (Tier-1-capital) 

requirements, capital (Tier-1-capital) requirements were raised by an amendment of the Austrian 

Banking Act or the Issuer was unable to meet its capital (Tier-1-capital) requirements and 

consequently faced interest penalties, this could have a considerable adverse effect on RLB NÖ- 

Wien's business, results of operations and financial condition. 

Regulatory risk 

The Issuer's business is subject to national and supranational laws and regulations as well as to 

supervision by the relevant supervisory authorities in the jurisdictions, in which it operates. Changes in 

the legislative and regulatory environment (such as stronger regulation, restrictions regarding certain 

transactions, e.g. in the context of amendments to the capital adequacy requirements or accounting 

standards), including changes in the judicial and administrative practices, could have a considerable 


Due to increasing globalization and market transparency and the recent developments in the global 

markets, the Austrian as well as the European banking market is exposed to increasing regulation by 

authorities. In particular, capital adequacy and liquidity requirements will be subject to tightened 

regulation. On September 12, 2010, the Basel Committee on Banking Supervision announced a 

package of measures, generally referred to as Basel III, aimed at an amendment of the applicable 

capital adequacy and liquidity laws. The reforms include, among other things, an increased minimum 

Common Equity Tier 1 ratio, the introduction of a capital conservation and a countercyclical capital 

buffer and a (non risk-based) leverage ratio, as well as additional capital adequacy requirements for 

systemically important financial institutions. For the purposes of implementing Basel III in Europe, a 

first draft directive and a regulation by the European Commission have been issued in 2011 and 

implementation is expected for 2013, with transitional arrangements until the end of 2018. Tightened 

regulation may significantly impact the capital resources and requirements of the Issuer, result in 

increased capital and administration costs and could, therefore, have a material adverse effect on RLB 


On 20 July 2011, the EU Commission published a legislative proposal for the implementation of the 

Basel III rules on European level. The proposal comprises the new Capital Requirements Directive 

("CRD IV") as well as a regulation ("CRR I") which will be directly applicable and will amend or replace 

the regulatory framework currently in force. At present, CRD IV and CRR I encompass the following: 

revision of the definition of capital eligible as own funds, introduction of new liquidity reporting 

requirements, proposal for the evaluation of introducing a maximum leverage ratio after an 

observation period and final calibration (capital to non-risk weighted positions), new calculation for 

counter party credit risk, introduction of capital buffers (in addition to minimum capital requirements) 

and specific rules for systemically relevant financial institutions. 

CRR I will be directly applicable to institutions within the EU. Primarily it comprises prudential rules 

that address institutions directly, such as minimum capital requirements, liquidity reporting, leverage 

ratios, capital requirements relating to counterparty default risk and large exposures limits, except for 

the provisions on capital buffers that are part of the CRD IV proposal. The draft CRR I provides, in 

particular, for an incremental increase of the minimum requirements for core capital (common equity 

Tier-1 capital) from currently 2% of the total risk exposure amount to 4.5% of the total risk exposure 

amount by 1 January 2015. The minimum requirements for Tier 1 capital (Common Equity Tier 1 and 

Additional Tier 1) shall be increased from 4% to 6% of the total risk exposure amount during the same 

time period. The minimum total capital ratio shall remain at 8% and, therefore, at its present level. 

Along with implementing Basel III regulations, the EU through CRR I endeavours to implement a 

"single rule book", i.e., a uniform body of rules within the EU, through which national differences, 

options and different interpretations should be reduced or eliminated. 

The introduction of new capital buffers is included in the CRD IV and, consequently, has to be 

transferred into national law. The capital conservation buffer of 2.5% of the total risk exposure amount 

shall in the future be maintained as a permanent capital buffer. In addition, national supervisory 

authorities shall require institutions to hold a countercyclical capital buffer calculated as the weighted 

average of the countercyclical buffer rates that apply in the jurisdictions where the relevant credit 

exposures of the institution are located.

43 

According to the recent presidency compromise, the text of the CRD IV provides for the possibility for 

Member States to require credit institutions to hold, in addition to a Capital Conservation Buffer and a 

Countercyclical Capital Buffer, a Systemic Risk Buffer of up to 3% in order to prevent and mitigate 

long term non cyclical systemic or macroprudential risks. 

The drafts of CRD IV and CRR I are not final yet. It is, therefore, possible that additional and more 

extensive proposals for regulation will follow. Based on the current status, a particular effect of the 

new regulations is that in the future, various components of the Issuer's capital structure will no longer 

be fully recognized for regulatory purposes. This includes the recognition of hybrid capital instruments, 

minority rights and most likely Tier 2 capital components. Further adjustments to capital by regulatory 

authorities can be expected, such as, for example, the deduction of certain deferred tax assets or a 

negative re-evaluation reserve. 

The new measures shall come into force on 1 January 2013. It is likely that the implementation of 

Basel III on the European and national level results in additional burdens on the Issuer that may 

negatively affect the financial condition of the Issuer. 

In addition, investigations and proceedings by regulatory authorities could have negative influence on 

the business of the Issuer and its Affiliates. 

Risks relating to the Austrian stability tax (Stabilitätsabgabe) 

As of 1 January 2011, Austrian banks are subject to a stability tax. The Austrian Federal Budget 

Implementation Act 2011-2014 (Budgetbegleitgesetz 2011-2014) has introduced a stability tax 

(Stabilitätsabgabe) to be levied from credit institutions within the meaning of the Austrian Banking Act 

(Bankwesengesetz). The stability tax is regulated by the Austrian Stability Tax Act 

(Stabilitätsabgabengesetz). The unconsolidated balance sheet total of the credit institution, adjusted 

by the amounts specified in section 2 paragraph 2 of the Stability Tax Act, forms the basis upon which 

the stability tax is calculated (assessment basis). For the calendar years 2011 to 2013, the 

unconsolidated balance sheet total for the financial year ending in 2010 is taken as the assessment 

basis. As of 2014, the unconsolidated balance sheet total for the financial year ending in the year prior 

to the calendar year for which the stability tax must be paid is taken as the assessment basis. The 

stability tax amounts to 0.055 % for those amounts of the assessment basis exceeding EUR 1 billion, 

but not exceeding EUR 20 billion. The stability tax amounts to 0.085 % for amounts exceeding EUR 

20 billion. The stability tax for derivatives is 0.013 % of the business volume of all derivatives pursuant 

to Annex 2 to section 22 of the Banking Act which are allocated to the trading book in accordance with 

section 22a paragraph 1 of the Banking Act, plus any options which have been sold. 

The first Austrian Stability Tax Act (1. Stabilitätsabgabengesetz 2012) also introduced a special 

charge (Sonderabgabe) in addition to the stability tax. In the future, credit institutions shall be required 

to pay this special charge in addition to the stability tax. The amount raised by levying the special 

charge shall be paid into a fund. The resources available to this fund are earmarked for a specific 

purpose and shall be used to ensure the stability of the financial market. 

The increased stability tax must also be viewed in light of the possibility of an insolvency of ÖVAG 

which would have resulted in substantial costs for other Austrian banks and the Austrian Republic. In 

order to secure the benefits gained from the activities of Austrian banks abroad and at the same time 

to reduce the excessive risks which ultimately could have a systemic impact on the Austrian financial 

system, the Financial Market Authority in conjunction with the OeNB has put together the following 

package of measures with a view to fostering a more sustainable business model for the largest 

Austrian banking groups. The package of measures provides for (i) bringing forward the 

implementation of Basel III to January 2013 with regard to Tier 1 capital without a transitionary period, 

(ii) for foreign subsidiarian banks to re-grant loans only within the limits of locally available refinancing 

funds (Monitoring Tools) and (iii) demanding that restructuring and liquidation plans be drawn up with 

a view to preparing for crisis situations involving banks. 

The special charge should be charged in the calendar years 2012 through 2017. It amounts to 50% of 

the stability tax which has to be paid on 31 July 2012 and 31 October 2012. From 2013 to 2017, the 

special charge amounts to 25% of the stability tax payable each quarter. 

Based on RLB NÖ-Wien's current understanding, the funds raised from the increased stability tax will 

– unlike the original stability tax – be paid into a fund to cover banking risks, into which other funds

shall also be paid. 

44 

There is the risk that the introduction of the stability tax results in substantial additional costs for the 

Issuer with a material negative effect on RLB NÖ-Wien's business, results of operations and financial 

condition. 

Liquidity risk 

Receivables and liabilities of the Issuer have different maturities. This could adversely affect the 

solvency of the Issuer and, consequently, its business, results of operations and financial condition 

and results in the risk that the Issuer may be unable to fulfil its current and future financial obligations 

in full or punctually. 

Refinancing risk 

The Issuer's business and profitability is dependent on its ability to access refinancing opportunities. 

Access to refinancing opportunities may be restricted or may become economically more 

disadvantageous in the future due to external factors (as e.g. the crisis in the capital markets) or a 

deterioration of the Issuer's rating. This could have a material adverse effect on RLB NÖ-Wien's 

business, results of operations and financial condition. 

Rating risk 

On 6 October 2010, Moody's Investor Service ("Moody's") 3 downgraded the rating for long-term 

liabilities (deposits and bonds) from Aa3 to A1 and the bank's financial strength rating from C to C-, 

and confirmed a "stable outlook". This rating as well as the stable outlook was confirmed by Moody's 

Investor Service on 16 March 2012. 

The ratings assigned to the Issuer by the rating agency Moody's may have a material impact on the 

Issuer's refinancing costs. The rating is defined as the opinion of a rating agency on the credit 

standing of the Issuer, as an indicator of the possibility that a credit loss may occur due to insolvency, 

delay in payment or incomplete payment to the investors. It is based, among other things, on the 

Issuer's business model, business strategy, its shareholders and a valuation of its financial, assets 

and earnings position. A rating is no recommendation to buy, sell or hold securities since the rating 

may be suspended, downgraded or withdrawn by the rating agency. A (potential) suspension, 

downgrading or withdrawal may result in a restriction of the Issuer's access to funds and, 

consequently, higher refinancing costs or oblige the Issuer to immediate repayment or provision of 

additional collateral with respect to existing debt. Deterioration in the Issuer's creditworthiness and, 

accordingly, its rating could have a material adverse effect on RLB NÖ-Wien's business, results of 

operations and financial condition. 

Rating methodologies introduced as a result of the entering into force of Regulation (EC) No. 

1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating 

agencies may result in deviations from previously applied rating methodologies and, consequently, 

rating changes. 

Possible future downgrades of the financial ratings of the Issuer could impair its ability to refinance 

and have a material adverse effect on the business, the financial position, the assets position, the 

profitability and/or the business prospects of the Issuer. 

Country risk 

RLB NÖ-Wien is active as a regional bank in the East of Austria. The bank serves customers with 

cross-border business activities as a consultancy bank in the Centrope region (defined as Vienna, 

Lower Austria, Burgenland as well as Czech Republic, Slovakia and Hungary). Furthermore, RLB NÖ- 

Wien conducts business in countries outside the Centrope region, e.g. in other EU member states. 

3 "Moody's" is a credit rating agency based in the United States with establishments in the European Union. Among those, 

Moody's Investors Service Ltd has been registered (pursuant to the list of registered and certified credit rating agencies 

published on the website of the European Securities and Markets Authority (www.esma.europa.eu)) pursuant to Regulation 

(EC) No. 1060/2009 with the Financial Services Authority (FSA) in the United Kingdom and with the Federal Financial 

Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) in Germany. Moody's Investors Service Ltd has also 

been recognised as an eligible external credit assessment institution by the Financial Market Supervisory Authority 

(Finanzmarktaufsicht) in Austria and its rating is recognised as eligible for the purposes of § 22a Para. 4 Austrian Banking 

Act ("BWG") and § 22c Para. 1 BWG in Austria.

45 

With its activities outside Austria, RLB NÖ-Wien is subject to country risks, which may adversely affect 

its results. RLB NÖ-Wien's definition of country risk follows ICAAP/Basel II and focuses on conversion 

and transfer risks. Inability by a foreign counterparty to make scheduled interest and/or redemption 

payments despite its own solvency due, for example, to a lack of foreign exchange reserves of the 

competent central bank ("economic risk") or due to political interference by the respective government 

("political risk") could have a material adverse effect on RLB NÖ-Wien's business, results of 

operations and financial condition 

Economic and political risks and risks relating to the economic and financial crisis 

Any change in the political and/or economic conditions in the countries, in which the Issuer operates, 

may have a material adverse effect on RLB NÖ-Wien's business, results of operations and financial 

condition. The economic and financial crisis starting in 2007, for instance, resulted in high market 

volatility and reduced liquidity in the capital and financial markets, with repercussions on the real 

economy such as reduced economic growth rates in many countries. The economic crisis starting in 

2007 got another dimension in 2011 due to of enormous tensions within the European Monetary 

Union. The underlying sovereign debt crisis still remains unsolved even though the Greek debt swap 

in March 2012 resulted in a temporarily stabilisation of the markets. Although a credit event occurred 

therewith and Credit Default Swaps have become due, this has not resulted in a domino effect as after 

the bankruptcy of Lehman in 2008. A new escalation of the European sovereign debt crisis can not be 

excluded, whereupon the Issuer can not make any statement about the likelihood of occurrence. 

Should the impacts of the economic and financial crisis as well as of the sovereign debt crisis persist 

or current market conditions and circumstances deteriorate further, this could also lead to a decline in 

available funding and credit quality and increase in defaults and non-performing debt, which may 

require higher risk precautions and could have a material adverse effect on RLB NÖ-Wien's rating and 

its business, results of operations and financial condition. 

Systemic risk 

In general, counterparty risk between financial institutions has increased substantially as a result of 

the financial markets crisis. Concerns about potential defaults by one financial institution can lead to 

significant liquidity problems, losses or defaults by other financial institutions, since the commercial 

and financial soundness of many financial institutions is interrelated due to credit, trading and other 

relationships. Even a perceived lack of creditworthiness may lead to market-wide liquidity problems. 

This risk, also referred to as "systemic risk", could also effect financial intermediaries (such as clearing 

houses, banks, etc.), with which the Issuer has daily business and may have a material adverse effect 

on RLB NÖ-Wien's business, results of operations and financial condition. 

The Issuer is exposed to declining value of the collateral supporting commercial and real 

estate lending 

Considering the current market conditions volatile prices for collateral supporting commercial and real 

estate lending are anticipated. 

Changing market conditions on money and capital markets and/or changed yield expectations of 

investors may result in further stress and substantial decline in value of collateral, which could 

materially adversely affect RLB NÖ-Wien's business, results of operations and financial condition. 

Risks relating to the liquidity management agreements 

As the central institution of the RBG NÖ-Wien, RLB NÖ-Wien concluded bilateral liquidity 

management agreements with all Lower Austrian Raiffeisen Banks and with Raiffeisen-Holding NÖ- 

Wien. In such agreements RLB NÖ-Wien assumed the liquidity management for RBG NÖ-Wien (see 

section "Material Contracts"). On the basis of these agreements, claims of the participating banks and 

Raiffeisen-Holding NÖ-Wien against the Issuer may arise, which could result in additional liquidity 

requirements and have a material adverse effect on RLB NÖ-Wien's business, results of operations 

and financial condition. 

Risks relating to associations in which the Issuer is a member 

RLB NÖ-Wien is a member of the Raiffeisen-Kundengarantiegemeinschaft Niederösterreich-Wien 

("RK NÖ-Wien") and the Raiffeisen-Kundengarantiegemeinschaft ("RKÖ"). RK NÖ-Wien and RKÖ, in

46 

addition to the mandatory Austrian Deposit Security Institution, guarantee up to 100 % of customer 

deposits with member institutions (see section "Business Overview", chapter "Raiffeisen- 

Kundengarantiegemeinschaft"). If, pursuant to the statutes of RK NÖ-Wien or of RKÖ the guarantee 

case is triggered, the Issuer may be subject to additional substantial financial obligations. This may 

have a material adverse effect on RLB NÖ-Wien's business, results of operations and financial 

condition. 

RLB NÖ-Wien is member of the Mutual Assistance Association (Solidaritätsverein) of RBG NÖ-Wien. 

The association ensures that members in financial difficulties receive support through adequate 

measures. There is no entitlement that benefits are granted to the members of the Mutual Assistance 

Association. In the case of supporting measures granted to members of the Mutual Assistance 

Association, additional expenses may have to be incurred by RLB NÖ-Wien. This may have a material 


The Issuer operates in highly competitive markets and competes against large international 

financial institutions as well as established local competitors 

RLB NÖ-Wien is a regional bank with a focus on the banking business with private, commercial, 

corporate and institutional customers, primarily in Vienna and Lower Austria. RLB NÖ-Wien operates 

in a challenging home market (Austria), which – due to its bank density – is highly competitive. 

Intense competition with other banks and increased competitive pressure, e.g. as a result of 

additional players entering the market or mergers of previously separately operating players, in 

particular in its Austrian home market, may have a material adverse effect on RLB NÖ-Wien's 

business, results of operations and financial condition. 

Changes in the Issuer's accounting policies or standards could materially affect how it 

reports its financial condition and results of operations 

The Issuer prepares its consolidated financial statements in accordance with IFRS. The International 

Accounting Standards Board announces changes in the IFRS standards or their interpretation from 

time to time, and these changes are generally mandatory for all companies that utilize IFRS. Any such 

change could materially affect how the Issuer records and reports its financial condition and results of 

operations. 

Negative results in relation to ongoing legal and regulatory proceedings could have a material 

adverse effect on the Issuer 

The Issuer is involved in a number of legal and regulatory proceedings before different courts or 

administrative authorities in its usual course of business. 

The Issuer was served with a claim by the City of St. Pölten in January 2012 in connection with a 

EUR/CHF swap transaction dated 2007. For more details on such litigation in relation to the swap 

concluded with the City of St. Pölten see below under "RAIFFEISENLANDESBANK 

NIEDERÖSTERREICH-WIEN AG - 9. Financial Information – Legal and Arbitration Proceedings". The 

Issuer has to make provisions for all civil and regulatory proceedings which the Issuer is involved in, in 

line with the estimated possible litigation risks and the outcome of legal proceedings. The outcome of 

any pending civil or regulatory proceedings cannot, however, be predicted. A negative outcome of any 

litigation could have a material adverse effect on the financial condition of the Issuer. 

Operational risk 

The Issuer defines operational risk as the risk of unexpected losses resulting from inadequate or failed 

internal processes, people and systems or from external events, including legal risk. This, in particular, 

includes internal risks such as unauthorized operations, theft, fraud, settlement or process errors, 

business interruptions or system failures as well as external risks, including damage to property and 

intentions to defraud. The Issuer is subject to considerable risk in connection with customer or 

employee fraud, money laundering, human error or misconduct, but also in connection with its 

business partners. Legal risk, inter alia, comprises lacking authority of contractual partners, incomplete 

documentation, legal particularities and changes in the legal basis of transactions with a possible 

adverse effect on the enforceability of contractual claims. Operational risks are particularly high in 

volatile, illiquid or developing markets. The occurrence of such circumstances, including in particular 

business interruptions (for example, due to the failure of communication systems), may have a 

material adverse effect on RLB NÖ-Wien's business, results of operations and financial condition.

Risk control and successful risk management 

47 

The occurrence of unforeseen situations and the materialization of incalculable and unexpected risks 

could result in excessive demands on and failure of the Issuer's risk monitoring and risk management, 

which could have a material adverse effect on RLB NÖ-Wien's business, results of operations and 

financial condition. 

The Issuer is increasingly dependent on sophisticated IT systems 

Banks and their activities are increasingly dependent on sophisticated information technology ("IT") 

systems. IT systems are vulnerable to a number of problems. Any major disruption, failure or 

breakdown of its existing IT systems may have a material adverse effect on RLB NÖ-Wien's business, 

results of operations and financial condition. 

Resignation or loss of key personnel and possible difficulties in recruiting or retaining qualified 

employees could adversely affect the Issuer's ability to execute its strategy 

The Issuer's key personnel, i.e., the members of the Board of Directors of the Issuer and other 

members of its senior management, have been instrumental in establishing and implementing the 

Issuer's key strategies. In addition, the Issuer needs to attract new talents so as to be able to compete 

in the national and international banking market. If the Issuer is not able to attract and retain new 

talent or if competition for qualified employees increases its labor costs, this may have a material 


Conflicts of interest arising in relation to the Issuer's board members 

Members of the Board of Directors and the Supervisory Board of the Issuer hold several other 

positions, which may lead to potential conflicts of interest. These conflicts of interest could have a 

considerable adverse effect on the Issuer's financial condition and results of operation. 

Risk Factors regarding the Notes 

Notes may not be a suitable investment for all investors 

Each potential investor in Notes must determine the suitability of that investment in light of its own 

circumstances. In particular, each potential investor should: 

(i) have sufficient knowledge and experience to make a meaningful evaluation of the relevant 

Notes, the merits and risks of investing in the relevant Notes and the information contained or 

incorporated by reference in this Prospectus or any applicable supplement; 

(ii) have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its 

particular financial situation and the investment(s) it is considering, an investment in the Notes 

and the impact the Notes will have on its overall investment portfolio; 

(iii) have sufficient financial resources and liquidity to bear all of the risks of an investment in the 

relevant Notes, including where principal or interest is payable in one or more currencies, or 

where the currency for principal or interest payments is different from the potential investor's 

currency; 

(iv) understand thoroughly the terms of the relevant Notes and be familiar with the behaviour of 

any relevant indices and financial markets; and 

(v) be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for 

economic, interest rate and other factors that may affect its investment and its ability to bear 

the applicable risks. 

Some Notes are complex financial instruments. Sophisticated institutional investors generally do not 

purchase complex financial instruments as stand-alone investments. They purchase complex financial 

instruments as a way to reduce risk or enhance yield with an understood, measured, appropriate 

addition of risk to their overall portfolio. A potential investor should not invest in Notes which are 

complex financial instruments unless it has the expertise (either alone or with a financial adviser) to 

evaluate how the Notes will perform under changing conditions, the resulting effects on the value of 

the Notes and the impact this investment will have on the potential investor's overall investment 

portfolio.

Liquidity Risk 

48 

Application has been made for the Notes to be admitted to trading on the Luxembourg Stock 

Exchange's Regulated Market and to be listed on the Official List of the Luxembourg Stock Exchange 

and on the Second Regulated Market (Geregelter Freiverkehr) at the Vienna Stock Exchange. In 

addition, the Programme provides that Notes may be listed on alternative stock exchanges including, 

but not limited to, the Regulated Market of the Vienna Stock Exchange and Euro MTF or may not be 

listed at all. Regardless of whether the Notes are listed or not, there can be no assurance that a liquid 

secondary market for the Notes will develop or, if it does develop, that it will continue. The fact that the 

Notes may be listed does not necessarily lead to greater liquidity as compared to unlisted Notes. If the 

Notes are not listed on any stock exchange, pricing information for such Notes may, however, be more 

difficult to obtain which may affect the liquidity of the Notes adversely. In an illiquid market, an investor 

might not be able to sell his Notes at any time at fair market prices. The possibility to sell the Notes 

might additionally be restricted by country specific reasons. 

Market Price Risk 

The development of market prices of the Notes depends on various factors, such as changes of 

market interest rate levels, the policy of central banks, overall economic developments, inflation rates 

or the lack of or excess demand for the relevant type of Note. The holder of a Note is therefore 

exposed to the risk of an unfavourable development of market prices of its Note which materialises if 

the holder of the Notes sells the Notes prior to the final maturity of such Notes. If the holder decides to 

hold the Notes until final maturity the Notes will be redeemed at the amount set out in the relevant 

Final Terms. 

Risk of Early Redemption 

The applicable Final Terms will indicate whether the Issuer may have the right to call the Notes prior to 

maturity (optional call right) on one or several dates determined beforehand or whether the Notes will 

be subject to early redemption upon the occurrence of an event specified in the applicable Final Terms 

(early redemption event). In addition, the Issuer will have the right to redeem the Notes if the Issuer is 

required to pay additional amounts (gross-up payments) on the Notes for reasons of taxation as set 

out in the Terms and Conditions. If the Issuer redeems the Notes prior to maturity or the Notes are 

subject to early redemption due to an early redemption event, a holder of such Notes is exposed to the 

risk that due to such early redemption his investment will have a lower than expected yield. The Issuer 

can be expected to exercise his optional call right if the yield on comparable Notes in the capital 

market has fallen which means that the investor may only be able to reinvest the redemption proceeds 

in comparable Notes with a lower yield. On the other hand, the Issuer can be expected not to exercise 

his optional call right if the yield on comparable Notes in the capital market has increased. In this event 

an investor will not be able to reinvest the redemption proceeds in comparable Notes with a higher 

yield. It should be noted, however, that the Issuer may exercise any optional call right irrespective of 

market interest rates on a call date. 

Currency Risk/Dual Currency Notes 

A holder of a Note denominated in a foreign currency and a holder of dual currency Notes ("Dual 

Currency Notes") is exposed to the risk of changes in currency exchange rates which may affect the 

yield of such Notes. Changes in currency exchange rates result from various factors such as 

macroeconomic factors, speculative transactions and interventions by central banks and/or 

governments. 

A change in the value of any foreign currency against the euro, for example, will result in a 

corresponding change in the euro value of a Note denominated in a currency other than euro and a 

corresponding change in the euro value of interest and principal payments made in a currency other 

than in euro in accordance with the terms of such Note. If the underlying exchange rate falls and the 

value of the euro correspondingly rises, the price of the Note and the value of interest and principal 

payments made thereunder expressed in euro falls. 

In addition, government and monetary authorities may impose (as some have done in the past) 

exchange controls that could adversely affect an applicable currency exchange rate. As a result, 

investors may receive less interest or principal than expected, or no interest or principal.

Fixed Rate Notes and Step-up and Step-down Fixed Rate Notes 

49 

A holder of a fixed rate Note ("Fixed Rate Note") is exposed to the risk that the price of such Note falls 

as a result of changes in the market interest rate. While the nominal interest rate of a Fixed Rate Note 

as specified in the applicable Final Terms is fixed during the life of such Note, the current interest rate 

on the capital market ("market interest rate") typically changes on a daily basis. As the market 

interest rate changes, the price of a Fixed Rate Note also changes, but in the opposite direction. If the 

market interest rate increases, the price of a Fixed Rate Note typically falls, until the yield of such Note 

is approximately equal to the market interest rate. If the market interest rate falls, the price of a Fixed 

Rate Note typically increases, until the yield of such Note is approximately equal to the market interest 

rate. If the holder of a Fixed Rate Note holds such Note until maturity, changes in the market interest 

rate are without relevance to such holder as the Note will be redeemed at a specified redemption 

amount, usually the principal amount of such Note. The same risk applies to step-up Notes ("Step-Up 

Notes") and step-down Notes ("Step-Down Notes") if the market interest rates in respect of 

comparable Notes are higher than the rates applicable to such Notes. 


Floating rate Notes ("Floating Rate Notes") tend to be volatile investments. A holder of a Floating 

Rate Note is exposed to the risk of fluctuating interest rate levels and uncertain interest income. 

Fluctuating interest rate levels make it impossible to determine the yield of Floating Rate Notes in 

advance. If Floating Rate Notes are structured to include multipliers or other leverage factors, or Caps 

or Floors, or any combination of those features or other similar related features, the market value may 

be more volatile than those for Floating Rate Notes that do not include these features. If the amount of 

interest payable is determined in conjunction with a multiplier greater than one or by reference to 

some other leverage factor, the effect of changes in the interest rates on interest payable will be 

increased. The effect of a Cap is that the amount of interest will never rise above and beyond the 

predetermined Cap, so that the holder will not be able to benefit from any actual favourable 

development beyond the Cap. The yield could therefore be considerably lower than that of similar 

Floating Rate Notes without a Cap. 

Neither the current nor the historical value of the relevant floating rate should be taken as an indication 

of the future development of such floating rate during the term of any Notes. 

Inverse/Reverse Floating Rate Notes 

Inverse floating rate Notes ("Inverse Floating Rate Notes") (also called reverse floating rate Notes) 

have an interest rate which is determined as the difference between a fixed interest rate and a floating 

rate reference rate such as the Euro Interbank Offered Rate (EURIBOR) or the London Interbank 

Offered Rate (LIBOR) which means that interest income on such Notes falls if the reference interest 

rate increases. Typically, the market value of Inverse Floating Rate Notes is more volatile than the 

market value of other more conventional floating rate notes based on the same reference rate (and 

with otherwise comparable terms). Inverse Floating Rate Notes are more volatile because an increase 

in the reference rate not only decreases the interest payable on the Notes, but may also reflect an 

increase in prevailing interest rates, which may further adversely affect the market value of such 

Notes. 

Fixed to Floating Rate Notes 

Fixed to floating rate Notes may bear interest at a rate that the Issuer may elect to convert from a fixed 

rate to a floating rate, or from a floating rate to a fixed rate. The Issuer's ability to convert the interest 

rate will affect the secondary market and the market value of the Notes since the Issuer may be 

expected to convert the rate when it is likely to produce a lower overall cost of borrowing. If the Issuer 

converts from a fixed rate to a floating rate, the spread on the Fixed/Floating Rate Notes may be less 

favourable than then prevailing spreads on comparable Floating Rate Notes relating to the same 

reference rate. In addition, the new floating rate at any time may be lower than the interest rates 

payable on other Notes. If the Issuer converts from a floating rate to a fixed rate, the fixed rate may be 

lower than the then prevailing interest rates payable on its Notes.


50 

Zero coupon Notes ("Zero Coupon Notes") do not pay current interest but are issued at a discount to 

their principal amount or on an accumulated interest basis. Instead of periodical interest payments, the 

difference between the redemption price and the issue price constitutes interest income until maturity 

and reflects the market interest rate. A holder of a Zero Coupon Note is exposed to the risk that the 

price of such Note falls as a result of changes in the market interest rate. Prices of Zero Coupon Notes 

are more volatile than prices of Fixed Rate Notes and are likely to respond to a greater degree to 

market interest rate changes than interest bearing notes with a similar maturity. 


The Holder of Range Accrual Notes is particularly exposed to the risk that interest on such Notes will 

not accrue on a day when a reference rate does not fall within a pre-defined range. The actual amount 

of the annual interest payment depends on the development of the reference rate. Interest will only be 

payable for those calendar days on which the reference rate is determined to be within the pre-defined 

range. For those calendar days on which the reference rate is determined to be outside the predefined 

range the Holder of Range Accrual Notes is not entitled to receive interest payment. 


Index linked Notes ("Index Linked Notes") may either be issued as index linked interest Notes 

("Index Linked Interest Notes") where payments of interest will be made by reference to a single 

index or other factors (including changes in the price of securities and commodities or movements in 

exchange rates) and/or such formula as may be specified by the Issuer and the relevant Dealer(s) (as 

indicated in the applicable Final Terms) or as index linked redemption Notes ("Index Linked 

Redemption Notes") where payment of principal will be calculated by reference to a single index or 

other factors (including changes in the price of securities and commodities or movements in exchange 

rates) and/or such formula as may be specified by the Issuer and the relevant Dealer (as indicated in 

the applicable Final Terms) or may be issued as a combination of Index Linked Interest Notes and 

Index Linked Redemption Notes. 

If payment of interest is linked to a particular index, a holder of an Index Linked Interest Note is 

particularly exposed to the risk of fluctuating interest rate levels and uncertain interest income or may 

even receive no interest at all which may have the effect that the yield of an Index Linked Interest Note 

is negative. If payment of principal is linked to a particular index, a holder of an Index Linked 

Redemption Note is particularly exposed to the risk that the redemption amount is uncertain and, 

depending on the calculation of the redemption amount, the yield of an Index Linked Redemption Note 

may even be negative and an investor may lose the value of its entire investment or parts of it. The 

Issuer has no control over a number of matters, including economic, financial and political events that 

are important in determining the existence, magnitude and longevity of these risks and their results. 

Investors should be aware that the market price of Index Linked Notes may be very volatile 

(depending on the volatility of the relevant index). Neither the current nor the historical value of the 

relevant index should be taken as an indication of the future performance of such index during the 

term of any Note. The more volatile the relevant index is, the greater is the uncertainty in respect of 

interest income and redemption amount. Uncertainty with respect to interest and redemption amount 

makes it impossible to determine the yield of Index Linked Notes in advance. 


Equity linked redemption Notes ("Equity Linked Redemption Notes") may be redeemable by the 

Issuer by payment of the par value amount and/or by payment of an amount determined by reference 

to the value of the underlying equity security or equity securities. Accordingly, an investment in Equity 

Linked Redemption Notes may bear similar market risks as a direct equity investment and the investor 

may lose the value of his entire investment or part of it. Interest payable on equity linked interest Notes 

("Equity Linked Interest Notes") may be calculated by reference to the value of one or more 

underlying equity security or equity securities and, accordingly, the investor in Equity Linked Interest 

Notes may receive no interest at all.

51 

Covered Bonds (Fundierte Bankschuldverschreibungen) 

Covered Bonds are secured or "covered" by assets which meet the requirements set out in the 

Austrian Law on Covered Bonds of Banks, as amended, and the Articles of Association of RLB NÖ- 

Wien. 

The Austrian Law on Covered Bonds of Banks provides that in case of an insolvency of the Issuer, the 

pool of assets must be sold by a special administrator (who will be appointed by the insolvency court) 

to a suitable credit institution, which then assumes all obligations in respect of the Covered Bonds. In 

the event that the special administrator is unable to sell the pool of assets to a suitable credit 

institution, and the pool of assets does not hold sufficient assets to meet payments in respect of the 

Covered Bonds, the pool of assets will have to be liquidated. To the extent there is a shortfall in 

meeting payments due in respect of the Covered Bonds after liquidation of the pool of assets, claims 

of the holders of Covered Bonds will rank pari passu with unsecured claims of other creditors of the 

Issuer with regard to any amounts outstanding. 

Although Section 1 Paragraph 8 of the Austrian Law on Covered Bonds of Banks provides that each 

pool of assets shall secure at least the redemption amount and interest on the outstanding Covered 

Bonds as well as the likely administration cost arising in case of an insolvency of the Issuer, investors 

may receive less than their investment. 

In accordance with Section 1 Paragraph 9 of the Austrian Law on Covered Bonds of Banks, RLB NÖ- 

Wien has formed two separate pools of assets to secure Covered Bonds: a mortgage-backed pool of 

assets (hypothekarischer Deckungsstock) and a public pool of assets (öffentlicher Deckungsstock). In 

the event that RLB NÖ-Wien becomes insolvent (or otherwise fails to make payments in respect of the 

Covered Bonds in accordance with the Terms and Conditions of the Notes), the holders of the 

Covered Bonds have a preferred claim only on the respective pool of assets which covers the relevant 

Covered Bonds. Covered Bonds covered by one pool of assets have no right for preferred satisfaction 

from the other pool of assets. 

In the case of a deterioration of market conditions, the Issuer may not be in a position to allocate to its 

pools of assets sufficient or any of the eligible claims in accordance with Section 1 Paragraph 5 of the 

Austrian Law on Covered Bonds of Banks at all. In particular the Issuer may not be in a position to 

allocate to the mortgage-backed pool of assets sufficient claims for which a mortgage is registered in 

public records. 


The Issuer may issue subordinated Notes ("Subordinated Notes"). The obligations of the Issuer in 

case of Subordinated Notes constitute unsecured and subordinated obligations. In the event of the 

liquidation or institution of insolvency proceedings over the assets of the Issuer, such obligations will 

be subordinated to the claims of all unsubordinated creditors of the Issuer so that in any such event no 

amounts will be payable under such obligations until the claims of all unsubordinated creditors of the 

Issuer will have been satisfied in full. No holder may set off his claims arising under the Notes against 

any claims of the Issuer. No security of whatever kind is, or will at any time be, provided by the Issuer 

or any other person securing rights of the holders of the Notes under such Notes. No subsequent 

agreement may limit the subordination or amend the maturity date in respect of the Notes to any 

earlier date or shorten any applicable notice period (Kündigungsfrist). 

Risk of unsecured notes 

In case of an insolvency of the Issuer secured creditors (such as, for example, holders of covered 

bonds) will receive payment prior to other creditors out of the pledged or segregated assets of the 

Issuer (in the case of covered bonds: the cover pool(s)). Only after the secured creditors have 

received full compensation from such assets (such as holders of covered bonds), other (unsecured) 

creditors of the Issuer may receive payments. Available free (unsecured) assets are, therefore, 

reduced for unsecured creditors and the insolvency risk is increased in connection with a prior 

satisfaction of secured creditors. 

General Risks in respect of Structured Notes 

In general, an investment in Notes by which the premium and/or the interest on and/or principal of 

which is determined by reference to one or more values of currencies, commodities, interest rates or

52 

other indices or formulae, either directly or inversely, may entail significant risks not associated with 

similar investments in a conventional debt security. Such risks include the risk that the holder of such 

Note will receive no interest at all, or that the resulting interest rate will be less than that payable on a 

conventional debt security at the same time and/or that the holder of such Note could lose all or a 

substantial portion of the principal of his Notes. In addition, investors should be aware that the market 

price of such Notes may be very volatile (depending on the volatility of the relevant currency, 

commodity, interest rate, index or formula). 

Neither the current nor the historical value of the relevant currencies, commodities, interest rates or 

other indices or formulae should be taken as an indication of future performance of such currencies, 

commodities, interest rates or other indices or formulae during the term of any Note. 

Risk of potential Conflicts of Interest 

In case of Notes linked to an underlying (e.g., but not limited to, an index, a currency, a commodity, a 

single share or a basket of shares), each of the Issuer, the Dealer(s) or any of their respective 

affiliates may from time to time engage in transactions relating to such underlying for their own 

accounts or for the accounts of third parties and may issue other financial products in respect of such 

underlying. Such activities could create conflicts of interest and may have a negative impact on the 

underlying value. 

Certain of the Dealers and their affiliates have engaged, and may in the future engage, in investment 

banking and/or commercial banking transactions and may perform services for the Issuer and its 

affiliates in the ordinary course of business. 

Resolutions of Holders 

If the Notes provide for meetings of Holders or the taking of votes without a meeting, a Holder is 

subject to the risk of being outvoted by a majority resolution of the Holders. As such majority resolution 

is binding on all Holders, certain rights of such Holder against the Issuer under the Terms and 

Conditions may be amended or reduced or even cancelled. 

Holders' Representative 

If the Notes provide for the appointment of a Holders' Representative, either in the Terms and 

Conditions or by a majority resolution of the Holders, it is possible that a Holder may be deprived of its 

individual right to pursue and enforce its rights under the Terms and Conditions against the Issuer, 

such right passing to the Holders' Representative who is then exclusively responsible to claim and 

enforce the rights of all the Holders.

53 

TERMS AND CONDITIONS OF THE NOTES 

This Series of Notes is issued pursuant to a Fiscal Agency Agreement dated as of 11 May 2012 (the 

"Agency Agreement") between RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG 

("RLB NÖ-Wien" or the "Issuer") and Citibank, N.A. London Branch as fiscal agent (the "Fiscal 

Agent", which expression shall include any successor fiscal agent thereunder) and the other parties 

named therein. Copies of the Agency Agreement may be obtained free of charge at the specified 

office of the Fiscal Agent, at the specified office of any Paying Agent and at the head office of the 

Issuer. 

[In the case of Long-Form Conditions insert: 

The provisions of these Terms and Conditions apply to the Notes as completed, modified, 

supplemented or replaced, in whole or in part, by the Final Terms attached hereto (the "Final Terms"). 

The blanks in the provisions of these Terms and Conditions which are applicable to the Notes shall be 

deemed to be completed by the information contained in the Final Terms as if such information were 

inserted in the blanks of such provisions; any provisions of the Final Terms modifying, supplementing 

or replacing, in whole or in part, the provisions of these Terms and Conditions shall be deemed to so 

modify, supplement or replace the provisions of these Terms and Conditions; alternative or optional 

provisions of these Terms and Conditions as to which the corresponding provisions of the Final Terms 

are not completed or are deleted shall be deemed to be deleted from these Terms and Conditions; 

and all provisions of these Terms and Conditions which are inapplicable to the Notes (including 

instructions, explanatory notes and text set out in square brackets) shall be deemed to be deleted 

from these Terms and Conditions, as required to give effect to the terms of the Final Terms. Copies of 

the Final Terms may be obtained free of charge at the specified office of the Fiscal Agent and at the 

specified office of any Paying Agent provided that, in the case of Notes which are not listed on any 

stock exchange, copies of the relevant Final Terms will only be available to Holders of such Notes.] 

§ 1 

CURRENCY, DENOMINATION, FORM, CERTAIN DEFINITIONS 

(1) Currency; Denomination. This Series [] of Notes (the "Notes") of RAIFFEISENLANDESBANK 

NIEDERÖSTERREICH-WIEN AG (the "Issuer") is being issued in [insert Specified Currency] (the 

"Specified Currency") in the aggregate principal amount [in the case the Global Note is an NGN 

insert: (subject to § 1 (7)] of [insert aggregate principal amount] (in words: [insert aggregate 

principal amount in words]) in the denomination of [insert Specified Denomination] (the 

"Specified Denomination").] 

(2) Form. The Notes are being issued in bearer form and are represented by one or more global 

notes (each a "Global Note"). 

[In the case of Notes which are represented by a Permanent Global Note insert: 

(3) Permanent Global Note. The Notes are represented by a permanent Global Note (the 

"Permanent Global Note") without coupons. The Permanent Global Note shall be signed by 

authorised signatories of the Issuer and shall be authenticated by or on behalf of the Fiscal Agent. 

Definitive Notes and interest coupons will not be issued.] 

[In the case of Notes which are initially represented by a Temporary Global Note insert (for 

Notes issued in compliance with the D Rules): 

(3) Temporary Global Note – Exchange. 

(a) The Notes are initially represented by a temporary Global Note (the "Temporary Global Note") 

without coupons. The Temporary Global Note will be exchangeable for Notes in the Specified 

Denomination represented by a permanent Global Note (the "Permanent Global Note") without 

coupons upon receipt of US-Tax Certifications, as described below. The Temporary Global Note 

and the Permanent Global Note shall each be signed by authorised signatories of the Issuer 

and shall each be authenticated by or on behalf of the Fiscal Agent. Definitive Notes and 

interest coupons will not be issued. 

(b) Interest in the Temporary Global Note shall be exchangable for interest in the Permanent Global 

Note from the 40 th day after the date of issue of the Temporary Global Note. Such exchange

54 

shall only be made upon delivery of certifications ("US-Tax Certifications") to the effect that the 

beneficial owner or owners of the Notes represented by the Temporary Global Note is not a 

U.S. person (other than certain financial institutions or certain persons holding Notes through 

such financial institutions) as required by U.S. tax law. The US-Tax Certifications shall be in 

compliance with the applicable United States Treasury Regulations. Payment of interest on 

Notes represented by a Temporary Global Note will be made only after delivery of US-Tax 

Certifications. A separate US-Tax Certification shall be required in respect of each such 

payment of interest. Any such US-Tax Certification received on or after the 40 th day after the 

date of issue of the Temporary Global Note will be treated as a request to exchange pursuant to 

this subparagraph (b) of this § 1 (3). Any Notes delivered in exchange for interests in the 

Temporary Global Note shall be delivered only outside of the United States (as defined below).] 

(4) Clearing System. Each Global Note representing the Notes will be kept in custody by or on 

behalf of the Clearing System until all obligations of the Issuer under the Notes have been satisfied. 

"Clearing System" means [if more than one Clearing System insert: each of] the following: 

[Oesterreichische Kontrollbank Aktiengesellschaft ("OeKB")] [Clearstream Banking AG, Frankfurt am 

Main ("CBF")] [,] [Clearstream Banking société anonyme, Luxembourg ("CBL")] [,] [Euroclear Bank 

SA/NV ("Euroclear")] [(CBL and Euroclear each an "International Central Securities Depositary" or 

"ICSD" and together the "ICSDs")] [,] [and] [specify other Clearing System]. 

[In the case of Notes kept in custody on behalf of the ICSDs insert: 

[In the case the Global Note is a NGN insert: The Notes are issued in new global note ("NGN") form 

and are kept in custody by a common safekeeper on behalf of both ICSDs.] 

[In the case the Global Note is a CGN insert: The Notes are issued in classical global note ("CGN") 

form and are kept in custody by a common depositary on behalf of both ICSDs.]] 

(5) Conditions. "Conditions" means these Terms and Conditions of the Notes. 

(6) Holder of Notes. "Holder" means any holder of a proportionate co-ownership or other beneficial 

interest in the Notes. 

[In the case the Global Note is a NGN insert: 

(7) Records of the ICSDs. The aggregate principal amount of Notes represented by the Global 

Note shall be the aggregate amount from time to time entered in the records of both ICSDs. The 

records of the ICSDs (which expression means the records that each ICSD holds for its customers 

which reflect the amount of such customer's interest in the Notes) shall be conclusive evidence of the 

aggregate principal amount of Notes represented by the Global Note and, for these purposes, a 

statement issued by a ICSD stating the amount of Notes so represented at any time shall be 

conclusive evidence of the records of the relevant ICSD at that time. 

On any redemption [or payment of an instalment ]or interest being made in respect of, or purchase 

and cancellation of, any of the Notes represented by the Global Note the Issuer shall procure that 

details of such redemption, payment or purchase and cancellation (as the case may be) in respect of 

the Global Note shall be entered pro rata in the records of the ICSDs and, upon any such entry being 

made, the aggregate principal amount of the Notes recorded in the records of the ICSDs and 

represented by the Global Note shall be reduced by the total principal amount of the Notes so 

redeemed or purchased and cancelled[ or by the aggregate amount of such instalment] so paid. 

[In the case the Temporary Global Note is a NGN insert: On an exchange of a portion only of the 

Notes represented by a Temporary Global Note, the Issuer shall procure that details of such exchange 

shall be entered pro rata in the records of the ICSDs.]] 

[If the Terms and Conditions refer to provisions contained in other documents, insert 

respective details: 

[(8)] Applicable Conditions. [If [§ 11] on Resolutions of Holders or [§ 12] on the Holders' 

Representative] apply, insert: 

The Terms and Conditions fully refer to the provisions set out in Schedule 6 of the Amended and 

Restated Fiscal Agency Agreement dated 11 May 2012 (the "Agency Agreement") between

55 

RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG and Citibank, N.A. London Branch 

acting as Fiscal Agent (on display under [wwww.bourse.lu][insert other Internet reference]) 

containing primarily the procedural provisions regarding resolutions of Holders.] [[If relevant, insert 

further Conditions referred to by the Terms and Conditions]] 

[In the case of Senior Notes, which are not Covered Bonds, insert: 

§ 2 

STATUS, NEGATIVE PLEDGE 

(1) Status. The obligations under the Notes constitute unsecured and unsubordinated obligations of 

the Issuer ranking pari passu among themselves and pari passu with all other unsecured and 

unsubordinated obligations of the Issuer except for any obligations preferred by law. 

(2) Negative Pledge. Without prejudice to the provision in (1), the Issuer undertakes so long as any 

of the Notes remain outstanding not to create any mortgage, pledge, lien or other encumbrance on its 

present or future assets in respect of other Capital Market Indebtedness, including any guarantees or 

other warranties issued in connection therewith, without at the same time according to the Notes 

equally and rateably the same security. 

"Capital Market Indebtedness" means any obligation (with the exception for any covered securities 

(e.g. covered bank bonds) issued by the Issuer) for the payment of borrowed money which is in the 

form of, or represented or evidenced by bonds, notes or other securities which are, or are capable of 

being, quoted, listed, dealt in or traded on a stock exchange or other recognised securities market. 

For the avoidance of doubt in respect of asset-backed financings originated by the Issuer, the 

expressions "assets" and "obligation for the payment of borrowed money" as used in this § 2 do not 

include assets and obligations of the Issuer which, pursuant to the requirements of law and accounting 

principles generally accepted in the Republic of Austria, need not, and are not, reflected in the Issuer's 

balance sheet.] 

[In the case of Subordinated Notes and Short-term Subordinated Notes insert: 

§ 2 

STATUS 

The obligations under the Notes constitute unsecured and subordinated obligations of the Issuer 

ranking pari passu among themselves and pari passu with all other subordinated obligations of the 

Issuer. In the event of the liquidation or insolvency of the Issuer, the obligations under the Notes may 

be satisfied only after the non-subordinated claims of creditors have been satisfied so that in any such 

event no amounts shall be payable in respect of the Notes until the claims of all unsubordinated 

creditors of the Issuer shall have been satisfied in full. [In the case of Subordinated Notes and 

Short-term Subordinated Notes insert: No Holder may set off his claims arising under the Notes 

against any claims of the Issuer. No contractual security may be provided, and will not at any time in 

the future be provided by the Issuer or any other person to secure rights of the Holders under the 

Notes. No subsequent agreement may limit the subordination pursuant to this § 2 or amend the 

Maturity Date in respect of the Notes to any earlier date or shorten any applicable notice period 

(Kündigungsfrist).]] 

[In the case of Covered Bonds insert: 

§ 2 

STATUS 

(1) The obligations under the Notes constitute unsubordinated obligations of the Issuer ranking pari 

passu among themselves and pari passu with all other covered obligations of the Issuer existing under 

Covered Bonds. The Notes are secured or covered by a pool of assets pursuant to the Austrian Law 

on Covered Bonds of Banks (Gesetz betreffend fundierte Bankschuldverschreibungen) dated 27 

December 1905 RGBl. No. 213 as amended (the "Austrian Law on Covered Bonds of Banks") and the

Articles of Association of the Issuer. 

56 

[In the case of a mortgage-backed pool of assets insert: 

(2) In accordance with the Austrian Law on Covered Bonds of Banks, the Issuer shall designate 

assets to secure the Notes, from which claims arising out of the Covered Bonds may be satisfied 

before other claims. In accordance with Section 1 Paragraph 9 of the Austrian Law on Covered Bonds 

of Banks, the Notes are secured by the Issuer's mortgage-backed pool of assets (hypothekarischer 

Deckungsstock), which consists primarily of assets in accordance with Section 1 Paragraph 5 item 1 

and 2 of the Austrian Law on Covered Bonds of Banks. The level of coverage provided by such assets 

shall be in accordance with the Austrian Law on Covered Bonds of Banks and the Articles of 

Association of the Issuer. The Issuer shall register the assets that are designated to secure the Notes 

separately in a cover register. Assets in accordance with Section 1 Paragraph 5 item 2 of the Austrian 

Law on Covered Bonds of Banks shall be included in the cover register only after their security status 

has been registered in the respective public records. For the calculation of the cover pool required in 

accordance with Section 1 Paragraph 8 of the Austrian Law on Covered Bonds of Banks, claims 

attributed to the mortgage-backed pool of assets, for which a mortgage is registered in public records, 

will be taken into account at a maximum of 60% of the value of the collateral securing such claims and 

prior ranking rights will be deducted from such value. 

(3) In the event of the insolvency of the Issuer (or if the Issuer otherwise fails to make payments in 

respect of the Notes in accordance with these Conditions), the claims of the holders of the Covered 

Bonds may be satisfied preferentially out of the assets listed in the appropriate cover register in 

accordance with the Austrian Law on Covered Bonds of Banks, the Articles of Association of the 

Issuer and these Conditions. Covered Bonds covered by the mortgage-backed pool of assets have no 

right for preferred satisfaction from the public pool of assets.] 

[In the case of a public pool of assets insert: 

(2) In accordance with the Austrian Law on Covered Bonds of Banks, the Issuer shall designate 

assets to secure the Notes, from which claims arising out of the Covered Bonds may be satisfied 

before other claims. In accordance with Section 1 Paragraph 9 of the Austrian Law on Covered Bonds 

of Banks, the Notes are secured by the Issuer's public pool of assets (öffentlicher Deckungsstock), 

which shall consist primarily of assets held against or secured by public debtors in accordance with 

Section 1 Paragraph 5 items 3 and 4 of the Austrian Law on Covered Bonds of Banks. The level of 

coverage provided by such assets shall be in accordance with the Austrian Law on Covered Bonds of 

Banks and the Articles of Association of the Issuer. The Issuer shall register the assets that are 

designated to secure the Notes separately in a cover register. 

(3) In the event of the insolvency of the Issuer (or if the Issuer otherwise fails to make 

payments in respect of the Notes in accordance with these Conditions), the claims of the 

holders of the Covered Bonds may be satisfied preferentially out of the assets listed in the 

appropriate cover register in accordance with the Austrian Law on Covered Bonds of Banks, 

the Articles of Association of the Issuer and these Conditions. Covered Bonds covered by the 

public pool of assets have no right for preferred satisfaction from the mortgage-backed pool of 

assets.] 

[In the case of Fixed Rate Notes insert: 

§ 3 

INTEREST 

(1) Rate of Interest and Interest Payment Dates. The Notes shall bear interest on their aggregate 

principal amount at the rate of [insert Rate of Interest] % per annum from (and including) [insert 

Interest Commencement Date] to (but excluding) the Maturity Date (as defined in § 5 (1)). Interest 

shall be payable in arrears on [insert Fixed Interest Date or Dates] in each year (each such date, an 

"Interest Payment Date"). The first payment of interest shall be made on [insert First Interest 

Payment Date] [if First Interest Payment Date is not first anniversary of Interest 

Commencement Date insert: and will amount to [insert Initial Broken Amount for Specified

57 

Denomination] for a Note in a denomination of [insert Specified Denomination]]. [If the Maturity 

Date is not a Fixed Interest Date insert: Interest in respect of the period from [insert Fixed Interest 

Date preceding the Maturity Date] (inclusive) to the Maturity Date (exclusive) will amount to [insert 

Final Broken Amount for Specified Denomination] for a Note in a denomination of [insert 

Specified Denomination].] [If Actual/Actual (ICMA) is applicable insert: The number of Interest 

Payment Dates per calendar year (each a "Determination Date") is [insert number of regular 

Interest Payment Dates per calendar year].] 

(2) Accrual of Interest. The Notes shall cease to bear interest as from the expiry of the day 

preceding their due date for redemption. If the Issuer shall fail to redeem the Notes when due, interest 

shall continue to accrue on the outstanding aggregate principal amount of the Notes beyond the due 

date until the actual redemption of the Notes at the default rate of interest established by law 1 . This 

does not affect other rights that might be available to the Holders. 

(3) Calculation of Interest for Partial Periods. If interest is required to be calculated for a period of 

less than one year, such interest shall be calculated on the basis of the Day Count Fraction (as 

defined below).] 

[In the case of Floating Rate Notes insert: 

(1) Interest Payment Dates. 

(a) The Notes shall bear interest on their aggregate principal amount from [insert Interest 

Commencement Date] (inclusive) (the "Interest Commencement Date") to the first Interest Payment 

Date (exclusive) and thereafter from each Interest Payment Date (inclusive) to the next following 

Interest Payment Date (exclusive). Interest on the Notes shall be payable on each Interest Payment 

Date. 

(b) "Interest Payment Date" means 

[(i) in the case of Specified Interest Payment Dates insert: each [insert Specified Interest 

Payment Dates].] 

[(ii) in the case of Specified Interest Periods insert: each date which (except as otherwise 

provided in these Conditions) falls [insert number] [weeks] [months] [insert other specified 

periods] after the preceding Interest Payment Date or, in the case of the first Interest Payment 

Date, after the Interest Commencement Date.] 

[(c) If any Interest Payment Date would otherwise fall on a day which is not a Business Day, it shall 

be: 

[(i) if Modified Following Business Day Convention insert: postponed to the next day which 

is a Business Day unless it would thereby fall into the next calendar month, in which event the 

payment date shall be the immediately preceding Business Day.] 

[(ii) if FRN Convention insert: postponed to the next day which is a Business Day unless it 

would thereby fall into the next calendar month, in which event (i) the payment date shall be the 

immediately preceding Business Day and (ii) each subsequent Interest Payment Date shall be 

the last Business Day in the month which falls [[insert number] months] [insert other 

specified periods] after the preceding applicable payment date.] 

[(iii) if Following Business Day Convention insert: postponed to the next day which is a 

Business Day.] 

[(iv) if Preceding Business Day Convention insert: the immediately preceding Business 

Day.]] 

[(v) if Interest Payment Date will not be adjusted insert: unadjusted.]] 

(d) In this § 3 "Business Day" means [a day which is a day (other than a Saturday or a Sunday) on 

which commercial banks are generally open for business in, and foreign exchange markets 

settle payments in [insert all Relevant Financial Centres]] [if the Specified Currency is euro 

1 The default rate of interest established by law is five percentage points above the basic rate of interest published by Deutsche 

Bundesbank from time to time, §§ 288(1), 247(1) German Civil Code.

58 

insert: [and] a day on which the Clearing System as well as all relevant parts of the Trans- 

European Automated Real-time Gross Settlement Express Transfer System 2 (TARGET2) 

("TARGET2") are operational to effect the relevant payment]. 

(2) Rate of Interest. [if Screen Rate Determination insert: 

[in the case of Floating Rate Notes other than Constant Maturity Swap ("CMS") Floating Rate 

Notes insert: The rate of interest (the "Rate of Interest") for each Interest Period (as defined below) 

will, except as provided below, be the offered quotation (expressed as a percentage rate per annum) 

for deposits in the Specified Currency for that Interest Period (the "[include relevant number of 

months]-months-[EURIBOR][EURO-LIBOR][LIBOR][include other relevant offered rate]") which 

appears on the Screen Page as of 11:00 a.m. [Brussels] [London] [insert other relevant location] 

time) on the Interest Determination Date (as defined below) [if Margin insert: [plus] [minus] the Margin 

(as defined below), all as determined by the Calculation Agent.] 

[in the case of CMS Floating Rate Notes insert: The rate of interest (the "Rate of Interest") for 

each Interest Period (as defined below) will, except as provided below, be the [10][include other 

number of years] year swap rate (the middle swap rate against the 6 month EURIBOR, expressed as 

a percentage rate per annum) (the "[10][include other number of years] Year Swap Rate") which 

appears on the Screen Page as of 11:00 a.m. [Brussels] [insert other relevant location] time) on the 

Interest Determination Date (as defined below) multiplied by [insert factor], all as determined by the 

Calculation Agent.] 

"Interest Period" means each period from (and including) the Interest Commencement Date to (but 

excluding) the first Interest Payment Date and from (and including) each Interest Payment Date to (but 

excluding) the following Interest Payment Date. 

"Interest Determination Date" means the [second] [insert other applicable number of days] 

[London] [TARGET] [insert other relevant location] Business Day [prior to the commencement] 

[prior to the end] of the relevant Interest Period. ["[London] [insert other relevant location] 

Business Day" means a day which is a day (other than a Saturday or Sunday) on which commercial 

banks are open for business (including dealings in foreign exchange and foreign currency) in [London] 

[insert other relevant location].] ["TARGET Business Day" means a day (other than a Saturday or 

a Sunday) on which all relevant parts of the Trans-European Automated Real-time Gross Settlement 

Express Transfer System 2 (TARGET2) ("TARGET2") are operational.] 

[If Margin insert: "Margin" means [] % per annum.] 

"Screen Page" means [insert relevant Screen Page] or the relevant successor page on that service 

or on any other service as may be nominated as the information vendor for the purposes of displaying 

rates or prices comparable to the relevant offered quotation. 

[If another basis for determining any reference rate is agreed upon, full details thereof will be 

set forth in the applicable Final Terms.] 

[in the case of Floating Rate Notes other than Constant Maturity Swap ("CMS") Floating Rate 

Notes insert: 

If the Screen Page is not available or if no such quotation appears as at such time, the Calculation 

Agent shall request each of the Reference Banks (as defined below) to provide the Calculation Agent 

with its offered quotation (expressed as a percentage rate per annum) for deposits in the Specified 

Currency for the relevant Interest Period and in a representative amount to prime banks in the 

[London] interbank market [in the Euro-Zone] at approximately 11.00 a.m. ([London] [Brussels] time) 

on the Interest Determination Date. If two or more of the selected Reference Banks provide the 

Calculation Agent with such offered quotations, the Rate of Interest for such Interest Period shall be 

the arithmetic mean of such offered quotations (rounded if necessary to the nearest one [if the 

Reference Rate is EURIBOR insert: thousandth of a percentage point, with 0.0005] [if the 

Reference Rate is not EURIBOR insert: hundred-thousandth of a percentage point, with 0.000005] 

being rounded upwards) [if Margin insert: [plus] [minus] the Margin]. 

If on any Interest Determination Date only one or none of the selected Reference Banks provides the 

Calculation Agent with such offered quotations as provided in the preceding paragraph, the Rate of 

Interest for the relevant Interest Period shall be the rate per annum which the Calculation Agent

59 

determines as being the arithmetic mean (rounded if necessary to the nearest one [if the Reference 

Rate is EURIBOR insert: thousandth of a percentage point, with 0.0005] [if the Reference Rate is 

not EURIBOR insert: hundred-thousandth of a percentage point, with 0.000005] being rounded 

upwards) of the rates, as communicated to (and at the request of) the Calculation Agent by major 

banks in the [London] [insert other relevant location] interbank market [in the Euro-Zone], selected 

by the Calculation Agent acting in good faith, at which such banks offer, as at 11.00 a.m. ([London] 

[Brussels] [insert other relevant location] time) on the relevant Interest Determination Date, loans in 

the Specified Currency for the relevant Interest Period and in a representative amount to prime 

European banks [if Margin insert: [plus] [minus] the Margin]. 

[In the case of Euro-Zone interbank market insert: "Euro-Zone" means the region comprised of 

those member states of the European Union which have adopted, or will have adopted from time to 

time, the single currency in accordance with the Treaty establishing the European Community (signed 

in Rome on 25 March 1957), as amended by the Treaty on European Union (signed in Maastricht on 

7 February 1992), the Amsterdam Treaty of 2 October 1997 and the Treaty of Lisbon of 13 December 

2007, as further amended from time to time.] 

As used herein, "Reference Banks" means [if no other Reference Banks are specified in the Final 

Terms, insert: four major banks in the [London] [insert other relevant location] interbank market [in 

the Euro-Zone]]. [If other Reference Banks are specified in the Final Terms, insert names here]] 

[in the case of CMS Floating Rate Notes insert: 

If at such time the Screen Page is not available or if no [10][include other number of years] year 

swap rate appears, the Calculation Agent shall request each of the Reference Banks (as defined 

below) to provide the Calculation Agent with its [10][include other number of years] Year Swap 

Rates to leading banks in the interbank swapmarket in the Euro-Zone at approximately 11.00 a.m. 

[(Frankfurt time)][insert other relevant location] on the Interest Determination Date. If two or more of 

the Reference Banks provide the Calculation Agent with such [10][include other number of years] 

Year Swap Rates, the Rate of Interest for such Interest Period shall be the arithmetic mean (rounded 

up or down if necessary to the nearest one thousandth of a percentage point, with 0.0005 being 

rounded upwards) of such [10][include other number of years] Year Swap Rate multiplied with 

[insert factor], all as determined by the Calculation Agent. 

If on any Interest Determination Date only one or none of the Reference Banks provides the 

Calculation Agent with such [10][include other number of years] Year Swap Rates as provided in 

the preceding paragraph, the Rate of Interest for the relevant Interest Period shall be the rate per 

annum which the Calculation Agent determines as being the arithmetic mean (rounded up or down if 

necessary to the nearest one thousandth of a percentage point, with 0.0005 being rounded upwards) 

of the [10][include other number of years] Year Swap Rates, as communicated to (and at the 

request of) the Calculation Agent by the Reference Banks or any two or more of them, at which such 

banks were offered, as at 11.00 a.m. [(Frankfurt time)][insert other relevant location] on the relevant 

Interest Determination Date by leading banks in the interbank swap market in the Euro-Zone multiplied 

with [insert factor] or, if fewer than two of the Reference Banks provide the Calculation Agent with 

such [10][include other number of years] Year Swap Rates, the [10] year swap rate, or the 

arithmetic mean (rounded as provided above) of the [10][include other number of years] Year Swap 

Rate, at which, on the relevant Interest Determination Date, any one or more banks (which bank or 

banks is or are in the opinion of the Calculation Agent and the Issuer suitable for such purpose) 

inform(s) the Calculation Agent it is or they are quoting to leading banks in the interbank swap market 

in the Euro-Zone (or, as the case may be, the quotations of such bank or banks to the Calculation 

Agent) multiplied with [insert factor]. If the Rate of Interest cannot be determined in accordance with 

the foregoing provisions of this paragraph, the Rate of Interest shall be the [10][include other 

number of years] year swap rate or the arithmetic mean of the [10][include other number of years] 

Year Swap Rate on the Screen Page, as described above, on the last day preceding the Interest 

Determination Date on which such [10][include other number of years] Year Swap Rates were 

offered multiplied with [insert factor]. 

As used herein, "Reference Banks" means, those offices of at least four of such banks in the swap 

market whose [10][include other number of years] Year Swap Rates were used to determine such 

[10][include other number of years] Year Swap Rates when such [10][include other number of 

years] Year Swap Rate last appeared on the Screen Page.]

60 

[If Reference Rate is other than LIBOR or EURIBOR, insert relevant details in lieu of the 

provisions of this subparagraph (2)] 

[If ISDA Determination applies insert the relevant provisions and attach the 2000 ISDA 

Definitions or the 2006 ISDA Definitions, as applicable, published by the International Swaps 

and Derivatives Association, Inc.] 

[If other method of determination applies, insert herein and in the relevant Final Terms relevant 

details in lieu of the provisions of this subparagraph (2)] 

[If Minimum and/or Maximum Rate of Interest applies insert: 

(3) [Minimum] [and] [Maximum] Rate of Interest. 

[If Minimum Rate of Interest applies insert: If the Rate of Interest in respect of any Interest Period 

determined in accordance with the above provisions is less than [insert Minimum Rate of Interest], 

the Rate of Interest for such Interest Period shall be [insert Minimum Rate of Interest].] 

[If Maximum Rate of Interest applies insert: If the Rate of Interest in respect of any Interest Period 

determined in accordance with the above provisions is greater than [insert Maximum Rate of 

Interest], the Rate of Interest for such Interest Period shall be [insert Maximum Rate of Interest].]] 

[(4)] Interest Amount. The Calculation Agent will, on or as soon as practicable after each time at 

which the Rate of Interest is to be determined, determine the Rate of Interest and calculate the 

amount of interest (the "Interest Amount") payable on the Notes in respect of the Specified 

Denomination for the relevant Interest Period. Each Interest Amount shall be calculated by applying 

the Rate of Interest and the Day Count Fraction (as defined below) to each Specified Denomination 

and rounding the resultant figure to the nearest unit of the Specified Currency, with 0.5 of such unit 

being rounded upwards. 

[(5)] Notification of Rate of Interest and Interest Amount. The Calculation Agent will cause the Rate 

of Interest, each Interest Amount for each Interest Period, each Interest Period and the relevant 

Interest Payment Date to be notified to the Issuer [in the case of Notes listed on a stock exchange 

insert:, the Paying Agent(s)] and to the Holders in accordance with § [14] as soon as possible after 

their determination, but in no event later than the fourth [London] [TARGET] [insert other relevant 

location] Business Day (as defined in § 3 (2)) thereafter and, if required by the rules of any stock 

exchange on which the Notes are from time to time listed, to such stock exchange as soon as possible 

after their determination, but in no event later than the first day of the relevant Interest Period. Each 

Interest Amount and Interest Payment Date so notified may subsequently be amended (or appropriate 

alternative arrangements made by way of adjustment) without notice in the event of an extension or 

shortening of the Interest Period. Any such amendment will be promptly notified to any stock 

exchange on which the Notes are then listed [in the case of Notes listed on a stock exchange 

insert:, the Paying Agent(s)] and to the Holders in accordance with § [14]. 

[(6)] Determinations Binding. All certificates, communications, opinions, determinations, calculations, 

quotations and decisions given, expressed, made or obtained for the purposes of the provisions of this 

§ 3 by the Calculation Agent shall (in the absence of manifest error) be binding on the Issuer, the 

Fiscal Agent [, the Paying Agent(s)] and the Holders. 

[(7)] Accrual of Interest. The Notes shall cease to bear interest from the expiry of the day preceding 

the day on which they are due for redemption. If the Issuer shall fail to redeem the Notes when due, 

interest shall continue to accrue on the outstanding aggregate principal amount of the Notes beyond 

the due date until actual redemption of the Notes. Interest shall continue to accrue on the outstanding 

aggregate principal amount of the Notes from the due date (inclusive) until the date of redemption of 

the Notes (exclusive) at the default rate of interest established by law 1 . This does not affect other 

rights that might be available to the Holders.] 

[In the case of Zero Coupon Notes insert: 

(1) No Periodic Payments of Interest. There will not be any periodic payments of interest on the 

1 The default rate of interest established by law is five percentage points above the basic rate of interest published by Deutsche 

Bundesbank from time to time, §§ 288(1), 247(1) German Civil Code.

Notes. 

61 

(2) Accrual of Interest. If the Issuer shall fail to redeem the Notes when due, interest shall accrue 

on the outstanding aggregate principal amount of the Notes as from the due date to the date of actual 

redemption at the default rate of interest established by law 1 . This does not affect other rights that 

might be available to the Holders.] 

[In the case of structured Floating Rate Notes including Inverse Floating Rate Notes and Fixed 

to Floating Rate Notes, set forth applicable provisions herein] 

[In the case of Dual Currency Notes, set forth applicable provisions herein] 

[In the case of Instalment Notes, set forth applicable provisions herein] 

[In the case of Index Linked Notes, set forth applicable provisions herein] 

[In the case of Equity Linked Notes, set forth applicable provisions herein] 

[In the case of other Structured Notes set forth applicable provisions herein] 

[()] Day Count Fraction. "Day Count Fraction" means, in respect of the calculation of an amount of 

interest on any Note for any period of time (the "Calculation Period"): 

[In the case of Fixed Rate Notes, if Actual/Actual (ICMA) is applicable insert: 

(i) if the Calculation Period (from and including the first day of such period but excluding the last) is 

equal to or shorter than the Determination Period during which the Calculation Period ends, the 

number of days in such Calculation Period (from and including the first day of such period but 

excluding the last) divided by the product of (1) the number of days in such Determination 

Period and (2) the number of Determination Dates (as specified in § 3 (1)) that would occur in 

one calendar year; or 

(ii) if the Calculation Period is longer than the Determination Period during which the Calculation 

Period ends, the sum of: (A) the number of days in such Calculation Period falling in the 

Determination Period in which the Calculation Period begins divided by the product of (1) the 

number of days in such Determination Period and (2) the number of Determination Dates (as 

specified in § 3 (1)) that would occur in one calendar year and (B) the number of days in such 

Calculation Period falling in the next Determination Period divided by the product of (1) the 

number of days in such Determination Period and (2) the number of Determination Dates (as 

specified in § 3 (1)) that would occur in one calendar year. 

"Determination Period" means the period from (and including) a Determination Date to, (but 

excluding) the next Determination Date.] 

[If Actual/365 or Actual/Actual (ISDA) insert: the actual number of days in the Calculation Period 

divided by 365 (or, if any portion of that Calculation Period falls in a leap year, the sum of (A) the 

actual number of days in that portion of the Calculation Period falling in a leap year divided by 366 and 

(B) the actual number of days in that portion of the Calculation Period falling in a non-leap year divided 

by 365).] 

[if Actual/365 (Fixed) insert: the actual number of days in the Calculation Period divided by 365.] 

[if Actual/360 insert: the actual number of days in the Calculation Period divided by 360.] 

[if 30/360, 360/360 or Bond Basis insert: the number of days in the Calculation Period divided by 

360, (the number of days to be calculated on the basis of a year of 360 days with 12 30-day months 

(unless (A) the last day of the Calculation Period is the 31 st day of a month but the first day of the 

Calculation Period is a day other than the 30 th or 31 st day of a month, in which case the month that 

includes that last day shall not be considered to be shortened to a 30-day month, or (B) the last day of 

the Calculation Period is the last day of the month of February in which case the month of February 

shall not be considered to be lengthened to a 30-day month)).] 

[if 30E/360 or Eurobond Basis: the number of days in the Calculation Period divided by 360 (the 

number of days to be calculated on the basis of a year of 360 days with 12 30-day months, without

62 

regard to the date of the first day or last day of the Calculation Period unless, in the case of the final 

Calculation Period, the Maturity Date is the last day of the month of February, in which case the month 

of February shall not be considered to be lengthened to a 30-day month).] 

§ 4 

PAYMENTS 

(1) [(a)] Payment of Principal. Payment of principal in respect of Notes shall be made, subject to 

subparagraph (2) below, to the Clearing System or to its order for credit to the accounts of the relevant 

account holders of the Clearing System upon presentation and (except in the case of partial payment) 

surrender of the Global Note representing the Notes at the time of payment at the specified office of 

the Fiscal Agent outside the United States. 

[In the case of Notes other than Zero Coupon Notes insert: 

(b) Payment of Interest. Payment of interest on Notes shall be made, subject to subparagraph (2), to 

the Clearing System or to its order for credit to the relevant account holders of the Clearing System. 

Payments of interest may be made only outside of the United States. 

[In the case of interest payable on a Temporary Global Note insert: Payment of interest on Notes 

represented by the Temporary Global Note shall be made, subject to subparagraph (2), to the 

Clearing System or to its order for credit to the relevant account holders of the Clearing System, upon 

due certification as provided in § 1 (3)(b).]] 

[In the case of Short-term subordinated Notes insert: Payments of principal or interest may only be 

made if, as a result of such payment, the own funds to be taken in account of the Issuer do not fall 

below 100 % of the own funds required pursuant to § 22 para. 1 nos. 1 to 4 Austrian Banking Act.] 

(2) Manner of Payment. Subject to applicable fiscal and other laws and regulations, payments of 

amounts due in respect of the Notes shall be made in [insert Specified Currency] [in the case of 

Dual Currency Notes insert relevant currencies/exchange rate formulas]. 

(3) United States. For purposes of [in the case of TEFRA D Notes insert: § 1 (3) and] 

subparagraph (1) of this § 4, "United States" means the United States of America (including the 

States thereof and the District of Columbia) and its possessions (including Puerto Rico, the U.S. Virgin 

Islands, Guam, American Samoa, Wake Island and Northern Mariana Islands). 

(4) Discharge. The Issuer shall be discharged by payment to, or to the order of, the Clearing 

System. 

(5) Payment Business Day. If the date for payment of any amount in respect of any Notes is not a 

Payment Business Day, then the Holders shall not be entitled to payment until the next such day and 

shall not be entitled to further interest or other payment in respect of such delay. "Payment Business 

Day" means [a day which is a day (other than a Saturday or a Sunday) on which commercial banks 

are generally open for business in, and foreign exchange markets settle payments in [insert all 

relevant financial centres]] [if the Specified Currency is euro insert: [and] a day on which the 

Clearing System as well as all relevant parts of the Trans-European Automated Real-time Gross 

Settlement Express Transfer System 2 (TARGET2) ("TARGET2") are operational to effect the relevant 

payment]. 

(6) References to Principal and Interest. Reference in these Conditions to principal in respect of the 

Notes shall be deemed to include, as applicable: the Final Redemption Amount of the Notes; the Early 

Redemption Amount of the Notes; [if redeemable at the option of the Issuer for other than 

taxation reasons insert: the Call Redemption Amount of the Notes;] [if redeemable at the option of 

the Holder insert: the Put Redemption Amount of the Notes;] [in the case of Zero Coupon Notes 

insert: the Amortised Face Amount of the Notes;] [in the case of Instalment Notes insert: the 

Instalment Amount(s) of the Notes;] and any premium and any other amounts which may be payable 

under or in respect of the Notes. Reference in these Conditions to interest in respect of the Notes shall 

be deemed to include, as applicable, any Additional Amounts which may be payable under § 7. 

(7) Deposit of Principal and Interest. The Issuer may deposit with the Amtsgericht in Frankfurt am 

Main principal or interest not claimed by Holders within twelve months after the Maturity Date, even

63 

though such Holders may not be in default of acceptance of payment. If and to the extent that the 

deposit is effected and the right of withdrawal is waived, the respective claims of such Holders against 

the Issuer shall cease. 

(1) Redemption at Maturity. 

§ 5 

REDEMPTION 

[In the case of Notes other than Instalment Notes insert: 

Unless previously redeemed in whole or in part or purchased and cancelled, the Notes shall be 

redeemed at their Final Redemption Amount on [in the case of a specified Maturity Date insert 

such Maturity Date] [in the case of a Redemption Month insert: the Interest Payment Date falling 

in [insert Redemption Month]] (the "Maturity Date"). The Final Redemption Amount in respect of 

each Note shall be [if the Notes are redeemed at their principal amount insert: its principal 

amount] [otherwise insert Final Redemption Amount per Specified Denomination].] 

[if the term of the Notes shall be extended (Extendable Notes), insert relevant provisions here] 

[In the case of Instalment Notes insert: 

Unless previously redeemed in whole or in part or purchased and cancelled, the Notes shall be 

redeemed at the Instalment Date(s) and in the Instalment Amount(s) set forth below: 

Instalment Date(s) Instalment Amount(s) 

[insert Instalment Date(s)] insert Instalment Amount(s)] 

[ ] [ ] 

[ ] [ ]] 

[In case of Notes, where there shall be gross-up for withholding taxes, insert: 

(2) Early Redemption for Reasons of Taxation. If as a result of any change in, or amendment to, 

the laws or regulations of the Republic of Austria or any political subdivision or taxing authority thereto 

or therein affecting taxation or the obligation to pay duties of any kind, or any change in, or 

amendment to, an official interpretation or application of such laws or regulations, which amendment 

or change is effective on or after the date on which the last tranche of this series of Notes was issued, 

the Issuer is required to pay Additional Amounts (as defined in § 7 herein) [in the case of Notes 

other than Zero Coupon Notes insert: on the next succeeding Interest Payment Date (as defined in 

§ 3 (1))] [in the case of Zero Coupon Notes insert: at maturity or upon the sale or exchange of any 

Note], and this obligation cannot be avoided by the use of reasonable measures available to the 

Issuer, the Notes may be redeemed, in whole but not in part, at the option of the Issuer, upon not 

more than 60 days' nor less than 30 days' prior notice of redemption given to the Fiscal Agent and, in 

accordance with § [14] to the Holders, at their Early Redemption Amount (as defined in § 5 [(5)] 

below), together with interest (if any) accrued to the date fixed for redemption. 

However, no such notice of redemption may be given (i) earlier than 90 days prior to the earliest date 

on which the Issuer would be obligated to pay such Additional Amounts where a payment in respect of 

the Notes then due, or (ii) if at the time such notice is given, such obligation to pay such Additional 

Amounts or make such deduction or withholding does not remain in effect. [In the case of Floating 

Rate Notes insert: The date fixed for redemption must be an Interest Payment Date.] 

[In the case of Subordinated Notes and Short-term Subordinated Notes insert: Any such notice 

shall only be given if the Issuer proved to the Financial Markets Authority replacement of the principal 

amount of Notes so redeemed by issuing other capital of at least equivalent own funds quality.] 

[If Notes are subject to Early Redemption at the Option of the Issuer insert: 

[(3)] Early Redemption at the Option of the Issuer.

64 

(a) The Issuer may, upon notice given in accordance with clause (b), redeem all or some only of 

the Notes on the Call Redemption Date(s) at the Call Redemption Amount(s) set forth below 

together with accrued interest, if any, to (but excluding) the Call Redemption Date. [If Minimum 

Redemption Amount or Higher Redemption Amount applies insert: Any such redemption 

must be of a principal amount equal to [at least [insert Minimum Redemption Amount]] 

[Higher Redemption Amount].] 

Call Redemption Date(s) Call Redemption(s) Amount(s) 

[insert Call Redemption Date(s)] [insert Call Redemption Amount(s)] 

[ ] [ ] 

[ ] [ ] 

[If Notes are subject to Early Redemption at the Option of the Holder insert: The Issuer may not 

exercise such option in respect of any Note which is the subject of the prior exercise by the Holder 

thereof of its option to require the redemption of such Note under subparagraph (4) of this § 5.] 

(b) Notice of redemption shall be given by the Issuer to the Holders of the Notes in accordance with 

§ [14]. Such notice shall specify: 

(i) the Series of Notes subject to redemption; 

(ii) whether such Series is to be redeemed in whole or in part only and, if in part only, the 

aggregate principal amount of the Notes which are to be redeemed; 

(iii) the Early Redemption Amount at which such Notes are to be redeemed[.] [; and] 

[In the case of Notes other than Subordinated Notes and Short-term Subordinated Notes insert: 

(iv) the Call Redemption Date, which shall be not less than [insert Minimum Notice to 

Holders] nor more than [insert Maximum Notice to Holders] after the date on which 

notice is given by the Issuer to the Holders.] 

[In the case of Subordinated Notes insert: 

(iv) the Call Redemption Date, which shall not be less than five years after the date of 

issuance of the Notes and not be less than [insert Minimum Notice to Holders] nor 

more than [insert Maximum Notice to Holders] after the date on which notice is given 

by the Issuer to the Holders; and 

(v) a statement that the Issuer has replaced the principal amount of Notes so redeemed by 

having procured other capital of at least equivalent own funds quality in accordance with 

§ 23 (8) Austrian Banking Act. 

(c) No such notice shall be given unless the Issuer has documented, in accordance with § 23 (8) 

Austrian Banking Act, replacement of the principal amount of Notes so redeemed by having 

procured other capital of at least equivalent own funds quality.] 

[In the case of Short-term Subordinated Notes insert: 

(iv) the Call Redemption Date, which shall not be less than two years after the date of 

issuance of the Notes and not be less than [insert Minimum Notice to Holders] nor 

more than [insert Maximum Notice to Holders] after the date on which notice is given 

by the Issuer to the Holders; and 

(v) a statement that the Issuer has replaced the principal amount of Notes so redeemed by 

having procured other capital of at least equivalent own funds quality in accordance with 

§ 23 (8a) Austrian Banking Act. 

(c) No such notice shall be given unless the Issuer has documented, in accordance with § 23 (8a) 

Austrian Banking Act, replacement of the principal amount of Notes so redeemed by having 

procured other capital of at least equivalent own funds quality.] 

[(d)] In the case of a partial redemption of Notes, Notes to be redeemed shall be selected in 

accordance with the rules of the relevant Clearing System. [In the case of Notes in NGN form

65 

insert: Such partial redemption shall be reflected in the records of CBL and Euroclear as either 

a pool factor or a reduction in aggregate principal amount, at the discretion of CBL and 

Euroclear.]] 

[If the Notes are subject to Early Redemption at the Option of a Holder insert: 

[(4)] Early Redemption at the Option of a Holder. 

(a) The Issuer shall, at the option of the Holder of any Note, redeem such Note on the Put 

Redemption Date(s) at the Put Redemption Amount(s) set forth below together with accrued 

interest, if any, to (but excluding) the Put Redemption Date. 

Put Redemption Date(s) Put Redemption Amount(s) 

[insert Put Redemption Date(s)] [insert Put Redemption Amount(s)] 

[ ] [ ] 

[ ] [ ] 

The Holder may not exercise such option in respect of any Note which is the subject of the prior 

exercise by the Issuer of its option to redeem such Note under this § 5. 

(b) In order to exercise such option, the Holder must, not less than [insert Minimum Notice to 

Issuer (in the case of Subordinated Notes, the notice shall be given after a minimum term 

of the Notes of five years and in the case of Short-term subordinated Notes, the notice 

shall be given after a minimum term of the Notes of two years)] nor more than [insert 

Maximum Notice to Issuer] days before the Put Redemption Date on which such redemption 

is required to be made as specified in the Put Notice (as defined below), send to the specified 

office of the Fiscal Agent an early redemption notice in written form ("Put Notice") In the event 

that the Put Notice is received after 5:00 p.m. Frankfurt time on the [insert Minimum Notice to 

Issuer] Payment Business Day before the Put Redemption Date, the option shall not have been 

validly exercised. The Put Notice must specify (i) the total principal amount of the Notes in 

respect of which such option is exercised, [and] (ii) the securities identification numbers of such 

Notes, if any [in the case the Global Note is kept in custody by CBF, insert: and (iii) contact 

details as well as a bank account]. The Put Notice may be in the form available from the 

specified offices of the Fiscal Agent and the Paying Agent[s] in the German and English 

language and includes further information. No option so exercised may be revoked or 

withdrawn.] 

[In the case of Notes other than Zero Coupon Notes, where there shall be gross-up for 

withholding taxes, insert: 

[(5)] Early Redemption Amount. For purposes of subparagraph (2) of this § 5 [in the case of other 

than Subordinated Notes and Short-Term Subordinated Notes, insert: and § 9], the Early 

Redemption Amount of a Note shall be its Final Redemption Amount.] 

[In the case of Senior Notes other than Zero Coupon Notes, where there shall be no gross-up 

for withholding taxes, insert: 

[(5)] Early Redemption Amount. For purposes of § 9, the Early Redemption Amount of a Note shall 

be its Final Redemption Amount.] 

[In the case of Zero Coupon Notes insert: 

[In the case of Notes, where there shall be gross-up for withholding taxes, insert: 

(a) For purposes of subparagraph (2) of this § 5 [in the case of unsubordinated Notes insert: 

and § 9], the Early Redemption Amount of a Note shall be equal to the Amortised Face Amount 

of the Note.] 

[In the case of unsubordinated Notes, where there shall be no gross-up for withholding taxes, 

insert: 

(a) For purposes of § 9, the Early Redemption Amount of a Note shall be equal to the Amortised 

Face Amount of the Note.]

[(b)] The Amortised Face Amount of a Note shall be an amount equal to the sum of: 

66 

(i) [insert Reference Price] (the "Reference Price"), and 

(ii) the product of [insert Amortisation Yield] (compounded annually) and the Reference 

Price from (and including) [insert Issue Date] to (but excluding) the date fixed for 

redemption or (as the case may be) the date upon which the Notes become due and 

payable. 

Where such calculation is to be made for a period which is not a whole number of years, the 

calculation in respect of the period of less than a full year (the "Calculation Period") shall be 

made on the basis of the Day Count Fraction (as defined in § 3). 

[(c)] If the Issuer fails to pay the Early Redemption Amount when due, the Amortised Face Amount 

of a Note shall be calculated as provided herein, except that references in subparagraph (b)(ii) 

above to the date fixed for redemption or the date on which such Note becomes due and 

repayable shall refer to the date on which upon due presentation and surrender of the relevant 

Note (if required), payment is made.] 

[In case of Notes with a Variable Redemption Amount insert: 

[()] Notification of Redemption Amount. The Calculation Agent will cause the Redemption Amount 

to be notified to the Issuer [in the case of Notes listed on a stock exchange insert:, the Paying 

Agent(s)] and to the Holders in accordance with § [14] as soon as possible after their determination, 

but in no event later than the fourth [London] [TARGET] [insert other relevant location] Business 

Day (as defined in § 3 (2)) thereafter and, if required by the rules of any stock exchange on which the 

Notes are from time to time listed, to such stock exchange as soon as possible after their 

determination, but in no event later than the [insert minimum period] before the Maturity Date. 

[()] Determinations Binding. All certificates, communications, opinions, determinations, calculations, 

quotations and decisions given, expressed, made or obtained for the purposes of the provisions of this 

§ 5 by the Calculation Agent shall (in the absence of manifest error) be binding on the Issuer, the 

Fiscal Agent [, the Paying Agent(s)] and the Holders.] 

[In case of structured Floating Rate Notes, set forth applicable provisions herein.] 

[In the case of Dual Currency Notes, set forth applicable provisions herein.] 

[In the case of Instalment Notes, set forth applicable provisions herein.] 

[In case of Index Linked Notes, set forth applicable provisions herein.] 

[In case of Equity Linked Notes, set forth applicable provisions herein.] 

[In case of other Notes, set forth applicable provisions herein.] 

§ 6 

FISCAL AGENT [,] [AND] [PAYING AGENTS] [AND CALCULATION AGENT] 

(1) Appointment; Specified Offices. The initial Fiscal Agent [,] [and] Paying Agent[s] [and the 

Calculation Agent] and their respective initial specified offices are: 

Fiscal Agent: Citibank, N.A. London Branch 

13 th Floor, Citigroup Centre 

Canada Square 

Canary Wharf 

London E14 5LB 

United Kingdom 

Paying Agent[s]: [Banque Internationale à Luxembourg 

route d'Esch 69

2953 Luxembourg 

Luxembourg] 

67 

[RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG 

F.-W.-Raiffeisen-Platz 1 

1020 Vienna 

Austria] 

[insert other Paying Agents and specified offices] 

[If the Fiscal Agent is to be appointed as Calculation Agent insert: The Fiscal Agent shall also act 

as Calculation Agent.] 

[If a Calculation Agent other than the Fiscal Agent is to be appointed insert: The Calculation 

Agent and its initial specified office shall be: 

Calculation Agent: [insert name and specified office]] 

The Fiscal Agent [,] [and] the Paying Agent[s] [and the Calculation Agent] reserve the right at any 

time to change their respective specified offices to some other specified office in the same city. 

(2) Variation or Termination of Appointment. The Issuer reserves the right at any time to vary or 

terminate the appointment of the Fiscal Agent or any Paying Agent [or the Calculation Agent] and to 

appoint another Fiscal Agent or additional or other Paying Agents [or another Calculation Agent]. The 

Issuer shall at all times maintain (i) a Fiscal Agent [in the case of Notes listed on a stock exchange 

insert: [,] [and] (ii) so long as the Notes are listed on the [name of stock exchange], a Paying Agent 

(which may be the Fiscal Agent) with a specified office in [location of stock exchange] and/or in 

such other place as may be required by the rules of such stock exchange] [in the case of payments 

in U.S. dollars insert: [,] [and] [(iii)] if payments at or through the offices of all Paying Agents outside 

the United States (as defined in § 4 hereof) become illegal or are effectively precluded because of the 

imposition of exchange controls or similar restrictions on the full payment or receipt of such amounts in 

United States dollars, a Paying Agent with a specified office in New York City] [if any Calculation 

Agent is to be appointed insert: [,] [and] [(iv)] a Calculation Agent [if Calculation Agent is 

required to maintain a Specified Office in a Required Location insert: with a specified office 

located in [insert Required Location]]. Any variation, termination, appointment or change shall only 

take effect (other than in the case of insolvency, when it shall be of immediate effect) after not less 

than 30 nor more than 45 days' prior notice thereof shall have been given to the Holders in 

accordance with § [14]. 

(3) Agents of the Issuer. The Fiscal Agent[,] [and] the Paying Agent[s] [and the Calculation Agent] 

act solely as agents of the Issuer and do not have any obligations towards or relationship of agency or 

trust to any Holder. 

§ 7 

TAXATION 

[In the case of the Notes, where there shall be no gross-up for withholding taxes insert: 

All amounts payable in respect of the Notes shall be made with deduction or withholding of taxes, 

duties or governmental charges of any nature whatsoever imposed, levied or collected by the way of 

deducting or withholding, if such deduction or withholding is required by law.] 

[In the case of the Notes, where there shall be gross-up for withholding taxes insert: 

All amounts payable in respect of the Notes shall be made without withholding or deduction for or on 

account of any present or future taxes or duties of whatever nature imposed or levied by way of 

withholding or deduction at source by or on behalf of the Republic of Austria or any political 

subdivision or any authority thereof or therein having power to tax unless such withholding or 

deduction is required by law. In such event, the Issuer shall pay such additional amounts (the 

"Additional Amounts") as shall be necessary in order that the net amounts received by the Holders, 

after such withholding or deduction shall equal the respective amounts which would otherwise have 

been receivable in the absence of such withholding or deduction; except that no such Additional 

Amounts shall be payable on account of any taxes or duties which:

68 

(a) are payable by any person acting as custodian bank or collecting agent on behalf of a Holder, or 

otherwise in any manner which does not constitute a deduction or withholding by the Issuer 

from payments of principal or interest made by it, or 

(b) are payable by reason of the Holder having, or having had, some personal or business 

connection with the Republic of Austria and not merely by reason of the fact that payments in 

respect of the Notes are, or for purposes of taxation are deemed to be, derived from sources in, 

or are secured in, the Republic of Austria, it being understood that the German advanced 

interest income tax (Zinsabschlagsteuer) and the solidarity surcharge (Solidaritätszuschlag) 

imposed thereon as well as the Austrian withholding tax on investment income 

(Kapitalertragsteuer) as in effect from time to time, or any future taxes or surcharges 

substituting the foregoing, are taxes falling under this clause (b), in respect of which, 

accordingly, no additional amounts will be payable, or 

(c) are deducted or withheld pursuant to (i) any European Union Directive or Regulation concerning 

the taxation of interest income, or (ii) any international treaty or understanding relating to such 

taxation and to which the Republic of Austria or the European Union is a party, or (iii) any 

provision of law implementing, or complying with, or introduced to conform with, such Directive, 

Regulation, treaty or understanding, or 

(d) are deducted or withheld by a paying agent and such deduction or withholding could be avoided 

if payments could be made by another paying agent without such deduction or withholding, or 

(e) are payable by reason of a change in law that becomes effective more than 30 days after the 

relevant payment becomes due, or is duly provided for and notice thereof is published in 

accordance with § [14], whichever occurs later.] 

§ 8 

PRESENTATION PERIOD 

The presentation period provided in § 801 subparagraph 1, sentence 1 BGB (German Civil Code) is 

reduced from 30 years to ten years for the Notes. 

[In the case of Senior Notes which are not Covered Bonds, insert: 

§ 9 

EVENTS OF DEFAULT 

(1) Events of default. Each Holder shall be entitled to declare his Notes due and demand 

immediate redemption thereof at the Early Redemption Amount (as described in § 5), together with 

accrued interest (if any) to the date of repayment, in the event that 

(a) the Issuer fails to pay principal or interest within 30 days from the relevant due date, or 

(b) the Issuer fails duly to perform any other obligation arising from the Notes which failure is not 

capable of remedy or, if such failure is capable of remedy, such failure continues for more than 

45 days after the Fiscal Agent has received notice thereof from a Holder, or 

(c) any Credit Obligations of the Issuer become prematurely payable and are not paid when due or 

any such Credit Obligations are not paid when due giving regard to any grace period or any 

guarantee or other indemnity of the Issuer in respect of any Credit Obligations of another 

person are not performed when due and drawn or within a grace period which has been granted 

at the time of issue of such guarantee or other indemnity; or 

(d) the Issuer ceases to effect payments or announces its inability to meet its financial obligations; 

or 

(e) a court institutes insolvency proceedings over the assets of the Issuer or orders supervision 

over the Issuer or the Financial Markets Authority, or any person appointed to supervise the 

Issuer applies for the institution of insolvency proceedings or the Issuer or the Financial Markets 

Authority applies for the supervision over the Issuer; or 

(f) the Issuer goes into liquidation unless this is done in connection with a merger, or other form of

69 

combination, with another company and such other company assumes all obligations which the 

Issuer has undertaken in connection with the Notes. 

For the purposes of subparagraph (c), "Credit Obligations" means any obligations arising from 

borrowed money amounting to or exceeding the sum of EUR 10,000,000 or its equivalent in any other 

currency. 

The right to declare Notes due shall terminate if the situation giving rise to it has been cured before the 

right is exercised. 

(2) Notice. Any notice, including any notice declaring Notes due, in accordance with subparagraph 

(1) shall be made by means of a written declaration in the German or English language delivered to 

the specified office of the Fiscal Agent together with proof that such Holder at the time of such notice 

is a holder of the relevant Notes by means of a certificate of his Custodian (as defined in § [15] (3)) or 

in other appropriate manner.] 

[In the case of Covered Bonds insert: 

§ 9 

EVENTS OF DEFAULT 

(1) Events of Default. Each Holder shall be entitled to declare his Notes due and demand 

immediate redemption thereof at the Early Redemption Amount (as described in § 5), together with 

accrued interest (if any) to the date of repayment in the event that the Issuer fails to pay principal or 

interest within 30 days from the relevant due date. 

(2) Notice. Any notice, including any notice declaring Notes due in accordance with subparagraph 

(1) shall be made by means of a written declaration in the German or English language delivered to 

the specified office of the Fiscal Agent together with proof that such Holder at the time of such notice 

is a holder of the relevant Notes by means of a certificate of his Custodian (as defined in § [15] (3)) or 

in another appropriate manner.] 

[In the case of Notes other than Covered Bonds, Subordinated Notes and Short-Term 

Subordinated Notes insert: 

§ 10 

SUBSTITUTION 

(1) Substitution. The Issuer may, without the consent of the Holders, if no payment of principal of or 

interest on any of the Notes is in default, at any time substitute for the Issuer any wholly owned 

subsidiary of it as principal debtor in respect of all obligations arising from or in connection with the 

Notes (the "Substitute Debtor") provided that: 

(a) the Substitute Debtor assumes all obligations of the Issuer in respect of the Notes; 

(b) the Issuer and the Substitute Debtor have obtained all necessary authorisations and may 

transfer to the Fiscal Agent in the Specified Currency and without being obligated to deduct or 

withhold any taxes or other duties of whatever nature levied by the country in which the 

Substituted Debtor or the Issuer has its domicile or tax residence, all amounts required for the 

fulfilment of the payment obligations arising under the Notes; 

(c) the Substitute Debtor has agreed to indemnify and hold harmless each Holder against any tax, 

duty, assessment or governmental charge imposed on such Holder in respect of such 

substitution; 

(d) the Issuer irrevocably and unconditionally guarantees in favour of each Holder the payment of 

all sums payable by the Substitute Debtor in respect of the Notes on terms equivalent to the 

terms of the form of the senior guarantee of the Issuer in respect of unsubordinated Notes set 

out in the Agency Agreement; and

70 

(e) there shall have been delivered to the Fiscal Agent an opinion or opinions of lawyers of 

recognised standing to the effect that subparagraphs (a), (b), (c) and (d) above have been 

satisfied. 

(2) Notice. Notice of any such substitution shall be published in accordance with § [14]. 

(3) Change of References. In the event of any such substitution, any reference in these Conditions 

to the Issuer shall from then on be deemed to refer to the Substitute Debtor and any reference to the 

country in which the Issuer is domiciled or resident for taxation purposes shall from then on be 

deemed to refer to the country of domicile or residence for taxation purposes of the Substitute Debtor. 

Furthermore, in the event of such substitution the following shall apply: 

[If there shall be gross-up for withholding taxes, insert: 

(a) in § 7 and § 5 (2) an alternative reference to the Republic of Austria shall be deemed to have 

been included in addition to the reference according to the preceding sentence to the country of 

domicile or residence for taxation purposes of the Substitute Debtor;] 

[(b)] in § 9 (1) (c) – (f) an alternative reference to the Issuer in its capacity as guarantor shall be 

deemed to have been included in addition to the reference to the Substitute Debtor.] 

[In the case of Covered Bonds, insert: 

§ 10 

SUBSTITUTION 

(1) Substitution. The Issuer may, without the consent of the Holders, if no payment of principal of or 

interest on any of the Notes is in default, at any time substitute for the Issuer any wholly owned 

subsidiary of it as principal debtor in respect of all obligations arising from or in connection with the 

Notes (the "Substitute Debtor") provided that: 

(a) the Substitute Debtor is entitled to issue Covered Bonds pursuant to the Austrian Law on 

Covered Bonds of Banks and its Articles of Association; 

(b) the Substitute Debtor assumes all obligations of the Issuer in respect of the Notes, including all 

obligations in relation to the pool of assets which cover the Notes pursuant to the Austrian Law 

on Covered Bonds of Banks and agrees not to alter the Conditions applicable to any 

outstanding Covered Bonds; 

(c) the Issuer and the Substitute Debtor have obtained all necessary authorisations and may 

transfer to the Fiscal Agent in the Specified Currency and without being obligated to deduct or 

withhold any taxes or other duties of whatever nature levied by the country in which the 

Substituted Debtor or the Issuer has its domicile or tax residence, all amounts required for the 

fulfilment of the payment obligations arising under the Notes; 

(d) the Substitute Debtor has agreed to indemnify and hold harmless each Holder against any tax, 

duty, assessment or governmental charge imposed on such Holder in respect of such 

substitution; and 

(e) there shall have been delivered to the Fiscal Agent an opinion or opinions of lawyers of 

recognised standing to the effect that subparagraphs (a), (b), (c) and (d) above hold true or 

have been satisfied. 

(2) Notice. Notice of any such substitution shall be published in accordance with § [14]. 

(3) Change of References. In the event of any such substitution, any reference in these Conditions 

to the Issuer shall from then on be deemed to refer to the Substitute Debtor and any reference to the 

country in which the Issuer is domiciled or resident for taxation purposes shall from then on be 

deemed to refer to the country of domicile or residence for taxation purposes of the Substitute Debtor. 

[If there shall be gross-up for withholding taxes, insert: 

Furthermore, in the event of such substitution, in § 7 and § 5 (2) an alternative reference to the 

Republic of Austria shall be deemed to have been included in addition to the reference according to 

the preceding sentence to the country of domicile or residence for taxation purposes of the Substitute

Debtor.]] 

[If the Notes are to provide for Resolutions of Holders, insert: 

71 

§ [11] 

RESOLUTIONS OF HOLDERS 

(1) [Subject to § [11] [(3)] below, the Holders may agree by majority resolution on all matters 

permitted by law, provided that no obligation to make any payment or render any other performance 

shall be imposed on any Holder by majority resolution. 

(2) Majority resolutions shall be binding on all Holders. Resolutions which do not provide for identical 

conditions for all Holders are void, unless Holders who are disadvantaged have expressly consented 

to their being treated disadvantageously. 

[(3)] [If certain matters shall not be subject to resolutions of Holders, insert: 

The following matters shall not be subject to resolutions of Holders: [●].] 

[(4)] Resolutions shall be passed by a majority of not less than [75] % of the votes cast (qualified 

majority). Resolutions relating to amendments to the Terms and Conditions which are not material, 

require a majority of not less than [50] % of the votes cast. 

[If certain matters require a higher majority, insert: Resolutions on the following matters shall 

require the majority of not less than [●] % of the votes cast: [●].] 

[(5)] Holders shall pass resolutions [by vote taken at a Holders' meeting] [by vote taken without a 

meeting 2 ]. 

[(6)] Each Holder participating in any vote shall cast votes in accordance with the nominal amount or 

the notional share of its entitlement to the outstanding Notes. As long as the entitlement to the Notes 

lies with, or the Notes are held for the account of, the Issuer or any of its affiliates (§ 271 (2) of the 

Commercial Code (Handelsgesetzbuch)), the right to vote in respect of such Notes shall be 

suspended. The Issuer may not transfer Notes, of which the voting rights are so suspended, to 

another person for the purpose of exercising such voting rights in the place of the Issuer; this shall 

also apply to any affiliate of the Issuer. No person shall be permitted to exercise such voting right for 

the purpose stipulated in sentence 3, first half sentence, herein above. 

No person shall be permitted to offer, promise or grant any benefit or advantage to another person 

entitled to vote in consideration of such person abstaining from voting or voting in a certain way. 

A person entitled to vote may not demand, accept or accept the promise of, any benefit, advantage or 

consideration for abstaining from voting or voting in a certain way.] 

[If no Holders' Representative is designated in the Conditions but the Holders may appoint a 

Holders' Representative by resolution, insert: 

§ [12] 

HOLDERS' REPRESENTATIVE 

(1) The Holders may by majority resolution appoint a common representative (the "Holders' 

Representative") to exercise the Holders' rights on behalf of each Holder. 

(2) The Holders' Representative shall have the duties and powers provided by law or granted by 

majority resolution of the Holders. The Holders' Representative shall comply with the instructions of 

the Holders. To the extent that the Holders' Representative has been authorizsed to assert certain 

rights of the Holders, the Holders shall not be entitled to assert such rights themselves, unless 

explicitly provided for in the relevant majority resolution. The Holders' Representative shall provide 

reports to the Holders on its activities. 

2 Pursuant to § 5 paragraph 6 SchVG, the Terms and Conditions of a given note issue may provide solely for one of the two 

possibilities mentioned.

72 

(3) The Holders' Representative shall be liable for the performance of its duties towards the Holders 

who shall be joint and several creditors (Gesamtgläubiger); in the performance of its duties it shall act 

with the diligence and care of a prudent business manager. The liability of the Holders' Representative 

may be limited by a resolution passed by the Holders. The Holders shall decide upon the assertion of 

claims for compensation of the Holders against the Holders' Representative. 

(4) The appointments of the Holders' Representative may be revokedremoved from office at any time 

by the Holders without specifying any reasons. 

(5) The Holders' Representative may demand from the Issuer to furnish all information required for the 

performance of the duties entrusted to it. 

[If the Holders' Representative is appointed in the Conditions, insert: 

§ [12] 

HOLDERS' REPRESENTATIVE 

(1) The common representative (the "Holders' Representative") to exercise the Holders' rights on 

behalf of each Holder shall be 3 :[●] 

(2) The Holders' Representative shall have the following duties and powers: 

If the Holders' Representative is authorized [to convene a meeting of Holders] [to call for a vote 

of Holders without a meeting] insert: The Holders' Representative shall be authorized, at its 

discretion, in respect of the matters determined by it [to convene a meeting of Holders] [to call for a 

vote of Holders without a meeting] and to preside the [meeting] [the taking of votes 4 ]. 

[If relevant, insert further duties and powers of the Holders' Representative:] 

(3) The Holders' Representative shall comply with the instructions of the Holders. To the extent that 

the Holders' Representative has been authorizsed to assert certain rights of the Holders, the Holders 

shall not be entitled to assert such rights themselves, unless explicitly provided so by majority 

resolution. The Holders' Representative shall provide reports to the Holders with respect to its 

activities. 

(4) The Holders' Representative shall be liable for the proper performance of its duties towards the 

Holders who shall be joint and several creditors (Gesamtgläubiger); in the performance of its duties it 

shall act with the diligence and care of a prudent business manager. The liability of the Holders' 

Representative shall be limited to ten times the amount of its annual remuneration, unless the Holders' 

Representative has acted willfully or with gross negligence. The liability of the Holders' Representative 

may be further limited by a resolution passed by the Holders. The Holders shall decide upon the 

assertion of claims for compensation of the Holders against the Holders' Representative. 

(5) The appointment of the Holders' Representative may be revokedremoved from office at any time 

by the Holders without specifying any reason. 

(6) The Holders' Representative may demand from the Issuer to furnish all information required for the 

performance of the duties entrusted to it. 

§ [13] 

FURTHER ISSUES, PURCHASES AND CANCELLATION 

(1) Further Issues. The Issuer may from time to time, without the consent of the Holders, [in the 

case of Covered Bonds insert: subject to availability of the statutory cover (security)] issue further 

Notes having the same terms and conditions as the Notes in all respects (or in all respects except for 

the issue date, interest commencement date and/or issue price) so as to form a single Series with the 

Notes. 

(2) Purchases. The Issuer may at any time purchase Notes in the open market or otherwise and at 

3 The Holders’ Representative must satisfy the conditions specified in § 8 paragraph 1 SchVG. 

4 Pursuant to § 5 paragraph 6 SchVG the relevant Terms and Conditions of a given note issue may provide solely for one of the 

two possibilites mentioned.

73 

any price. Notes purchased by the Issuer may, at the option of the Issuer, be held, resold or 

surrendered to the Fiscal Agent for cancellation. [In the case of Subordinated Notes and Shortterm 

Subordinated Notes insert: A purchase for the purposes to hold or to cancel shall be made 

only after the Issuer [in the case of Subordinated Notes and Short-term Subordinated Notes 

insert: has proven to the Financial Markets Authority that the principal amount of Notes to be 

purchased has been replaced by] issuing other capital of at least equivalent own funds quality [in the 

case of Subordinated Notes and Short-term Subordinated Notes insert: and shall not be made in 

the first [in the case of Subordinated Notes insert: five] [in the case of Short-Term Subordinated 

Notes insert: two] years.] If purchases are made by tender, tenders for such Notes must be made 

available to all Holders of such Notes alike. 

(3) Cancellation. All Notes redeemed in full shall be cancelled forthwith and may not be reissued or 

resold. 

§ [14] 

NOTICES 

[In the case of Notes which are listed on the Luxembourg Stock Exchange insert: 

(1) Publication. All notices concerning the Notes will be made by means of electronic publication on 

the internet website of the Luxembourg Stock Exchange (www.bourse.lu). Any notice so given will be 

deemed to have been validly given on the third day following the date of such publication. 

(2) Notification to Clearing System. So long as any Notes are listed on the Official List of the 

Luxembourg Stock Exchange, subparagraph (1) shall apply. In the case of notices regarding the Rate 

of Interest or, if the Rules of the Luxembourg Stock Exchange otherwise so permit, the Issuer may 

deliver the relevant notice to the Clearing System for communication by the Clearing System to the 

Holders, in lieu of publication as set forth in subparagraph (1) above; any such notice shall be deemed 

to have been validly given on the seventh day after the day on which the said notice was given to the 

Clearing System.] 

[In case of Notes which are unlisted insert: 

(1) Notification to Clearing System. The Issuer shall deliver all notices concerning the Notes to the 

Clearing System for communication by the Clearing System to the Holders. Any such notice shall be 

deemed to have been validly given on the seventh day after the day on which the said notice was 

given to the Clearing System.] 

[In case of Notes which are listed on a Stock Exchange other than the Luxembourg Stock 

Exchange: insert relevant provisions] 

[(3)] Form of Notice. Notices to be given by any Holder shall be made by means of a written 

declaration to be send together with an evidence of the Holder's entitlement in accordance with 

paragraph [15] subparagraph (3) to the Fiscal Agent. Such notice may be given through the Clearing 

System in such manner as the Fiscal Agent and the Clearing System may approve for such purpose. 

§ [15] 

APPLICABLE LAW, PLACE OF JURISDICTION AND ENFORCEMENT 

(1) Applicable Law. The Notes, as to form and content, and all rights and obligations of the Holders 

and the Issuer, shall be governed by German law [in the case of Covered Bonds insert: and comply 

with the Austrian Law on Covered Bonds of Banks (Gesetz über fundierte 

Bankschuldverschreibungen) dated 27 December 1905 RGBl. No. 213, as amended]. 

(2) Submission to Jurisdiction. The district court (Landgericht) in Frankfurt am Main shall have nonexclusive 

jurisdiction for any action or other legal proceedings ("Proceedings") arising out of or in 

connection with the Notes. 

(3) Enforcement. Any Holder of Notes may in any Proceedings against the Issuer, or to which such 

Holder and the Issuer are parties, protect and enforce in his own name his rights arising under such

74 

Notes on the basis of (i) a statement issued by the Custodian with whom such Holder maintains a 

securities account in respect of the Notes (a) stating the full name and address of the Holder, (b) 

specifying the aggregate principal amount of Notes credited to such securities account on the date of 

such statement and (c) confirming that the Custodian has given written notice to the Clearing System 

containing the information pursuant to (a) and (b), and (ii) a copy of the Note in global form certified as 

being a true copy by a duly authorised officer of the Clearing System or a depositary of the Clearing 

System, without the need for production in such proceedings of the actual records or the global note 

representing the Notes. For purposes of the foregoing, "Custodian" means any bank or other financial 

institution of recognised standing authorised to engage in securities custody business with which the 

Holder maintains a securities account in respect of the Notes and includes the Clearing System. Each 

Holder may, without prejudice to the foregoing, protect and enforce his rights under the Notes also in 

any other way which is permitted in the country in which the Proceedings are initiated. 

§ [16] 

LANGUAGE 

[If the Conditions are to be in the German language with an English language translation insert: 

These Conditions are written in the German language and provided with an English language 

translation. The German text shall be controlling and binding. The English language translation is 

provided for convenience only.] 

[If the Conditions are to be in the English language with a German language translation insert: 

These Conditions are written in the English language and provided with a German language 

translation. The English text shall be controlling and binding. The German language translation is 

provided for convenience only.] 

[If the Conditions are to be in the English language only insert: 

These Conditions are written in the English language only.] 

[In the case of Notes which are to be publicly offered, in whole or in part, in Germany or 

distributed, in whole or in part, to non-qualified investors in Germany with English language 

Conditions insert: 

Eine deutsche Übersetzung der Anleihebedingungen wird bei der RAIFFEISENLANDESBANK 

NIEDERÖSTERREICH-WIEN AG, F.-W.-Raiffeisen-Platz 1, 1020 Wien, Republik Österreich, zur 

kostenlosen Ausgabe bereitgehalten.]

75 

(TERMS AND CONDITIONS OF THE NOTES – GERMAN LANGUAGE VERSION) 

ANLEIHEBEDINGUNGEN 

Diese Serie von Schuldverschreibungen wird gemäß einem Fiscal Agency Agreement vom 11. Mai 

2012 (das "Agency Agreement") zwischen RAIFFEISENLANDESBANK NIEDERÖSTERREICH- 

WIEN AG ("RLB NÖ-Wien" oder die "Emittentin") und Citibank, N.A. London Branch als 

Emissionsstelle (die "Emissionsstelle", wobei dieser Begriff jeden Nachfolger der Emissionsstelle 

gemäß dem Agency Agreement einschließt) und den anderen darin genannten Parteien begeben. 

Ablichtungen des Agency Agreement können kostenlos bei der bezeichneten Geschäftsstelle der 

Emissionsstelle und bei den bezeichneten Geschäftsstellen einer jeden Zahlstelle sowie am Sitz der 

Emittentin bezogen werden. 

[Im Fall von nicht-konsolidierten Bedingungen, einfügen: 

Die Bestimmungen dieser Anleihebedingungen gelten für diese Schuldverschreibungen so, wie sie 

durch die Angaben der beigefügten endgültigen Bedingungen (die "Endgültigen Bedingungen") 

vervollständigt, geändert, ergänzt oder ganz oder teilweise ersetzt werden. Die Leerstellen in den auf 

die Schuldverschreibungen anwendbaren Bestimmungen dieser Anleihebedingungen gelten als durch 

die in den Endgültigen Bedingungen enthaltenen Angaben ausgefüllt, als ob die Leerstellen in den 

betreffenden Bestimmungen durch diese Angaben ausgefüllt wären; sofern die Endgültigen 

Bedingungen die Änderung, Ergänzung oder (vollständige oder teilweise) Ersetzung bestimmter 

Anleihebedingungen vorsieht, gelten die betreffenden Bestimmungen der Anleihebedingungen als 

entsprechend geändert, ergänzt oder ersetzt; alternative oder wählbare Bestimmungen dieser 

Anleihebedingungen, deren Entsprechungen in den Endgültigen Bedingungen nicht ausdrücklich 

ausgefüllt oder die gestrichen sind, gelten als aus diesen Anleihebedingungen gestrichen; sämtliche 

auf die Schuldverschreibungen nicht anwendbaren Bestimmungen dieser Anleihebedingungen 

(einschließlich der Anweisungen, Anmerkungen und der Texte in eckigen Klammern) gelten als aus 

diesen Anleihebedingungen gestrichen, so dass die Bestimmungen der Endgültigen Bedingungen 

Geltung erhalten. Kopien der Endgültigen Bedingungen sind kostenlos bei der bezeichneten 

Geschäftsstelle der Emissionsstelle und bei den bezeichneten Geschäftsstellen einer jeden Zahlstelle 

erhältlich; bei nicht an einer Börse notierten Schuldverschreibungen sind Kopien der betreffenden 

Endgültigen Bedingungen allerdings ausschließlich für die Gläubiger solcher Schuldverschreibungen 

erhältlich.] 

§ 1 

WÄHRUNG, STÜCKELUNG, FORM, DEFINITIONEN 

(1) Währung; Stückelung. Diese Serie [] von Schuldverschreibungen (die 

"Schuldverschreibungen") der RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG (die 

"Emittentin") wird in [festgelegte Währung einfügen] (die "festgelegte Währung") im 

Gesamtnennbetrag [falls die Globalurkunde eine NGN ist, einfügen: (vorbehaltlich § 1 (7))] von 

[Gesamtnennbetrag einfügen] (in Worten: [Gesamtnennbetrag in Worten einfügen]) in einer 

Stückelung von [festgelegte Stückelung einfügen] (die "festgelegte Stückelung") begeben. 

(2) Form. Die Schuldverschreibungen lauten auf den Inhaber und sind durch eine oder mehrere 

Globalurkunden verbrieft (jede eine "Globalurkunde"). 

[Im Fall von Schuldverschreibungen, die durch eine Dauerglobalurkunde verbrieft sind, 

einfügen: 

(3) Dauerglobalurkunde. Die Schuldverschreibungen sind durch eine Dauerglobalurkunde (die 

"Dauerglobalurkunde") ohne Zinsscheine verbrieft. Die Dauerglobalurkunde trägt die Unterschriften 

ordnungsgemäß bevollmächtigter Vertreter der Emittentin und ist von der Emissionsstelle oder in 

deren Namen mit einer Kontrollunterschrift versehen. Einzelurkunden und Zinsscheine werden nicht 

ausgegeben.] 

[Im Fall von Schuldverschreibungen, die anfänglich durch eine Vorläufige Globalurkunde 

verbrieft sind, einfügen (für Schuldverschreibungen, die in Übereinstimmung mit den [TEFRA] 

D Rules emittiert werden):

(3) Vorläufige Globalurkunde – Austausch. 

76 

(a) Die Schuldverschreibungen sind anfänglich durch eine Vorläufige Globalurkunde (die 

"Vorläufige Globalurkunde") ohne Zinsscheine verbrieft. Die Vorläufige Globalurkunde wird 

nach Vorlage von US-Steuerbescheinigungen (wie unten definiert) gegen 

Schuldverschreibungen in der festgelegten Stückelung, die durch eine Dauerglobalurkunde (die 

"Dauerglobalurkunde") ohne Zinsscheine verbrieft sind, ausgetauscht. Die Vorläufige 

Globalurkunde und die Dauerglobalurkunde tragen jeweils die Unterschriften ordnungsgemäß 

bevollmächtigter Vertreter der Emittentin und sind jeweils von der Emissionsstelle oder in deren 

Namen mit einer Kontrollunterschrift versehen. Einzelurkunden und Zinsscheine werden nicht 

ausgegeben. 

(b) Anteile an der Vorläufigen Globalurkunde werden an einem Tag, der mindestens 40 Tage nach 

dem Tag der Ausgabe der Vorläufigen Globalurkunde liegt gegen Anteile an einer 

Dauerglobalurkunde ausgetauscht. Ein solcher Austausch soll nur nach Vorlage von 

Bescheinigungen gemäß U.S. Steuerrecht erfolgen ("US-Steuerbescheinigungen"), wonach 

der oder die wirtschaftlichen Eigentümer der durch die Vorläufige Globalurkunde verbrieften 

Schuldverschreibungen keine U.S.-Personen sind (ausgenommen bestimmte Finanzinstitute 

oder bestimmte Personen, die Schuldverschreibungen über solche Finanzinstitute halten). Die 

US-Steuerbescheinigungen müsen den anwendbaren US-Steuervorschriften entsprechen. 

Zinszahlungen auf durch eine Vorläufige Globalurkunde verbriefte Schuldverschreibungen 

erfolgen erst nach Vorlage der US-Steuerbescheinigungen. Eine gesonderte US- 

Steuerbescheinigung ist hinsichtlich einer jeden solchen Zinszahlung erforderlich. Jede US- 

Steuerbescheinigung, die am oder nach dem 40. Tag nach dem Tag der Ausgabe der 

Vorläufigen Globalurkunde eingeht, wird als ein Ersuchen behandelt werden, diese gemäß 

Absatz (b) dieses § 1 (3) auszutauschen. Schuldverschreibungen, die im Austausch für Anteile 

an der Vorläufigen Globalurkunde geliefert werden, sind nur außerhalb der Vereinigten Staaten 

(wie nachfolgend definiert) zu liefern.] 

(4) Clearing System. Die die Schuldverschreibungen verbriefende Globalurkunde wird von einem 

oder im Namen eines Clearing Systems verwahrt. "Clearing System" bedeutet [bei mehr als einem 

Clearing System einfügen: jeweils] folgendes: [Oesterreichische Kontrollbank Aktiengesellschaft 

("OeKB")] [Clearstream Banking AG, Frankfurt am Main ("CBF")] [,] [Clearstream Banking société 

anonyme, Luxembourg ("CBL")] [,] [Euroclear Bank SA/NV ("Euroclear")] [CBL und Euroclear jeweils 

ein "International Central Securities Depositary" oder "ICSD" und zusammen die "ICSDs"] [,] [und] 

[anderes Clearing System angeben]. 

[Im Fall von Schuldverschreibungen, die im Namen der ICSDs verwahrt werden, einfügen: 

[Falls die Globalurkunde eine NGN ist, einfügen: Die Schuldverschreibungen werden in Form einer 

new global note ("NGN") ausgegeben und von einem common safekeeper im Namen beider ICSDs 

verwahrt.] 

[Falls die Globalurkunde eine CGN ist, einfügen: Die Schuldverschreibungen werden in Form einer 

classical global note ("CGN") ausgegeben und von einer gemeinsamen Verwahrstelle im Namen 

beider ICSDs verwahrt.]] 

(5) Bedingungen. "Bedingungen" bedeutet diese Anleihebedingungen der Schuldverschreibungen. 

(6) Gläubiger von Schuldverschreibungen. "Gläubiger" bedeutet jeder Inhaber eines 

Miteigentumsanteils oder anderen Rechts an den Schuldverschreibungen. 

[Falls die Globalurkunde eine NGN ist, einfügen: 

(7) Register der ICSDs. Der Gesamtnennbetrag der durch die Globalurkunde verbrieften 

Schuldverschreibungen entspricht dem jeweils in den Registern beider ICSDs eingetragenen 

Gesamtnennbetrag. Die Register der ICSDs (unter denen man die Register versteht, die jeder ICSD 

für seine Kunden über den Betrag ihres Anteils an den Schuldverschreibungen führt) sind 

maßgeblicher Nachweis über den Gesamtbetrag der durch die Globalurkunde verbrieften 

Schuldverschreibungen, und eine zu diesen Zwecken von einem ICSD jeweils ausgestellte 

Bestätigung mit dem Betrag der so verbrieften Schuldverschreibungen ist maßgeblicher Nachweis 

über den Inhalt des Registers des jeweiligen ICSD zu diesem Zeitpunkt.

77 

Bei Rückzahlung [oder Zahlung einer Rate ]oder einer Zinszahlung bezüglich der durch die 

Globalurkunde verbrieften Schuldverschreibungen oder bei Kauf und Entwertung der durch die 

Globalurkunde verbrieften Schuldverschreibungen stellt die Emittentin sicher, dass die Einzelheiten 

über Rückzahlung und Zahlung oder Kauf und Löschung bezüglich der Globalurkunde pro rata in die 

Unterlagen der ICSDs eingetragen werden, und dass, nach dieser Eintragung, vom 

Gesamtnennbetrag der in die Register der ICSDs aufgenommenen und durch die Globalurkunde 

verbrieften Schuldverschreibungen der gesamte Betrag der zurückgekauften oder gekauften und 

entwerteten Schuldverschreibungen [bzw. der Gesamtbetrag der so gezahlten Raten] abgezogen 

wird. 

[Falls die vorläufige Globalurkunde eine NGN ist, einfügen: Bei Austausch eines Anteils von 

ausschließlich durch eine vorläufige Globalurkunde verbriefter Schuldverschreibungen wird die 

Emittentin sicherstellen, dass die Einzelheiten dieses Austauschs pro rata in die Aufzeichnungen der 

ICSDs aufgenommen werden.]] 

[Falls die Anleihebedingungen Regelungen aus anderen Dokumenten in Bezug nehmen, sind 

die entsprechenden Einzelheiten hier einzufügen: 

[(8)] Anwendbare Bedingungen. [Falls [§ 11] über Beschlüsse der Gläubiger oder [§ 12] über den 

Gemeinsamen Vertreter gelten, einfügen: Die Bestimmungen gemäß Schedule 6 des Geänderten 

und Neugefassten Emissions- und Zahlstellenvertrages vom 11. Mai 2012 (das "Agency 

Agreement") zwischen RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG und Citibank, 

N.A. London Branch als Fiscal Agent (einsehbar unter [www.bourse.lu][andere Internet-Fundstelle 

angeben]), die überwiegend das für Gläubigerversammlungen oder Abstimmungen der Gläubiger 

ohne Versammlung zu wahrende Verfahren betreffen, werden in vollem Umfang von diesen 

Anleihebedingungen in Bezug genommen.] [Ggf. weitere anwendbare Bedingungen hier 

einfügen]] 

[Im Fall von nicht nachrangigen Schuldverschreibungen, die keine Fundierten 

Bankschuldverschreibungen sind, einfügen: 

§ 2 

STATUS, NEGATIVVERPFLICHTUNG 

(1) Status. Die Schuldverschreibungen begründen nicht besicherte und nicht nachrangige 

Verbindlichkeiten der Emittentin, die untereinander und mit allen anderen nicht besicherten und nicht 

nachrangigen Verbindlichkeiten der Emittentin gleichrangig sind mit Ausnahme von Verbindlichkeiten, 

die nach geltenden Rechtsvorschriften vorrangig sind. 

(2) Negativverpflichtung. Unbeschadet der Bestimmungen von Absatz (1) verpflichtet sich die 

Emittentin solange Schuldverschreibungen ausstehen, für andere Kapitalmarktverbindlichkeiten 

einschließlich dafür übernommener Garantien und anderer Gewährleistungen, kein Grund- oder 

Mobiliarpfandrecht oder sonstige Belastung an ihrem derzeitigen oder zukünftigen Vermögen zu 

bestellen, ohne die Schuldverschreibungen zur gleichen Zeit und im gleichen Rang und Umfang an 

solchen Sicherheiten teilnehmen zu lassen. 

"Kapitalmarktverbindlichkeit" bezeichnet jede Verbindlichkeit (mit Ausnahme jeglicher Art von 

gedeckten Schuldverschreibungen (z.B. fundierte Bankschuldverschreibungen), die von der Emittentin 

begeben werden) hinsichtlich der Rückzahlung geliehener Geldbeträge, die durch 

Schuldverschreibungen oder sonstige Wertpapiere, die an einer Börse oder an einem anderen 

anerkannten Wertpapiermarkt notiert oder gehandelt werden oder werden können, verbrieft, 

verkörpert oder dokumentiert sind. 

Um etwaige Zweifel bei asset-backed financings der Emittentin zu vermeiden, schließen die in diesem 

§ 2 benutzten Worte "Vermögen" und "Verbindlichkeit hinsichtlich der Rückzahlung geliehener 

Geldbeträge" nicht solche Vermögensgegenstände und Verbindlichkeiten der Emittentin ein, die im 

Einklang mit den Gesetzen und den in der Republik Österreich anerkannten Regeln der Bilanzierung 

und Grundsätzen ordnungsgemäßer Buchführung nicht in der Bilanz der Emittentin ausgewiesen 

werden müssen und darin auch nicht ausgewiesen werden.]

78 

[Im Fall von Nachrangigen Schuldverschreibungen und Kurzfristigen Nachrangigen 

Schuldverschreibungen einfügen: 

§ 2 

STATUS 

Die Schuldverschreibungen begründen nicht besicherte, nachrangige Verbindlichkeiten der Emittentin, 

die untereinander und mit allen anderen nachrangigen Verbindlichkeiten der Emittentin gleichrangig 

sind. Im Fall der Liquidation oder des Konkurses der Emittentin dürfen die Forderungen aus den 

Schuldverschreibungen erst nach den Forderungen der anderen nicht nachrangigen Gläubiger der 

Emittentin befriedigt werden, so dass Zahlungen auf die Schuldverschreibungen solange nicht 

erfolgen, wie die Ansprüche der anderen nicht nachrangigen Gläubiger der Emittentin nicht vollständig 

befriedigt sind. [Im Fall von Nachrangigen Schuldverschreibungen und Kurzfristigen 

Nachrangigen Schuldverschreibungen einfügen: Kein Gläubiger ist berechtigt, mit 

Rückerstattungsansprüchen aus den Schuldverschreibungen gegen Forderungen der Emittentin 

aufzurechnen. Für die Rechte der Gläubiger aus den Schuldverschreibungen darf diesen keine 

vertragliche Sicherheit durch die Emittentin oder durch Dritte gestellt werden; eine solche Sicherheit 

wird auch zu keinem Zeitpunkt gestellt werden. Nachträglich können der Nachrang gemäß diesem § 2 

nicht beschränkt sowie die Laufzeit der Schuldverschreibungen und jede anwendbare Kündigungsfrist 

nicht verkürzt werden.]] 

[Im Fall von Fundierten Bankschuldverschreibungen einfügen: 

§ 2 

STATUS 

(1) Die Schuldverschreibungen begründen nicht nachrangige Verbindlichkeiten der Emittentin, die 

untereinander und mit allen anderen fundierten Bankschuldverschreibungen der Emittentin 

gleichrangig sind. Die Schuldverschreibungen sind gemäß dem Gesetz betreffend fundierte 

Bankschuldverschreibungen vom 27. Dezember 1905 RGBl. Nr. 213 in der jeweils geltenden Fassung 

(das "Gesetz betreffend fundierte Bankschuldverschreibungen") sowie der Satzung der Emittentin 

durch einen Deckungsfonds gesichert oder gedeckt. 

[Im Fall eines hypothekarischen Deckungsstocks einfügen: 

(2) Gemäß dem Gesetz betreffend fundierte Bankschuldverschreibungen ist die Emittentin verpflichtet, 

Vermögensobjekte zur Sicherung der Schuldverschreibungen zu bestellen, aus welchen die 

Ansprüche aus den Schuldverschreibungen vorzugsweise befriedigt werden. Gemäß § 1 Abs 9 des 

Gesetzes betreffend fundierte Bankschuldverschreibungen werden die Schuldverschreibungen durch 

den hypothekarischen Deckungsstock der Emittentin, welcher hauptsächlich die in § 1 Abs 5 Z 1 und 

2 des Gesetzes betreffend fundierte Bankschuldverschreibungen (FBSchVG) genannten Werte 

enthält, besichert. Die Höhe der durch die Vermögensobjekte bestellten Deckung muss dem Gesetz 

betreffend fundierte Bankschuldverschreibungen und der Satzung der Emittentin entsprechen. Die 

Emittentin muss die Vermögensobjekte, die zur Sicherung der Schuldverschreibungen bestellt 

werden, einzeln in einem Deckungsregister anführen. Vermögensobjekte gemäß § 1 Abs 5 Z 2 

FBSchVG dürfen in das Deckungsregister erst eingetragen werden, nachdem das Kautionsband in 

den öffentlichen Büchern eingetragen worden ist. Für die Berechnung des Deckungserfordernisses 

gemäß § 1 Abs 8 des Gesetzes betreffend fundierte Bankschuldverschreibungen werden 

Forderungen, für die ein Pfandrecht in öffentlichen Büchern eingetragen ist, maximal zu 60% des 

Werts der diese Forderungen besichernden Pfandobjekte berücksichtigt, wobei im Rang vorgehende 

Lasten in Abzug zu bringen sind. 

(3) Im Fall des Konkurses der Emittentin (oder falls die Emittentin aus anderen Gründen den 

Zahlungen bezüglich der fundierten Bankschuldverschreibungen gemäß diesen Anleihebedingungen 

nicht nachkommt) können gemäß dem Gesetz betreffend fundierte Bankschuldverschreibungen, der 

Satzung der Emittentin und diesen Anleihebedingungen die Ansprüche der Gläubiger der fundierten 

Bankschuldverschreibungen aus den Vermögensobjekten, wie sie im entsprechenden 

Deckungsregister angeführt sind, vorzugsweise befriedigt werden. Fundierte

79 

Bankschuldverschreibungen, die durch den hypothekarischen Deckungsstock gedeckt sind, haben 

kein Recht auf vorrangige Befriedigung aus dem öffentlichen Deckungsstock.] 

[Im Fall eines öffentlichen Deckungsstocks einfügen: 

(2) Gemäß dem Gesetz betreffend fundierte Bankschuldverschreibungen ist die Emittentin verpflichtet, 

Vermögensobjekte zur Sicherung der Schuldverschreibungen zu bestellen, aus welchen die 

Ansprüche aus den Schuldverschreibungen vorzugsweise befriedigt werden. Gemäß § 1 Abs 9 des 

Gesetzes betreffend fundierte Bankschuldverschreibungen werden die Schuldverschreibungen durch 

den öffentlichen Deckungsstock der Emittentin, welcher hauptsächlich aus Forderungen gegenüber 

oder besichert von öffentlichen Schuldnern gemäß § 1 Abs 5 Z 3 und 4 des Gesetzes betreffend 

fundierte Bankschuldverschreibungen besteht, besichert. Die Höhe der durch die Vermögensobjekte 

bestellten Deckung muss dem Gesetz betreffend fundierte Bankschuldverschreibungen und der 

Satzung der Emittentin entsprechen. Die Emittentin muss die Vermögensobjekte, die zur Sicherung 

der Schuldverschreibungen bestellt werden, einzeln in einem Deckungsregister anführen. 

(3) Im Fall des Konkurses der Emittentin (oder falls die Emittentin aus anderen Gründen den 

Zahlungen bezüglich der fundierten Bankschuldverschreibungen gemäß diesen 

Anleihebedingungen nicht nachkommt) können gemäß dem Gesetz betreffend fundierte 

Bankschuldverschreibungen, der Satzung der Emittentin und diesen Anleihebedingungen die 

Ansprüche der Gläubiger der fundierten Bankschuldverschreibungen aus den 

Vermögensobjekten, wie sie im entsprechenden Deckungsregister angeführt sind, 

vorzugsweise befriedigt werden. Fundierte Bankschuldverschreibungen, die durch den 

öffentlichen Deckungsstock gedeckt sind, haben kein Recht auf vorrangige Befriedigung aus 

dem hypothekarischen Deckungsstock.] 

§ 3 

ZINSEN 

[Im Fall von festverzinslichen Schuldverschreibungen einfügen: 

(1) Zinssatz und Zinszahlungstage. Die Schuldverschreibungen werden bezogen auf ihren 

Gesamtnennbetrag vom [Verzinsungsbeginn einfügen] (einschließlich) bis zum Fälligkeitstag (wie in 

§ 5 (1) definiert) (ausschließlich) mit jährlich [Zinssatz einfügen] % verzinst. Die Zinsen sind 

nachträglich am [Festzinstermin(e) einfügen] eines jeden Jahres zahlbar (jeweils ein 

"Zinszahlungstag"). Die erste Zinszahlung erfolgt am [ersten Zinszahlungstag einfügen] [sofern 

der erste Zinszahlungstag nicht der erste Jahrestag des Verzinsungsbeginns ist einfügen: und 

beläuft sich auf [anfänglichen Bruchteilszinsbetrag für die festgelegte Stückelung einfügen] je 

Schuldverschreibung im Nennbetrag von [die festgelegte Stückelung einfügen]]. [Sofern der 

Fälligkeitstag kein Festzinstermin ist, einfügen: Die Zinsen für den Zeitraum vom [den letzten dem 

Fälligkeitstag vorausgehenden Festzinstermin einfügen] (einschließlich) bis zum Fälligkeitstag 

(ausschließlich) belaufen sich auf [abschließenden Bruchteilszinsbetrag für die festgelegte 

Stückelung einfügen] je Schuldverschreibung im Nennbetrag von [die festgelegte Stückelung 

einfügen]. [Falls Actual/Actual (ICMA) anwendbar ist, einfügen: Die Anzahl der Zinszahlungstage 

im Kalenderjahr (jeweils ein "Feststellungstermin") beträgt [Anzahl der regulären 

Zinszahlungstage im Kalenderjahr einfügen].] 

(2) Auflaufende Zinsen. Der Zinslauf der Schuldverschreibungen endet mit Ablauf des Tages, der 

dem Tag vorangeht, an dem sie zur Rückzahlung fällig werden. Falls die Emittentin die 

Schuldverschreibungen bei Fälligkeit nicht einlöst, erfolgt die Verzinsung des ausstehenden 

Gesamtnennbetrages der Schuldverschreibungen vom Tag der Fälligkeit bis zum Tag der 

tatsächlichen Rückzahlung der Schuldverschreibungen in Höhe des gesetzlich festgelegten Satzes für 

Verzugszinsen 1 . Weitergehende Ansprüche der Gläubiger bleiben unberührt. 

(3) Berechnung der Zinsen für Teile von Zeiträumen. Sofern Zinsen für einen Zeitraum von weniger 

als einem Jahr zu berechnen sind, erfolgt die Berechnung auf der Grundlage des Zinstagequotienten 

(wie nachstehend definiert).] 

1 Der gesetzliche Verzugszinssatz beträgt für das Jahr fünf Prozentpunkte über dem von der Deutsche Bundesbank von Zeit zu 

Zeit veröffentlichten Basiszinssatz, §§ 288 Absatz 1, 247 Absatz 1 BGB.

[Im Fall von variabel verzinslichen Schuldverschreibungen einfügen: 

80 

(1) Zinszahlungstage. (a) Die Schuldverschreibungen werden bezogen auf ihren 

Gesamtnennbetrag vom [Verzinsungsbeginn einfügen] an (der "Verzinsungsbeginn") 

(einschließlich) bis zum ersten Zinszahlungstag (ausschließlich) und danach von jedem 

Zinszahlungstag (einschließlich) bis zum nächstfolgenden Zinszahlungstag (ausschließlich) verzinst. 

Zinsen auf die Schuldverschreibungen sind an jedem Zinszahlungstag zahlbar. 

(b) "Zinszahlungstag" bedeutet 

[(i) im Fall von festgelegten Zinszahlungstagen einfügen: jeder [festgelegte 

Zinszahlungstage einfügen].] 

[(ii) im Fall von festgelegten Zinsperioden einfügen: (soweit diese Bedingungen keine 

abweichenden Bestimmungen vorsehen) jeweils der Tag, der [Zahl einfügen] [Wochen] 

[Monate] [andere festgelegte Zeiträume einfügen] nach dem vorausgehenden 

Zinszahlungstag liegt, oder im Fall des ersten Zinszahlungstages, nach dem 

Verzinsungsbeginn.] 

(c) Fällt ein Zinszahlungstag auf einen Tag, der kein Geschäftstag ist, so wird der Zinszahlungstag 

[(i) bei Anwendung der Modified Following Business Day Convention einfügen: auf den 

nächstfolgenden Geschäftstag verschoben, es sei denn, jener würde dadurch in den nächsten 

Kalendermonat fallen; in diesem Fall wird der Zinszahlungstag auf den unmittelbar 

vorausgehenden Geschäftstag vorgezogen.] 

[(ii) bei Anwendung der FRN Convention einfügen: auf den nächstfolgenden Geschäftstag 

verschoben, es sei denn, jener würde dadurch in den nächsten Kalendermonat fallen; in diesem 

Fall (i) wird der Zinszahlungstag auf den unmittelbar vorausgehenden Geschäftstag vorgezogen 

und (ii) ist jeder nachfolgende Zinszahlungstag der jeweils letzte Geschäftstag des Monats, der 

[[Zahl einfügen] Monate] [andere festgelegte Zeiträume einfügen] nach dem 

vorhergehenden anwendbaren Zinszahlungstag liegt.] 

[(iii) bei Anwendung der Following Business Day Convention einfügen: auf den 

nächstfolgenden Geschäftstag verschoben.] 

[(iv) bei Anwendung der Preceding Business Day Convention einfügen: auf den 

unmittelbar vorausgehenden Geschäftstag vorgezogen.] 

[(v) bei Nichtanpassung des Zinszahlungstages einfügen: nicht angepasst.] 

(d) In diesem § 3 bezeichnet "Geschäftstag" einen Tag [(außer einem Samstag oder Sonntag), an 

dem Geschäftsbanken allgemein für Geschäfte in [sämtliche relevanten Finanzzentren 

einfügen] geöffnet sind und Devisenmärkte Zahlungen in [sämtliche relevanten 

Finanzzentren einfügen] abwickeln] [falls die festgelegte Währung Euro ist, einfügen: 

[und] an dem das Clearing System sowie alle betroffenen Bereiche des Trans-European 

Automated Real-time Gross Settlement Express Transfer System 2 (TARGET2) ("TARGET2") 

betriebsbereit sind, um die betreffende Zahlung abzuwickeln]. 

(2) Zinssatz. [Bei Bildschirmfeststellung einfügen: 

[im Falle von variabel verzinslichen Schuldverschreibungen, die nicht Constant Maturity Swap 

("CMS") variabel verzinsliche Schuldverschreibungen sind, einfügen: Der Zinssatz (der 

"Zinssatz") für jede Zinsperiode (wie nachstehend definiert) ist, sofern nachstehend nichts 

Abweichendes bestimmt wird, der Angebotssatz (ausgedrückt als Prozentsatz per annum) für Einlagen in 

der festgelegten Währung für die jeweilige Zinsperiode (der "[maßgebliche Anzahl von Monaten 

einfügen]-Monats-[EURIBOR][EURO-LIBOR][LIBOR][zutreffenden anderen Angebotssatz 

einfügen]"), der auf der Bildschirmseite am Zinsfestlegungstag (wie nachstehend definiert) gegen 

11.00 Uhr [Brüsseler] [Londoner] [zutreffenden anderen Ort einfügen] Ortszeit) angezeigt wird [im 

Fall einer Marge einfügen: [zuzüglich] [abzüglich] der Marge (wie nachstehend definiert)], wobei alle 

Festlegungen durch die Berechnungsstelle erfolgen.] 

[im Fall von CMS variabel verzinsliche Schuldverschreibungen einfügen: Der Zinssatz (der 

"Zinssatz") für jede Zinsperiode (wie nachstehend definiert) ist, sofern nachstehend nichts 

Abweichendes bestimmt wird, der [maßgebliche Anzahl von Jahren einfügen]-Jahres-Swapsatz

81 

(der mittlere Swapsatz gegen den 6-Monats EURIBOR, ausgedrückt als Prozentsatz per annum) (der 

"[maßgebliche Anzahl von Jahren einfügen]-Jahres-Swapsatz"), der auf der Bildschirmseite am 

Zinsfestlegungstag (wie nachstehend definiert) gegen 11.00 Uhr [(Frankfurter Ortszeit)][zutreffenden 

anderen Ort einfügen] angezeigt wird, multipliziert mit [Faktor einfügen]], wobei alle Festlegungen 

durch die Berechnungsstelle erfolgen.] 

"Zinsperiode" ist jeweils der Zeitraum von dem Verzinsungsbeginn (einschließlich) bis zum ersten 

Zinszahlungstag (ausschließlich) und von jedem Zinszahlungstag (einschließlich) bis zum jeweils 

darauffolgenden Zinszahlungstag (ausschließlich). 

[Im Fall einer Marge einfügen: Die "Marge" beträgt [] % per annum.] 

"Zinsfestlegungstag" ist der [zweite] [zutreffende andere Zahl von Tagen einfügen] [Londoner] 

[TARGET] [zutreffenden anderen Ort einfügen] Geschäftstag vor [Beginn] [Ende] der jeweiligen 

Zinsperiode. ["[Londoner] [zutreffenden anderen Ort einfügen] Geschäftstag" ist ein Tag (außer 

einem Samstag oder Sonntag), an dem Geschäftsbanken in [London] [zutreffenden anderen Ort 

einfügen] für Geschäfte (einschließlich Devisen- und Sortengeschäfte) geöffnet sind.] ["TARGET 

Geschäftstag" ist ein Tag (außer einem Samstag oder Sonntag), an dem alle betroffenen Bereiche 

von dem Trans-European Automated Real-time Gross Settlement Express Transfer System 2 

(TARGET2) ("TARGET2") betriebsbereit sind.] 

"Bildschirmseite" bedeutet [Bildschirmseite einfügen] oder die jeweilige Nachfolgeseite, die vom 

selben System angezeigt wird oder aber von einem anderen System, das zum Vertreiber von 

Informationen zum Zwecke der Anzeige von Sätzen oder Preisen ernannt wurde, die dem 

betreffenden Angebotssatz vergleichbar sind. 

[Falls der Gebrauch einer anderen Basis zur Bestimmung eines Referenzsatzes vereinbart 

wird, werden vollständige Einzelheiten dieser Basis in den betreffenden Endgültigen 

Bedingungen ausgeführt sein.] 

[Im Fall von variabel verzinslichen Schuldverschreibungen, die nicht CMS variabel verzinsliche 

Schuldverschreibungen sind, einfügen: 

Sollte die maßgebliche Bildschirmseite nicht zur Verfügung stehen oder wird zu der genannten Zeit 

kein Angebotssatz angezeigt, wird die Berechnungsstelle von den [Londoner] [zutreffenden anderen 

Ort einfügen] Hauptniederlassungen jeder der Referenzbanken (wie nachstehend definiert) deren 

jeweilige Angebotssätze (jeweils als Prozentsatz per annum ausgedrückt) für Einlagen in der 

festgelegten Währung für die betreffende Zinsperiode und über einen repräsentativen Betrag 

gegenüber führenden Banken im [Londoner] Interbanken-Markt [in der Euro-Zone] um ca. 11.00 Uhr 

([Londoner] [Brüsseler] Ortszeit) am Zinsfestlegungstag anfordern. Falls zwei oder mehr der 

ausgewählten Referenzbanken der Berechnungsstelle solche Angebotssätze nennen, ist der Zinssatz 

für die betreffende Zinsperiode das arithmetische Mittel dieser Angebotssätze (falls erforderlich, auf- 

oder abgerundet auf das nächste ein [falls der Referenzsatz EURIBOR ist, einfügen: Tausendstel 

Prozent, wobei 0,0005] [falls der Referenzsatz nicht EURIBOR ist, einfügen: Hunderttausendstel 

Prozent, wobei 0,000005] aufgerundet wird) [im Fall einer Marge einfügen: [zuzüglich] [abzüglich] 

der Marge]. 

Falls an einem Zinsfestlegungstag nur eine oder keine der ausgewählten Referenzbanken der 

Berechnungsstelle solche im vorstehenden Absatz beschriebenen Angebotssätze nennt, ist der 

Zinssatz für die betreffende Zinsperiode der Satz per annum, den die Berechnungsstelle als das 

arithmetische Mittel (falls erforderlich, auf- oder abgerundet auf das nächste ein [falls der 

Referenzsatz EURIBOR ist, einfügen: Tausendstel Prozent, wobei 0,0005] [falls der Referenzsatz 

nicht EURIBOR ist, einfügen: Hunderttausendstel Prozent, wobei 0,000005] aufgerundet wird) der 

Angebotssätze ermittelt, die von der Berechnungsstelle in angemessener Sorgfalt ausgewählte 

Großbanken im [Londoner] [zutreffenden anderen Ort einfügen] Interbanken-Markt [in der Euro- 

Zone] der Berechnungsstelle auf ihre Anfrage als den jeweiligen Satz nennen, zu dem sie um ca. 

11.00 Uhr ([Londoner] [Brüsseler] [zutreffenden anderen Ort einfügen] Ortszeit) am betreffenden 

Zinsfestlegungstag Darlehen in der festgelegten Währung für die betreffende Zinsperiode und über 

einen repräsentativen Betrag gegenüber führenden europäischen Banken anbieten [im Falle einer 

Marge einfügen: [zuzüglich] [abzüglich] der Marge]. 

[Im Fall des Interbankenmarktes in der Euro-Zone einfügen: "Euro-Zone" bezeichnet das Gebiet

82 

derjenigen Mitgliedstaaten der Europäischen Union, die gemäß dem Vertrag über die Gründung der 

Europäischen Gemeinschaft (unterzeichnet in Rom am 25. März 1957), geändert durch den Vertrag 

über die Europäische Union (unterzeichnet in Maastricht am 7. Februar 1992), den Amsterdamer 

Vertrag vom 2. Oktober 1997 und den Vertrag von Lissabon vom 13. Dezember 2007, in seiner 

jeweiligen Fassung, eine einheitliche Währung eingeführt haben oder jeweils eingeführt haben 

werden.] 

"Referenzbanken" bezeichnet [falls in den Endgültigen Bedingungen keine anderen 

Referenzbanken bestimmt werden, einfügen: vier Großbanken im [Londoner] [zutreffenden 

anderen Ort einfügen] Interbanken-Markt [in der Euro-Zone]. [Falls in den Endgültigen 

Bedingungen andere Referenzbanken bestimmt werden, sind sie hier einzufügen]] 

[Im Fall von CMS variabel verzinslichen Schuldverschreibungen einfügen: 

Sollte die maßgebliche Bildschirmseite nicht zur Verfügung stehen oder wird zu der genannten Zeit kein 

[10-] [andere Zahl von Jahren einfügen]Jahres-Swapsatz angezeigt, wird die Berechnungsstelle 

von den Referenzbanken (wie nachstehend definiert) deren jeweilige [10-][andere Zahl von Jahren 

einfügen]Jahres-Swapsätze gegenüber führenden Banken im Interbanken-Swapmarkt in der Euro- 

Zone (um ca. 11.00 Uhr [(Frankfurter Ortszeit)][zutreffenden anderen Ort einfügen] am 

Zinsfestlegungstag anfordern. Falls zwei oder mehr Referenzbanken der Berechnungsstelle solche 

[10-]Jahres-Swapsätze nennen, ist der Zinssatz für die betreffende Zinsperiode das arithmetische 

Mittel (falls erforderlich, auf- oder abgerundet auf das nächste ein Tausendstel Prozent, wobei 0,0005 

aufgerundet wird) dieser [10-][andere Zahl von Jahren einfügen]Jahres-Swapsätze, multipliziert mit 

[Faktor einfügen], wobei alle Festlegungen durch die Berechnungsstelle erfolgen. 

Falls an einem Zinsfestlegungstag nur eine oder keine der Referenzbanken der Berechnungsstelle 

solche im vorstehenden Absatz beschriebenen [10-][andere Zahl von Jahren einfügen]Jahres- 

Swapsätze nennt, ist der Zinssatz für die betreffende Zinsperiode der Satz per annum, den die 

Berechnungsstelle als das arithmetische Mittel (falls erforderlich, auf- oder abgerundet auf das 

nächste ein Tausendstel Prozent, wobei 0,0005 aufgerundet wird) der [10-][andere Zahl von Jahren 

einfügen]Jahres-Swapsätze ermittelt, die die Referenzbanken bzw. zwei oder mehrere von ihnen der 

Berechnungsstelle auf deren Anfrage als den jeweiligen Satz nennen, zu dem ihnen um ca. 11.00 Uhr 

[(Frankfurter Ortszeit)][zutreffenden anderen Ort einfügen] an dem betreffenden Zinsfestlegungstag 

von führenden Banken im Interbanken-Swapmarkt in der Euro-Zone angeboten werden, multipliziert 

mit [Faktor einfügen]; falls weniger als zwei der Referenzbanken der Berechnungsstelle solche [10- 

][andere Zahl von Jahren einfügen]Jahres-Swapsätze nennen, dann soll der Zinssatz für die 

betreffende Zinsperiode der [10-]Jahres-Swapsatz oder das arithmetische Mittel (gerundet wie oben 

beschrieben) der [10-]Jahres-Swapsätze sein, den bzw. die eine oder mehrere Banken (die nach 

Ansicht der Berechnungsstelle und der Emittentin für diesen Zweck geeignet sind) der 

Berechnungsstelle als Sätze bekannt geben, die sie an dem betreffenden Zinsfestlegungstag 

gegenüber führenden Banken am Interbanken-Swapmarkt in der Euro-Zone nennen (bzw. den diese 

Banken gegenüber der Berechnungsstelle nennen), multipliziert mit [Faktor einfügen]. Für den Fall, 

dass der Zinssatz nicht gemäß den vorstehenden Bestimmungen dieses Absatzes ermittelt werden 

kann, ist der Zinssatz der [10-][andere Zahl von Jahren einfügen]Jahres-Swapsatz oder das 

arithmetische Mittel der [10-][andere Zahl von Jahren einfügen]Jahres-Swapsätze auf der 

Bildschirmseite, wie vorstehend beschrieben, an dem letzten Tag vor dem Zinsfestlegungstag, an dem 

die [10-][andere Zahl von Jahren einfügen]Jahres-Swapsätze angezeigt wurden, multipliziert mit 

[Faktor einfügen]. 

"Referenzbanken" bezeichnen diejenigen Niederlassungen von mindestens vier derjenigen Banken 

im Swapmarkt, deren [10-][andere Zahl von Jahren einfügen]Jahres-Swapsätze zur Ermittlung des 

maßgeblichen [10-][andere Zahl von Jahren einfügen]Jahres-Swapsatz zu dem Zeitpunkt benutzt 

wurden, als solch ein [10-][andere Zahl von Jahren einfügen]Jahres-Swapsatz letztmals auf der 

maßgeblichen Bildschirmseite angezeigt wurde.] 

[Wenn der Referenzsatz ein anderer als LIBOR oder EURIBOR ist, sind die entsprechenden 

Einzelheiten anstelle der Bestimmungen dieses Absatzes 2 einzufügen] 

[Sofern ISDA-Feststellung gelten soll, sind die entsprechenden Bestimmungen einzufügen und 

die von der International Swaps and Derivatives Association, Inc., veröffentlichten 2000 ISDA 

Definitionen oder, falls anwendbar, die 2006 ISDA Definitionen beizufügen.]

83 

[Sofern eine andere Methode der Feststellung anwendbar ist, sind die entsprechenden 

Einzelheiten anstelle der Bestimmungen dieses Absatzes 2 hier und in den betreffenden 

Endgültigen Bedingungen einzufügen] 

[Falls ein Mindest- und/oder Höchstzinssatz gilt, einfügen: 

(3) [Mindest-] [und] [Höchst-] Zinssatz. 

[Falls ein Mindestzinssatz gilt einfügen: Wenn der gemäß den obigen Bestimmungen für eine 

Zinsperiode ermittelte Zinssatz niedriger ist als [Mindestzinssatz einfügen], so ist der Zinssatz für 

diese Zinsperiode [Mindestzinssatz einfügen].] 

[Falls ein Höchstzinssatz gilt: Wenn der gemäß den obigen Bestimmungen für eine Zinsperiode 

ermittelte Zinssatz höher ist als [Höchstzinssatz einfügen], so ist der Zinssatz für diese Zinsperiode 

[Höchstzinssatz einfügen].]] 

[(4)] Zinsbetrag. Die Berechnungsstelle wird zu oder baldmöglichst nach jedem Zeitpunkt, an dem 

der Zinssatz zu bestimmen ist, den Zinssatz bestimmen und den auf die Schuldverschreibungen 

zahlbaren Zinsbetrag in Bezug auf die festgelegte Stückelung (der "Zinsbetrag") für die 

entsprechende Zinsperiode berechnen. Der Zinsbetrag wird ermittelt, indem der Zinssatz und der 

Zinstagequotient (wie nachstehend definiert) auf jede festgelegte Stückelung angewendet werden, 

wobei der resultierende Betrag auf die kleinste Einheit der festgelegten Währung auf- oder abgerundet 

wird, wobei 0,5 solcher Einheiten aufgerundet werden. 

[(5)] Mitteilung von Zinssatz und Zinsbetrag. Die Berechnungsstelle wird veranlassen, dass der 

Zinssatz, der Zinsbetrag für die jeweilige Zinsperiode, die jeweilige Zinsperiode und der relevante 

Zinszahlungstag der Emittentin [im Fall von Schuldverschreibungen, die an einer Börse notiert 

sind, einfügen:, der Zahlstelle(n)] sowie den Gläubigern gemäß § [14] baldmöglichst, aber keinesfalls 

später als am vierten auf die Berechnung jeweils folgenden [Londoner] [TARGET] [zutreffenden 

anderen Ort einfügen] Geschäftstag (wie in § 3 (2) definiert) und jeder Börse, an der die 

betreffenden Schuldverschreibungen zu diesem Zeitpunkt notiert sind und deren Regeln eine 

Mitteilung an die Börse verlangen, baldmöglichst nach der Bestimmung, aber keinesfalls später als zu 

Beginn der jeweiligen Zinsperiode mitgeteilt werden. Im Fall einer Verlängerung oder Verkürzung der 

Zinsperiode können der mitgeteilte Zinsbetrag und Zinszahlungstag ohne Vorankündigung 

nachträglich angepasst (oder andere geeignete Anpassungsregelungen getroffen) werden. Jede 

solche Anpassung wird umgehend allen Börsen, an denen die Schuldverschreibungen zu diesem 

Zeitpunkt notiert sind [im Fall von Schuldverschreibungen, die an einer Börse notiert sind, 

einfügen:, der Zahlstelle(n)], sowie den Gläubigern gemäß § [14] mitgeteilt. 

[(6)] Verbindlichkeit der Festsetzungen. Alle Bescheinigungen, Mitteilungen, Gutachten, 

Festsetzungen, Berechnungen, Quotierungen und Entscheidungen, die von der Berechnungsstelle für 

die Zwecke dieses § 3 gemacht, abgegeben, getroffen oder eingeholt werden, sind (sofern nicht ein 

offensichtlicher Irrtum vorliegt) für die Emittentin, die Emissionsstelle [, die Zahlstelle(n)] und die 

Gläubiger bindend. 

[(7)] Auflaufende Zinsen. Der Zinslauf der Schuldverschreibungen endet mit Ablauf des Tages, der 

dem Tag vorangeht, an dem sie zur Rückzahlung fällig werden. Sollte die Emittentin die 

Schuldverschreibungen bei Fälligkeit nicht einlösen, endet die Verzinsung des ausstehenden 

Gesamtnennbetrags der Schuldverschreibungen nicht am Fälligkeitstag, sondern erst mit der 

tatsächlichen Rückzahlung der Schuldverschreibungen. Die Verzinsung des ausstehenden 

Gesamtnennbetrages erfolgt vom Tag der Fälligkeit an (einschließlich) bis zum Tag der Rückzahlung 

der Schuldverschreibungen (ausschließlich) in Höhe des gesetzlich festgelegten Satzes für 

Verzugszinsen 1 . Weitergehende Ansprüche der Gläubiger bleiben unberührt.] 

[Im Fall von Nullkupon-Schuldverschreibungen einfügen: 

(1) Keine periodischen Zinszahlungen. Es erfolgen keine periodischen Zinszahlungen auf die 

Schuldverschreibungen. 

(2) Auflaufende Zinsen. Sollte die Emittentin die Schuldverschreibungen bei Fälligkeit nicht 



84 

einlösen, fallen auf den ausstehenden Gesamtnennbetrag der Schuldverschreibungen ab dem 

Fälligkeitstag bis zum Tag der tatsächlichen Rückzahlung Zinsen in Höhe des gesetzlich festgelegten 

Satzes für Verzugszinsen an 1 . Weitergehende Ansprüche der Gläubiger bleiben unberührt.] 

[Im Fall von anderen strukturierten variabel verzinslichen Schuldverschreibungen, 

einschließlich Inverse Floater und Festzins/variabel verzinsliche Schuldverschreibungen, 

anwendbare Bestimmungen hier einfügen] 

[Im Fall von Doppelwährungs-Schuldverschreibungen, anwendbare Bestimmungen hier 

einfügen] 

[Im Fall von Raten-Schuldverschreibungen, anwendbare Bestimmungen hier einfügen] 

[Im Fall von indexierten Schuldverschreibungen, anwendbare Bestimmungen hier einfügen] 

[Im Fall von Equity Linked Notes, anwendbare Bestimmungen hier einfügen] 

[Im Fall von anderen Schuldverschreibungen anwendbare Bestimmungen hier einfügen] 

[()] Zinstagequotient. "Zinstagequotient" bezeichnet im Hinblick auf die Berechnung des 

Zinsbetrages auf eine Schuldverschreibung für einen beliebigen Zeitraum (der 

"Zinsberechnungszeitraum"): 

[Im Falle von festverzinslichen Schuldverschreibungen, falls Actual/Actual (ICMA) anwendbar 

ist, einfügen: 

(i) wenn der Zinsberechnungszeitraum (einschließlich des ersten aber ausschließlich des letzten 

Tages dieser Periode) kürzer ist als die Feststellungsperiode, in die das Ende des 

Zinsberechnungszeitraumes fällt oder ihr entspricht, die Anzahl der Tage in dem betreffenden 

Zinsberechnungszeitraum (einschließlich des ersten aber ausschließlich des letzten Tages 

dieser Periode) geteilt durch das Produkt (1) der Anzahl der Tage in der Feststellungsperiode 

und (2) der Anzahl der Feststellungstermine (wie in § 3 (1) angegeben) in einem Kalenderjahr; 

oder 

(ii) wenn der Zinsberechnungszeitraum (einschließlich des ersten aber ausschließlich des letzten 

Tages dieser Periode) länger ist als die Feststellungsperiode, in die das Ende des 

Zinsberechnungszeitraumes fällt, die Summe (A) der Anzahl der Tage in dem 

Zinsberechnungszeitraum, die in die Feststellungsperiode fallen, in welcher der 

Zinsberechnungszeitraum beginnt, geteilt durch das Produkt (1) der Anzahl der Tage in dieser 

Feststellungsperiode (2) der Anzahl der Feststellungstermine (wie in § 3 (1) angegeben) in 

einem Kalenderjahr und (B) der Anzahl der Tage in dem Zinsberechnungszeitraum, die in die 

nächste Feststellungsperiode fallen, geteilt durch das Produkt (1) der Anzahl der Tage in dieser 

Feststellungsperiode und (2) der Anzahl der Feststellungstermine (wie in § 3 (1) angegeben) in 

einem Kalenderjahr. 

"Feststellungsperiode" ist die Periode ab einem Feststellungstermin (einschließlich desselben) bis 

zum nächsten Feststellungstermin (ausschließlich desselben).] 

[Im Falle von Actual/365 oder Actual/Actual (ISDA) einfügen: die tatsächliche Anzahl von Tagen 

im Zinsberechnungszeitraum dividiert durch 365 (oder, falls ein Teil dieses 

Zinsberechnungszeitraumes in ein Schaltjahr fällt, die Summe aus (A) der tatsächlichen Anzahl der in 

das Schaltjahr fallenden Tage des Zinsberechnungszeitraumes, dividiert durch 366, und (B) die 

tatsächliche Anzahl der nicht in das Schaltjahr fallenden Tage des Zinsberechnungszeitraums, 

dividiert durch 365).] 

[Im Falle von Actual/365 (Fixed) einfügen: die tatsächliche Anzahl von Tagen im 

Zinsberechnungszeitraum dividiert durch 365.] 

[Im Falle von Actual/360 einfügen: die tatsächliche Anzahl von Tagen im Zinsberechnungszeitraum 

dividiert durch 360.] 

[Im Falle von 30/360, 360/360 oder Bond Basis einfügen: die Anzahl von Tagen im 



85 

Zinsberechnungszeitraum dividiert durch 360 (dabei ist die Anzahl der Tage auf der Grundlage eines 

Jahres von 360 Tagen mit zwölf Monaten zu je 30 Tagen zu ermitteln (es sei denn, (A) der letzte Tag 

des Zinsberechnungszeitraums fällt auf den 31. Tag eines Monates, während der erste Tag des 

Zinsberechnungszeitraumes weder auf den 30. noch auf den 31. Tag eines Monats fällt, wobei in 

diesem Fall der diesen Tag enthaltende Monat nicht als ein auf 30 Tage gekürzter Monat zu 

behandeln ist, oder (B) der letzte Tag des Zinsberechnungszeitraumes fällt auf den letzten Tag des 

Monats Februar, wobei in diesem Fall der Monat Februar nicht als ein auf 30 Tage verlängerter Monat 

zu behandeln ist)).] 

[Im Falle von 30E/360 oder Eurobond Basis einfügen: die Anzahl der Tage im 

Zinsberechnungszeitraum dividiert durch 360 (dabei ist die Anzahl der Tage auf der Grundlage eines 

Jahres von 360 Tagen mit 12 Monaten zu 30 Tagen zu ermitteln, und zwar ohne Berücksichtigung des 

ersten oder letzten Tages des Zinsberechnungszeitraumes, es sei denn, dass im Falle einer am 

Fälligkeitstag endenden Zinsperiode der Fälligkeitstag der letzte Tag des Monats Februar ist, in 

welchem Fall der Monat Februar als nicht auf einem Monat zu 30 Tagen verlängert gilt).] 

§ 4 

ZAHLUNGEN 

(1) [(a)] Zahlungen von Kapital. Zahlungen von Kapital in Bezug auf die Schuldverschreibungen 

erfolgen nach Maßgabe des nachstehenden Absatzes (2) an das Clearing System oder dessen Order 

zur Gutschrift auf den Konten der jeweiligen Kontoinhaber des Clearing Systems gegen Vorlage und 

(außer im Fall von Teilzahlungen) Einreichung der die Schuldverschreibungen zum Zeitpunkt der 

Zahlung verbriefenden Globalurkunde bei der bezeichneten Geschäftsstelle der Emissionsstelle 

außerhalb der Vereinigten Staaten. 

[Im Fall von Schuldverschreibungen, die keine Nullkupon-Schuldverschreibungen sind, 

einfügen: 

(b) Zahlung von Zinsen. Die Zahlung von Zinsen auf Schuldverschreibungen erfolgt nach Maßgabe 

von Absatz (2) an das Clearing System oder dessen Order zur Gutschrift auf den Konten der 

jeweiligen Kontoinhaber des Clearing Systems. Zinszahlungen erfolgen nur außerhalb der Vereinigten 

Staaten. 

[Im Fall von Zinszahlungen auf eine vorläufige Globalurkunde einfügen: Die Zahlung von Zinsen 

auf Schuldverschreibungen, die durch die vorläufige Globalurkunde verbrieft sind, erfolgt nach 

Maßgabe von Absatz 2 an das Clearing System oder dessen Order zur Gutschrift auf den Konten der 

jeweiligen Kontoinhaber des Clearing Systems, und zwar nach ordnungsgemäßer Bescheinigung 

gemäß § 1 (3)(b).]] 

[Im Fall von Kurzfristigen Nachrangigen Schuldverschreibungen einfügen: Zahlungen von 

Kapital oder Zinsen dürfen nur geleistet werden, wenn dadurch die anrechenbaren Eigenmittel der 

Emittentin nicht unter 100 % des Eigenmittelerfordernisses gemäß § 22 Absatz 1 Ziffer 1 bis 4 BWG 

absinken.] 

(2) Zahlungsweise. Vorbehaltlich geltender steuerlicher und sonstiger gesetzlicher Regelungen und 

Vorschriften erfolgen zu leistende Zahlungen auf die Schuldverschreibungen [festgelegte Währung 

einfügen] [bei Doppelwährungsanleihen entsprechende Währungen/ Wechselkursformeln 

einfügen]. 

(3) Vereinigte Staaten. Für die Zwecke des [im Fall von TEFRA D Schuldverschreibungen 

einfügen: § 1 (3) und des] Absatzes (1) dieses § 4 bezeichnet "Vereinigte Staaten" die Vereinigten 

Staaten von Amerika (einschließlich deren Bundesstaaten und des District of Columbia) sowie deren 

Territorien (einschließlich Puerto Ricos, der U.S. Virgin Islands, Guam, American Samoa, Wake Island 

und Northern Mariana Islands). 

(4) Erfüllung. Die Emittentin wird durch Leistung der Zahlung an das Clearing System oder dessen 

Order von ihrer Zahlungspflicht befreit. 

(5) Zahltag. Fällt der Fälligkeitstag einer Zahlung in Bezug auf eine Schuldverschreibung auf einen 

Tag, der kein Zahltag ist, dann hat der Gläubiger keinen Anspruch auf Zahlung vor dem nächsten 

Zahltag und ist nicht berechtigt, weitere Zinsen oder sonstige Zahlungen aufgrund dieser Verspätung 

zu verlangen. Für diese Zwecke bezeichnet "Zahltag" [einen Tag (außer einem Samstag oder

86 

Sonntag), an dem Geschäftsbanken allgemein für Geschäfte in [sämtliche relevanten 

Finanzzentren einfügen] geöffnet sind und Devisenmärkte Zahlungen in [sämtliche relevanten 

Finanzzentren einfügen] abwickeln] [falls die festgelegte Währung Euro ist, einfügen: [und] einen 

Tag an dem das Clearing System sowie alle betroffenen Bereiche des Trans-European Automated 

Real-time Gross Settlement Express Transfer System 2 (TARGET2) ("TARGET2") betriebsbereit sind, 

um die betreffende Zahlung abzuwickeln]. 

(6) Bezugnahmen auf Kapital und Zinsen. Bezugnahmen in diesen Bedingungen auf Kapital der 

Schuldverschreibungen schließen, soweit anwendbar, die folgenden Beträge ein: den 

Rückzahlungsbetrag der Schuldverschreibungen; den vorzeitigen Rückzahlungsbetrag der 

Schuldverschreibungen; [falls die Emittentin das Wahlrecht hat, die Schuldverschreibungen aus 

anderen als steuerlichen Gründen vorzeitig zurückzuzahlen, einfügen: den Wahl- 

Rückzahlungsbetrag (Call) der Schuldverschreibungen;] [falls der Gläubiger ein Wahlrecht hat, die 

Schuldverschreibungen vorzeitig zu kündigen, einfügen: den Wahl-Rückzahlungsbetrag (Put) der 

Schuldverschreibungen;] [im Fall von Nullkupon-Schuldverschreibungen einfügen: den 

Amortisationsbetrag der Schuldverschreibungen;] [im Fall von Raten-Schuldverschreibungen 

einfügen: die auf die Schuldverschreibungen anwendbare(n) Rate(n);] sowie jeden Aufschlag sowie 

sonstige auf oder in Bezug auf die Schuldverschreibungen zahlbaren Beträge. Bezugnahmen in 

diesen Bedingungen auf Zinsen auf Schuldverschreibungen sollen, soweit anwendbar, sämtliche 

gemäß § 7 zahlbaren zusätzlichen Beträge einschließen. 

(7) Hinterlegung von Kapital und Zinsen. Die Emittentin ist berechtigt, beim Amtsgericht Frankfurt 

am Main Zins- oder Kapitalbeträge zu hinterlegen, die von den Gläubigern nicht innerhalb von zwölf 

Monaten nach dem Fälligkeitstag beansprucht worden sind, auch wenn die Gläubiger sich nicht in 

Annahmeverzug befinden. Soweit eine solche Hinterlegung erfolgt, und auf das Recht der Rücknahme 

verzichtet wird, erlöschen die Ansprüche der Gläubiger gegen die Emittentin. 

(1) Rückzahlung bei Endfälligkeit. 

§ 5 

RÜCKZAHLUNG 

[Im Fall von Schuldverschreibungen, die keine Raten-Schuldverschreibungen sind, einfügen: 

Soweit nicht zuvor bereits ganz oder teilweise zurückgezahlt oder angekauft und entwertet, werden 

die Schuldverschreibungen zu ihrem Rückzahlungsbetrag am [im Fall eines festgelegten 

Rückzahlungstages, Rückzahlungstag einfügen] [im Fall eines Rückzahlungsmonats einfügen: 

in den [Rückzahlungsmonat einfügen] fallenden Zinszahlungstag] (der "Fälligkeitstag") 

zurückgezahlt. Der Rückzahlungsbetrag in Bezug auf jede Schuldverschreibung entspricht [falls die 

Schuldverschreibungen zu ihrem Nennbetrag zurückgezahlt werden, einfügen: dem Nennbetrag 

der Schuldverschreibungen] [ansonsten den Rückzahlungsbetrag für die jeweilige festgelegte 

Stückelung einfügen].] 

[Falls die Laufzeit der Schuldverschreibungen verlängert werden soll (Extendable 

Schuldverschreibungen), anwendbare Bestimmungen hier einfügen] 

[Im Fall von Raten-Schuldverschreibungen einfügen: Soweit nicht zuvor bereits ganz oder 

teilweise zurückgezahlt oder angekauft und entwertet, werden die Schuldverschreibungen an dem/den 

nachstehenden Ratenzahlungstermin(en) zu der/den folgenden Rate(n) zurückgezahlt: 

Ratenzahlungstermin(e) Rate(n) 

[Ratenzahlungstermin(e) einfügen] [Rate(n) einfügen] 

[ ] [ ] 

[ ] [ ] 

[Im Fall von Schuldverschreibungen, bei denen ein Ausgleich für Quellensteuern vorgesehen 

ist, einfügen: 

(2) Vorzeitige Rückzahlung aus steuerlichen Gründen. Die Schuldverschreibungen können 

insgesamt, jedoch nicht teilweise, nach Wahl der Emittentin mit einer Kündigungsfrist von nicht 

weniger als 30 und nicht mehr als 60 Tagen gegenüber der Emissionsstelle und gemäß § [14]

87 

gegenüber den Gläubigern vorzeitig gekündigt und zu ihrem vorzeitigen Rückzahlungsbetrag (wie 

nachstehend in § 5 [(5)] definiert) zuzüglich bis zum für die Rückzahlung festgesetzten Tag 

aufgelaufener Zinsen zurückgezahlt werden, falls die Emittentin als Folge einer Änderung oder 

Ergänzung der Steuer- oder Abgabengesetze und -vorschriften der Republik Österreich oder deren 

politischen Untergliederungen oder Steuerbehörden oder als Folge einer Änderung oder Ergänzung 

der Anwendung oder der offiziellen Auslegung dieser Gesetze und Vorschriften (vorausgesetzt diese 

Änderung oder Ergänzung wird am oder nach dem Tag, an dem die letzte Tranche dieser Serie von 

Schuldverschreibungen begeben wird, wirksam) [im Fall von Schuldverschreibungen, die nicht 

Nullkupon-Schuldverschreibungen sind, einfügen: am nächstfolgenden Zinszahlungstag (wie in § 

3 (1) definiert)] [im Fall von Nullkupon-Schuldverschreibungen einfügen: bei Fälligkeit oder im 

Fall des Kaufs oder Tauschs einer Schuldverschreibung] zur Zahlung von zusätzlichen Beträgen (wie 

in § 7 dieser Bedingungen definiert) verpflichtet sein wird und diese Verpflichtung nicht durch das 

Ergreifen vernünftiger der Emittentin zur Verfügung stehender Maßnahmen vermieden werden kann. 

Eine solche Kündigung darf allerdings nicht (i) früher als 90 Tage vor dem frühestmöglichen Termin 

erfolgen, an dem die Emittentin verpflichtet wäre, solche zusätzlichen Beträge zu zahlen, falls eine 

Zahlung auf die Schuldverschreibungen dann fällig sein würde, oder (ii) erfolgen, wenn zu dem 

Zeitpunkt, zu dem die Kündigung erfolgt, die Verpflichtung zur Zahlung von zusätzlichen Beträgen 

nicht mehr wirksam ist. [Im Fall von variabel verzinslichen Schuldverschreibungen einfügen: Der 

für die Rückzahlung festgelegte Termin muss ein Zinszahlungstag sein.] 

[Im Fall von Nachrangigen Schuldverschreibungen und Kurzfristigen Nachrangigen 

Schuldverschreibungen einfügen: Eine solche Kündigung wird nur dann erfolgen, wenn die 

Emittentin der Finanzmarktaufsichtsbehörde nachgewiesen hat, dass der Nennbetrag der so 

zurückzuzahlenden Schuldverschreibung zuvor durch die Begebung von Kapital zumindest gleicher 

Eigenmittelqualität ersetzt wurde.] 

Eine solche Kündigung hat gemäß § [14] zu erfolgen. Sie ist unwiderruflich, muss den für die 

Rückzahlung festgelegten Termin nennen und eine zusammenfassende Erklärung enthalten, welche 

die das Rückzahlungsrecht der Emittentin begründenden Umstände darlegt.] 

[Falls die Emittentin das Wahlrecht hat, die Schuldverschreibungen vorzeitig zurückzuzahlen, 

einfügen: 

[(3)] Vorzeitige Rückzahlung nach Wahl der Emittentin. 

(a) Die Emittentin kann, nachdem sie gemäß Absatz (b) gekündigt hat, die Schuldverschreibungen 

insgesamt oder teilweise am/an den Wahl-Rückzahlungstag(en) (Call) zum/zu den Wahl- 

Rückzahlungsbetrag/beträgen (Call), wie nachstehend angegeben, nebst etwaigen bis zum 

Wahl-Rückzahlungstag (Call) (ausschließlich) aufgelaufenen Zinsen zurückzahlen. [Bei 

Geltung eines Mindestrückzahlungsbetrages oder eines erhöhten Rückzahlungsbetrages 

einfügen: Eine solche Rückzahlung muss in Höhe eines Nennbetrages von [mindestens 

[Mindestrückzahlungsbetrag einfügen]] [erhöhter Rückzahlungsbetrag] erfolgen.] 

Wahl-Rückzahlungstag(e) Call Wahl-Rückkzahlungsbetrag/beträge (Call) 

[Wahl-Rückzahlungstag(e) einfügen] [Wahl-Rückzahlungsbetrag/beträge 

einfügen] 

[ ] [ ] 

[ ] [ ] 

[Falls der Gläubiger ein Wahlrecht hat, die Schuldverschreibungen vorzeitig zu kündigen, 

einfügen: Der Emittentin steht dieses Wahlrecht nicht in Bezug auf eine Schuldverschreibung zu, 

deren Rückzahlung bereits der Gläubiger in Ausübung seines Wahlrechts nach Absatz (4) dieses § 5 

verlangt hat.] 

(b) Die Kündigung durch die Emittentin ist den Gläubigern der Schuldverschreibungen durch die 

Emittentin gemäß § [14] bekannt zu geben. Sie beinhaltet die folgenden Angaben: 

(i) die zurückzuzahlende Serie von Schuldverschreibungen; 

(ii) eine Erklärung, ob diese Serie ganz oder teilweise zurückgezahlt wird und im letzteren

88 

Fall den Gesamtnennbetrag der zurückzuzahlenden Schuldverschreibungen;] 

(iii) den Wahl-Rückzahlungsbetrag zu dem die Schuldverschreibungen zurückgezahlt werden 

[.] [; und] 

[Im Falle von Schuldverschreibungen, die nicht Nachrangige oder Kurzfristige Nachrangige 

Schuldverschreibungen darstellen, einfügen: 

(iv) den Wahl-Rückzahlungstag (Call), der nicht weniger als [Mindestkündigungsfrist 

einfügen] und nicht mehr als [Höchstkündigungsfrist einfügen] nach dem Tag der 

Kündigung durch die Emittentin gegenüber den Gläubigern liegen darf.] 

[Im Fall von Nachrangigen Schuldverschreibungen einfügen: 

(iv) den Wahl-Rückzahlungstag (Call), der nicht weniger als 5 Jahre nach dem 

Valutierungstag liegen darf und nicht weniger als [Mindestkündigungsfrist einfügen] 

und nicht mehr als [Höchstkündigungsfrist einfügen] nach dem Tag der Kündigung 

durch die Emittentin gegenüber den Gläubigern liegen darf; und 

(v) die Tatsache, dass die Emittentin den Nennbetrag der so zurückzuzahlenden 

Schuldverschreibungen zuvor durch Kapital zumindest gleicher Eigenmittelqualität ersetzt 

hat, in Übereinstimmung mit § 23 (8) BWG. 

(c) Eine solche Kündigung wird nur dann erfolgen, wenn die Emittentin entsprechend § 23 (8) BWG 

dokumentiert hat, dass der Nennbetrag der so zurückzuzahlenden Schuldverschreibungen 

zuvor durch Kapital zumindest gleicher Eigenmittelqualität ersetzt wurde.] 

[Im Fall von Kurzfristigen Nachrangigen Schuldverschreibungen einfügen: 

(iv) den Wahl-Rückzahlungstag (Call), der nicht weniger als 2 Jahre nach dem 

Valutierungstag liegen darf und nicht weniger als [Mindestkündigungsfrist einfügen] 

und nicht mehr als [Höchstkündigungsfrist einfügen] nach dem Tag der Kündigung 

durch die Emittentin gegenüber den Gläubigern liegen darf; und 

(v) die Tatsache, dass die Emittentin den Nennbetrag der so zurückzuzahlenden 

Schuldverschreibungen zuvor durch Kapital zumindest gleicher Eigenmittelqualität ersetzt 

hat, in Übereinstimmung mit § 23 (8a) BWG. 

(c) Eine solche Kündigung wird nur dann erfolgen, wenn die Emittentin entsprechend § 23 (8) BWG 

dokumentiert hat, dass der Nennbetrag der so zurückzuzahlenden Schuldverschreibungen 

zuvor durch Kapital zumindest gleicher Eigenmittelqualität ersetzt wurde.] 

[(d)] Wenn die Schuldverschreibungen nur teilweise zurückgezahlt werden, werden die 

zurückzuzahlenden Schuldverschreibungen in Übereinstimmung mit den Regeln des 

betreffenden Clearing Systems ausgewählt. [Falls die Schuldverschreibungen in Form einer 

NGN begeben werden, einfügen: Die teilweise Rückzahlung wird in den Registern von CBL 

und Euroclear nach deren Ermessen entweder als Pool-Faktor oder als Reduzierung des 

Gesamtnennbetrags wiedergegeben.]] 

[Falls der Gläubiger ein Wahlrecht hat, die Schuldverschreibungen vorzeitig zu kündigen, 

einfügen: 

[(4)] Vorzeitige Rückzahlung nach Wahl des Gläubigers. 

(a) Die Emittentin hat eine Schuldverschreibung nach Ausübung des entsprechenden Wahlrechts 

durch den Gläubiger am/an den Wahl-Rückzahlungstag(en) (Put) zum/zu den Wahl- 

Rückzahlungsbetrag/beträgen (Put), wie nachstehend angegeben nebst etwaigen bis zum 

Wahl-Rückzahlungstag (Put) (ausschließlich) aufgelaufener Zinsen zurückzuzahlen.

89 

Wahl-Rückzahlungstag(e) (Put) Wahl-Rückkzahlungsbetrag/beträge (Put) 

[Wahl-Rückzahlungstag(e) einfügen] [Wahl-Rückzahlungsbetrag/beträge 

einfügen] 

[ ] [ ] 

[ ] [ ] 

Dem Gläubiger steht dieses Wahlrecht nicht in Bezug auf eine Schuldverschreibung zu, deren 

Rückzahlung die Emittentin zuvor in Ausübung ihres Wahlrechts nach diesem § 5 verlangt hat. 

(b) Um dieses Wahlrecht auszuüben, hat der Gläubiger nicht weniger als 

[Mindestkündigungsfrist einfügen (im Fall von Nachrangigen Schuldverschreibungen 

kann eine solche Kündigung nicht vor Ablauf einer Laufzeit von 5 Jahren erfolgen und im 

Fall von Kurzfristigen Nachrangigen Schuldverschreibungen kann eine solche 

Kündigung nicht vor Ablauf einer Laufzeit von 2 Jahren erfolgen)] Tage und nicht mehr als 

[Höchstkündigungsfrist einfügen] Tage vor dem Wahl-Rückzahlungstag (Put), an dem die 

Rückzahlung gemäß der Ausübungserklärung (wie nachstehend definiert) erfolgen soll, an die 

bezeichnete Geschäftsstelle der Emissionsstelle eine schriftliche Mitteilung zur vorzeitigen 

Rückzahlung ("Ausübungserklärung"), zu schicken. Falls die Ausübungserklärung nach 17:00 

Uhr Frankfurter Zeit am [Mindestkündigungsfrist einfügen] Zahltag vor dem Wahl- 

Rückzahlungstag (Put) eingeht, ist das Wahlrecht nicht wirksam ausgeübt. Die 

Ausübungserklärung hat anzugeben: (i) den gesamten Nennbetrag der Schuldverschreibungen, 

für die das Wahlrecht ausgeübt wird [und][,] (ii) die Wertpapierkennnummern dieser 

Schuldverschreibungen (soweit vergeben) [im Fall der Verwahrung der Globalurkunde 

durch CBF einfügen: und (iii) Kontaktdaten sowie eine Kontoverbindung]. Für die 

Ausübungserklärung kann ein Formblatt, wie es bei den bezeichneten Geschäftsstellen des 

Fiscal Agent und der Zahlstelle[n] in deutscher und englischer Sprache erhältlich ist und weitere 

Hinweise enthält, verwendet werden. Die Ausübung des Wahlrechts kann nicht widerrufen 

werden.] 

[Im Fall von Schuldverschreibungen, die keine Nullkupon-Schuldverschreibungen sind, sofern 

ein Ausgleich für Quellensteuern vorgesehen ist, einfügen: 

[(5)] Vorzeitiger Rückzahlungsbetrag. Für die Zwecke von Absatz 2 dieses § 5 [Im Fall von nicht 

Nachrangigen und nicht Kurzfristigen Nachrangigen Schuldverschreibungen einfügen: und 

§ 9], entspricht der vorzeitige Rückzahlungsbetrag einer Schuldverschreibung dem 

Rückzahlungsbetrag.] 

[Im Fall von nicht Nachrangigen Schuldverschreibungen, die keine Nullkupon- 

Schuldverschreibungen sind, sofern kein Ausgleich für Quellensteuer vorgesehen ist, 

einfügen: 

[(5)] Vorzeitiger Rückzahlungsbetrag. Für die Zwecke von § 9 entspricht der vorzeitige 

Rückzahlungsbetrag einer Schuldverschreibung dem Rückzahlungsbetrag.] 

[Im Fall von Nullkupon-Schuldverschreibungen einfügen: 

[(5)] Vorzeitiger Rückzahlungsbetrag. 

[Im Fall von Schuldverschreibungen, sofern ein Ausgleich für Quellensteuern vorgesehen ist, 

einfügen: 

(a) Für die Zwecke des Absatzes (2) dieses § 5 [im Fall von nicht Nachrangigen 

Schuldverschreibungen einfügen: und § 9], entspricht der vorzeitige Rückzahlungsbetrag 

einer Schuldverschreibung dem Amortisationsbetrag der Schuldverschreibung.] 

[Im Fall von nicht Nachrangigen Schuldverschreibungen, sofern kein Ausgleich für 

Quellensteuer vorgesehen ist, einfügen: 

(a) Für die Zwecke des § 9 entspricht der vorzeitige Rückzahlungsbetrag einer 

Schuldverschreibung dem Amortisationsbetrag der Schuldverschreibung.] 

[(b)] Der Amortisationsbetrag einer Schuldverschreibung entspricht der Summe aus:

90 

(i) [Referenzpreis einfügen] (der "Referenzpreis"), und 

(ii) dem Produkt aus [Emissionsrendite einfügen] (jährlich kapitalisiert) und dem 

Referenzpreis ab dem (und einschließlich) [Valutierungstag einfügen] bis zu (aber 

ausschließlich) dem vorgesehenen Rückzahlungstag oder (je nachdem) dem Tag, an 

dem die Schuldverschreibungen fällig und rückzahlbar werden. 

Wenn diese Berechnung für einen Zeitraum, der nicht einer ganzen Zahl von Kalenderjahren 

entspricht, durchzuführen ist, hat sie im Fall des nicht vollständigen Jahres (der 

"Zinsberechnungszeitraum") auf der Grundlage des Zinstagequotienten (wie vorstehend in 

§ 3 definiert) zu erfolgen. 

[(c)] Falls die Emittentin den vorzeitigen Rückzahlungsbetrag bei Fälligkeit nicht zahlt, wird der 

Amortisationsbetrag einer Schuldverschreibung wie vorstehend beschrieben berechnet, jedoch 

mit der Maßgabe, dass die Bezugnahmen in Unterabsatz (b)(ii) auf den für die Rückzahlung 

vorgesehenen Rückzahlungstag oder den Tag, an dem diese Schuldverschreibungen fällig und 

rückzahlbar werden, durch den Tag, an dem die Zahlung gegen ordnungsgemäße Vorlage und 

Einreichung der betreffenden Schuldverschreibungen (sofern erforderlich) erfolgt, ersetzt 

werden.] 

[Im Fall von Schuldverschreibungen mit einem variablen Rückzahlungsbetrag einfügen: 

[()] Mitteilung des Rückzahlungsbetrages. Die Berechnungsstelle wird veranlassen, dass der 

Rückzahlungsbetrag der Emittentin [im Fall von Schuldverschreibungen, die an einer Börse 

notiert sind, einfügen:, der Zahlstelle(n)] sowie den Gläubigern gemäß § [14] baldmöglichst, aber 

keinesfalls später als am vierten auf die Berechnung jeweils folgenden [Londoner] [TARGET] 

[zutreffenden anderen Ort einfügen] Geschäftstag (wie in § 3 (2) definiert) und jeder Börse, an der 

die betreffenden Schuldverschreibungen zu diesem Zeitpunkt notiert sind und deren Regeln eine 

Mitteilung an die Börse verlangen, baldmöglichst nach der Bestimmung, aber keinesfalls später als 

[Minimalfrist einfügen] vor dem Fälligkeitstag mitgeteilt werden. 

[()] Verbindlichkeit der Festsetzungen. Alle Bescheinigungen, Mitteilungen, Gutachten, 

Festsetzungen, Berechnungen, Quotierungen und Entscheidungen, die von der Berechnungsstelle für 

die Zwecke dieses § 5 gemacht, abgegeben, getroffen oder eingeholt werden, sind (sofern nicht ein 

offensichtlicher Irrtum vorliegt) für die Emittentin, die Emissionsstelle [, die Zahlstelle(n)] und die 

Gläubiger bindend.] 

[Im Fall von anderen strukturierten variabel verzinslichen Schuldverschreibungen, anwendbare 

Bestimmungen hier einfügen] 

[Im Fall von Doppelwährungs-Schuldverschreibungen, anwendbare Bestimmungen hier 

einfügen] 

[Im Fall von Raten-Schuldverschreibungen, anwendbare Bestimmungen hier einfügen] 

[Im Fall von indexierten Schuldverschreibungen, anwendbare Bestimmungen hier einfügen] 

[Im Fall von Equity Linked Schuldverschreibungen, anwendbare Bestimmungen hier einfügen] 

[Im Fall von anderen Schuldverschreibungen, anwendbare Bestimmungen hier einfügen] 

§ 6 

DIE EMISSIONSSTELLE[,] [UND] [DIE ZAHLSTELLEN] [UND DIE BERECHNUNGSSTELLE] 

(1) Bestellung; bezeichnete Geschäftsstelle. Die anfänglich bestellte Emissionsstelle[,] [und] die 

anfänglich bestellte[n] Zahlstelle[n] [und die anfänglich bestellte Berechnungsstelle] und deren 

jeweilige bezeichnete Geschäftsstelle lauten wie folgt:

Emissionsstelle: Citibank, N.A. London Branch 


Canada Square 

Canary Wharf 


Großbritannien 

91 

Zahlstelle[n]: [Banque Internationale à Luxembourg 

route d'Esch 69 

2953 Luxemburg 

Luxemburg] 

[RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG 


1020 Wien 

Österreich] 

[andere Zahlstellen und bezeichnete Geschäftsstellen einfügen] 

[Falls die Emissionsstelle als Berechnungsstelle bestellt werden soll, einfügen: Die 

Emissionsstelle handelt auch als Berechnungsstelle.] 

[Falls eine Berechnungsstelle bestellt werden soll, die nicht die Emissionsstelle ist, einfügen: 

Die Berechnungsstelle und ihre anfänglich bezeichnete Geschäftsstelle lauten: 

Berechnungsstelle: [Namen und bezeichnete Geschäftsstelle einfügen]] 

Die Emissionsstelle[,] [und] die Zahlstelle[n] [und die Berechnungsstelle] behalten sich das Recht vor, 

jederzeit ihre jeweilige bezeichnete Geschäftsstelle durch eine andere bezeichnete Geschäftsstelle in 

derselben Stadt zu ersetzen. 

(2) Änderung der Bestellung oder Abberufung. Die Emittentin behält sich das Recht vor, jederzeit 

die Bestellung der Emissionsstelle oder einer Zahlstelle [oder der Berechnungsstelle] zu ändern oder 

zu beenden und eine andere Emissionsstelle oder zusätzliche oder andere Zahlstellen [oder eine 

andere Berechnungsstelle] zu bestellen. Die Emittentin wird zu jedem Zeitpunkt (i) eine 

Emissionsstelle unterhalten [im Fall von Schuldverschreibungen, die an einer Börse notiert sind, 

einfügen: [,] [und] (ii) solange die Schuldverschreibungen an der [Name der Börse] notiert sind, eine 

Zahlstelle (die die Emissionsstelle sein kann) mit bezeichneter Geschäftsstelle in [Sitz der Börse] 

und/oder an solchen anderen Orten unterhalten, die die Regeln dieser Börse verlangen] [im Fall von 

Zahlungen in US-Dollar einfügen: [,] [und] [(iii)] falls Zahlungen bei den oder durch die 

Geschäftsstellen aller Zahlstellen außerhalb der Vereinigten Staaten (wie in § 4 definiert) aufgrund der 

Einführung von Devisenbeschränkungen oder ähnlichen Beschränkungen hinsichtlich der 

vollständigen Zahlung oder des Empfangs der entsprechenden Beträge in US-Dollar widerrechtlich 

oder tatsächlich ausgeschlossen werden, eine Zahlstelle mit bezeichneter Geschäftsstelle in New 

York City unterhalten] [falls eine Berechnungsstelle bestellt werden soll, einfügen: [,] [und] [(iv)] 

eine Berechnungsstelle [falls die Berechnungsstelle eine bezeichnete Geschäftsstelle an einem 

vorgeschriebenen Ort zu unterhalten hat, einfügen: mit bezeichneter Geschäftsstelle in 

[vorgeschriebenen Ort einfügen]] unterhalten]. Eine Änderung, Abberufung, Bestellung oder ein 

sonstiger Wechsel wird nur wirksam (außer im Insolvenzfall, in dem eine solche Änderung sofort 

wirksam wird), sofern die Gläubiger hierüber gemäß § [14] vorab unter Einhaltung einer Frist von 

mindestens 30 und nicht mehr als 45 Tagen informiert wurden. 

(3) Beauftragte der Emittentin. Die Emissionsstelle[,] [und] die Zahlstelle[n] [und die 

Berechnungsstelle] handeln ausschließlich als Beauftragte der Emittentin und übernehmen keinerlei 

Verpflichtungen gegenüber den Gläubigern und es wird kein Auftrags- oder Treuhandverhältnis 

zwischen ihnen und den Gläubigern begründet.

92 

§ 7 

STEUERN 

[Im Fall von Schuldverschreibungen, sofern kein Ausgleich für Quellensteuern vorgesehen ist, 

einfügen: 

Alle in Bezug auf die Schuldverschreibungen zahlbaren Kapital- oder Zinsbeträge werden von der 

Emittentin unter Abzug von Steuern, Abgaben oder amtlichen Gebühren gleich welcher Art, gezahlt, 

falls der Abzug gesetzlich vorgeschrieben ist.] 

[Im Fall von Schuldverschreibungen, sofern ein Ausgleich für Quellensteuern vorgesehen ist, 

einfügen: 

Sämtliche in Bezug auf die Schuldverschreibungen zu zahlenden Beträge sind ohne Einbehalt oder 

Abzug von oder aufgrund von gegenwärtigen oder zukünftigen Steuern oder sonstigen Abgaben 

gleich welcher Art zu leisten, die von oder in der Republik Österreich oder für deren Rechnung oder 

von oder für Rechnung einer politischen Untergliederung oder Steuerbehörde der oder in der Republik 

Österreich auferlegt oder erhoben werden, es sei denn, dieser Einbehalt oder Abzug ist gesetzlich 

vorgeschrieben. In diesem Fall wird die Emittentin diejenigen zusätzlichen Beträge (die "zusätzlichen 

Beträge") zahlen, die erforderlich sind, damit die den Gläubigern zufließenden Nettobeträge nach 

diesem Einbehalt oder Abzug jeweils den Beträgen entsprechen, die ohne einen solchen Einbehalt 

oder Abzug von den Gläubigern empfangen worden wären; die Verpflichtung zur Zahlung solcher 

zusätzlichen Beträge besteht jedoch nicht im Hinblick auf Steuern und Abgaben, die: 

(a) von einer als Depotbank oder Inkassobeauftragter des Anleihegläubigers handelnden Person 

oder sonst auf andere Weise zu entrichten sind als dadurch, dass die Emittentin von den von ihr 

zu leistenden Zahlungen von Kapital oder Zinsen einen Abzug oder Einbehalt vornimmt; oder 

(b) wegen einer gegenwärtigen oder früheren persönlichen oder geschäftlichen Beziehung des 

Gläubigers zu der Republik Österreich zu zahlen sind, und nicht allein deshalb, weil Zahlungen 

auf die Schuldverschreibungen aus Quellen in der Republik Österreich stammen (oder für 

Zwecke der Besteuerung so behandelt werden) oder dort besichert sind, wobei die deutsche 

Zinsabschlagsteuer und der darauf entfallende Solidaritätszuschlag sowie die österreichische 

Kapitalertragsteuer in ihrer jeweiligen Form (oder zukünftige, diese ablösenden Steuern oder 

Zuschläge) als unter diesen Unterabsatz (b) fallende Steuern anzusehen sind, in Bezug auf die 

folglich keine zusätzlichen Beträge zu zahlen sind; oder 

(c) aufgrund (i) einer Richtlinie oder Verordnung der Europäischen Union betreffend die 

Besteuerung von Zinserträgen oder (ii) einer zwischenstaatlichen Vereinbarung über deren 

Besteuerung, an der die Republik Österreich oder die Europäische Union beteiligt ist, oder (iii) 

einer gesetzlichen Vorschrift, die diese Richtlinie, Verordnung oder Vereinbarung umsetzt oder 

befolgt, abzuziehen oder einzubehalten sind; oder 

(d) von einer Zahlstelle einbehalten oder abgezogen werden, wenn die Zahlung von einer anderen 

Zahlstelle ohne den Einbehalt oder Abzug hätte vorgenommen werden können; oder 

(e) wegen einer Rechtsänderung zu zahlen sind, welche später als 30 Tage nach Fälligkeit der 

betreffenden Zahlung oder, wenn dies später erfolgt, ordnungsgemäßer Bereitstellung aller 

fälligen Beträge und einer diesbezüglichen Bekanntmachung gemäß § [14] wirksam wird.] 

§ 8 

VORLEGUNGSFRIST 

Die in § 801 Absatz 1 Satz 1 BGB bestimmte Vorlegungsfrist wird für die Schuldverschreibungen von 

30 Jahren auf zehn Jahre abgekürzt.

93 

[Im Fall von nicht Nachrangigen Schuldverschreibungen, die keine Fundierten 

Bankschuldverschreibungen sind, einfügen: 

§ 9 

KÜNDIGUNG 

(1) Kündigungsgründe. Jeder Gläubiger ist berechtigt, seine Schuldverschreibung zu kündigen und 

deren sofortigen Rückzahlung zu ihrem vorzeitigen Rückzahlungsbetrag (wie in § 5 beschrieben), 

zuzüglich etwaiger bis zum Tage der Rückzahlung aufgelaufener Zinsen zu verlangen, falls: 

(a) die Emittentin Kapital oder Zinsen nicht innerhalb von 30 Tagen nach dem betreffenden 

Fälligkeitstag zahlt; oder 

(b) die Emittentin die ordnungsgemäße Erfüllung irgendeiner anderen Verpflichtung aus den 

Schuldverschreibungen unterlässt und diese Unterlassung nicht geheilt werden kann oder, falls 

sie geheilt werden kann, länger als 45 Tage fortdauert, nachdem die Emissionsstelle hierüber 

eine Benachrichtigung von einem Gläubiger erhalten hat; oder 

(c) eine andere Kreditverbindlichkeit der Emittentin vorzeitig fällig wird und eine solche 

Kreditverbindlichkeit zum Zeitpunkt ihrer Fälligkeit unter Berücksichtigung etwaiger Nachfristen 

nicht gezahlt wird, oder eine von der Emittentin für eine Kreditverbindlichkeit eines Dritten 

gewährte Garantie oder Haftungsfreistellung bei Fälligkeit und Inanspruchnahme oder binnen 

einer dafür ursprünglich eingeräumten Nachfrist nicht erfüllt wird; oder 

(d) die Emittentin ihre Zahlungen einstellt oder ihre Zahlungsunfähigkeit bekanntgibt; oder 

(e) ein Gericht ein Konkursverfahren über das Vermögen der Emittentin eröffnet oder die 

Geschäftsaufsicht anordnet, oder die Finanzmarktaufsichtsbehörde oder eine bestellte 

Aufsichtsperson die Eröffnung eines Konkursverfahrens beantragt; oder 

(f) die Emittentin in Liquidation tritt, es sei denn, dies geschieht im Zusammenhang mit einer 

Verschmelzung oder einer anderen Form des Zusammenschlusses mit einer anderen 

Gesellschaft, sofern diese Gesellschaft alle Verpflichtungen übernimmt, die die Emittentin im 

Zusammenhang mit dieser Anleihe eingegangen ist. 

"Kreditverbindlichkeiten" im Sinne von Absatz (c) sind alle Verbindlichkeiten aus Geldaufnahmen, 

die den Betrag von EUR 10.000.000,- oder dessen Gegenwert in einer anderen Währung übersteigen. 

Das Kündigungsrecht erlischt, falls der Kündigungsgrund vor Ausübung des Rechts geheilt wurde. 

(2) Bekanntmachung. Eine Benachrichtigung, einschließlich einer Kündigung der 

Schuldverschreibungen gemäß vorstehendem Absatz (1) ist schriftlich in deutscher oder englischer 

Sprache gegenüber der Emissionsstelle zu erklären und an deren bezeichnete Geschäftsstelle zu 

übermitteln. Der Benachrichtigung ist ein Nachweis beizufügen, aus dem sich ergibt, dass der 

betreffende Gläubiger zum Zeitpunkt der Abgabe der Benachrichtigung Inhaber der betreffenden 

Schuldverschreibung ist. Der Nachweis kann durch eine Bescheinigung der Depotbank (wie in § [15] 

(3) definiert) oder auf andere geeignete Weise erbracht werden.] 


§ 9 

KÜNDIGUNG 

(1) Kündigungsgründe. Jeder Gläubiger ist berechtigt, seine Schuldverschreibung zu kündigen und 

deren sofortigen Rückzahlung zu ihrem vorzeitigen Rückzahlungsbetrag (wie in § 5 beschrieben), 

zuzüglich etwaiger bis zum Tage der Rückzahlung aufgelaufener Zinsen zu verlangen, falls die 

Emittentin Kapital oder Zinsen nicht innerhalb von 30 Tagen nach dem betreffenden Fälligkeitstag 

zahlt.

94 

(2) Bekanntmachung. Eine Benachrichtigung, einschließlich einer Kündigung der 

Schuldverschreibungen gemäß vorstehendem Absatz (1) ist schriftlich in deutscher oder englischer 

Sprache gegenüber der Emissionsstelle zu erklären und an deren bezeichnete Geschäftsstelle zu 

übermitteln. Der Benachrichtigung ist ein Nachweis beizufügen aus dem sich ergibt, dass der 

betreffende Gläubiger zum Zeitpunkt der Abgabe der Benachrichtigung Inhaber der betreffenden 

Schuldverschreibung ist. Der Nachweis kann durch eine Bescheinigung der Depotbank (wie in § [15] 

(3) definiert) oder auf andere geeignete Weise erbracht werden.] 

[Im Fall von Schuldverschreibungen, die keine Fundierten Schuldverschreibungen, keine 

Nachrangigen Schuldverschreibungen und keine Kurzfristigen Nachrangigen 

Schuldverschreibungen sind, einfügen: 

§ 10 

ERSETZUNG 

(1) Ersetzung. Die Emittentin ist jederzeit berechtigt, sofern sie sich nicht mit einer Zahlung von 

Kapital oder Zinsen auf die Schuldverschreibungen in Verzug befindet, ohne Zustimmung der 

Gläubiger ein 100 %iges Tochterunternehmen an ihrer Stelle als Hauptschuldnerin (die 

"Nachfolgeschuldnerin") für alle Verpflichtungen aus und im Zusammenhang mit diesen 

Schuldverschreibungen einzusetzen, vorausgesetzt, dass: 

(a) die Nachfolgeschuldnerin alle Verpflichtungen der Emittentin in Bezug auf die 

Schuldverschreibungen übernimmt; 

(b) die Emittentin und die Nachfolgeschuldnerin alle erforderlichen Genehmigungen erhalten haben 

und berechtigt sind, an die Emissionsstelle die zur Erfüllung der Zahlungsverpflichtungen aus 

den Schuldverschreibungen zahlbaren Beträge in der festgelegten Währung zu zahlen, ohne 

verpflichtet zu sein, jeweils in dem Land, in dem die Nachfolgeschuldnerin oder die Emittentin 

ihren Sitz oder Steuersitz haben, erhobene Steuern oder andere Abgaben jeder Art abzuziehen 

oder einzubehalten; 

(c) die Nachfolgeschuldnerin sich verpflichtet hat, jeden Gläubiger hinsichtlich solcher Steuern, 

Abgaben oder behördlichen Lasten freizustellen, die einem Gläubiger bezüglich der Ersetzung 

auferlegt werden; 

(d) die Emittentin unwiderruflich und unbedingt gegenüber den Gläubigern die Zahlung aller von 

der Nachfolgeschuldnerin auf die Schuldverschreibungen zahlbaren Beträge zu Bedingungen 

garantiert, die den Bedingungen des Musters der nicht nachrangigen Garantie der Emittentin 

hinsichtlich der nicht nachrangigen Schuldverschreibungen, das im Agency Agreement 

enthalten ist, entsprechen; und 

(e) der Emissionsstelle ein oder mehrere Rechtsgutachten von anerkannten Rechtsanwälten 

vorgelegt werden, die bestätigen, dass die Bestimmungen in den vorstehenden Unterabsätzen 

(a), (b), (c) und (d) erfüllt wurden. 

(2) Bekanntmachung. Jede Ersetzung ist gemäß § [14] bekannt zu machen. 

(3) Änderung von Bezugnahmen. Im Fall einer Ersetzung gilt jede Bezugnahme in diesen 

Bedingungen auf die Emittentin ab dem Zeitpunkt der Ersetzung als Bezugnahme auf die 

Nachfolgeschuldnerin und jede Bezugnahme auf das Land, in dem die Emittentin ihren Sitz oder 

Steuersitz hat, gilt ab diesem Zeitpunkt als Bezugnahme auf das Land, in dem die 

Nachfolgeschuldnerin ihren Sitz oder Steuersitz hat. Des Weiteren gilt im Fall einer Ersetzung 

folgendes: 

[Sofern ein Ausgleich für Quellensteuern vorgesehen ist, einfügen: 

(a) in § 7 und § 5 (2) gilt eine alternative Bezugnahme auf die Republik Österreich als 

aufgenommen (zusätzlich zu der Bezugnahme nach Maßgabe des vorstehenden Satzes auf 

das Land, in dem die Nachfolgeschuldnerin ihren Sitz oder Steuersitz hat);] 

[(b)] in § 9 (1) (c) bis (f) gilt eine alternative Bezugnahme auf die Emittentin in ihrer Eigenschaft als 

Garantin als aufgenommen (zusätzlich zu der Bezugnahme auf die Nachfolgeschuldnerin).]


95 

§10 

ERSETZUNG 

(1) Ersetzung. Die Emittentin ist jederzeit berechtigt, sofern sie sich nicht mit einer Zahlung von 

Kapital oder Zinsen auf die Schuldverschreibung in Verzug befindet, ohne Zustimmung der Gläubiger 

ein 100 %iges Tochterunternehmen an ihrer Stelle als Hauptschuldnerin (die 

"Nachfolgeschuldnerin") für alle Verpflichtungen aus und im Zusammenhang mit diesen 

Schuldverschreibungen einzusetzen, vorausgesetzt, dass: 

(a) die Nachfolgeschuldnerin gemäß dem Gesetz betreffend fundierte Bankschuldverschreibungen 

und der Satzung der Nachfolgeschuldnerin berechtigt ist, fundierte Bankschuldverschreibungen 

zu emittieren; 

(b) die Nachfolgeschuldnerin alle Verpflichtungen der Emittentin in Bezug auf die 

Schuldverschreibungen inklusive aller Verpflichtungen bezüglich der Vermögensobjekte, die 

gemäß dem Gesetz betreffend fundierte Bankschuldverschreibungen die Schuldverschreibungen 

decken, übernimmt und die Nachfolgeschuldnerin vereinbart, die Anleihebedingungen, welche 

sich auf alle ausstehenden Schuldverschreibungen beziehen, nicht zu ändern; 

(c) die Emittentin und die Nachfolgeschuldnerin alle erforderlichen Genehmigungen erhalten haben 

und berechtigt sind, an die Emissionsstelle die zur Erfüllung der Zahlungsverpflichtungen aus den 

Schuldverschreibungen zahlbaren Beträge in der festgelegten Währung zu zahlen, ohne 

verpflichtet zu sein, jeweils in dem Land, in dem die Nachfolgeschuldnerin oder die Emittentin 

ihren Sitz oder Steuersitz haben, erhobene Steuern oder andere Abgaben jeder Art abzuziehen 

oder einzubehalten; 

(d) die Nachfolgeschuldnerin sich verpflichtet hat, jeden Gläubiger hinsichtlich solcher Steuern, 

Abgaben oder behördlichen Lasten freizustellen, die einem Gläubiger bezüglich der Ersetzung 

auferlegt werden; und 

(e) der Emissionsstelle ein oder mehrere Rechtsgutachten von anerkannten Rechtsanwälten 

vorgelegt werden, die bestätigen, dass die Bestimmungen in den vorstehenden Unterabsätzen 

(a), (b), (c) und (d) erfüllt wurden. 

(2) Bekanntmachung. Jede Ersetzung ist gemäß § [14] bekannt zu machen. 

(3) Änderung von Bezugnahmen. Im Fall einer Ersetzung gilt jede Bezugnahme auf die Emittentin 

ab dem Zeitpunkt der Ersetzung als Bezugnahme auf die Nachfolgeschuldnerin und jede 

Bezugnahme auf das Land, in dem die Emittentin ihren Sitz oder Steuersitz hat, gilt ab dem Zeitpunkt 

als Bezugnahme auf das Land, in dem die Nachfolgeschuldnerin ihren Sitz oder Steuersitz hat. 

[Sofern ein Ausgleich für Quellensteuern vorgesehen ist, einfügen: 

Des Weiteren gilt im Fall einer Ersetzung in § 7 und § 5 (2) eine alternative Bezugnahme auf die 

Republik Österreich als aufgenommen (zusätzlich zu der Bezugnahme nach Maßgabe des 

vorstehenden Satzes auf das Land, in dem die Nachfolgeschuldnerin ihren Sitz oder Steuersitz hat).]] 

[Falls die Schuldverschreibungen Beschlüsse der Gläubiger vorsehen, einfügen: 

§ [11] 

BESCHLÜSSE DER GLÄUBIGER 

(1) [Vorbehaltlich § [11] (3), können die Gläubiger durch Mehrheitsbeschluss über alle gesetzlich 

zugelassenen Beschlussgegenstände Beschluss fassen. Eine Verpflichtung zur Leistung kann für die 

Gläubiger durch Mehrheitsbeschluss nicht begründet werden. 

(2) Die Mehrheitsbeschlüsse der Gläubiger sind für alle Gläubiger gleichermaßen verbindlich. Ein 

Mehrheitsbeschluss der Gläubiger, der nicht gleiche Bedingungen für alle Gläubiger vorsieht, ist 

unwirksam, es sei denn die benachteiligten Gläubiger stimmen ihrer Benachteiligung ausdrücklich zu. 

[(3)] [Soweit einzelne Maßnahmen nicht der Zustimmung durch Mehrheitsbeschluss 

unterliegen, einfügen:

96 

Von der Zustimmung der Gläubiger durch Mehrheitsbeschluss sind folgende Maßnahmen 

ausgenommen: [●].] 

[(4)] Die Gläubiger entscheiden mit einer Mehrheit von [75] Prozent (Qualifizierte Mehrheit) der an der 

Abstimmung teilnehmenden Stimmrechte. Beschlüsse, durch welche der wesentliche Inhalt der 

Anleihebedingungen nicht geändert wird, bedürfen zu ihrer Wirksamkeit einer einfachen Mehrheit von 

mindestens [50] Prozent der teilnehmenden Stimmrechte. 

[Soweit für einzelne Maßnahmen eine höhere Mehrheit gilt, einfügen: Beschlüsse über folgende 

Maßnahmen bedürfen zu ihrer Wirksamkeit einer Mehrheit von mindestens [●] Prozent der 

teilnehmenden Stimmrechte [●].] 

[(5)] Die Gläubiger beschließen [in einer Gläubigerversammlung] [im Wege der Abstimmung ohne 

Versammlung 2 ]. 

[(6)] An Abstimmungen der Gläubiger nimmt jeder Gläubiger nach Maßgabe des Nennwerts oder des 

rechnerischen Anteils seiner Berechtigung an den ausstehenden Schuldverschreibungen teil. Das 

Stimmrecht ruht, solange die Anteile der Emittentin oder einem mit ihr verbundenen Unternehmen (§ 

271 Absatz 2 des Handelsgesetzbuchs) zustehen oder für Rechnung der Emittentin oder eines mit ihr 

verbundenen Unternehmens gehalten werden. Die Emittentin darf Schuldverschreibungen, deren 

Stimmrechte ruhen, einem anderen nicht zu dem Zweck überlassen, die Stimmrechte an ihrer Stelle 

auszuüben; dies gilt auch für ein mit der Emittentin verbundenes Unternehmen. Niemand darf das 

Stimmrecht zu dem in Satz 3 erster Halbsatz bezeichneten Zweck ausüben. 

Niemand darf dafür, dass eine stimmberechtigte Person nicht oder in einem bestimmten Sinne 

stimme, Vorteile als Gegenleistung anbieten, versprechen oder gewähren. 

Wer stimmberechtigt ist, darf dafür, dass er nicht oder in einem bestimmten Sinne stimme, keinen 

Vorteil und keine Gegenleistung fordern, sich versprechen lassen oder annehmen.] 

[Falls kein gemeinsamer Vertreter in den Bedingungen bestellt wird und die Gläubiger einen 

gemeinsamen Vertreter durch Mehrheitsbeschluss bestellen können, einfügen: 

§ [12] 

GEMEINSAMER VERTRETER DER GLÄUBIGER 

(1) Die Gläubiger können durch Mehrheitsbeschluss zur Wahrnehmung ihrer Rechte einen 

gemeinsamen Vertreter 3 für alle Gläubiger bestellen. 

(2) Der gemeinsame Vertreter hat die Aufgaben und Befugnisse, welche ihm durch Gesetz oder von 

den Gläubigern durch Mehrheitsbeschluss eingeräumt wurden. Er hat die Weisungen der Gläubiger 

zu befolgen. Soweit er zur Geltendmachung von Rechten der Gläubiger ermächtigt ist, sind die 

einzelnen Gläubiger zur selbständigen Geltendmachung dieser Rechte nicht befugt, es sei denn der 

Mehrheitsbeschluss sieht dies ausdrücklich vor. Über seine Tätigkeit hat der gemeinsame Vertreter 

den Gläubigern zu berichten. 

(3) Der gemeinsame Vertreter haftet den Gläubigern als Gesamtgläubiger für die ordnungsgemäße 

Erfüllung seiner Aufgaben; bei seiner Tätigkeit hat er die Sorgfalt eines ordentlichen und 

gewissenhaften Geschäftsleiters anzuwenden. Die Haftung des gemeinsamen Vertreters kann durch 

Beschluss der Gläubiger beschränkt werden. Über die Geltendmachung von Ersatzansprüchen der 

Gläubiger gegen den gemeinsamen Vertreter entscheiden die Gläubiger. 

(4) Der gemeinsame Vertreter kann von den Gläubigern jederzeit ohne Angabe von Gründen 


(5) Der gemeinsame Vertreter kann von der Emittentin verlangen, alle Auskünfte zu erteilen, die zur 

Erfüllung der ihm übertragenen Aufgaben erforderlich sind. 

2 

Nach § 5 Absatz 6 SchVG können die Anleihebedingungen einer bestimmten Anleihe ausschließlich eine der beiden 

genannten Möglichkeiten vorsehen. 

3 

Der gemeinsame Vertreter muss in persönlicher Hinsicht den Anforderungen des § 8 Absatz 1 SchVG genügen.

[Im Fall der Bestellung des gemeinsamen Vertreters in den Bedingungen, einfügen: 

97 

§ [12] 

GEMEINSAMER VERTRETER DER GLÄUBIGER 

(1) Gemeinsamer Vertreter für alle Gläubiger zur Wahrnehmung ihrer Rechte ist: 

(2) Der gemeinsame Vertreter hat folgende Aufgaben und Befugnisse: 

[●] 

[●] 

[Falls der gemeinsame Vertreter befugt ist [eine Gläubigerversammlung einzuberufen] [zu einer 

Abstimmung der Gläubiger ohne Versammlung aufzufordern], einfügen: der gemeinsame 

Vertreter ist befugt, nach seinem Ermessen zu dem von ihm bestimmten Maßnahmen [eine 

Gläubigerversammlung einzuberufen] [zu einer Abstimmung der Gläubiger ohne Versammlung 

aufzufordern] und die [Versammlung] [die Abstimmung] zu leiten. 4 

[Ggf. weitere Aufgaben des gemeinsamen Vertreters hier einfügen:] 

(3) Der gemeinsame Vertreter hat die Weisungen der Gläubiger zu befolgen. Soweit er zur 

Geltendmachung von Rechten der Gläubiger ermächtigt ist, sind die einzelnen Gläubiger zur 

selbständigen Geltendmachung dieser Rechte nicht befugt, es sei denn, die Gläubiger bestimmen 

durch Mehrheitsbeschluss etwas anderes. Über seine Tätigkeit hat der gemeinsame Vertreter den 

Gläubigern zu berichten. 

(4) Der gemeinsame Vertreter haftet den Gläubigern als Gesamtgläubiger für die ordnungsgemäße 

Erfüllung seiner Aufgaben; bei seiner Tätigkeit hat er die Sorgfalt eines ordentlichen und 

gewissenhaften Geschäftsleiters anzuwenden. Die Haftung des gemeinsamen Vertreters ist auf das 

Zehnfache seiner jährlichen Vergütung beschränkt, es sei denn, dem gemeinsamen Vertreter fällt 

Vorsatz oder grobe Fahrlässigkeit zur Last. Die Haftung des gemeinsamen Vertreters kann durch 

Beschluss der Gläubiger weiter beschränkt werden. Über die Geltendmachung von Ersatzansprüchen 

der Gläubiger gegen den gemeinsamen Vertreter entscheiden die Gläubiger. 

(5) Der gemeinsame Vertreter kann von den Gläubigern jederzeit ohne Angabe von Gründen 


(6) Der gemeinsame Vertreter der Gläubiger kann von der Emittentin verlangen, alle Auskünfte zu 

erteilen, die zur Erfüllung der ihm übertragenen Aufgaben erforderlich sind. 

§ [13] 

BEGEBUNG WEITERER SCHULDVERSCHREIBUNGEN, ANKAUF UND ENTWERTUNG 

(1) Begebung weiterer Schuldverschreibungen. Die Emittentin ist berechtigt, jederzeit [im Fall von 

Fundierten Bankschuldverschreibungen einfügen: vorbehaltlich der gesetzlichen Deckung 

(Kaution)] ohne Zustimmung der Gläubiger weitere Schuldverschreibungen mit gleicher Ausstattung 

(gegebenenfalls mit Ausnahme des Tags der Begebung, des Verzinsungsbeginns und/oder des 

Ausgabepreises) in der Weise zu begeben, dass sie mit diesen Schuldverschreibungen eine 

einheitliche Serie bilden. 

(2) Ankauf. Die Emittentin ist berechtigt, Schuldverschreibungen im Markt oder anderweitig zu 

jedem beliebigen Preis zu kaufen. Die von der Emittentin erworbenen Schuldverschreibungen können 

nach Wahl der Emittentin von ihr gehalten, weiterverkauft oder bei der Emissionsstelle zwecks 

Entwertung eingereicht werden. [Im Fall von Nachrangigen Schuldverschreibungen und 

Kurzfristigen nachrangigen Schuldverschreibungen einfügen: Ein Ankauf zum Zwecke des 

Behaltens oder der Entwertung darf nur dann erfolgen, wenn die Emittentin zuvor [im Fall von 

Nachrangigen Schuldverschreibungen und Kurzfristigen Nachrangigen 

Schuldverschreibungen einfügen: der Finanzmarktaufsichtsbehörde nachgewiesen hat, dass der 

gesamte Betrag der angekauften Schuldverschreibungen zuvor durch die Begebung von Kapital 

zumindest gleicher Eigenmittelqualität ersetzt wurde] [im Fall von Nachrangigen 

4 Nach § 5 Absatz 6 SchVG können die Anleihebedingungen einer bestimmten Anleihe ausschließlich eine der beiden 

genannten Möglichkeiten vorsehen.

98 

Schuldverschreibungen und Kurzfristigen Nachrangigen Schuldverschreibungen einfügen: und 

nicht in den ersten [im Fall von Nachrangigen Schuldverschreibungen einfügen: fünf] [im Fall 

von Kurzfristigen Nachrangigen Schuldverschreibungen einfügen: zwei] Jahren ihrer Laufzeit] 

erfolgt]. Sofern diese Käufe durch öffentliches Angebot erfolgen, muss dieses Angebot allen 

Gläubigern gemacht werden. 

(3) Entwertung. Sämtliche vollständig zurückgezahlten Schuldverschreibungen sind unverzüglich 

zu entwerten und können nicht wiederbegeben oder wiederverkauft werden. 

§ [14] 

MITTEILUNGEN 

[Im Fall von Schuldverschreibungen, die an der Luxemburger Börse notiert werden, einfügen: 

(1) Bekanntmachung. Alle die Schuldverschreibungen betreffenden Mitteilungen erfolgen durch 

elektronische Publikation auf der Website der Luxemburger Börse (www.bourse.lu). Jede Mitteilung 

gilt am dritten Tag nach dem Tag der Veröffentlichung als wirksam erfolgt. 

(2) Mitteilungen an das Clearing System. Solange Schuldverschreibungen an der Official List der 

Luxemburger Börse notiert sind, findet Absatz (1) Anwendung. Soweit die Mitteilung den Zinssatz von 

variabel verzinslichen Schuldverschreibungen betrifft oder die Regeln der Luxemburger Börse dies 

sonst zulassen, kann die Emittentin eine Veröffentlichung nach Absatz (1) durch eine Mitteilung an 

das Clearing System zur Weiterleitung an die Gläubiger ersetzen; jede derartige Mitteilung gilt am 

siebten Tag nach dem Tag der Mitteilung an das Clearing System als den Gläubigern mitgeteilt.] 

[Im Fall von Schuldverschreibungen, die nicht an einer Börse notiert sind, einfügen: 

(1) Mitteilungen an das Clearing System. Die Emittentin wird alle die Schuldverschreibungen 

betreffenden Mitteilungen an das Clearing System zur Weiterleitung an die Gläubiger übermitteln. 

Jede derartige Mitteilung gilt am siebten Tag nach dem Tag der Mitteilung an das Clearing System als 

den Gläubigern mitgeteilt.] 

[Im Fall von Schuldverschreibungen, die an einer anderen Börse als der Luxemburger Börse 

notiert sind, relevante Bestimmungen einfügen] 

[(3)] Form der Mitteilung. Mitteilungen, die von einem Gläubiger gemacht werden, müssen schriftlich 

erfolgen und zusammen mit dem Nachweis seiner Inhaberschaft gemäß § [15] Absatz (3) an den 

Fiscal Agent geleitet werden. Eine solche Mitteilung kann über das Clearing System in der von dem 

Fiscal Agent und dem Clearing System dafür vorgesehenen Weise erfolgen. 

§ [15] 

ANWENDBARES RECHT, GERICHTSSTAND UND GERICHTLICHE GELTENDMACHUNG 

(1) Anwendbares Recht. Form und Inhalt der Schuldverschreibungen sowie die Rechte und 

Pflichten der Gläubiger und der Emittentin bestimmen sich in jeder Hinsicht nach deutschem Recht 

[im Fall von fundierten Bankschuldverschreibungen einfügen:, und entsprechen dem 

österreichischen Gesetz vom 27. Dezember 1905 betreffend fundierte Bankschuldverschreibungen 

RGBl. 213/1905, in der jeweils geltenden Fassung]. 

(2) Gerichtsstand. Nicht ausschließlich zuständig für sämtliche im Zusammenhang mit den 

Schuldverschreibungen entstehenden Klagen oder sonstige Verfahren ("Rechtsstreitigkeiten") ist 

das Landgericht in Frankfurt am Main. 

(3) Gerichtliche Geltendmachung. Jeder Gläubiger von Schuldverschreibungen ist berechtigt, in 

jedem Rechtsstreit gegen die Emittentin oder in jedem Rechtsstreit, in dem der Gläubiger und die 

Emittentin Partei sind, seine Rechte aus diesen Schuldverschreibungen im eigenen Namen auf der 

folgenden Grundlage zu schützen oder geltend zu machen: (i) er bringt eine Bescheinigung der 

Depotbank bei, bei der er für die Schuldverschreibungen ein Wertpapierdepot unterhält, welche (a) 

den vollständigen Namen und die vollständige Adresse des Gläubigers enthält, (b) den 

Gesamtnennbetrag der Schuldverschreibungen bezeichnet, die unter dem Datum der Bestätigung auf 

dem Wertpapierdepot verbucht sind und (c) bestätigt, dass die Depotbank gegenüber dem Clearing 

System eine schriftliche Erklärung abgegeben hat, die die vorstehend unter (a) und (b) bezeichneten 

Informationen enthält; und (ii) er legt eine Kopie der die betreffenden Schuldverschreibungen

99 

verbriefenden Globalurkunde vor, deren Übereinstimmung mit dem Original eine 

vertretungsberechtigte Person des Clearing Systems oder des Verwahrers des Clearing Systems 

bestätigt hat, ohne dass eine Vorlage der Originalbelege oder der die Schuldverschreibungen 

verbriefenden Globalurkunde in einem solchen Verfahren erforderlich wäre. Für die Zwecke des 

Vorstehenden bezeichnet "Depotbank" jede Bank oder ein sonstiges anerkanntes Finanzinstitut, das 

berechtigt ist, das Wertpapierverwahrungsgeschäft zu betreiben und bei der/dem der Gläubiger ein 

Wertpapierdepot für die Schuldverschreibungen unterhält, einschließlich des Clearing Systems. 

Unbeschadet des Vorstehenden kann jeder Gläubiger seine Rechte aus den Schuldverschreibungen 

auch auf jede andere Weise schützen oder geltend machen, die im Land des Rechtsstreits prozessual 

zulässig ist. 

§ [16] 

SPRACHE 

[Falls die Bedingungen in deutscher Sprache mit einer Übersetzung in die englische Sprache 

abgefasst sind, einfügen: 

Diese Bedingungen sind in deutscher Sprache abgefasst. Eine Übersetzung in die englische Sprache 

ist beigefügt. Der deutsche Text ist bindend und maßgeblich. Die Übersetzung in die englische 

Sprache ist unverbindlich.] 

[Falls die Bedingungen in englischer Sprache mit einer Übersetzung in die deutsche Sprache 

abgefasst sind, einfügen: 

Diese Bedingungen sind in englischer Sprache abgefasst. Eine Übersetzung in die deutsche Sprache 

ist beigefügt. Der englische Text ist bindend und maßgeblich. Die Übersetzung in die deutsche 

Sprache ist unverbindlich.] 

[Falls die Bedingungen ausschließlich in deutscher Sprache abgefasst sind, einfügen: 

Diese Bedingungen sind ausschließlich in deutscher Sprache abgefasst.]

100 

Description of Rules regarding Resolutions of Holders 

The Terms and Conditions pertaining to a certain issue of Notes may provide that the Holders may 

agree to amendments or decide on other matters relating to the Notes by way of resolution to be 

passed in meetings of Holders or by taking votes without a meeting. 

The rules regarding the convening and conduct of meetings of Holders and the taking of votes without 

meetings, the passing and publication of resolutions as well as their implementation and challenge 

before German courts are set out in the Act on Debt Securities (Schuldverschreibungsgesetz - 

SchVG). These rules are largely mandatory, although they permit in limited circumstances 

supplementary provisions set out in the Terms and Conditions of the relevant issue of Notes. 

It is important to note that the rules governing resolutions of Holders, whether to be taken in a meeting 

or by a vote without a meeting, apply only if the Terms and Conditions pertaining to a certain issue of 

Notes so provide. 

In addition to the provisions included in the Terms and Conditions of a particular issue of Notes, the 

rules regarding resolutions of Holders are substantially set out in a Schedule to the Fiscal Agency 

Agreement in the German language together with a non-official English translation. If the Notes are for 

their life represented by Global Notes, the Terms and Conditions of such Notes fully refer to the rules 

pertaining to resolutions of Holders in the form of such Schedule to the Fiscal Agency Agreement. 

The following is a brief summary of some of the statutory rules regarding the convening and conduct 

of meetings of Holders and the taking of votes without meetings, the passing and publication of 

resolutions as well as their implementation and challenge before German courts. 

Holders' Meetings may be convened by the Issuer and, where so appointed either in the Terms and 

Conditions or by a Holders' resolution, by the Holders' Representative. Holders' Meetings must be 

convened if one or more Holders holding 5 % or more of the outstanding Notes so require for specified 

reasons permitted by the statute. 

Meetings may be convened not less than 14 days before the date of the meeting. Attendance and 

voting at the meeting may be made subject to prior registration of Holders. The convening notice will 

provide what proof will be required for attendance and voting at the meeting. The place of the meeting 

in respect of a German issuer is the place of the issuer's registered office, provided, however, that 

where the relevant Notes are listed on a stock exchange within the European Union or the European 

Economic Area, the meeting may be held at the place of such stock exchange. 

The convening notice must include relevant particulars and must be made publicly available together 

with the agenda of the meeting setting out the proposals for resolution. 

Each Holder may be represented by proxy. 

A quorum exists if Holders representing by value not less than 50 % of the outstanding Notes are 

present or represented at the meeting. If the quorum is not reached, a second meeting may be called 

at which no quorum will be required, provided that where a resolution may only be adopted by a 

qualified majority, a quorum requires the presence of at least 25 % of the principal amount of 

outstanding Notes. 

All resolutions adopted must be properly published. In the case of Notes represented by one or more 

Global Notes, resolutions which amend or supplement the Terms and Conditions have to be 

implemented by supplementing or amending the relevant Global Note(s). 

In insolvency proceedings instituted in Germany against an Issuer, a Holders' Representative, if 

appointed, is obliged and exclusively entitled to assert the Holders' rights under the Notes. Any 

resolutions passed by the Holders are subject to the provisions of the Insolvency Code 

(Insolvenzordnung). 

If a resolution constitutes a breach of the statute or the Terms and Conditions, Holders may bring an 

action to set aside such resolution. Such action must be filed with the competent court within one 

month following the publication of the resolution.

101 

If the Terms and Conditions provide for resolutions to be passed by Holders without a meeting, the 

rules applicable to Holders' Meetings apply mutatis mutandis to any taking of votes by Holders without 

a meeting, subject to certain special provisions.

102 

In case of Notes listed on the Official List of the Luxembourg Stock Exchange or publicly offered in 

Luxembourg, the Final Terms will be displayed on the website of the Luxembourg Stock Exchange 

(www.bourse.lu). In case of Notes listed on any other stock exchange or publicly offered in one or more 

member states of the European Economic Area other than Luxembourg, the Final Terms will be displayed 

on the website (www.raiffeisenbank.at) of the Issuer. 

FORM OF FINAL TERMS 1 

(MUSTER – ENDGÜLTIGE BEDINGUNGEN) 

Final Terms 2 

Endgültige Bedingungen 

[Title of relevant Series of Notes] 

[Bezeichnung der betreffenden Serie der Schuldverschreibungen] 

Series: [ ], Tranche [ ] 

Series: [ ], Tranche [ ] 

issued pursuant to the 

begeben aufgrund des 

EUR 2,000,000,000 

Debt Issuance Programme 

dated 11 May 2012 

vom 11. Mai 2012 

of 

der 


Issue Price: [ ] % 

Ausgabepreis: [ ] % 

Issue Date: [ ] 3 

Valutierungstag: [ ] 

[Date] 

[Datum] 

These are the Final Terms of an issue of Notes under the EUR 2,000,000,000 Debt Issuance Programme of 

RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG (the "Programme"). Full information on 

RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG and the offer of the Notes is only available 

on the basis of the combination of the Debt Issuance Programme Prospectus pertaining to the Programme 

1 

Items of the Final Terms, which are not applicable, may be deleted. 

Soweit die Angaben in den Endgültigen Bedingungen nicht anwendbar sind, können diese gelöscht werden. 

2 

Directive 2010/73/EU (the "Amending Directive") amending the Prospectus Directive 2003/71/EC and the Transparency 

Directive 2004/109/EC increases the minimum denomination threshold per debt security from € 50,000 to € 100,000, or its 

equivalent in another currency, for the qualification of a debt security as wholesale debt with regard to the wholesale 

disclosure requirements and the exemptions under the Prospectus Directive. For the increased minimum denomination 

threshold to become applicable, the Amending Directive must be implemented into the relevant national law of the 

jurisdictions into which the Prospectus has been passported and in which Notes will be listed on a stock exchange and/or 

publicly offered and distributed. 

Die Richtlinie 2010/73/EU (die "Änderungsrichtlinie"), durch die die Prospektrichtlinie 2003/71/EG und die 

Transparenzrichtlinie 2004/109/EG geändert werden, erhöht die für die Einordnung eines Schuldtitels als ein Schuldtitel für 

Großanleger in Bezug auf die entsprechenden Offenlegungspflichten und die Ausnahmen gemäß der Prospektrichtlinie 

maßgebliche Schwelle der Mindeststückelung pro Schuldtitel von € 50.000 auf € 100.000, bzw. den entsprechenden 

Gegenwert in einer anderen Währung. Damit die erhöhte Schwelle der Mindeststückelung Anwendung findet, muss die 

Änderungsrichtlinie in das jeweilige nationale Recht der Rechtsordnungen, in die der Prospekt notifiziert wurde und/oder in 

denen eine Börsennotierung bzw. ein öffentliches Angebot und der Vertrieb der Schuldtitel erfolgen soll, umgesetzt werden. 

3 

The Issue Date is the date of payment and settlement of the Notes. In the case of free delivery, the Issue Date is the 

delivery date. 

Der Valutierungstag ist der Tag, an dem die Schuldverschreibungen begeben und bezahlt werden. Bei freier Lieferung ist 

der Valutierungstag der Tag der Lieferung.

103 

dated 11 May 2012 as amended and supplemented from time to time (the "Prospectus") and these Final 

Terms. The Prospectus is available for viewing in electronic form on the website of the Luxembourg Stock 

Exchange (www.bourse.lu) and on the website of RAIFFEISENLANDESBANK NIEDERÖSTERREICH- 

WIEN AG (www.raiffeisenbank.at) and copies may be obtained free of charge from 

RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG, F.-W.-Raiffeisenplatz 1, 1020 Vienna, 

Austria. 

Dies sind die Endgültigen Bedingungen einer Emission von Schuldverschreibungen unter dem 

EUR 2.000.000.000 Debt Issuance Programm der RAIFFEISENLANDESBANK NIEDERÖSTERREICH- 

WIEN AG (das "Programm"). Vollständige Informationen über die RAIFFEISENLANDESBANK 

NIEDERÖSTERREICH-WIEN AG und das Angebot der Schuldverscheibungen sind nur verfügbar, wenn 

diese Endgültigen Bedingungen und der Basisprospekt über das Programm vom 11. Mai 2012 in seiner 

jeweils gültigen Fassung (der "Prospekt") zusammengenommen werden. Der Prospekt kann in 

elektronischer Form auf der Internetseite der Wertpapierbörse Luxemburg (www.bourse.lu) und der 

Internetseite der RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG (www.raiffeisenbank.at) 

eingesehen werden. Kopien sind kostenfrei erhältlich bei der RAIFFEISENLANDESBANK 

NIEDERÖSTERREICH-WIEN AG, F.-W.-Raiffeisenplatz 1, 1020 Wien, Österreich. 

Part I.: TERMS AND CONDITIONS 

Teil I.: ANLEIHEBEDINGUNGEN 

[This part I of the Final Terms is to be read in conjunction with the Terms and Conditions of the Notes (the 

"Terms and Conditions") set forth in the Prospectus, as the same may be amended or supplemented from 

time to time. All provisions in the Terms and Conditions corresponding to items in these Final Terms which 

are either not selected or completed or which are deleted shall be deemed to be deleted from the terms and 

conditions applicable to the Notes (the "Conditions"). 4 

Dieser Teil I der Endgültigen Bedingungen ist in Verbindung mit den Anleihebedingungen der 

Schuldverschreibungen (die "Anleihebedingungen") zu lesen, die in der jeweils geltenden Fassung des 

Prospektes enthalten sind. Sämtliche Bestimmungen der Anleihebedingungen, die sich auf Variablen dieser 

Endgültigen Bedingungen beziehen und die weder angekreuzt noch ausgefüllt werden oder die gestrichen 

werden, gelten als in den auf die Schuldverschreibungen anwendbaren Anleihebedingungen (die 

"Bedingungen") gestrichen.] 

[The Integrated Conditions applicable to the Notes (the "Conditions") and the German or English language 

translation thereof, if any, are attached hereto and replace in full the Terms and Conditions of the Notes as 

set out in the Prospectus and take precedence over any conflicting provisions in part I of this document. 5 

Die für die Schuldverschreibungen geltenden konsolidierten Bedingungen (die "Bedingungen") sowie eine 

etwaige deutsch- oder englischsprachige Übersetzung sind beigefügt. Die Bedingungen ersetzen in Gänze 

die im Prospekt abgedruckten Anleihebedingungen und gehen etwaigen abweichenden Bestimmungen in 

Teil I dieses Dokuments vor.] 

All references in this part of the Final Terms to numbered sections and subparagraphs are to sections and 

subparagraphs of the Terms and Conditions. 

Bezugnahmen in diesem Abschnitt der Endgültigen Bedingungen auf Paragraphen und Absätze beziehen 

sich auf die Paragraphen und Absätze der Anleihebedingungen. 

Capitalized Terms not otherwise defined herein shall have the meanings specified in the Terms and 

Conditions. 

Begriffe, die in den Anleihebedingungen definiert sind, haben, falls die Endgültigen Bedingungen nicht 

etwas anderes bestimmen, die gleiche Bedeutung, wenn sie in diesen Endgültigen Bedingungen verwendet 

werden. 

4 To be inserted in the case of Long-form Conditions. 

Einzufügen im Falle von nicht-konsolidierten Bedingungen. 

5 To be inserted in the case of Integrated Conditions. 

Einzufügen im Falle von konsolidierten Bedingungen.

104 

Issuer RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG 

Emittentin 

Form of Conditions 6 

Form der Bedingungen 

Long-Form 

Nicht-konsolidierte Bedingungen 

Integrated 

Konsolidierte Bedingungen 

Language of Conditions 7 

Sprache der Bedingungen 

German only 

ausschließlich Deutsch 

English only 

ausschließlich Englisch 

English and German (English controlling and binding) 

Englisch und Deutsch (englischer Text maßgeblich und bindend) 

German and English (German controlling and binding) 

Deutsch und Englisch (deutscher Text maßgeblich und bindend) 

CURRENCY, DENOMINATION, FORM, CERTAIN DEFINITIONS (§ 1) 

WÄHRUNG, STÜCKELUNG, FORM, DEFINITIONEN (§ 1) 

Currency, Denomination and Form 8 

Währung, Stückelung und Form 

Specified Currency [ ] 

Festgelegte Währung 

Aggregate Principal Amount [ ] 

Gesamtnennbetrag 

Specified Denomination [ ] 

Festgelegte Stückelung 

6 To be determined in consultation with the Issuer. It is anticipated that Long-Form Conditions will generally be used for Notes 

which are not publicly offered. Integrated Conditions will be required where the Notes are to be publicly offered, in whole or 

in part, or to be initially distributed, in whole or in part, to non-qualified investors. 

Die Form der Bedingungen ist in Abstimmung mit der Emittentin festzulegen. Es ist vorgesehen, dass nicht-konsolidierte 

Bedingungen für Inhaberschuldverschreibungen verwendet werden, die nicht öffentlich zum Verkauf angeboten werden. 

Konsolidierte Bedingungen sind erforderlich, wenn die Schuldverschreibungen anfänglich insgesamt oder teilweise an nicht 

qualifizierte Anleger verkauft oder öffentlich angeboten werden. 

7 To be determined in consultation with the Issuer. It is anticipated that, subject to any stock exchange or legal requirements 

applicable from time to time, and unless otherwise agreed, in the case of Notes in bearer form publicly offered, in whole or 

in part, in Germany, or distributed, in whole or in part, to non-qualified investors in Germany, German will be the controlling 

language. If, in the event of such public offer or distribution to non-qualified investors, however, English is chosen as the 

controlling language, a German language translation of the Conditions will be available from the principal office of the Fiscal 

Agent and the Issuer. 

In Abstimmung mit der Emittentin festzulegen. Es wird erwartet, dass vorbehaltlich geltender Börsen- oder anderer 

Bestimmungen und soweit nicht anders vereinbart, die deutsche Sprache für Inhaberschuldverschreibungen maßgeblich 

sein wird, die insgesamt oder teilweise öffentlich zum Verkauf in Deutschland angeboten oder an nicht qualifizierte Anleger 

in Deutschland verkauft werden. Falls bei einem solchen öffentlichen Verkaufsangebot oder Verkauf an nicht qualifizierte 

Anleger die englische Sprache als maßgeblich bestimmt wird, wird eine deutschsprachige Übersetzung der Bedingungen 

bei der Hauptgeschäftsstelle der Emissionsstelle und der Emittentin erhältlich sein. 

8 The minimum denomination of the Notes will be, if in euro, EUR 1,000, if in any currency other than euro, in an amount in 

such other currency exceeding the equivalent of EUR 1,000 at the time of the issue of the Notes. 

Die Mindeststückelung der Schuldverschreibungen beträgt EUR 1.000, bzw. falls die Schuldverschreibungen in einer 

anderen Währung als Euro begeben werden, einem Betrag in dieser anderen Währung, der zur Zeit der Begebung der 

Schuldverschreibungen dem Gegenwert von EUR 1.000 entspricht oder diesen übersteigt.

105 

Number of Notes to be issued in the Specified Denomination [ ] 

Anzahl der in der festgelegten Stückelung auszugebenden Schuldverschreibungen 

New Global Note [Yes/No] 

New Global Note [Ja/Nein] 

TEFRA C (the C Rules) 

TEFRA C 

Permanent Global Note 

Dauerglobalurkunde 

TEFRA D (the D Rules) 

TEFRA D 

Temporary Global Note exchangeable for Permanent Global Note 

Vorläufige Globalurkunde austauschbar gegen Dauerglobalurkunde 

Neither TEFRA D nor TEFRA C 9 

Weder TEFRA D noch TEFRA C 

Permanent Global Note 

Dauerglobalurkunde 

Applicable Conditions 10 [Yes/No] 

Anwendbare Bedingungen [Ja/Nein] 

Procedural provisions regarding resolutions of Holders 

(Schedule 6 of Agency Agreement) 

[insert Internet website where Schedule 6 is published] 

Verfahrensrechtliche Bestimmungen für Gläubigerbeschlüsse 

(Schedule 6 des Agency Agreements) 

[Internetseite einfügen, auf welcher Schedule 6 abrufbar ist] 

Other (specify details) 

Andere (Einzelheiten einfügen) 

Certain Definitions 

Definitionen 

Clearing System 

Oesterreichische Kontrollbank AG (OeKB) 

Am Hof 4, Strauchgasse 1-3, 

1011 Wien, Austria 

Clearstream Banking AG (CBF) 

Neue Börsenstraße 8 

60487 Frankfurt am Main 

Germany 

Clearstream Banking/société anonyme (CBL) 

42 Avenue JF Kennedy 

1855 Luxembourg, Luxembourg 

Euroclear Bank SA/NV (Euroclear) 

1 Boulevard du Roi Albert II 

1210 Brussels, Belgium 

9 Applicable only if Notes have a maturity (including unilateral rollovers and extensions) of one year or less. 

Nur anwendbar bei Schuldverschreibungen mit einer Laufzeit (einschließlich einseitiger Verlängerungen und 

Erweiterungen) von einem Jahr oder weniger. 

10 Only such provisions may be referred to by the Terms and Conditions that are incorporated into the Prospectus. 

Nur solche Bedingungen, die im Prospekt enthalten sind, können durch die Anleihebedingungen in Bezug genommen 

werden.

106 

Other – specify [ ] 

sonstige (angeben) 

STATUS (§ 2) 

STATUS (§ 2) 

Senior Notes 

Nicht-nachrangige Schuldverschreibungen 

Covered Bonds 

Fundierte Bankschuldverschreibungen 

Mortgage-backed pool of assets 

Hypothekarischer Deckungsstock 

Public pool of assets 

Öffentlicher Deckungsstock 


Nachrangige Schuldverschreibungen 

Short-term Subordinated Notes 

Kurzfristige Nachrangige Schuldverschreibungen 

INTEREST (§ 3) 

ZINSEN (§ 3) 

Fixed Rate Notes 11 

Festverzinsliche Schuldverschreibungen 

Rate of Interest and Interest Payment Dates 

Zinssatz und Zinszahlungstage 

Rate of Interest [ ] per cent. per annum 

Zinssatz [ ] % per annum 

Interest Commencement Date [ ] 

Verzinsungsbeginn 

Fixed Interest Date(s) [ ] 

Festzinstermin(e) 

First Interest Payment Date [ ] 

Erster Zinszahlungstag 

Initial Broken Amount(s) (per Specified Denomination) [ ] 

Anfängliche(r) Bruchteilzinsbetrag(-beträge) (für die festgelegte Stückelung) 

Fixed Interest Date preceding the Maturity Date [ ] 

Festzinstermin, der dem Fälligkeitstag vorangeht 

Final Broken Amount(s) (per Specified Denomination) [ ] 

Abschließende(r) Bruchteilzinsbetrag(-beträge) (für die festgelegte Stückelung) 

Determination Date(s) 12 [ ] in each year 

Feststellungstermin(e) [ ] in jedem Jahr 

11 If not applicable, the following items may be deleted. 

Falls nicht anwendbar, können die folgenden Angaben gelöscht werden. 

12 Insert number of regular Interest Dates ignoring Issue Date or Maturity Date in the case of a long or short first or last 

Coupon. N.B.: only relevant where the Date Count Fraction is Actual/Actual (ICMA). 

Einzusetzen ist die Anzahl der festen Zinstermine, wobei im Falle eines langen oder kurzen ersten oder letzten Kupons der 

Valutierungstag bzw. der Fälligkeitstag nicht zu berücksichtigen sind. N.B.: nur einschlägig, falls der Zinstagequotient 

Actual/Actual (ICMA) anwendbar ist.

Floating Rate Notes 13 

Variabel verzinsliche Schuldverschreibungen 

Interest Payment Dates 

Zinszahlungstage 

107 

Interest Commencement Date [ ] 

Verzinsungsbeginn 

Specified Interest Payment Dates [ ] 

Festgelegte Zinszahlungstage 

Specified Interest Period(s) [ ] [weeks/months/other – specify] 

Festgelegte Zinsperiode(n) [ ] [Wochen/Monate/andere – angeben] 

Adjustment of Interest Payment Date 

Anpassung des Zinszahlungstages 

Business Day Convention 

Geschäftstagskonvention 

Modified Following Business Day Convention 

Modifizierte folgender Geschäftstag-Konvention 

FRN Convention (specify period(s)) [ ] [months/other – specify] 

FRN Konvention (Zeitraum angeben) [ ] [Monate/andere – angeben] 

Following Business Day Convention 

Folgender Geschäftstag-Konvention 

Preceding Business Day Convention 

Vorangegangener Geschäftstag-Konvention 

Unadjusted [Yes/No] 

nicht angepasst [Ja/Nein] 

Relevant Financial Centres [ ] 

Relevante Finanzzentren 

Rate of Interest 

Zinssatz 

Screen Rate Determination 

Bildschirmfeststellung 

Floating Rate Notes other than Constant Maturity Swap Floating Rate Notes 

variabel verzinslichen Schuldverschreibungen, die nicht CMS variabel verzinsliche 

Schuldverschreibungen sind 

Constant Maturity Swap Floating Rate Notes 

Constant Maturity Swap Variabel verzinsliche Schuldverschreibungen 

EURIBOR (11.00 a. m. Brussels time/TARGET Business Day/ [include relevant 

EURIBOR panel/Interbank Market in the Euro-Zone) number of months] 

EURIBOR (11.00 Uhr Brüsseler Ortszeit/TARGET Geschäftstag/ [maßgebliche Anzahl 

EURIBOR Panel/Interbankenmarkt in der Euro-Zone) von Monaten einfügen] 

Screen Page [ ] 

Bildschirmseite 

LIBOR (11.00 a.m. London time/London Business Day/City of London/ [include relevant 

London Office/London Interbank Market) number of months] 

LIBOR (11.00 Uhr Londoner Ortszeit/Londoner Geschäftstag/ [maßgebliche Anzahl 

City of London/Londoner Geschäftsstelle/Londoner Interbankenmarkt) von Monaten einfügen] 

13 If not applicable, the following items may be deleted. 

Falls nicht anwendbar, können die folgenden Angaben gelöscht werden.

108 

Screen Page [ ] 

Bildschirmseite 

Other (specify) [ ] 

Sonstige (angeben) 

Screen Page(s) [ ] 

Bildschirmseite(n) 

Number of years 

Anzahl von Jahren 

Factor 

Faktor 

Margin [ ] per cent. per annum 

Marge [ ] % per annum 

plus 

Plus 

minus 

Minus 

Interest Determination Date 

Zinsfestlegungstag 

second [London / TARGET] Business Day prior to the [commencement / end] of each Interest Period 

zweiter [Londoner / TARGET] Geschäftstag vor [Beginn / Ende] der jeweiligen Zinsperiode 



Reference Banks (if other than as specified in § 3 (2)) (specify) [ ] 

Referenzbanken (sofern abweichend von § 3 (2) (angeben) 

ISDA Determination 14 [specify details] 

ISDA-Feststellung [Details einfügen] 

Other Method of Determination (insert details 

(including Margin, Interest Determination Date, 

Reference Banks, fall back provisions)) [ ] 

Andere Methoden der Bestimmung (Einzelheiten angeben 

(einschließlich Zinsfestlegungstag, Marge, Referenzbanken, 

Ausweichbestimmungen)) 

Minimum and Maximum Rate of Interest 

Mindest- und Höchstzinssatz 

Minimum Rate of Interest [ ] per cent. per annum 

Mindestzinssatz [ ] % per annum 

Maximum Rate of Interest [ ] per cent. per annum 

Höchstzinssatz [ ] % per annum 

Other structured Floating Rate Notes [ ] 

Sonstige strukturierte variabel verzinsliche Schuldverschreibungen 

(set forth details in full here (including fall back provisions, 

if the relevant reference date is not available)) 

(Einzelheiten einfügen (einschließlich Ausweichbestimmungen, 

wenn der maßgebliche Referenzsatz nicht verfügbar ist)) 

14 ISDA Determination should only be applied in the case of Notes permanently represented by a Global Note because the 

ISDA Agreement and the ISDA Definitions have to be attached to the relevant Notes. 

ISDA-Feststellung sollte nur dann gewählt werden, wenn die betreffenden Schuldverschreibungen durch eine 

Dauerglobalurkunde verbrieft werden, weil das ISDA-Agreement und die ISDA Definitions den Schuldverschreibungen 

beizufügen sind.



Accrual of Interest 

Auflaufende Zinsen 

109 

Amortisation Yield [ ] 

Emissionsrendite 


Doppelwährungs-Schuldverschreibungen 

(set forth details in full here (including exchange rate(s) or basis for 

calculating exchange rate(s) to determine interest and fall back provisions)) 

(Einzelheiten einfügen (einschließlich Wechselkurs(e) oder Grundlage 

für die Berechnung des/der Wechselkurs(e) zur Bestimmung 

von Zinsbeträgen und Ausweichbestimmungen)) 

Index Linked Notes [ ] 

Indexierte Schuldverschreibungen 

(set forth details in full here (including index/formula, 

basis for calculating interest and fall back provisions)) 

(Alle Einzelheiten einfügen (einschließlich des Index/der Formel, 

der Grundlagen für die Berechnung der Zinsbeträge sowie 

Ausweichbestimmungen)) 

Instalment Notes [ ] 

Raten-Schuldverschreibungen 

(set forth details in full here) 

(Alle Einzelheiten einfügen) 

Equity Linked Notes [ ] 


(set forth details in full here (including basis for calculating 

interest and fall back provisions)) 

(Alle Einzelheiten hier (einschließlich der Grundlagen für die 

Berechnung der Zinsbeträge sowie Ausweichbestimmungen) einfügen) 

Other Notes [ ] 

Sonstige Schuldverschreibungen 

(set forth details in full here (including basis for calculating 

interest and fall back provisions)) 

(Einzelheiten einfügen (einschließlich der Grundlagen für die 

Berechnung der Zinsbeträge sowie Ausweichbestimmungen)) 

Day Count Fraction 15 

Zinstagequotient 

Actual/Actual (ICMA Rule 251) 

[Deemed Interest Commencement Date] 16 [ ] 

[Fiktiver Verzinsungsbeginn] 

[Deemed Interest Payment Date] 17 [ ] 

[Fiktive(r) Zinszahlungstag(e)] 

Actual/365 or Actual/Actual (ISDA) 

Actual/365 (Fixed) 

15 Complete for all Notes. 

Für alle Schuldverschreibungen auszufüllen. 

16 Include only in case of short first or long last calculation period. 

Nur bei kurzem ersten oder letztem langen Zinsberechnungszeitraum einfügen. 

17 Include only in case of short first or long last calculation period. 

Nur bei kurzem ersten oder letztem langen Zinsberechnungszeitraum einfügen.

Actual/360 

30/360 or 360/360 (Bond Basis) 

30E/360 (Eurobond Basis) 

PAYMENTS (§ 4) 

ZAHLUNGEN (§ 4) 

Payment Business Day 

Zahltag 

110 

Relevant Financial Centre(s) (specify all) [ ] 

Relevante(s) Finanzzentren(um) (alle angeben) 

REDEMPTION (§ 5) 

RÜCKZAHLUNG (§ 5) 

Final Redemption 

Rückzahlung bei Endfälligkeit 

Notes other than Instalment Notes 

Schuldverschreibungen außer Raten-Schuldverschreibungen 

Maturity Date [ ] 

Fälligkeitstag 

Redemption Month [ ] 

Rückzahlungsmonat 

Term of the Notes to be extended (Extendable Notes) [ ] 

Verlängerung der Laufzeit der Schuldverschreibungen (Extendable Schuldverschreibungen) 

Final Redemption Amount 

Rückzahlungsbetrag 

Principal Amount 

Nennbetrag 

Final Redemption Amount (per Specified Denomination) [ ] 

Rückzahlungsbetrag (für die festgelegte Stückelung) 

Instalment Notes 

Raten-Schuldverschreibungen 

Instalment Date(s) [ ] 

Ratenzahlungstermin(e) 

Instalment Amount(s) [ ] 

Rate(n) 

Early Redemption 

Vorzeitige Rückzahlung 

Early Redemption at the Option of the Issuer 18 [Yes/No] 

Vorzeitige Rückzahlung nach Wahl der Emittentin [Ja/Nein] 

18 Subordinated Notes may only be redeemed after a minimum term of five years, unless redemption is made for taxation 

reasons, and redemption will be subject to replacement of the amount of Notes to be redeemed by issuing capital of at least 

equivalent own funds quality. Short-term Subordinated Notes may only be redeemed after a minimum term of two years, 

unless redemption is made for taxation reasons, and redemption will be subject to replacement of the amount of Notes to be 

redeemed by issuing capital of at least equivalent own funds quality. 

Nachrangige Schuldverschreibungen dürfen erst nach Ablauf von fünf Jahren gekündigt werden, es sei denn, die 

Kündigung erfolgt aus Steuergründen. Die Rückzahlung darf nur dann erfolgen, wenn der Nennbetrag der so 

zurückgezahlten Schuldverschreibungen zuvor durch die Begebung von Kapital zumindest gleicher Eigenmittelqualität 

ersetzt wurde. Kurzfristige Nachrangige Schuldverschreibungen dürfen erst nach Ablauf von zwei Jahren gekündigt werden, 

es sei denn, die Kündigung erfolgt aus Steuergründen. Die Rückzahlung darf nur dann erfolgen, wenn der Nennbetrag der

111 

Minimum Redemption Amount [ ] 

Mindestrückzahlungsbetrag 

Higher Redemption Amount [ ] 

Höherer Rückzahlungsbetrag 

Call Redemption Date(s) [ ] 

Wahlrückzahlungstag(e) (Call) 

Call Redemption Amount(s) [ ] 

Wahlrückzahlungsbetrag/-beträge (Call) 

Minimum Notice to Holders 19 [ ] 

Mindestkündigungsfrist an die Gläubiger 

Maximum Notice to Holders [ ] 

Höchstkündigungsfris an die Gläubiger t 

Early Redemption at the Option of a Holder 20 [Yes/No] 

Vorzeitige Rückzahlung nach Wahl des Gläubigers [Ja/Nein] 

Put Redemption Date(s) [ ] 

Wahlrückzahlungstag(e) (Put) 

Put Redemption Amount(s) [ ] 

Wahlrückzahlungsbetrag/-beträge (Put) 

Minimum Notice to Issuer 19 [ ] days 

Mindestkündigungsfrist an die Emittentin [ ] Tage 

Maximum Notice to Issuer (never more than 60 days) [ ] days 

Höchstkündigungsfrist an die Emittentin (nie mehr als 60 Tage) [ ] Tage 

Early Redemption Amount 

Vorzeitiger Rückzahlungsbetrag 



Reference Price [ ] 

Referenzpreis 

Other structured Floating Rate Notes 

Sonstige strukturierte variabel verzinsliche 


(set forth details in full here) [ ] 

(Einzelheiten einfügen) 


Doppelwährungs-Schuldverschreibungen 




Index Linked Schuldverschreibungen 



so zurückgezahlten Schuldverschreibungen zuvor durch die Begebung von Kapital zumindest gleicher Eigenmittelqualität 

ersetzt wurde. 

19 

Euroclear requires a minimum notice period of fifteen days. 

Euroclear verlangt eine Mindest-Kündigungsfrist von fünfzehn Tagen. 

20 

Subordinated Notes may only be redeemed by the holder after a term of five years. Short-term Subordinated Notes may only 

be redeemed by the holder after a term of two years. 

Nachrangige Schuldverschreibungen können erst nach Ablauf von fünf Jahren durch den Gläubiger gekündigt werden. 

Kurzfristig Nachrangige Schuldverschreibungen können erst nach Ablauf von zwei Jahren durch den Gläubiger gekündigt 

werden.

112 


Equity Linked Schuldverschreibungen 



Other Notes 

Andere Schuldverschreibungen 



PAYING AGENTS [AND CALCULATION AGENT] (§ 6) 

ZAHLSTELLEN [UND BERECHNUNGSSTELLE] (§ 6) 

Calculation Agent/specified office 21 [ ] 

Berechnungsstelle/bezeichnete Geschäftsstelle 

Required location of Calculation Agent (specify) [ ] 

Vorgeschriebener Ort für Berechnungsstelle (angeben) 

Paying Agent(s)/specified office(s) [ ] 

Zahlstelle(n)/bezeichnete Geschäftsstelle(n) 

Other – specify [ ] 

sonstige (angeben) 

TAXATION (§ 7) 

STEUERN (§ 7) 

Gross-up obligation of the Issuer [Yes/No] 

Quellensteuerausgleich durch die Emittentin [Ja/Nein] 

MAJORITY RESOLUTIONS OF HOLDERS (§ [11]) (opt-in) [Yes/No] 

MEHRHEITSBESCHLÜSSE DER GLÄUBIGER (§ [11]) (opt-in) [Ja/Nein] 

Resolutions to be passed in Holders' meetings 

Beschlüsse werden in Gläubigerversammlungen gefasst 

Resolutions to be passed by voting without a meeting 

Beschlüsse werden im Wege der Abstimmung ohne Versammlung gefasst 

Matters which are not subject to majority resolutions (specify details) 

Maßnahmen, die nicht der Zustimmung durch Mehrheitsbeschluss unterliegen 


Majority requirements, 

Mehrheitserfordernisse 

If relevant, specify matters which require qualified majority [(75 %)] 

Soweit relevant Maßnahmen angeben, die eine qualifizierte Mehrheit verlangen ([75 %]) 

If relevant, specify matters which require a majority higher than the qualified majority 

(specify percentage) 

Soweit relevant, Maßnahmen angeben, die eine höhere Mehrheit verlangen als die 

qualifizierte Mehrheit - (Prozentsatz angeben) 

If relevant, specify matters which require simple majority [(50 %)] 

Soweit relevant Maßnahmen angeben, die eine einfache Mehrheit verlangen [(50 %)] 

If relevant, specify matters which require a majority higher than the simple majority 

(specify percentage) 

Soweit relevant, Maßnahmen angeben, die eine höhere Mehrheit verlangen 

21 Not to be completed if Fiscal Agent is to be appointed as Calculation Agent. 

Nicht auszufüllen, falls Emissionsstelle als Berechnungsstelle bestellt werden soll.

113 

als die einfache Mehrheit - (Prozentsatz angeben) 

HOLDERS' REPRESENTATIVE (§ [12]) 22 

GEMEINSAMER VERTRETER DER GLÄUBIGER (§ [12]) 

Appointment of a Holders' Representative by resolution 

passed by Holders 

Bestellung eines gemeinsamen Vertreters der 

Gläubiger durch Beschluss der Gläubiger 

Appointment of a Holders' Representative 

in the Conditions 

Bestellung eines gemeinsamen Vertreters der Gläubiger in den Bedingungen 

Name and address of the Holders' Representative 

(specify details) 

Name und Anschrift des Gemeinsamen Vertreters (Einzelheiten einfügen) 

Responsibilities and functions of the Holders' Representative 

(specify details) 

Aufgaben und Befugnisse des Gemeinsamen Vertreters 


NOTICES (§ [14]) 

MITTEILUNGEN (§ [14]) 

Place and medium of publication 

Ort und Medium der Bekanntmachung 

Austria (Amtsblatt zur Wiener Zeitung) 

Österreich (Amtsblatt zur Wiener Zeitung) 

Website of the Luxembourg Stock Exchange (www.bourse.lu) 

Internetseite der Luxemburger Börse (www.bourse.lu) 





Governing Law German Law 

Anwendbares Recht Deutsches Recht 

22 To be completed, only if § 11 (Opt-in) is applicable. 

Nur auszufüllen, falls § 11 (Opt-in) Anwendung findet.

Part II.: OTHER INFORMATION 23 

Teil II.: ZUSÄTZLICHE INFORMATIONEN 

[Additional risk factors 24 

Zusätzliche Risikofaktoren] 

114 

Interest of natural and legal persons involved in the issue/offer 

Interessen von Seiten natürlicher und juristischer Personen, 

die an der Emission/dem Angebot beteiligt sind 

Save as discussed in the Prospectus under "Interest of Natural and Legal Persons involved in the 

Issue/Offer", so far as the Issuer is aware, no person involved in the offer of the Notes has an interest 

material to the offer. 

Mit Ausnahme der im Prospekt im Abschnitt "Interessen von Seiten natürlicher und juristischer 

Personen, die an der Emission/dem Angebot beteiligt sind" angesprochenen Interessen bestehen bei 

den an der Emission beteiligten Personen nach Kenntnis der Emittentin keine wesentlichen Interessen 

an dem Angebot. 

Other interest (specify) 

Andere Interessen (angeben) 

Reasons for the offer 25 [specify details] 

Gründe für das Angebot [Einzelheiten einfügen] 

Estimated net proceeds 26 [ ] 

Geschätzter Nettoerlös 

Estimated total expenses of the issue 27 [ ] 

Geschätzte Gesamtkosten der Emission 

23 There is no obligation to complete part II of the Final Terms in its entirety in case of Notes with a Specified Denomination of 

at least EUR 50,000 or its equivalent in any other currency or, as the case may be, in case of Notes with a minimum transfer 

amount of at least EUR 50,000 or its equivalent in any other currency, provided that such Notes will not be listed on any 

regulated market within the European Economic Area. To be completed in consultation with the Issuer on a case by case 

basis. 

Es besteht keine Verpflichtung, Teil II der Endgültigen Bedingungen vollständig auszufüllen bei Schuldverschreibungen mit 

einer festgelegten Stückelung von mindestens EUR 50.000 oder dem Gegenwert in einer anderen Währung oder, je 

nachdem welcher Fall zutrifft, bei Schuldverschreibungen mit einem Mindestübertragungswert von EUR 50.000 oder dem 

Gegenwert in einer anderen Währung, sofern diese Schuldverschreibungen nicht an einem geregelten Markt einer Börse 

des Europäischen Wirtschaftsraums zugelassen werden. Auszufüllen im Einzelfall in Absprache mit der Emittentin. 

24 Include only issue specific risk factors which are not covered under "Risk Factors" in the Prospectus. 

Nur emissionsbezogene Risikofaktoren aufnehmen, die nicht bereits im Abschnitt "Risk Factors" des Prospekts enthalten 

sind. 

25 Not required for Notes with a Specified Denomination of at least EUR 50,000 which are not derivative securities to which 

Annex XII of the Commission Regulation (EC) 809/2004 of 29 April 2004 (the "Commission Regulation") applies. See "Use 

of Proceeds" wording in the Prospectus. If reasons for the offer is different from making profit and/or hedging certain risks 

include those reasons here. 

Nicht erforderlich für Schuldverschreibungen mit einer festgelegten Stückelung von mindestens EUR 50.000, bei denen es 

sich nicht um derivative Wertpapiere handelt, auf die Anhang XII der EG-Verordnung 809/2004 vom 29. April 2004 (die "EG- 

Verordnung") Anwendung findet. Siehe "Use of Proceeds" im Prospekt. Sofern die Gründe für das Angebot nicht in der 

Gewinnerzielung und/oder der Absicherung bestimmter Risiken bestehen, sind die Gründe hier anzugeben. 

26 If the Notes are derivative securities (i. e. if the final redemption amount may be different than 100 % of the principal amount 

of a Note) to which Annex XII of the Commission Regulation applies it is only necessary to include disclosure of estimated 

net proceeds where disclosure regarding reasons for the offer is included. 

Sofern es sich um derivative Wertpapiere (d. h. Wertpapiere, bei denen der Rückzahlungsbetrag ein anderer als 100 % des 

Nennbetrags sein kann) handelt, auf die Anhang XII der EG-Verordnung Anwendung findet, sind Angaben zu dem 

geschätzten Nettoerlös nur dann zu veröffentlichen, wenn Angaben in diesen Endgültigen Bedingungen zu den Gründen für 

das Angebot gemacht worden sind. 

27 If the Notes are derivative securities to which Annex XII of the Commission Regulation applies, it is only necessary to 

include disclosure of total expenses where disclosure regarding reasons for the offer is included. 

Sofern es sich um derivative Wertpapiere handelt, auf die Anhang XII der EG-Verordnung Anwendung findet, sind Angaben 

zu den geschätzten Gesamtkosten nur dann zu veröffentlichen, wenn Angaben zu den Gründen für das Angebot gemacht 

worden sind.

Eurosystem eligibility 28 

EZB-Fähigkeit 

115 

Intended to be held in a manner which would allow Eurosystem eligibility [Yes/No/Not applicable] 

Soll in EZB-fähiger Weise gehalten werden [Ja/Nein/Nicht anwendbar] 

Securities Identification Numbers 

Wertpapierkennnummern 

ISIN [ ] 

ISIN 

Common Code [ ] 

Common Code 

German Securities Code [ ] 

Deutsche Wertpapier-Kenn-Nummer (WKN) 

Any other securities number [ ] 

Sonstige Wertpapierkennnummern 

Yield 29 [ ] 

Rendite 

Method of calculating the yield 30 

Berechnungsmethode der Rendite 

ICMA method: The ICMA method determines the effective interest rate of notes taking into 

account 

accrued interest on a daily basis. 

ICMA Methode: Die ICMA Methode ermittelt die Effektivverzinsung von Schuldverschreibungen 

unter Berücksichtigung der täglichen Stückzinsen. 

Specify other method 

Andere Methoden angeben 

Historic Interest Rates 31 

Zinssätze der Vergangenheit 

Details of historic [EURIBOR][EURO-LIBOR][LIBOR][OTHER] rates can be obtained from [insert relevant 

Screen Page] 

Einzelheiten der Entwicklung der [EURIBOR][EURO-LIBOR][LIBOR][ANDERE] Sätze in der 

Vergangenheit können abgerufen werden unter [relevante Bildschirmseite einfügen] 

Details relating to the Performance of the [Index][Formula][Other Variable] 32 

Einzelheiten hinsichtlich der Entwicklung des [Index][der Formel][einer anderen Variablen]. 

[specify details here (including where information relating to past and future performance and volatility of 

the index/formula/other variable can be obtained] 

[Einzelheiten hier angeben (einschließlich, wo Informationen über die vergangene und künftige 

28 Select "Yes" if all criteria for Eurosystem eligibility are intended to be satisfied. If "Yes" is selected, the notes must be issued 

either in NGN form and kept in custody by an ICSD as common safekeeper or in CGN form and kept in custody by 

Clearstream Banking AG, Frankfurt am Main. 

"Ja" wählen, wenn beabsichtigt ist, alle Kriterien für die EZB-Fähigkeit zu erfüllen. Wenn"Ja" gewählt wird, müssen die 

Schuldverschreibungen entweder in Form einer NGN begeben und von einem ICSD als common safekeeper gehalten oder 

in Form einer CGN begeben und von Clearstream Banking AG, Frankfurt am Main, gehalten werden." 

29 Only applicable for Fixed Rate Notes. 

Nur bei festverzinslichen Schuldverschreibungen anwendbar. 

30 Not required for Notes with a Specified Denomination of at least EUR 50,000. 

Nicht erforderlich bei Schuldverschreibungen mit einer festgelegten Stückelung von mindestens EUR 50.000. 

31 Only applicable for Floating Rate Notes. Not required for Notes with a Specified Denomination of at least EUR 50,000. 

Nur bei variabel verzinslichen Schuldverschreibungen anwendbar. Nicht anwendbar auf Schuldverschreibungen mit einer 

festgelegten Stückelung von mindestens EUR 50.000. 

32 Only applicable for Index Linked or other Variable Linked Notes. 

Nur bei Index Linked und anderen an eine Variable gebundenen Schuldverschreibungen anwendbar.

116 

Weiterentwicklung sowie die Volatilität des Index/der Formel/einer anderen Variablen eingeholt werden 

können] 

Name of Index 33 [ ] 

Bezeichnung des Index 

Description index 34 /Details of where information [ ] 

about index can be obtained 35 

Indexbeschreibung/Angaben, wo Informationen 

zum Index zu finden sind 

Description of interest rate 36 [ ] 

Beschreibung des Zinssatzes 

[Underlying is a security 

Basiswert ist ein Wertpapier 

Issuer of the underlying [ ] 

Emittentin des Basiswertes 

ISIN (or other security identification code) of the underlying [ ] 

ISIN (oder andere Wertpapiernummer) des Basiswertes] 

Other equivalent information regarding the underlying [ ] 

(including, in the case of a basket of underlyings, a disclosure 

of the relevant weightings of each underlying in the basket) 37 

Sonstige gleichwertige Informationen bezüglich des Basiswertes 

(einschließlich, im Falle eines Korbs von Basiswerten, 

die Angabe der entsprechenden Gewichtungen jedes einzelnen 

Basiswertes im Korb) 

Comprehensive explanation of how the value of the Investment is affected 

by the underlying and the circumstances when risks are most evident 38 

Umfassende Erläuterung darüber, wie der Wert der Anlage durch den Wert 

des Basiswerts beeinflusst wird, insbesondere in den Fällen, 

in denen die Risiken offensichtlich sind 

[insert details here] 

[Einzelheiten hier einfügen] 

Market disruption or settlement disruption events that may affect the underlying 39 

Störungen des Markts oder bei der Abrechnung, die den Basiswert beeinflussen 



Adjustment rules with relation to events concerning the underlying 

Korrekturvorschriften in Bezug auf Vorfälle, die den Basiswert beeinflussen 

33 

Only applicable for Notes where the underlying is an index. 

Nur bei Schuldverschreibungen anwendbar, bei denen es sich beim Basiswert um einen Index handelt. 

34 

Only applicable for Notes where the underlying is an index. In case the Index is composed by the Issuer. 

Nur bei Schuldverschreibungen anwendbar, bei denen es sich beim Basiswert um einen Index handelt, sofern der Index 

von der Emittentin zusammengestellt wird. 

35 

Only applicable for Notes where the underlying is an Index, in case the index is not composed by the Issuer. 

Nur bei Schuldverschreibungen anwendbar, bei denen es sich beim Basiswert um einen Index handelt, sofern der Index 

nicht von der Emittentin zusammengestellt wird. 

36 

Only applicable for Notes where the underlying is an Interest rate. 

Nur bei Schuldverschreibungen anwendbar, bei denen es sich beim Basiswert um einen Zinssatz handelt. 

37 

Only applicable for Notes where the underlying is not an index. 

Nur bei Schuldverschreibungen anwendbar, bei denen es sich beim Basiswert nicht um einen Index handelt. 

38 

Not required for Notes with a Specified Denomination of at least EUR 50,000 or a minimum transfer amount of at least 

EUR 50,000. 

Nicht erforderlich bei Schuldverschreibungen mit einer festgelegten Stückelung von mindestens EUR 50.000 oder 

Schuldverschreibungen, die lediglich für mindestens EUR 50.000 pro Wertpapier erworben werden können. 

39 

To be completed only if applicable. 

Nur falls anwendbar einzufügen.



117 

Details relating to the Performance of Rate(s) of Exchange and Explanation of Effect on Value 

of Investment 40 

Einzelheiten der Entwicklung des bzw. der Wechselkurse und Erläuterung der Auswirkungen auf 

den Wert der Anlage 

[specify details here] 

[Einzelheiten hier angeben] 

Selling Restrictions 

Verkaufsbeschränkungen 

The Selling Restrictions set out in the Prospectus shall apply. 

Es gelten die im Prospekt wiedergegebenen Verkaufsbeschränkungen. 

TEFRA C 

TEFRA C 

TEFRA D 

TEFRA D 

Neither TEFRA C nor TEFRA D 41 

Weder TEFRA C noch TEFRA D 

Non-exempt Offer [Not applicable] [Applicable] 42 

Nicht-befreites Angebot [Nicht anwendbar] [Anwendbar] 

Additional Selling Restrictions (specify) [ ] 

Zusätzliche Verkaufsbeschränkungen (angeben) 

Restrictions on the free transferability of the Notes 

Beschränkungen der freien Übertragbarkeit der Wertpapiere 

[None] [specify details] 

[Keine] [Einzelheiten einfügen] 

Resolutions, authorisations and approvals by virtue 

of which the Notes will be created 

Beschlüsse, Ermächtigungen und Genehmigungen, welche die 

Grundlage für die Schaffung der Schuldverschreibungen bilden 

[Specify details] 

[Einzelheiten einfügen] 

[Not applicable] 

[Nicht anwendbar] 

40 Only applicable for Dual Currency Notes. Need to include details of where past and future performance and volatility of the 

relevant rate(s) can be obtained. In case of Notes with a Specified Denomination of less than EUR 50,000 need to include a 

clear and comprehensive explanation of how the value of the investment is affected by the underlying and the 

circumstances when the risks are most evident. 

Nur bei Doppelwährungs-Schuldverschreibungen anwendbar. Es sind Angaben darüber erforderlich, wo Informationen über 

die vergangene und künftige Wertentwicklung und Volatilität der maßgeblichen Wechselkurse eingeholt werden können. Bei 

Schuldverschreibungen mit einer festgelegten Stückelung von weniger als EUR 50.000 ist eine umfassende Erläuterung 

vorzunehmen, wie der Wert der Anlage durch den Wert des Basiswerts beeinflusst wird, insbesondere in Fällen, in denen 

die Risiken offensichtlich sind. 

41 Applicable only if Notes have a maturity (including unilateral rollovers and extensions) of one year or less. 

Nur anwendbar bei Schuldverschreibungen mit einer Laufzeit (einschließlich einseitiger Verlängerungen und 

Erweiterungen) von einem Jahr oder weniger. 

42 Not applicable under German law. If applicable in the relevant jurisdiction, insert: "An offer of the Notes may be made by the 

Dealers [and [specify, if applicable]] other than pursuant to Article 3(2) of the Prospectus Directive in [specify relevant 

Member State(s) – which must be jurisdictions where the Prospectus and any supplements have been passported] 

during the period from [ ] until [ ]". 

Nicht anwendbar nach deutschem Recht. Wenn anwendbar in der jeweiligen Jurisdiktion, einfügen: "Die 

Schuldverschreibungen können von den Platzeuren [und [angeben, falls anwendbar] anders als gemäß Artikel 3(2) der 

Prospektrichtlinie in [die jeweiligen Mitgliedstaaten angeben, die den Jurisdiktionen entsprechen müssen, in die der 

Prospekt und etwaige Nachträge notifiziert wurden] im Zeitraum von [ ] bis [ ] angeboten werden".

Conditions to which the offer is subject 43 

Bedingungen, denen das Angebot unterliegt 





118 

Total amount of the issue/offer and description of the arrangements and 

time for announcing to the public the amount of the offer 

Gesamtsumme der Emission/des Angebots und Beschreibung der 

Vereinbarungen und des Zeitpunkts für die Ankündigung des endgültigen 

Angebotsbetrags an das Publikum 





Time period, including any possible amendments, during which the offer 

will be open 

Frist – einschließlich etwaiger Änderungen – während der das Angebot vorliegt 





Description of the application process 

Beschreibung des Prozesses für die Umsetzung des Angebots 





A description of the possibility to reduce subscriptions and the manner 

for refunding excess amount paid by applicants 

Beschreibung der Möglichkeit zur Reduzierung der Zeichnungen und der Art 

und Weise der Erstattung des zu viel gezahlten Betrags an die Zeichner 





Details of the minimum and/or maximum amount of application, 

(whether in number of notes or aggregate amount to invest) 

Einzelheiten zum Mindest- und/oder Höchstbetrag der Zeichnung 

(entweder in Form der Anzahl der Schuldverschreibungen oder des aggregierten 

zu investierenden Betrags) 





Method and time limits for paying up the notes and for delivery 

of the notes 

Methode und Fristen für die Bedienung der Wertpapiere und ihre Lieferung 

43 The following items are only applicable and are only to be specified in the case of a public offer of the Notes. 

Einzelheiten zu nachstehenden Unterpunkten sind nur anwendbar und nur einzufügen, im Falle eines öffentlichen Angebots 

der Schuldverschreibungen.





119 

Manner and date in which results of the offer are to be made public 

Art und Weise und Termin, auf die bzw. an dem die Ergebnisse des 

Angebots offen zu legen sind 





The procedure for the exercise of any right of pre-emption, 

the negotiability of 

subscription rights and the treatment of subscription rights not exercised. 

Verfahren für die Ausübung eines etwaigen Vorzugsrechts, die Marktfähigkeit 

der Zeichnungsrechte und die Behandlung der nicht ausgeübten Zeichnungsrechte 





Various categories of potential investors to which the Notes are offered 

Angabe der verschiedenen Kategorien der potentiellen 

Investoren, denen die Schuldverschreibungen angeboten werden 

Qualified Investors 

Qualifizierte Investoren 

Non-Qualified Investors 

Qualifizierte Investoren 

Process for notification to applicants of the amount allotted and indication 

whether dealing may begin before notification is made 

Verfahren zur Meldung des den Zeichnern zugeteilten Betrags und Angabe, 

ob eine Aufnahme des Handels vor dem Meldeverfahren möglich ist 





Expected price at which the Notes will be offered/method of determining 

the price and the process for its disclosure and mount of any expenses 

and taxes specifically charged to the subscriber or purchaser 

Kurs, zu dem die Schuldverschreibungen angeboten werden/Methode, 

mittels deren der Angebotskurs festgelegt wird und Angaben zum Verfahren 

für die Offenlegung sowie der Kosten und Steuern, die speziell dem 

Zeichner oder Käufer in Rechnung gestellt werden 





Name and address of the co-ordinator(s) of the global offer and of single parts of 

the offer and, to the extent known to the Issuer or the offeror, or the placers in the 

various countries where the offer takes place. 

Name und Anschrift des Koordinator/der Koordinatoren des globalen Angebots 

oder einzelner Teile des Angebots und – sofern der Emittentin oder dem 

Bieter bekannt – Angaben zu den Platzeuren in den einzelnen Ländern des Angebots





Method of distribution 

Vertriebsmethode 

Non-syndicated 

Nicht syndiziert 

Syndicated 

Syndiziert 

120 

Date of Subscription Agreement 44 

Datum des Übernahmevertrags [ ] 

Management Details including form of commitment 

Einzelheiten bezüglich des Bankenkonsortiums einschließlich der Art der Übernahme 

Dealer/Management Group (specify names(s)) and address(es)) [ ] 

Platzeur/Bankenkonsortium (Name(n) und Adresse(n) angeben) 

firm commitment 

feste Zusage 

no firm commitment/best efforts arrangements 

keine feste Zusage/zu den bestmöglichen Bedingungen 

Consent to use the Prospectus 

Einwilligung zur Nutzung des Prospekts 

Each Dealer and/or financial intermediaries appointed by such Dealer 

and/or each further financial intermediary placing or subsequently reselling 

the Notes issued are entitled to use and rely upon the Prospectus, 

provided however, that the Prospectus is still valid in accordance with Article 9 

of the Prospectus Directive. The Prospectus may only be delivered to potential 

investors together with all supplements published before such delivery. 

Any supplement to the Prospectus is available for viewing in electronic form on 

the website of the Luxembourg Stock Exchange (www.bourse.lu) and on the website 

of the Issuer (www.raiffeisenbank.at). When using the Prospectus, each Dealer and/or relevant 

financial intermediary must make certain that it complies with all applicable 

laws and regulations in force in the respective jurisdictions. [Yes, 

during the period from [ ] until [ ] 

/No] 

Jeder Platzeur und/oder jeder durch einen solchen Platzeur beauftragte 

Finanzintermediär und/oder jeder weitere Finanzintermediär, der die 

emittierten Schuldverschreibungen platziert oder nachfolgend weiter 

verkauft, ist berechtigt, den Prospekt zu nutzen und sich darauf zu berufen, 

vorausgesetzt jedoch, dass der Prospekt in Übereinstimmung mit Artikel 9 

der Prospektrichtlinie noch gültig ist. Der Prospekt darf potentiellen Investoren 

nur zusammen mit sämtlichen bis zur Übergabe veröffentlichten Nachträgen 

übergeben werden. Jeder Nachtrag zum Prospekt kann in elektronischer Form 

auf der Internetseite der Wertpapierbörse Luxemburg (www.bourse.lu) und der 

Internetseite der Emittentin (www.raiffeisenbank.at) eingesehen werden. Bei der 

Nutzung des Prospektes hat jeder Platzeur und/oder jeweilige 

Finanzintermediär sicherzustellen, dass er alle anwendbaren, in den jeweiligen 

Jurisdiktionen geltenden Gesetze und Rechtsvorschriften beachtet. [Ja, 

im Zeitraum von [ ] bis [ ] 

44 

Required only for Notes issued on a syndicated basis in the case of Notes with a Specified Denomination of less than 

EUR 50,000 or derivative securities. 

Nur erforderlich bei Schuldverschreibungen mit einer festgelegten Stückelung von weniger als EUR 50.000 sowie 

derivativen Wertpapieren, wenn es sich um jeweils syndizierte Ziehungen handelt.

Commissions 45 

Provisionen 

121 

Management/Underwriting Commission (specify) [ ] 

Management- und Übernahmeprovision (angeben) 

Selling Concession (specify) [ ] 

Verkaufsprovision (angeben) 

Listing Commission (specify) [ ] 

Börsenzulassungsprovision (angeben) 


Andere (angeben) 

Stabilising Dealer/Manager [insert details/None] 

Kursstabilisierender Dealer/Manager [Einzelheiten einfügen/Keiner] 

/Nein] 

Admission to trading [Yes/No] 

Notierungsaufnahme [Ja/Nein] 

Luxembourg 

Luxemburg 

Regulated Market "Bourse de Luxembourg" 

Geregelter Markt "Börse Luxemburg" 

Euro MTF (the exchange regulated market operated by Luxembourg Stock Exchange) 

Euro MTF (der börsenregulierte Markt der Luxemburger Börse) 

Vienna 

Wien 

Official Market (regulated market) 

Amtlicher Handel (geregelter Markt) 

Second Regulated Market (regulated market) 

Geregelter Freiverkehr (geregelter Markt) 

Third Market (unregulated market) 

Dritter Markt (ungeregelter Markt) 

Other (insert details) [ ] 

Sonstige (Einzelheiten einfügen) 

Expected date of admission 46 [ ] 

Erwarteter Termin der Zulassung 

Estimate of the total expenses related to admission to trading 47 

Geschätzte Gesamtkosten für die Zulassung zum Handel 

Regulated markets or equivalent markets on which, to the knowledge of the Issuer, notes of the same class 

of the Notes to be offered or admitted to trading are already admitted to trading 48 

Angabe geregelter oder gleichwertiger Märkte, auf denen nach Kenntnis der Emittentin 

45 To be completed in consultation with the Issuer. 

In Abstimmung mit der Emittentin auszufüllen. 

46 To be completed only if known. 

Nur auszufüllen, soweit bekannt. 

47 Not required for Notes with a Specified Denomination of less than EUR 50,000. 

Nicht erforderlich bei Schuldverschreibungen mit einer festgelegten Stückelung von weniger als EUR 50.000. 

48 In case of a fungible issue, need to indicate that the original notes are already admitted to trading. Not required for Notes 

with a Specified Denomination of at least EUR 50,000. 

Im Falle einer Aufstockung, die mit einer vorangegangenen Emission fungibel ist, ist die Angabe erforderlich, dass die 

ursprünglichen Schuldverschreibungen bereits zum Handel zugelassen sind. Nicht erforderlich bei Schuldverschreibungen 

mit einer festgelegten Stückelung von mindestens EUR 50.000.

Schuldverschreibungen der gleichen Wertpapierkategorie, die zum Handel angeboten oder zugelassen 

werden sollen, bereits zum Handel zugelassen sind 

Luxembourg 

Luxemburg 

Regulated Market "Bourse de Luxembourg" 

Geregelter Markt "Börse Luxemburg" 

122 

Euro MTF (the exchange regulated market operated by Luxembourg Stock Exchange) 

Euro MTF (der börsenregulierte Markt der Luxemburger Börse) 

Vienna 

Wien 

Official Market (regulated market) 

Amtlicher Handel (geregelter Markt) 

Second Regulated Market (regulated market) 

Geregelter Freiverkehr (geregelter Markt) 

Third Market (unregulated market) 

Dritter Markt (ungeregelter Markt) 

Other (insert details) [ ] 

Andere (Einzelheiten einfügen) 

Name and address of the entities which have a firm commitment to act as intermediaries in secondary 

trading, providing liquidity through bid and offer rates and description of the main terms of their 

commitment 49 

Name und Anschrift der Institute, die aufgrund einer festen Zusage als Intermediäre im Sekundärhandel 

tätig sind und Liquidität mittels Stellung von Geld- und Briefkursen ermöglichen, und Beschreibung der 

Hauptbedingungen der Zusagevereinbarung 

[not applicable] [specify details] 

[nicht anwendbar] [Einzelheiten einfügen] 

Market-Making 

Market-Making 

Each Manager has assumed the market-making obligation. The market-makers shall at customary trading 

hours simultaneously quote bid and offer prices (two-way-quotes) for trades of up to the equivalent of 

EUR 15,000,000. The function of a market-maker can also be assumed by the Issuer itself. The marketmakers 

will quote such prices as long as a sufficient outstanding volume for a liquid market in [insert 

description of Note] is available. By quoting two-ways-quotes, the market-makers are obliged not to exceed 

the following spreads between bid and offer prices: [insert the spread] The quoted maximum spread 

between bid and offer prices will be adjusted according to the time to maturity of an issue. 

Die Market-Maker-Verpflichtung gilt für jeden Manager. Die Market-Maker verpflichten sich, zu den üblichen 

Handelszeiten simultan Geld- und Briefkurse (Zwei-Wege-Kurse) für Abschlüsse bis zu einem Gegenwert 

von EUR 15.000.000 zu quotieren. Die Funktion eines Market-Makers kann auch von der Emittentin selbst 

wahrgenommen werden. Die Market-Maker übernehmen die Kursstellung, solange genügend umlaufendes 

Volumen für einen liquiden Markt der [Beschreibung der Schuldverschreibung einfügen] vorhanden ist. Die 

Market-Maker verpflichten sich, bei der Quotierung von Zwei-Wege-Kursen die nachfolgende Spanne 

zwischen Geld- und Briefkursen nicht zu überschreiten: [Spanne einfügen] Die zu quotierende maximale 

Spanne zwischen Geld- und Briefkursen wird entsprechend der Restlaufzeit einer Emission angepasst. 

Rating 50 [insert rating of the Notes] 

Rating [Rating der Schuldverschreibungen angeben] 

49 Not required for Notes with a Specified Denomination of at least EUR 50,000. 

Nicht erforderlich bei Schuldverschreibungen mit einer festgelegten Stückelung von mindestens EUR 50.000. 

50 In case of Notes with a Specified Denomination of less than EUR 50,000, need to include a brief explanation of the meaning 

of the ratings if this has been previously published by the rating provider. 

Bei Schuldverschreibungen mit einer festgelegten Stückelung von weniger als EUR 50.000, kurze Erläuterung der 

Bedeutung des Ratings wenn dieses vorher von der Ratingagentur erstellt wurde.

123 

[specify whether the relevant rating agency is established in the European Community and is 

registered or has applied for registration pursuant to Regulation (EC) No 1060/2009 of the European 

Parliament and of the Council of 16 September 2009 on credit rating agencies.] 

[Einzelheiten einfügen, ob die jeweilige Ratingagentur ihren Sitz in der Europäischen Gemeinschaft 

hat und gemäß Verordnung (EG) Nr. 1060/2009 des Europäischen Parlaments und des Rates vom 

16. September 2009 über Ratingagenturen registriert ist oder die Registrierung beantragt hat.] 

[Listing: 51 

[Börsenzulassung: 

The above Final Terms comprise the details required to list this issue of Notes (as from [insert Issue Date 

for the Notes]) pursuant to the EUR 2,000,000,000 Debt Issuance Programme of 

RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG. 

Die vorstehenden Endgültigen Bedingungen enthalten die Angaben, die für die Zulassung dieser Emission 

von Schuldverschreibungen (ab dem [Valutierungstag einfügen]) unter dem EUR 2.000.000.000 Debt 

Issuance Programme der RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG erforderlich sind.] 

The Issuer accepts responsibility for the information contained in the Final Terms as set out in the 

Responsibility Statement on page 2 of the Prospectus, provided that, with respect to any information 

included herein and specified to be sourced from a third party (i) the Issuer confirms that any such 

information has been accurately reproduced and as far as the Issuer is aware and is able to ascertain from 

information available to it from such third party, no facts have been omitted, the omission of which would 

render the reproduced information inaccurate or misleading and (ii) the Issuer has not independently 

verified any such information and accepts no responsibility for the accuracy thereof. 

Die Emittentin übernimmt die Verantwortung für die in diesen Endgültigen Bedingungen enthaltenen 

Informationen, wie im Responsibility Statement auf Seite 2 des Prospekts bestimmt. Hinsichtlich der hierin 

enthaltenen und als solche gekennzeichneten Informationen von Seiten Dritter gilt Folgendes: (i) Die 

Emittentin bestätigt, dass diese Informationen zutreffend wiedergegeben worden sind und – soweit es der 

Emittentin bekannt ist und sie aus den von diesen Dritten zur Verfügung gestellten Informationen ableiten 

konnte – wurden keine Fakten unterschlagen, die die reproduzierten Informationen unzutreffend oder 

irreführend gestalten würden; (ii) die Emittentin hat diese Informationen nicht selbständig überprüft und 

übernimmt keine Verantwortung für ihre Richtigkeit. 


_________________________________ 

[Names & titles of signatories] 

[Namen und Titel der Unterzeichnenden] 

51 

Include only in the version of the Final Terms which is submitted to the relevant stock exchange in the case of Notes to be 

listed on such stock exchange. 

Nur in derjenigen Fassung der Endgültigen Bedingungen einfügen, die der betreffenden Börse, bei der die 

Schuldverschreibungen zugelassen werden sollen, vorgelegt wird.

1. Auditors 

124 


The auditors Christian Loicht and KPMG Austria GmbH 1 Wirtschaftsprüfungs- und 

Steuerberatungsgesellschaft, Porzellangasse 51, 1090 Vienna, Austria, (represented by the auditors 

Wilhelm Kovsca and Franz Frauwallner) (the "Auditors"), both appointed by Österreichischer 

Raiffeisenverband, Friedrich-Wilhelm-Raiffeisen-Platz 1, 1020 Vienna, Austria, have audited the 

consolidated annual financial statements and the group management report of RLB NÖ-Wien for the 

financial year 2010, pursuant to Austrian legal regulations and the International Standards on Auditing 

(ISA). The Auditors have issued an unqualified opinion. 

The auditors Andreas Gilly and KPMG Austria GmbH 1 Wirtschaftsprüfungs- und 


Bernhard Mechtler and Franz Frauwallner) (the "Auditors"), both appointed by Österreichischer 





The Österreichischer Raiffeisenverband is a supporting member of the Institut Österreichischer 

Wirtschaftsprüfer. 

KPMG Austria AG Wirtschaftsprüfungs- und Steuerberatungsgesellschaft is a member of the Austrian 

Chamber of Certified Public Accountants (Kammer der Wirtschaftstreuhänder) and of the Institut 

Österreichischer Wirtschaftsprüfer. 

2. Corporate History and Business Development of the Issuer 

Corporate History 

The legal predecessor of RLB NÖ-Wien was established on 4 November 1898 as a cooperative bank 

under the name "Nö Genossenschafts-Centralcasse". Subsequently it was renamed several times. 

In 2001 a significant separation of the banking business (carried out by RLB NÖ-Wien) from the 

holding activity (carried out by Raiffeisen-Holding NÖ-Wien) took place. 

The Group Result of RLB NÖ-Wien Group in the Business Year 2011 

- Group total assets amounted to EUR 32,102.7 million as at 31 December 2011 representing a 

decrease of 1.8 % or EUR 580.1 million. 

- Operating profit 2011 amounted to EUR 169.1 million which was EUR 172.9 million or 50.5 % 

below the prior-year figure of EUR 341.9 million. 

- Net interest income, the most important item of income from the Group's core operations, 

amounted to EUR 206.6 million; this was EUR 16.9 million or 7.6 % less than in 2010. 

- Net fee and commission income rose by EUR 1.9 million or 2.8 % to EUR 67.6 million. 

- Net trading income decreased by EUR 25.8 million to EUR -1.6 million in 2011. 

- Profit from investments in entities accounted for using the equity method reflects the performance 

of the RZB-Group. It amounted to EUR 120.6 million in 2011, which represents a decrease of 

EUR 135.8 million or 53.0 %. 

- Profit/(loss) from financial investments decreased by EUR 8.7 million to EUR -4.5 million. 

Important factors for this decrease were the proceeds of the sale of the investments in 

Raiffeisenbank a.s., Prag and in Tatra Banka a.s. amounting to EUR 48.8 million on the one hand 

and losses of financial instruments categorised "at fair value through profit or loss" amounting to 

EUR 50.2 Million on the other hand. 



125 

- Consolidated profit for the year after tax and minorities amounted to EUR 109.7 million compared 

to EUR 308.6 million in 2010. The decrease of EUR 198.9 million was significantly influenced by 

the decrease in profit from investments in entities accounted for using the equity method, higher 

allocations to the impairment charge on loans and advances and the decline in net trading income. 

- The Group Tier 1 ratio amounted to 9.4 % as at 31 December 2011 compared to 9.1 % as at 

31 December 2010. 

Rating 

The rating agency Moody's Investor Service Limited ("Moody's") 1 assigned the following ratings to the 

Issuer: 

Long-term Issuer Rating: A1 ∗ 

Short-term Issuer Rating: P-1 ∗∗ 

Long-term Bank Deposit Rating: A1 ∗ 

Short-term Bank Deposit Rating: P-1 ∗∗ 

Bank Financial Strength Rating: C- ∗∗∗ 

Outlook: stable (on all Ratings) 

The last Rating Action took place on 6 October 2010. These ratings as well as the stable outlook were 

confirmed by Moody's Investor Service on 16 March 2012. 

A rating is not a recommendation to buy, sell or hold Notes issued under the Programme and may be 

subject to suspension, reduction or withdrawal at any time by the assigning rating agency. A 

suspension, reduction or withdrawal of the rating assigned to the Issuer or the Notes issued under the 

Programme may adversely affect the market price of such Notes. 

3. General Information about the Issuer 

Legal and Commercial Name 

The legal name of the Issuer is: "RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG". The 

Issuer also appears under the commercial name of "Raiffeisenlandesbank Niederösterreich-Wien" or 

"RLB NÖ-Wien". 

Place of Registration and Registration Number 

RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG is registered with the commercial court 

of Vienna (Handelsgericht Wien) under the number FN 203160s. 

Date of Incorporation and Length of Life of the Issuer 

The legal predecessor of RLB NÖ-Wien was established on 4 November 1898. 

The Issuer itself was established on 7 December 2000 under the name PRAELUSIO Beteiligungs AG. 

In the year 2001, the transfer of the banking operations of RAIFFEISENLANDESBANK 

1 

Moody’s is established in the European Community and is registered under Regulation (EC) No 1060/2009 of the European 

Parliament and of the Council of 16 September 2009 on credit rating agencies, amended by Regulation (EC) No 513/2011 

of the European Parliament and of the Council of 11 May 2011 (the "CRA Regulation"). The European Securities and 

Markets Authority publishes on its website (www.esma.europa.eu) a list of credit rating agencies registered in accordance 

with the CRA Regulation. That list is updated within five working days following the adoption of a decision under Article 16, 

17 or 20 CRA Regulation (last updated 6 January 2012). The European Commission shall publish that updated list in the 

Official Journal of the European Union within 30 days following such update. 

∗ 

A1: Moody’s expresses Long-Term Issuer Ratings and Long-Term Obligation Ratings on its longterm global scale. Banks 

and obligations rated A are considered upper medium grade and are subject to low credit risk. 

∗∗ 

P-1 (Short-Term Bank Deposits Rating): Banks rated Prime-1 for deposits offer superior credit quality and a very strong 

capacity for timely payment of short-term deposit obligations. 

Note: Moody’s appends numerical modifiers 1, 2 and 3 to each generic rating classification from Aa to Caa. The modifier 1 

indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range 

ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. 

∗∗∗ 

C- (Bank Financial Strength Rating): Banks rated C possess adequate intrinsic financial strength. 

Note: Where appropriate, a "+" modifier will be appended to ratings below the "A" category and a "-" modifier will be 

appended to ratings above the "E" category to distinguish those banks that fall in intermediate categories.

126 

NIEDERÖSTERREICH-WIEN reg. Gen.m.b.H. to the Issuer was made with effect as of 31 December 

2000. 

The Issuer was established for an indefinite period of time. 

Domicile and Legal Form of the Issuer, Legislation, Country of Incorporation 

RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG was established pursuant to the laws 

of Austria in the legal form of a stock corporation and is domiciled in Vienna. The business address is 

1020 Vienna, Friedrich-Wilhelm-Raiffeisen-Platz 1, Austria. The telephone number is: +43 51700 900. 

RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG is active in Austria and operates 

pursuant to the law of Austria. 

Material Recent Events Relevant to the Evaluation of the Issuer's Solvency 

Shareholdings 

RLB NÖ-Wien holds a 31.92 % (direct and indirect) shareholding in RZB. 

- EBA requirements for the RZB group: 9 % core Tier 1 capital as of 30 June 2012 

At the end of October 2011, the European Banking Authority stipulated that system-relevant banks in 

Europe must have a core Tier 1 capital ratio of 9 %, based on EBA's definition. As the superordinate 

credit institution of the RZB-Group, RZB is one of those banks in Austria to which this rule applies. 

The new minimum capital ratio must be reached by 30 June 2012. Based on balance sheet data as of 

30 September 2011 (not taking into consideration the Polbank acquisition), the European Banking 

Authority calculated the shortfall of RZB to be approximately EUR 2.1 billion, according to EBA's 

standards and methodology. Therefore, RZB launched around twenty projects which should contribute 

approximately EUR 3 billion towards achieving the target ratio. 

On 17 April 2012, RZB reported that it had already implemented measures amounting to EUR 1.9 

billion, with an additional EUR 800 million about to be implemented, and measures with a target value 

of EUR 300 million have been planned. 

- Issuance of participation capital by RZB 

These measures included, inter alia, the issuance of participation capital in December 2011. The 

newly-issued participation capital was used in particular to purchase shareholdings which Raiffeisen 

regional banks held in network banks in Central and Eastern Europe. This should optimise the RZB- 

Group's structure and at the same time improve its capital position under Basel III because new equity 

capital requirements only to a limited extent recognise minority shareholdings of other shareholders as 

own funds. 

- Subscription of participation capital and sale of participations by RLB-NÖ-Wien 

In the course of the issuance of participation capital by RZB, RLB NÖ-Wien subscribed for 

participation capital in the amount of approximately EUR 342 million. Furthermore, as of 30 December 

2011, RLB NÖ-Wien sold its direct and indirect participations in Raiffeisenbank a.s., Prag and Tatra 

banka a.s., Bratislava to RZB. 

- Withdrawal of participation capital and capital increase by RZB 

At the Annual General Meeting on 23 May 2012, the Management Board of RZB will propose the 

withdrawal of approximately EUR 840 million in participation capital. The participation capital in 

question was issued by RZB between 2008 and 2011 and is held by its shareholders. This repurchase 

will be financed by a capital increase of approximately EUR 840 million. Existing shareholders can 

subscribe for the new shares from 8 to 22 May 2012. This capital will qualify as core Tier 1 capital 

according to the definition of EBA. 

As a result of performing this transaction, RZB's participation capital will – in economic terms – be 

converted into share capital in order to meet the new regulatory requirements described above which 

enter into force in mid-2012. However, the transaction does not affect the participation capital of RBI, 

70 % of which is held by the Republic of Austria and 30 % by other investors.

127 

- Conversion of preference shares into ordinary shares 

At RZB's Annual General Meeting on 23 May 2012, the Management Board of RZB will also propose 

to shareholders that existing preference shares be converted into ordinary shares. This conversion is 

deemed necessary as ordinary shares under Basel III are ascribed a higher equity capital quality. At 

present, such preference shares are held exclusively by Raiffeisen regional banks. 

- RLB NÖ-Wien's participation in RZB 

The direct and indirect participation held by RLB NÖ-Wien in RZB is likely to increase as a result of 

the aforementioned transactions. The exact extent to which the participation increases will be 

established after the end of the subscription period for RZB shares. 

Members of the Management Board and the Supervisory Board 

The Annual General Meeting of RLB NÖ-Wien and the General Meeting of Raiffeisen-Holding NÖ- 

Wien were held on 4 May 2012. The General Meeting of Raiffeisen-Holding NÖ-Wien appointed Erwin 

Hameseder as the new Chairman (Obmann). Consequently, Erwin Hameseder will step down from his 

position as Chairman of the Management Board of RLB NÖ-Wien on 4 May 2012. Furthermore, the 

appointment of Klaus Buchleitner as Erwin Hameseder's successor as Chairman of the Management 

Board of RLB NÖ-Wien, as resolved upon by the Supervisory Board of RLB NÖ-Wien on 11 April 

2012, became effective. Klaus Buchleitner will carry out this function from 1 June 2012. Until then, the 

Deputy Chairman of the Management Board, Dr. Georg Kraft-Kinz, will carry out this function. 

Furthermore, the Annual General Meeting of RLB NÖ-Wien adopted an amendment to its articles of 

association which stipulates, inter alia, that the Supervisory Board shall consist of a maximum of ten 

members elected by the Annual General Meeting or designated by a shareholder. Upon this 

amendment to the articles of association being entered in the Commercial Register, the number of 

elected or designated members of the Supervisory Board of RLB NÖ-Wien will increase by two: Erwin 

Hameseder and Veronika Mickel-Göttfert. In this regard, the Works Council will also designate an 

additional member of the Supervisory Board (Anita Buchgraber). 

Additionally, pursuant to the amended articles of association, Raiffeisen-Holding Niederösterreich- 

Wien shall have the right to appoint three members of the Supervisory Board. Furthermore, when 

electing members of the Supervisory Board, the Annual General Meeting of RLB NÖ-Wien is bound to 

the requirement that four members of the Supervisory Board shall be Managing Directors 

(Geschäftsleiter) of Raiffeisen Banks in Lower Austria and three members of the Supervisory Board 

shall be Chairmen (Obmänner) or Chairmen of the Supervisory Boards (Aufsichtsratsvorsitzende) of 

Raiffeisen Banks in Lower Austria. 

Otherwise, there have been no material recent events relevant to the evaluation of the Issuer's 

solvency since 31 December 2011. 

4. Business Overview 

Principal Activities and Markets 

The purpose of the Issuer is bank business according to the Austrian Banking Act (BWG). 

The principal activities of the Issuer comprise the following banking and ancillary business: 

• banking business according to § 1 (1) of the BWG, with the exception of the issuance of mortgage 

bonds and municipality mortgage bonds, of the building savings business, of the investment 

business in regard to the administration of mutual funds, of the real estate fund business in regard 

to the administration of real estate funds according to the Austrian real estate fund law, of the 

participation fund business and of the company pension fund business; 

• the activities described in § 1 (2) BWG and all other activities directly connected with the banking 

activity according to the respective concession range or representing ancillary activity in respect of 

these, such as in particular the brokerage of building savings agreements, of insurance contracts, 

of companies and operations, of investment fund shares, of equity, the provision of services in the 

area of computerised data processing as well as the distribution of credit cards;

128 

• trading in coins and medals and gold bars or other precious metals within the framework of the 

Austrian currency law regulations; 

• renting safes provided the lessor locks such safes; 

• operation of investment services listed in § 3 (2) no 1 to 3 of the Austrian Securities Supervision 

Act (Wertpapieraufsichtsgesetz); 

• acting as the central institution of the Raiffeisenbankengruppe Niederösterreich-Wien (“RBG NÖ- 

Wien”) through the facilitation of money market and business transactions among the Lower 

Austrian Raiffeisen Banks with each other and with third parties, investment of their liquid funds 

and the granting of credits and loans to them; 

• holding participations in other companies, in particular in credit institutions, insurance companies, 

special financing companies and companies that provide services to support banking business in 

the form of legal persons pursuant to commercial law, cooperative business law and the law of 

associations as well as of general or limited partnerships under commercial law, the foundation of 

subsidiaries as well as the establishment of branches in Austria and abroad; 

• holding participations in solidarity associations and other guarantee establishments for protection of 

the members of the Raiffeisenbankengruppe Niederösterreich-Wien and its customers; 

• concluding group and other corporate contracts, such as in particular profit transfer agreements 

and other agreements pursuant to Section 238 of the Austrian Stock Corporation Act; 

• taking into consideration the legal regulations in this regard, generally all adequate businesses and 

all adequate measures which support the business purpose directly or indirectly or are related to 

the business purpose, also in particular in all activities which are similar or related to the business 

purpose; 

• within the respective legal framework the company is also entitled to issue every kind of own 

capital instruments. 

RLB NÖ-Wien Group is one of the ten largest banks in Austria (Source: The Banker). 

RLB NÖ-Wien is active as a regional bank in the East of Austria. The bank serves customers with 

cross-border business activities as a consultancy bank in the Centrope region (defined as Vienna, 

Lower Austria, Burgenland and the Czech Republic, Slovakia and Hungary). 

The structure and organisation of RLB NÖ-Wien is as follows: 

• Private and commercial customers 

• Corporate customers 

• Financial markets 

• Risk management/organisation 

• Raiffeisen Banks/Management Services. 

In Vienna, the Issuer specialises in customer business for small and medium sized companies, in 

private banking, in private customer business as well as increasingly in corporate customer business. 

RLB NÖ-Wien has 66 locations in Vienna itself as of 31 December 2011: branches, consultancies, 

private banking offices, as well as trading and commercial competence centres. 

The Issuer is the regional central institution of 72 independent Lower Austrian Raiffeisen Banks with 

545 business locations in Lower Austria (31 December 2011). According to its foundation and its 

Articles of Association the Issuer supports the Lower Austrian Raiffeisen Banks through strategic and 

operative advice and assistance, clearing and cash-management. 

RBG NÖ-Wien as of 31 December 2011 had 611 business locations in Vienna and Lower Austria, and 

employed 5,038 members of staff. RBG NÖ-Wien managed about EUR 22.96 billion in customer 

deposits as of 31 December 2011; the customer credit volume amounted to about EUR 19.24 billion 

(consolidated, not audited). The consolidated balance sheet total of RBG NÖ-Wien as of 31 December 

2011 amounted to EUR 40.53 billion (not audited). 

Shareholdings 

RLB NÖ-Wien holds participations in banks and bank-related companies. Those participations are 

additions to the existing bank business and have the purpose to generate through outsourcing and

129 

cooperation cost advantages for the RBG NÖ-Wien and to generate know-how advantages through 

concentrations. The bank-related companies support and service RLB NÖ-Wien and the enterprises of 

the Raiffeisen-sector in Lower Austria and Vienna. 

The management of equity investments is carried out by Raiffeisen-Holding NÖ-Wien under a function 

allocation agreement (Geschäftsbesorgungsvertrag). 

With a participation of 31.92 % (direct and indirect) RLB NÖ-Wien is the largest shareholder of RZB 

(31 December 2011). Moreover with a participation of 78.5 % (31 December 2011), RZB is the largest 

shareholder of RBI. With effect from 1 January 2010, significant parts of RZB's business portfolio, in 

particular its corporate customer business, have been merged into the former Raiffeisen International 

Bank-Holding AG which following this merger received a banking licence and was renamed Raiffeisen 

Bank International AG. As a result of the merger, the percentage of RBI shares held in free float 

decreased from 27.2 % to 21.5 %. RBI group is a fully integrated corporate and retail banking goup in 

CEE (including Austria). 

See also "Material Recent Events Relevant to the Evaluation of the Issuer's Solvency". 

RLB NÖ-Wien furthermore holds a participation in Raiffeisen Bank Zrt., Budapest (16.23 %) (31 

December 2011). 

Raiffeisen Zentralbank 

Österreich AG 

Raiffeisen Bank 

International AG 

31.92% (direct 

and indirect) 

78.5% 

Raiffeisenlandesbank 

Niederösterreich-Wien AG 

0.54% 

(direct) 

16.23% 

(indirect) 

Raiffeisen Bank HU 

Please see the participation overview pursuant to § 265 Section 2 of the Austrian Commercial Code 

(UGB) on page 103 of the consolidated financial statements 2011 of RLB NÖ-Wien. 

Deposit Security Institution of the Raiffeisensector (Raiffeisen-Einlagensicherung) 

RLB NÖ-Wien is, together with the Lower Austrian Raiffeisen Banks by the Raiffeisen- 

Einlagensicherung Niederösterreich-Wien reg. Gen.m.b.H., member of the Österreichische Raiffeisen- 

Einlagensicherung eGen. Such Deposit Security Association constitutes a liability institution for the 

entire Raiffeisen-Bankengruppe within the meaning of Sections 93, 93a and 93b of the Austrian 

Banking Act (BWG). 

Raiffeisen-Kundengarantiegemeinschaft 

RLB NÖ-Wien is member of the Raiffeisen-Kundengarantiegemeinschaft ("RKÖ"). RKÖ was founded 

in 2000 and guarantees – in addition to the mandatory Austrian Deposit Security Institution – up to 

100 % of customer deposits with member institutions. 

RKÖ is an association (Verein) whose members besides Raiffeisen Zentralbank Österreich AG and 

RBI are those Raiffeisenlandesbanken and Raiffeisen Banks, which are members of a 

Kundengarantiegemeinschaft within a province. RKÖ guarantees, pursuant to the individual economic 

position of its members, in a legally binding form pursuant to a participation and payment agreement 

set forth in the statutes of RKÖ mutually all customer deposits and issues e.g. of bonds (with the 

exceptions of subordinated and supplementary capital or other capital instruments) irrespective of the

130 

amount deposited. The Kundengarantiegemeinschaft of the Raiffeisen-Sector is therefore organised in 

two tiers: on province level, where for example Raiffeisen Banks from Lower Austria and RLB NÖ- 

Wien as members of the Raiffeisen Kundengarantiegemeinschaft Niederösterreich-Wien mutually 

guarantee customer deposits; as a second security step the RKÖ, which comes into play if the funds 

of the respective province Kundengarantiegemeinschaft are not sufficient. The services are financed 

by contributions of all members pursuant to their respective individual economic position. 

Mutual Assistance Association (Solidaritätsverein) of RBG NÖ-Wien 

RLB NÖ-Wien and the Lower Austrian Raiffeisen Banks set up the Mutual Assistance Association. 

The Association ensures that members in financial difficulties receive support through adequate 

measures. There is no entitlement that benefits are granted to the members of the Solidaritätsverein. 

New Products and Activities 

The Issuer adapts its products and activities on an ongoing basis subject to customer requirements 

and the market situation, thereby taking into consideration the applicable legal framework and the 

development of the banking sector in Austria and in the Centrope region. The Issuer has not 

developed any significant new products and/or activities in the recent past. 

Markets 

The RLB NÖ-Wien Group is divided into the segments listed below. 

• The Retail Banking segment (personal and business banking customers) encompasses the 

Group's retail operations in Vienna. 

• The Corporate Customers segment encompasses business conducted with the public sector, 

institutional clients and corporate customers in the Centrope region. 

• The Financial Markets segment encompasses the Group's treasury activities, including in 

particular its earnings from management of the banking book (profit from maturity transformation 

[Strukturbeitrag]) and from the trading book. 

• The Investments segment encompasses RLB NÖ-Wien's banking-related equity investments, 

including in particular its investment in RZB. 

• The Management Services segment (which corresponds to the Raiffeisen Banks and 

Management Services and Risk Management and Organisation divisions in the Group's 

organisational chart) 

Financial year 2011 

€'000 

RETAIL 

BANKING 

CORPORATE 

CUSTOMERS 

FINANCIAL 

MARKETS 

INVEST- 

MENTS 

MANAGE- 

MENT 

SERVICES TOTAL 

Net interest income 87,769 123,745 51,899 -56,169 -677 206,567 

Impairment charge on loans and advances -7,607 -49,412 0 0 0 -57,019 

Net interest income after impairment charge 80,162 74,333 51,899 -56,169 -677 149,548 

Net fee and commission income 32,822 24,234 408 0 10,121 67,585 

Net trading income 3,871 2,358 -11,460 0 3,597 -1,634 

Profit from investments in entities accounted for using the 

equity method 0 0 0 120,642 0 120,642 

Profit/(loss) from financial investments 0 -8,013 -44,869 48,387 0 -4,495 

General administrative expenses -94,210 -38,054 -14,361 -1,997 -38,454 -187,077 

Other operating profit/(loss) 2,400 4,990 -39,794 -17 -4,535 -36,956 

Profit/(loss) for the year before tax 25,045 59,848 -58,176 110,845 -29,949 107,613 

Financial year 2010 

€'000 

RETAIL 

BANKING 

CORPORATE 

CUSTOMERS 

FINANCIAL 

MARKETS 

INVEST- 

MENTS 

MANAGE- 

MENT 

SERVICES TOTAL 

Net interest income 81,989 120,435 78,884 -57,978 209 223,539 

Impairment charge on loans and advances -7,034 -22,230 -468 0 0 -29,732

131 

Net interest income after impairment charge 74,955 98,205 78,416 -57,978 209 193,807 

Net fee and commission income 34,554 21,579 -585 0 10,166 65,714 

Net trading income 4,886 3,172 11,735 0 4,396 24,189 

Profit from investments in entities accounted for using the 

equity method 0 0 0 256,430 0 256,430 

Profit/(loss) from financial investments 0 1,584 2,464 103 0 4,151 

General administrative expenses -88,848 -33,680 -14,814 -1,727 -41,674 -180,743 

Other operating profit/(loss) -489 3,231 -61,827 -36 11,849 -47,272 

Profit/(loss) for the year before tax 25,058 94,091 15,389 196,792 -15,054 316,276 

The major contribution to profit before tax 2011 and 2010 was made by the investment segment 

mainly due to the performance of the RZB-Group. 

Basis for Statements regarding the Competitive Position of the Issuer 

RLB NÖ-Wien Group is one of the ten largest banks in Austria. 

Source: The Banker, Ranking on the basis of balance sheet totals, published July 2011. 

5. Organisational Structure 

Group and Position of the Issuer within the Group 

The majority of the shares in RLB NÖ-Wien (78.58 %) are held by RAIFFEISEN-HOLDING 

NIEDERÖSTERREICH-WIEN reg.Gen.m.b.H. ("Raiffeisen-Holding NÖ-Wien"). The remaining 

shares are held by 72 Lower Austrian Raiffeisen Banks, which are supported by RLB NÖ-Wien in all 

banking business matters (see Chapter "Major Shareholders"). 

Structure of the RLB NÖ-Wien Group, RBG NÖ-Wien, Raiffeisen-Holding NÖ-Wien Group: 

1) RLB NÖ-Wien Group: The Issuer and (i) its direct and indirect subsidiaries, in which RLB NÖ- 

Wien holds a controlling participation (> 50 %) or on whose business and financial policy RLB NÖ- 

Wien has a controlling influence (fully consolidated companies) and (ii) entities on whose business 

and financial policy RLB NÖ-Wien has a significant influence (entities accounted for using the 

equity method) qualify as the "RLB NÖ-Wien Group". Please see the participation overview 

pursuant to § 265 Section 2 of the Austrian Commercial Code (UGB) on page 103 of the 

consolidated financial statements 2011 of the RLB NÖ-Wien Group. 

2) RBG NÖ-Wien (Raiffeisen-Bankengruppe Niederösterreich-Wien) refers to the banking activities 

of RLB NÖ-Wien and the Lower Austrian Raiffeisen Banks in Lower Austria and Vienna. RBG NÖ- 

Wien does not qualify as a group of companies within the meaning of § 15 of the Austrian Stock 

Corporation Act. 

3) Raiffeisen-Holding NÖ-Wien Group: Raiffeisen-Holding NÖ-Wien and its direct and indirect 

subsidiaries (fully consolidated companies) and entities accounted for using the equity method 

qualify as the "Raiffeisen-Holding NÖ-Wien Group". The most important participation of 

Raiffeisen-Holding NÖ-Wien – both in its value and strategic significance – is RLB NÖ-Wien. 

Overview of RLB NÖ-Wien Group, RBG NÖ-Wien and Raiffeisen-Holding NÖ-Wien Group as of 

31 December 2011:

2) Raiffeisen-Bankengruppe 


„RBG NÖ-Wien“ 

1) RLB NÖ-Wien 

Group 

72 Lower Austrian 

Raiffeisenbanken 

21.4 % 

79.6 % 

ISSUER 

Participations * in banks and 

bank-related companies e.g. 

• RZB (31.92 %) 

• Raiffeisen Bank HU (16.23 %) 

* direct and indirect 

132 

1 co-operative 

credit institution 

Raiffeisen-Holding 

Niederösterreich-Wien reg.Gen.m.b.H. 

78.6 % 

Raiffeisen-Bankengruppe Niederösterreich-Wien (see chart above) 

Other participations: 

• Industrial sector 

• Real Estate 

• Media 

• Service Provision 

• Renewable Energy 

Other 

Members 

20.4 % 

RLB NÖ-Wien is the central institution of the Lower Austrian Raiffeisen Banks and supports them in all 

bank business matters. As of 31 December 2011, the number of Lower Austrian Raiffeisen Banks was 

72. 

As of 31 December 2011, the RBG NÖ-Wien had 611 business locations in Vienna and Lower Austria 

and employed 5,038 members of staff. RBG NÖ-Wien managed about EUR 22.96 billion in customer 

deposits as of 31 December 2011; the customer credit volume amounted to about EUR 19.24 billion 

(consolidated, not audited). The consolidated balance sheet total of RBG NÖ-Wien as of 

31 December 2011 amounted to EUR 40.53 billion (not audited). 

Raiffeisen-Bankengruppe Österreich ("RBG") 

RBG has a three-tier structure comprising the autonomous and locally active Raiffeisen Banks 

(Raiffeisenbanken), the Raiffeisen-Landeszentralen (Raiffeisenlandesbanken, respectively 

Raiffeisenverband) and Zveza Bank as well as RZB. The RBG does not qualify as a group of 

companies within the meaning of § 15 of the Austrian Stock Corporation Act. 

• The Raiffeisen Banks are universal banks offering all banking services and are at the same time 

owners of their respective Raiffeisenlandesbanken. 

• The Raiffeisenlandesbanken carry out the liquidity balancing and offer further central services for 

the Raiffeisen Banks in their sphere. The Raiffeisenlandesbanken furthermore act as independent 

universal banks and are shareholders of RZB. 

• RZB acts as the central institution of the RBG in Austria. 

The set-up of the RBG in simplified form is as follows: 

3) Raiffeisen-Holding 

NÖ-Wien Group

133 

1.7 million members 

Raiffeisen Banks: 513 Raiffeisen Banks 

Raiffeisenlandesbanken: 8 Regional Raiffeisen Banks, other shareholders 

Investments in Austrian 

financial institutions 

15 Network banks in CEE 

RAIFFEISEN ZENTRALBANK 

ÖSTERREICH AG 

Raiffeisen Bank 

International AG 

Foreign branches, offices 

and equity participations 

Other 

participations 

RLB NÖ-Wien with a 31.92 % (direct and indirect) participation in RZB is the largest shareholder of 

RZB (31 December 2011). 

Raiffeisen-Holding NÖ-Wien Group (see chart above) 

Raiffeisen-Holding NÖ-Wien Group is a group of companies with participations both within and outside 

of Austria. The key focus of its activities is in the Eastern provinces of Austria and increasingly also in 

Central and Eastern Europe (CEE). The companies in the group are represented in a total of 

about 3,800 locations globally. 

The key competence of Raiffeisen-Holding NÖ-Wien is participation management. 

• The most important participation – both in its value and strategic significance – is RLB NÖ-Wien. 

Raiffeisen-Holding NÖ-Wien is the majority shareholder of RLB NÖ-Wien, with a shareholding of 

78.6 %. 

• The participations and subsidiaries in the industrial sector are predominantly companies in the 

food processing industry: AGRANA Beteiligungs-Aktiengesellschaft and Südzucker AG 

Mannheim/Ochsenfurt in the sugar, starch and fruit industry, LEIPNIK-LUNDENBURGER INVEST 

Beteiligungs Aktiengesellschaft with the segments flour/milling and vending industry and NÖM AG 

with its milk and dairy products. A further significant company in the industrial sector, STRABAG 

SE, is an internationally active building group. 

• Real estate participations in the office and health sector as well as retail warehouse centres are 

growing in significance. 

• Raiffeisen-Holding NÖ-Wien also holds media participations both in the printing and online 

information business (among others KURIER Beteiligungs AG, Mediaprint Zeitungs- und 

Zeitschriftenverlag GmbH, Österreichische Rundfunksender GmbH & Co KG (ORS). "Austria 

windows" on private television channels (SAT.1 Austria) as well as poster and external advertising 

companies (EPAMEDIA GmbH). 

• The company group holds participations in service provision companies (insurance companies, 

real estate management, travel agencies, advertising agencies, culture management, catering 

businesses). 

• Raiffeisen-Holding NÖ-Wien holds a participation in RENERGIE Raiffeisen 

Managementgesellschaft für erneuerbare Energie GmbH which is active in the business area of 

renewable energy.

134 

A profit and loss transfer agreement was concluded between Raiffeisen-Holding NÖ-Wien and RLB 

NÖ-Wien for the establishment of a (full) fiscal affiliation, which remains in place in spite of the 

removal in the meantime of the former affiliation regulations in the Austrian corporation tax law. On 

basis of this agreement the entire annual result of RLB NÖ-Wien is transferred to Raiffeisen-Holding 

NÖ-Wien, respectively taken over by it. 

6. Trend Information 

The Issuer is not aware of any material adverse change in its prospects since 31 December 2011. 

7. Administrative, Management and Supervisory Bodies 

The Board of Directors of the Issuer currently comprises the following members: 

The Board of Directors of the Issuer currently comprises the following members: 

Klaus Buchleitner Chairman of the Board as of 1 June 2012* ) 

Significant functions outside RLB NÖ-Wien 

Function: Company: 

Managing Director as of 1 June 2012* ) RAIFFEISEN-HOLDING NIEDERÖSTERREICH-WIEN registrierte 

Genossenschaft mit beschränkter Haftung 

Member of the Board RAIFFEISEN-REVISIONSVERBAND NIEDERÖSTERREICH-WIEN 

eGen 

RWA Raiffeisen Ware Austria Handel und Vermögensverwaltung 

eGen 

RWA Raiffeisen Ware Austria Aktiengesellschaft 

Member of the Supervisory Board "UNSER LAGERHAUS" WARENHANDELS-GESELLSCHAFT m.b.H. 

* ) not yet registered in the commercial 

register 

Raiffeisen Zentralbank Österreich Aktiengesellschaft 

Raiffeisen-Lagerhaus GmbH 

Georg Kraft-Kinz Deputy Chairman of the Board 



Member of the Board Nein zu Arm und Krank gemeinnützige Privatstiftung 

Member of the Supervisory Board Raiffeisen Bausparkasse Gesellschaft m.b.H. 

Reinhard Karl Member of the Board 


Functions: Company: 

Member of the Board Franz-Christoph-Privatstiftung 

Prinz-Marco Privatstiftung 

Member of the Supervisory Board Raiffeisen-Leasing Gesellschaft m.b.H. 

Raiffeisen-Leasing Management GmbH 

Raiffeisen Factor Bank AG 

Raiffeisen BANK Zrt., Budapest

135 

Michael Rab Member of the Board 



Member of the Board RAIFFEISEN-REVISIONSVERBAND NIEDERÖSTERREICH-WIEN 

eGen 

Member of the Supervisory Board Raiffeisen e-force GmbH 

Raiffeisen-Einlagensicherung Niederösterreich-Wien registrierte 


Raiffeisen Informatik GmbH 

RSC Raiffeisen Service Center GmbH 

COMPAREX Deutschland AG 

Gerhard Rehor Member of the Board 

Significant functions outside of RLB NÖ-Wien 


Chairman of the Supervisory Board Raiffeisen Centropa Invest Verwaltungs- und Beteiligungs AG 

Member of the Supervisory Board Raiffeisen Wohnbaubank Aktiengesellschaft 

RSC Raiffeisen Service Center GmbH 

Valida Holding AG 

RLB NÖ-Wien is represented by two members of the Board of Directors together, or by one member 

of the Board of Directors together with a holder of a general power of attorney. RLB NÖ-Wien may, 

within the legal limitations, also be represented by two holders of a general power of attorney. 

The Supervisory Board of the Issuer currently comprises the following members: 

Christian Konrad Chairman of the Supervisory Board 

Significant functions outside of RLB NÖ-Wien: 


General Attorney* ) Österreichischer Raiffeisenverband 

Chairman of the Board ARION Immobilien & Development Privatstiftung 

Member of the Board Hans Dujsik Privatstiftung 

Chairman of the Supervisory Board AGRANA Beteiligungs-Aktiengesellschaft 

Albertina 

KURIER Redaktionsgesellschaft m.b.H. 

KURIER Zeitungsverlag und Druckerei Gesellschaft m.b.H. 

LEIPNIK-LUNDENBURGER INVEST Beteiligungs Aktiengesellschaft 


UNIQA Versicherungen AG

136 

Member of the Supervisory Board DO & CO Restaurants & Catering Aktiengesellschaft 

RWA Raiffeisen Ware Austria Aktiengesellschaft 

Siemens Aktiengesellschaft Österreich 

BayWa AG (München/Deutschland) 

Saint Louis Sucre (Paris/Frankreich) 

Südzucker AG (Mannheim/Deutschland) 

Süddeutsche Zuckerrübenverwertungs-Genossenschaft e.G. 

Managing Director Medicur - Holding Gesellschaft m.b.H. 

* ) Christian Konrad has announced that 

he will resign as General Attorney on 25 

June 2012. 

Printmedien Beteiligungsgesellschaft m.b.H. 

RAIFFEISEN-HOLDING NÖ-Wien Beteiligungs GmbH 

Johann Vieghofer Member of the Supervisory Board 



Managing Director Raiffeisenbank Region Eisenwurzen eGen 

Anton Bodenstein Member of the Supervisory Board 



Chairman (Obmann) Raiffeisenbank Krems registrierte Genossenschaft mit beschränkter 

Haftung 

Erwin Hameseder Member of the Supervisory Board 



as of the date of registration in the commercial register 

Chairman (Obmann)* ) RAIFFEISEN-HOLDING NIEDERÖSTERREICH-WIEN registrierte 


Member of the Board ARS BOHEMIAE - Privatstiftung Rotter 

Chairman of the Supervisory Board NÖM AG 

Dr. Erwin Pröll Privatstiftung 

Österreichische Raiffeisen-Einlagensicherung eGen 

RAIFFEISEN-REVISIONSVERBAND NIEDERÖSTERREICH-WIEN 

eGen 

Raiffeisen-Einlagensicherung Niederösterreich-Wien registrierte 


Z&S Zucker und Stärke Holding AG 

Mediaprint Zeitungs- und Zeitschriftenverlag Gesellschaft m.b.H. 

Flughafen Wien Aktiengesellschaft

137 

Member of the Supervisory Board AGRANA Beteiligungs-Aktiengesellschaft 

AGRANA Zucker, Stärke und Frucht Holding AG 

LEIPNIK-LUNDENBURGER INVEST Beteiligungs Aktiengesellschaft 

NÖM International AG 



STRABAG SE 

UNIQA Versicherungen AG 

Südzucker AG (Mannheim/Deutschland) 

Managing Director "CARPETA" Holding GmbH 

* ) not yet registered in the commercial 

register 

"TALIS" Holding GmbH 

Medial Beteiligungs-Gesellschaft m.b.H. 

Medicur - Holding Gesellschaft m.b.H. 

Medicur Sendeanlagen GmbH 

Printmedien Beteiligungsgesellschaft m.b.H. 

R-Landesbanken-Beteiligung GmbH 

RAIFFEISEN-HOLDING NÖ-Wien Beteiligungs GmbH 

Raiffeisen-Landesbanken-Holding GmbH 

Veronika Mickel-Göttfert Member of the Supervisory Board 



no functions 


Alfons Neumayer Member of the Supervisory Board 



Member of the Board Raiffeisen-Einlagensicherung Niederösterreich-Wien registrierte 


Managing Director Raiffeisenbank Wienerwald registrierte Genossenschaft mit 

beschränkter Haftung 

Johann Plachwitz Member of the Supervisory Board 



Managing Director Raiffeisen-Bezirksbank Laa a.d. Thaya registrierte Genossenschaft 

mit beschränkter Haftung

138 

Gerhard Preiß Member of the Supervisory Board 



Member of the Board Hopfen & Malz Privatstiftung 

Karl Schwarz Privatstiftung 

Managing Director Raiffeisenbank Region Waldviertel Mitte registrierte Genossenschaft 


Christian Resch Member of the Supervisory Board 



Chairman (Obmann) Raiffeisenbank Mistelbach registrierte Genossenschaft mit 


Brigitte Sommerbauer Member of the Supervisory Board 



Member of the Board Raiffeisen Regionalbank Mödling eGen 

Johann Amon* Member of the Supervisory Board 



Member of the Supervisory Board VALIDA Pension AG 

Anita Buchgraber* Member of the Supervisory Board 



no functions 


Anton Hechtl* Member of the Supervisory Board 



Member of the Supervisory Board Raiffeisenbank Wienerwald registrierte Genossenschaft mit 


Michael Hofer* Member of the Supervisory Board 



no functions

139 

Sibylla Wachsler* Member of the Supervisory Board 



no function 

*deployed by the Works Council 

All members of the Board of Directors and the Supervisory Board can be reached at the business 

address of RLB NÖ-Wien. 

Government Commissioners 

Alfred Lejsek Government Commissioner 

Bernhard Mazegger (since 1 March 2010) Government Commissioner 

Conflicts of Interest 

RLB NÖ-Wien has internal guidelines intended to avoid the occurrence of conflicts of interest 

throughout the bank and – if this is not possible – make provision for disclosure of such conflicts. 

The Issuer declares that according to its best knowledge the Members of the Board of Directors and 

the Supervisory Board are not subject to any conflicts of interest between their obligations towards the 

Issuer and their private interests or any other obligations. 

8. Major Shareholders 

The Issuer's share capital amounts to EUR 214,520,100.00, divided into 2.145.201 registered 

shares. 

In 2008, the Issuer issued 765,000 registered participation capital securities, as defined in Section 23 

para. 4 of the Austrian Banking Act (Bankwesengesetz), without being under an obligation to pay 

dividends in arrears pursuant to Section 23 para. 3 no. 8 of the Banking Act ("Participation 

Certificates"). Each Participation Certificate has a nominal value of EUR 100.00. With the approval of 

the Supervisory Board and by making use of the authorisation contained in the terms and conditions of 

the Participation Certificates, the Issuer's Board of Directors in April 2012 amended the sections 

"Gewinnbeteiligung" (Profit Distribution) and "Beteiligung am Liquidationserlös" (Entitlement to 

Liquidation Proceeds) in the terms and conditions of the Participation Certificates so that in future, the 

participation capital will also continue to be fully recognized as core capital, as defined in the Capital 

Requirements Regulation (CRR). The Issuer's shareholders' meeting approved these changes on 4 

May 2012, in particular with regard to entitlement to liquidation proceeds. 

The Issuer's General Meeting authorised the Board of Directors at the General Meeting on 

7 May 2010 to issue participation capital according to section 23 para. 4 Austrian Banking Act up to a 

total amount of EUR 300 million within a period of five years. 

Shareholders of the Issuer are: 

• with 78.58 % RAIFFEISEN-HOLDING NIEDERÖSTERREICH-WIEN reg.Gen.m.b.H. 

• with 21.42 % Raiffeisen Banks in Lower Austria *) 

*) the following Raiffeisen Banks as of 31 December 2011:

140 

Raiffeisenkasse Absdorf reg.Gen.m.b.H. Raiffeisenbank Region Mank reg.Gen.m.b.H. 

Raiffeisenbank Amstetten-Ybbs reg.Gen.m.b.H. Raiffeisenkasse Michelhausen reg.Gen.m.b.H. 

Raiffeisenbank im Mostviertel, Aschbach reg.Gen.m.b.H. Raiffeisenbank Mistelbach reg.Gen.m.b.H. 

Raiffeisenbank NÖ-Süd Alpin eGen Raiffeisen Regionalbank Mödling eGen 

Raiffeisenbank Auersthal-Bockfließ-Groß Schweinbarth reg.Gen.m.b.H. Raiffeisenkasse Neusiedl a. d. Zaya reg.Gen.m.b.H. 

Raiffeisenbank Region Baden eGen Raiffeisenbank Gross Gerungs reg.Gen.m.b.H. 

Raiffeisenkasse Blindenmarkt reg.Gen.m.b.H. Raiffeisenkasse Orth a. d. Donau reg.Gen.m.b.H. 

Raiffeisenbank Bruck-Carnuntum reg.Gen.m.b.H. Raiffeisenkasse Ottenschlag-Martinsberg reg.Gen.m.b.H. 

Raiffeisen-Regionalbank Gänserndorf reg.Gen.m.b.H. Raiffeisenbank Payerbach-Reichenau-Schwarzau im Gebirge reg.Gen.m.b.H. 

Raiffeisenkasse Dobersberg-Waldkirchen reg.Gen.m.b.H. Raiffeisenbank Piestingtal reg.Gen.m.b.H. 

Raiffeisenbank Eggenburg reg.Gen.m.b.H. Raiffeisenbank Pittental / Bucklige Welt reg.Gen.m.b.H. 

Raiffeisenbank Thayatal-Mitte reg.Gen.m.b.H. Raiffeisenbank Region Melk reg.Gen.m.b.H. 

Raiffeisenbank Prinzersdorf reg.Gen.m.b.H. Raiffeisenkasse Pottschach reg.Gen.m.b.H. 

Raiffeisenbank Region Eisenwurzen eGen Raiffeisenkasse Poysdorf reg.Gen.m.b.H. 

Raiffeisenkasse Ernstbrunn reg.Gen.m.b.H. Raiffeisenbank Wienerwald reg.Gen.m.b.H. 

Raiffeisenkasse Göllersdorf reg.Gen.m.b.H. Raiffeisenkasse Retz-Pulkautal reg.Gen.m.b.H. 

Raiffeisenbank Bernhardsthal-Großkrut-Altlichtenwarth reg.Gen.m.b.H. Raiffeisenkasse Rückersdorf reg.Gen.m.b.H. 

Raiffeisenkasse Großweikersdorf-Wiesendorf-Ruppersthal reg.Gen.m.b.H. Raiffeisenkasse St. Georgen am Ybbsfeld reg.Gen.m.b.H. 

Raiffeisenkasse Günselsdorf reg.Gen.m.b.H. Raiffeisenbank REGION ST.PÖLTEN reg.Gen.m.b.H. 

Raiffeisenbank Seefeld-Hadres reg.Gen.m.b.H. Raiffeisenkasse St. Valentin-Haag reg.Gen.m.b.H. 

Raiffeisenkasse Haidershofen reg.Gen.m.b.H. Raiffeisenbank Region Schwechat reg.Gen.m.b.H. 

Raiffeisenkasse Heiligeneich reg.Gen.m.b.H. Raiffeisenbank Stockerau reg.Gen.m.b.H. 

Raiffeisenkasse Hausleiten reg.Gen.m.b.H. Raiffeisenbank Neunkirchen-Schwarzatal-Mitte reg.Gen.m.b.H. 

Raiffeisenbank im Weinviertel-Hohenruppersdorf reg.Gen.m.b.H. Raiffeisenbank Tulln reg.Gen.m.b.H. 

Raiffeisenbank Hollabrunn reg.Gen.m.b.H. Raiffeisenkasse Vitis reg.Gen.m.b.H. 

Raiffeisenbank Herzogenburg-Kapelln eGen Raiffeisenbank Waidhofen a. d. Thaya eGen 

Raiffeisenbank Klosterneuburg reg.Gen.m.b.H. Raffeisenbank Ybbstal reg.Gen.m.b.H. 

Raiffeisenkasse Kirchschlag in der Buckligen Welt reg.Gen.m.b.H. Raiffeisenkasse Oberes Triestingtal reg.Gen.m.b.H. 

Raiffeisenbank Korneuburg reg.Gen.m.b.H. Raiffeisenbank Weitra reg.Gen.m.b.H. 

Raiffeisenbank Krems reg.Gen.m.b.H. Raffeisen-Regionalbank Wiener Neustadt reg.Gen.m.b.H. 

Raiffeisen-Bezirksbank Laa a.d. Thaya reg.Gen.m.b.H. Raiffeisenkasse Wiesmath-Hochwolkersdorf reg.Gen.m.b.H. 

Raiffeisenbank Laaben – Maria Anzbach reg.Gen.m.b.H. Raiffeisenbank Traisen-Gölsental reg.Gen.m.b.H. 

Raiffeisenbank Oberes Waldviertel reg.Gen.m.b.H. Raiffeisenbank Region Waldviertel Mitte reg.Gen.m.b.H. 

Raiffeisenbank Langenlois reg.Gen.m.b.H. Raiffeisenkasse Wolkersdorf reg.Gen.m.b.H. 

Raiffeisenkasse Leobendorf reg.Gen.m.b.H. Raiffeisenkasse Ziersdorf reg.Gen.m.b.H. 

Raiffeisenkasse Loosdorf reg.Gen.m.b.H. Raiffeisenkasse Zistersdorf-Dürnkrut reg.Gen.m.b.H. 



removal in the meantime of the former affiliation regulations in the Austrian corporation tax law. On the 

basis of this agreement, the entire annual result of RLB NÖ-Wien (after the fixed payment on 

participation capital) is transferred to Raiffeisen-Holding NÖ-Wien, respectively taken over by it. 

The Issuer is not aware of any agreements, the practise of which could lead to any change in its 

control at a later date. 

9. Financial Information concerning RLB NÖ-Wien's Assets and Liabilities, Financial Position 

and Profits and Losses 

Historical Financial Information 

The Issuer's financial year is the calendar year. 

The consolidated financial statements of the Issuer for the financial years ended 31 December 2010 

and 31 December 2011 (both prepared in accordance with International Financial Reporting 

Standards (IFRS), as adopted by the EU) are incorporated by reference into this Prospectus, see 

"Documents incorporated by reference".

141 

Auditing of Historical Annual Financial Information 

The auditors Christian Loicht and KPMG Austria GmbH 1 Wirtschaftsprüfungs- und 

Steuerberatungsgesellschaft, Porzellangasse 51, 1090 Vienna, Austria (represented by the auditors 

Wilhelm Kovsca and Franz Frauwallner) (the "Auditors"), both appointed by Österreichischer 





The auditors Andreas Gilly and KPMG Austria GmbH 1 Wirtschaftsprüfungs- und 


Bernhard Mechtler and Franz Frauwallner) (the "Auditors"), both appointed by Österreichischer 





Financial data in the section "Raiffeisenlandesbank Niederösterreich-Wien AG", the source of which 

are not audited annual financial statements of the Issuer, has been earmarked at the corresponding 

points and the relevant source has been referred to. 

The date of the most recent audited Issuer's financial information is 31 December 2011 (consolidated 

financial statements 2011). 

RLB NÖ-Wien Overview (as of 31 December 2011 and 31 December 2010) 

(Consolidated Income Statement, Consolidated Balance Sheet and Financial Ratios) 

RLB NÖ-Wien Group 2011 +(-) CHANGE 2010 

MONETARY VALUES ARE IN €mn 

Consolidated Income Statement 

Net interest income after impairment charge 149.5 -22.8 % 193.8 

Net fee and commission income 67.6 2.8 % 65.7 

Net trading income -1.6 - 24.2 

Profit from investments in entities accounted for 

using the equity method 120.6 -53.0 % 256.4 

General administrative expenses -187.1 3.5 % -180.7 

Profit for the year before tax 107.6 -66.0 % 316.3 

Consolidated net profit for the year 109.7 -64.5 % 308.6 

Consolidated Balance Sheet 

Loans and advances to other banks 10,915 -10.5 % 12,189 

Loans and advances to customers 10,094 4.3 % 9,680 

Deposits from other banks 14,429 -9.2 % 15,899 

Deposits from customers 7,294 3.2 % 7,071 



Equity (incl. profit) 2,272 -4.7 % 2,383 

Consolidated assets 32,103 -1.8 % 32,683 

Regulatory Information 1) 

Risk-weighted basis of assessment 13,547 4.8 % 12,930 

Total own funds 2,033 11.3 % 1,826 

Own funds requirement 1,155 4.8 % 1,102 

Surplus own funds ratio 76.1 % 10.3 PP 65.8 % 

Tier 1 ratio (credit risk) 10.1 % 0.4 PP 9.7 % 

Tier 1 ratio (total) 9.4 % 0.3 PP 9.1 % 

Total own funds ratio 14.1 % 0.8 PP 13.3 % 

Performance 

Return on equity before tax 4.6 % -9.7 PP 14.3 % 

Consolidated return on equity 4.7 % -9.3 PP 14.0 % 

Consolidated cost/income ratio 52.5 % 17.9 PP 34.6 % 

Earnings per share (€) 49.35 -65.3 % 142.06 

Return on assets after tax 0.34 % -0.62 PP 0.96 % 

Risk/Earnings ratio 27.6 % 14.3 PP 13.3 % 

Additional Information 

Workforce on balance sheet date 1,354 1.7 % 1,332 

Branches and offices 66 -1 67 

142 

1) The RLB NÖ-Wien Group is a subgroup of the Raiffeisen-Holding NÖ-Wien Group. The Austrian Banking 

Act (BWG) does not govern the regulatory own funds of subsidiaries that make up a subgroup. The 

presentation of the RLB NÖ-Wien Group's own funds within the meaning of BWG is therefore provided for 

informational purposes only. 

Note: Figures of Regulatory Information, Performance and Additional Information in the table above are not audited. 

Interim and other Financial Information 

The Issuer has published no interim report since 31 December 2011. 

Legal and Arbitration Proceedings 

The Issuer is involved in various legal proceedings, which occur doing the course of its normal 

business activities. In particular litigation was initiated against RLB NÖ-Wien by the City of St. Pölten 

in connection with a EUR/CHF swap-deal concluded in 2007. Experts appointed by the Issuer 

confirmed that the deal was validly concluded and that the City of St. Pölten has to fulfill its obligations 

under the relevant EUR/CHF swap. The Issuer does, therefore, from a present point of view, not 

expect that it would be exposed to substantial obligations. 

The Issuer is not aware of any other governmental, legal or arbitration proceedings (including any 

such proceedings which are pending or threatened of which the Issuer is aware) during a period

143 

covering at least the previous 12 months which may have or have had in the recent past, significant 

effects on the Issuer and/or the Issuer's group financial position or profitability. 

Significant Change in RLB NÖ-Wien's Financial Position 

No significant change in the financial position of the Issuer or RLB NÖ-Wien Group has taken place 

since 31 December 2011. 

10. Material Contracts 



removal in the meantime of the former affiliation regulations in the Austrian corporation tax law. On 

basis of this agreement the entire annual result of RLB NÖ-Wien (after the fixed payment on 

participation capital) is transferred to Raiffeisen-Holding NÖ-Wien, respectively taken over by it. 

The profit and loss transfer agreement was concluded for an indefinite period of time. It may be 

cancelled by either of the contract partners by a notice period of six months to the end of each 

financial year. Any amendments to the profit and loss transfer agreement require the approval of the 

General Meeting of Raiffeisen-Holding NÖ-Wien with a majority of two thirds of the votes, as well as 

the approval of the General Meeting of RLB NÖ-Wien with a majority of three quarters of the votes, in 

order to be legally effective. 

Raiffeisen-Holding NÖ-Wien and RLB NÖ-Wien concluded a group taxation contract in 2005, which 

enabled the group to make use of the tax regulations in the framework of the Austrian tax reform law 

of 2005. 

The internal capital adequacy assessment process prescribed by EU-law (Internal Capital Adequacy 

Assessment Process – "ICAAP") requires Austrian credit institutions to include liquidity risk in their risk 

assessment systems and to make provision for emergencies. As the central institution of the RBG NÖ- 

Wien, the Issuer concluded bilateral liquidity management agreements in 2007 with all Lower Austrian 

Raiffeisen Banks and with Raiffeisen-Holding NÖ-Wien, and assumed the task of liquidity 

management for RBG NÖ-Wien. 

These liquidity management agreements which have been amended as of March 2010 regulate the 

provision of liquidity by the Issuer for the participating banks in the RBG NÖ-Wien as well as the joint 

monitoring of key liquidity figures and measures in connection with any liquidity problems within the 

RBG NÖ-Wien. The participating banks have committed themselves, if any events occur that could 

effect the liquidity provision of a participating bank or the entire RBG NÖ-Wien, to sharing 

responsibility for implementing measures to prevent any crisis. 

RLB NÖ-Wien is member of the Raiffeisen-Kundengarantiegemeinschaft Österreich, the Raiffeisen- 

Einlagensicherung Niederösterreich Wien reg.Gen.m.b.H. and the Solidaritätsverein. (See also 

Chapters "Raiffeisen-Kundengarantiegemeinschaft", "Raiffeisen-Einlagensicherung" and 

"Solidaritätsverein".) 

11. Third Party Information and Statements 

The rating definitions included in the Chapter "History and Development of the Issuer" are sourced 

from the rating report on the Issuer published by Moody's Investor Service Limited. 

The Issuer's ranking among the ten largest banks in Austria is taken from the ranking list of The 

Banker (published in July 2011). 

The Issuer hereby declares that this information has been reproduced correctly on its part and that, as 

far as the Issuer is aware and as far as it could deduce from the information published by these third 

parties – no facts are missing that could cause the reproduced information to be incorrect or 

misleading.

12. Documents on Display 

144 

For the duration of the validity of this Prospectus the following documents are available for viewing at 

the domicile of the Issuer, Friedrich-Wilhelm-Raiffeisen-Platz 1, 1020 Vienna, Austria, during the 

general hours of business: 

• the Articles of Association of RLB NÖ-Wien in the respectively valid version; 

• the consolidated annual financial statements for 2010 and 2011 of RLB NÖ-Wien Group in paper 

form (including auditor's reports) 1 ; 

• this Prospectus, including all supplements that RLB NÖ-Wien shall publish, if any. 

1 The issuer’s consolidated annual financial statements for 2010 and 2011 are also available for viewing on the homepage of 

RLB NÖ-Wien (www.raiffeisenbank.at) under item "Über uns".

145 

TAXATION 

The following is a general discussion of certain German, Austrian and Luxembourg tax consequences 

of the acquisition and ownership of Notes. This discussion does not purport to be a comprehensive 

description of all tax considerations which may be relevant to a decision to purchase Notes. In 

particular, this discussion does not consider any specific facts or circumstances that may apply to a 

particular purchaser. This summary is based on the laws of Germany, Austria and Luxembourg 

currently in force and as applied on the date of this Prospectus, which are subject to change, possibly 

with retroactive or retrospective effect. 

PROSPECTIVE PURCHASERS OF NOTES ARE ADVISED TO CONSULT THEIR OWN TAX 

ADVISORS AS TO THE TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND 

DISPOSITION OF NOTES, INCLUDING THE EFFECT OF ANY STATE OR LOCAL TAXES, UNDER 

THE TAX LAWS OF GERMANY, AUSTRIA, LUXEMBOURG AND EACH COUNTRY OF WHICH 

THEY ARE RESIDENTS. 

Germany 

Income tax 

Notes held by tax residents as private assets 

- Taxation of interest 

Payments of interest on the Notes to Holders who are tax residents of Germany (i.e., persons whose 

residence or habitual abode is located in Germany) are subject to German income tax. In each case 

where German income tax arises, a solidarity surcharge (Solidaritätszuschlag) is levied in addition. 

Furthermore, church tax may be levied, where applicable. If coupons or interest claims are disposed of 

separately (i.e. without the Notes), the proceeds from the disposition are subject to income tax. The 

same applies to proceeds from the redemption of coupons or interest claims if the Note is disposed of 

separately. 

On payments of interest on the Notes to individual tax residents of Germany income tax is generally 

levied as a flat income tax at a rate of 25 % (plus solidarity surcharge in an amount of 5.5 % of such 

tax, resulting in a total tax charge of 26.375 %, plus, if applicable, church tax). The total investment 

income of an individual will be decreased by a lump sum deduction (Sparer-Pauschbetrag) of 

EUR 801 (EUR 1,602 for married couples filing jointly), not by a deduction of expenses actually 

incurred. 

If the Notes are held in a custodial account which the Holder maintains with a German branch of a 

German or non-German bank or financial services institution or with a securities trading business or 

bank in Germany (the "Disbursing Agent") the flat income tax will be levied by way of withholding at 

the aforementioned rate from the gross interest payment to be made by the Disbursing Agent. 

In general, no withholding tax will be levied if the Holder is an individual (i) whose Note does not form 

part of the property of a trade or business and (ii) who filed a withholding exemption certificate 

(Freistellungsauftrag) with the Disbursing Agent but only to the extent the interest income derived from 

the Note together with other investment income does not exceed the maximum exemption amount 

shown on the withholding exemption certificate. Similarly, no withholding tax will be deducted if the 

Holder has submitted to the Disbursing Agent a certificate of non-assessment (Nichtveranlagungs- 

Bescheinigung) issued by the relevant local tax office. 

If no Disbursing Agent (as defined above) is involved in the payment process the Holder will have to 

include its income on the Notes in its tax return and the flat income tax of 25 % plus solidarity 

surcharge and, if applicable, church tax will be collected by way of assessment. 

Payment of the flat income tax will generally satisfy any income tax liability (including solidarity 

surcharge and, if applicable, church tax) of the Holder in respect of such investment income. Holders 

may apply for a tax assessment on the basis of general rules applicable to them if the resulting income 

tax burden is lower than 25 %.

- Taxation of capital gains 

146 

From 1 January 2009, also capital gains realised by individual tax residents of the Federal Republic of 

Germany from the disposition or redemption of the Notes acquired after 31 December 2008 will be 

subject to the flat income tax on investment income at a rate of 25 % (plus solidarity surcharge in an 

amount of 5.5 % of such tax, resulting in a total tax charge of 26.375 %, plus, if applicable, church 

tax), irrespective of any holding period. This will also apply to Notes on which the principal is 

effectively repaid in whole or in part although the repayment was not guaranteed. 

If the Notes are held in a custodial account which the Holder maintains with a Disbursing Agent (as 

defined above) the flat income tax will be levied by way of withholding from the difference between the 

redemption amount (or the proceeds from the disposition) and the issue price (or the purchase price) 

of the Notes. If the Notes have been transferred into the custodial account of the Disbursing Agent 

only after their acquisition, and no evidence on the acquisition data has been provided to the new 

Disbursing Agent by the Disbursing Agent which previously kept the Notes in its custodial account, 

withholding tax will be levied on 30 % of the proceeds from the disposition or redemption of the Notes. 

If no Disbursing Agent is involved in the payment process the Holder will have to include capital gains 

from the disposition or redemption of the Notes in its tax return and the flat income tax of 25 % plus 

solidarity surcharge and, if applicable, church tax will be collected by way of assessment. 

Payment of the flat income tax will generally satisfy any income tax liability (including solidarity 

surcharge and, if applicable, church tax) of the Holder in respect of such investment income. Holders 

may apply for a tax assessment on the basis of general rules applicable to them if the resulting income 

tax burden is lower than 25 %. 

Notes held by tax residents as business assets 

Payments of interest on Notes and capital gains from the disposition or redemption of Notes held as 

business assets by German tax resident individuals or corporations (including via a partnership, as the 

case may be), are generally subject to German income tax or corporate income tax (in each case plus 

solidarity surcharge and, if applicable, church tax). The interest and capital gain will also be subject to 

trade tax if the Notes form part of the property of a German trade or business. 

If the Notes are held in a custodial account which the Holder maintains with a Disbursing Agent (as 

defined above) tax at a rate of 25 % (plus a solidarity surcharge of 5.5 % of such tax and, if applicable, 

church tax) will also be withheld from interest payments on Notes and (since 1 January 2009) 

generally also from capital gains from the disposition or redemption of Notes held as business assets. 

In these cases the withholding tax does not satisfy the income tax liability of the Holder, as in the case 

of the flat income tax, but will be credited as advance payment against the personal income or 

corporate income tax liability and the solidarity surcharge (and, if applicable, against the church tax) of 

the Holder. 

With regard to capital gains no withholding will generally be required in the case of Notes held by 

corporations resident in Germany, provided that in the case of corporations of certain legal forms the 

status of corporation has been evidenced by a certificate of the competent tax office, and upon 

application in the case of Notes held by individuals or partnerships as business assets. 

Notes held by non-residents 

Interest and capital gains are not subject to German taxation in the case of non-residents, i.e. persons 

having neither their residence nor their habitual abode nor legal domicile nor place of effective 

management in Germany, unless the Notes form part of the business property of a permanent 

establishment maintained in Germany. Interest may, however, also be subject to German income tax if 

it otherwise constitutes income taxable in Germany, such as income from the letting and leasing of 

certain German-situs property or income from certain capital investments directly or indirectly secured 

by German situs real estate. 

Non-residents of Germany are in general exempt from German withholding tax on interest and capital 

gains and from solidarity surcharge thereon. However, if the interest or capital gain is subject to 

German taxation as set forth in the preceding paragraph and the Notes are held in a custodial account 

with a Disbursing Agent (as defined above), withholding tax will be levied as explained above at 

"Notes held by tax residents as business assets" or at "Notes held by tax residents as private assets", 

respectively.

Inheritance and Gift Tax 

147 

No inheritance or gift taxes with respect to any Note will generally arise under the laws of Germany, if, 

in the case of inheritance tax, neither the decedent nor the beneficiary, or, in the case of gift tax, 

neither the donor nor the donee, is a resident of Germany and such Note is not attributable to a 

German trade or business for which a permanent establishment is maintained, or a permanent 

representative has been appointed, in Germany. Exceptions from this rule apply to certain German 

citizens who previously maintained a residence in Germany. 

Other Taxes 

No stamp, issue, registration or similar taxes or duties will be payable in Germany in connection with 

the issuance, delivery or execution of the Notes. Currently, net assets tax (Vermögensteuer) is not 

levied in Germany. 

Austria 

The following is a brief summary of certain Austrian tax aspects in connection with the Notes. It does 

not claim to fully describe all Austrian tax consequences of the acquisition, ownership, disposition or 

redemption of the Notes. In some cases a different tax regime may apply. Further, this summary does 

not take into account or discuss the tax laws of any country other than Austria nor does it take into 

account the investors' individual circumstances. Prospective investors are advised to consult their own 

professional advisors to obtain further information about the tax consequences of the acquisition, 

ownership, disposition, exchange, exercise, settlement or redemption of the Notes. Only personal 

advisors are in a position to adequately take into account special tax aspects of the particular Notes in 

question as well as the investor's personal circumstances and any special tax treatment applicable to 

the investor. 

This summary is based on Austrian Law as in force when drawing up this Prospectus. The Austrian 

tax laws have changed due to the entry into force of provisions included in the Austrian Federal 

Budget Supplement Act 2011, Federal Legal Gazette I 2010/111, in the Austrian Tax Amendment Act 

2011, Federal Legal Gazette I 2011/76 and in the Austrian Federal Budget Supplement Act 2012, 

Federal Legal Gazette I 2011/112, on 1 April 2012. The Austrian Federal Ministry of Finance has 

moreover issued and published Guidelines on the Taxation of Investment Income dated 7 March 2012 

relating to the application of the new tax laws. Relating to the new tax laws, there is currently neither 

case law nor a secure practice applied by the paying agents and/or securities account keeping agents 

so that deviations may result from the factual implementation and practice as compared to the legal 

situation described herein The laws and their interpretation by the tax authorities may change and 

such changes may also have retroactive effect. Prospective investors are therefore explicitly advised 

to consult their own professional advisers to obtain further information about the tax consequences of 

the acquisition, ownership, disposition, exchange, exercise, settlement or redemption of the Notes. 

This summary does not describe the tax consequences for a holder of Notes that are redeemable in 

exchange for, or convertible into, shares or other securities or rights or which in other way provide for 

physical settlement, or the consequences of the exchange, exercise, physical settlement or 

redemption of such Notes and/or any tax consequences after the moment of exchange, exercise, 

physical settlement or redemption. 

Austrian Resident Taxpayers 

Income derived by individuals having a domicile or their habitual abode in Austria or corporations 

having their corporate seat or place of management in Austria ("residents") is taxable pursuant to the 

Austrian Income Tax Act (Einkommensteuergesetz) or the Austrian Corporate Income Tax Act 

(Körperschaftsteuergesetz). 

Notes 

Risk of re-qualification of Notes as investment fund units 

Certain Notes such as non-capital guaranteed basket or index linked notes and fund linked notes 

might be re-qualified by the tax authorities as foreign investment fund units under certain conditions:

148 

pursuant to the Austrian Investment Fund Act, a portfolio of assets which is subject to the laws of a 

foreign country and which is invested according to the principle of risk-diversification may qualify as a 

foreign investment fund for tax purposes, without regard to its legal form (substance over form 

approach). 

However, pursuant to the Investment Fund Guidelines 2008 published by the Austrian Federal Ministry 

of Finance a requalification of index and other reference linked notes into fund units requires (i) that an 

investment is effected in line with the principle of risk diversification and (ii) that the Issuer (or a trustee 

mandated by the Issuer) factually and predominantly acquires the (underlying) securities or that the 

investment qualifies as actively managed portfolio. This should, inter alia, exclude capital guaranteed 

notes and notes with less than six underlyings from requalification. Pursuant to the Investment Fund 

Guidelines 2008 "directly held index linked certificates are not foreign investment fund units, 

irrespective of whether the underlying index is a recognized or individually composed, fixed or flexible 

index". Therefore index linked notes should be prevented from a requalification as foreign investment 

fund units. Furthermore, in practice, Notes issued by an Austrian issuer are not re-qualified as 

investment fund units. 

In the following we therefore assume that the Notes do not qualify as foreign investment funds for 

income tax purposes. 

If the Notes, opposed to our view, did qualify as investment funds units, income derived therefrom 

would be taxed at the level of the investors and include distributions as well as retained earnings of 

the fund deemed to be distributed to the investor (ausschüttungsgleiche Erträge). Such retained 

earnings would be deemed to be distributed to the investor for tax purposes to the extent of the share 

interest of the investor no later than four months after the end of the business year of the investment 

fund in which the earnings were derived by the fund. If no Austrian tax representative were appointed 

for the fund (or no reporting made by a tax representative) and the retained earnings of the fund 

deemed to be distributed to the investor were also not reported to the securities account keeping 

agent by the investors themselves, the foreign fund would be qualified a “non-reporting fund” and a 

lump-sum taxation applied: distributions would fully be subject to taxation and regarding retained 

earnings the greater of (a) 90% of the difference between the first and the last redemption price of the 

fund units fixed in a calendar year or (b) 10% of the last redemption price of the fund units would be 

taxed. As the applicable tax rate is 25% for corporate investors as well as, in general, for individuals, 

this minimum lump sum tax base in the latter context results in a minimum tax of 2.5% per year on the 

last redemption price (NAV) in any calendar year before maturity. 

Resident Individuals 

Generally for Notes held as private assets, income arising from the Notes qualifies as investment 

income (Einkünfte aus Kapitalvermögen). Index linked Notes bearing interest or bearing index linked 

interest are treated as debt type claims (Kapitalforderungen jeder Art), whereas index (and other 

underlying) linked certificates without interest are treated as (securitized) derivatives (verbriefte 

Derivate) under the new Austrian income tax law. Investment income from the Notes comprises: 

(i) income from the provision of capital (Überlassung von Kapital) including interest 

payments on the Notes (Zinserträge), 

(ii) realised capital gains (Einkünfte aus realisierten Wertsteigerungen) derived from assets 

which may generate income from the provision of capital, and 

(iii) for Notes bearing no interest and structured as index (or other underlying) linked 

certificates, income from derivatives including income from the sale, pay-off or 

redemption of (securitized) index (or other underlying) linked Notes. 

Hence, not only interest payments but also realized capital gains will, irrespective of the period of time 

the Notes have been held for, qualify as investment income (Einkünfte aus Kapitalvermögen) and be 

subject to income tax at a special rate of 25%. Investment income includes income derived from the 

sale, redemption or other pay-off of the Notes and, in the case of derivative financial instruments, from 

any other settlement of the Notes. The tax base is, in general, the difference between (a) the amount 

realized (e.g., the sale proceeds or, the redemption or other pay-off amount) and (b) the acquisition

149 

costs; in both cases (amount realized and acquisition costs) including the respectively accrued 

interest, if any. Expenses which are directly connected with income subject to the special tax rate of 

25% are non-deductible. For Notes held as private assets, the acquisition costs shall not include 

incidental acquisition costs. For the calculation of the acquisition costs of Notes held within the same 

account and having the same identification number which are acquired at different points in time, an 

average price applies. 

If an Austrian securities account keeping agent or an Austrian paying agent is involved and pays out 

or settles the realization of the income or capital gain, income tax will be deducted by applying a 25% 

withholding tax. The 25% withholding tax deduction will result in a final income taxation for private 

investors (holding the Notes as private assets) provided that the investor has evidenced the factual 

acquisition costs of the Notes to the securities account keeping agent. 

Withdrawals (Entnahmen) and other transfers of Notes from the securities account (including Notes 

acquired before April 01, 2012) will be treated as dispositions (sales), unless specified exemptions are 

fulfilled like the transfer of the Notes to a securities account owned by the same taxpayer (i) with the 

same Austrian bank, (ii) with another Austrian bank if the account holder has instructed the 

transferring bank to disclose the acquisition costs to the receiving bank or (iii) with a non-Austrian 

bank, if the account holder has instructed the transferring bank to transmit the pertaining information to 

the competent tax office or has himself notified the competent Austrian tax office within a month; or 

like the transfer without consideration to a securities account held by another taxpayer, if the fact that 

the transfer has been made without consideration has been evidenced to the securities account 

keeping agent or the agent has been instructed to inform the Austrian tax office thereof or if the 

taxpayer has himself notified the competent Austrian tax office within a month. 

To the extent that no withholding tax deduction will be effected due to the lacking of an Austrian 

paying agent and of an Austrian securities account keeping agent, the investment income derived 

from the Notes will have to be included into the income tax return in line with the provisions of the 

Austrian Income Tax Act. 

Taxpayers, whose regular personal income tax rate is lower than 25% may opt for taxation of the 

income derived from the Notes at such regular personal income tax rate. Such application for opting 

into taxation at the regular personal income tax rate must, however, include all income subject to the 

special 25% tax rate. Expenses in connection with income subject to final taxation or to the special 

25% income tax rate and incurred by the investor are also not deductible for persons having opted for 

taxation at the regular personal income tax rate. 

Losses from Notes held as private assets may only be set off with other investment income (excluding, 

inter alia, interest income from bank deposits and other claims against banks) and must not be set off 

with any other income. The Austrian Federal Budget Supplement Act 2012 provides for a mandatory 

set-off of losses applied as of 1 January 2013 by the Austrian securities account keeping agent to 

investment income achieved in all securities accounts at the same agent qualifying as private assets. 

Also losses accrued in private assets between 1 April 2012 and 31 December 2012 will have to be set 

off by 30 April 2013 by the Austrian securities account keeping agents. A carry-forward of such losses 

is not permitted. 

Income (including capital gains) derived from the Notes which are held as business assets will also be 

subject to the special tax rate of 25% deducted by way of a withholding tax. However, capital gains 

and income from derivatives, contrary to the income from the provision of capital (i.e. interest income), 

have to be included in the tax return (no final taxation). Write-downs and losses derived from the sale, 

redemption or other pay-off regarding the Notes held as business assets must primarily be set off 

against positive income from realized capital gains of financial instruments and only half of the 

remaining loss may be set off or carried forward against any other income. 

For income derived from Notes which have upon issue not been offered to the public as referred to in 

the Austrian Income Tax Act, the general income tax rate (as opposed to the 25% special tax rate) will 

apply. 

Further, with effect as of 1 April 2012, amended exit tax rules have entered into force.

Resident Corporations 

150 

Corporate investors deriving business income from the Notes may avoid the application of withholding 

tax by filing a declaration of exemption (Befreiungserklärung) with the Austrian entity obliged to deduct 

the withholding tax. Income including any capital gain derived from the Notes by corporate investors is 

subject to corporate income tax at the general rate of 25%. There is, inter alia, a special tax regime for 

Private Foundations established under Austrian law (Privatstiftungen). 

Certain aspects of the tax treatment of certain Notes 

Any income and capital gain from the sale or redemption of Notes acquired against consideration will 

be subject to income tax of 25% and the tax will be deducted by way of a withholding tax, if an 

Austrian paying agent or an Austrian securities account keeping agent will be involved. The tax base 

is, in general, the difference between (a) the amount realized (e.g., the sale proceeds or, the 

redemption or other pay-off amount) and (b) the acquisition costs; in both cases (amount realized and 

acquisition costs) including the respectively accrued interest, if any. Please also refer to the above 

described tax laws applying to "Resident Individuals". 

Zero coupon Notes, index linked Notes bearing interest (including index linked interest), callable yield 

notes and cash or share-notes will qualify as notes under the new taxation rules but, be subject to the 

taxation (25% withholding tax) of the difference between (a) the amount realized (e.g., the sales price, 

the redemption amount) including interest accrued until the disposition, if any, and (b) the acquisition 

costs (including interest accrued upon acquisition) if paid out by an Austrian securities account 

keeping agent or an Austrian paying agent. If held as business assets, interest upon redemption of the 

Zero coupon Notes is not subject to final taxation, but taxed like capital gains. 

Index certificates (not bearing interest), discount certificates, leveraged certificates (Hebelzertifikate) 

and other derivative securities will qualify as (securitized) derivative financial instruments and be 

subject to the 25% withholding tax on capital gains and other income from such financial instruments. 

If the settlement of such Notes will be linked to an acquisition or receipt of shares and/or investment 

funds units, such receipt of shares and/or investment funds units will qualify as acquisition of the 

pertaining underlying. The acquisition costs of the underlying will correspond to the acquisition costs of 

the Notes. Any capital gains achieved upon the sale of the underlying will be subject to the special 

income tax rate of 25% for sales, which will be deducted by way of a withholding tax if an Austrian 

paying agent and or securities account keeping agent will be involved. 

Non-Residents 

Income including any capital gain derived from the Notes by individuals who have neither a domicile 

nor their habitual abode in Austria or corporate investors who have neither their corporate seat nor 

their place of management in Austria ("non-residents") is not taxable in Austria provided the income is 

not attributable to a permanent establishment in Austria (for withholding tax under the EU Savings 

Directive see below). 

Thus, non-resident investors in case they receive income from the Notes through a paying agent or a 

securities account keeping agent located in Austria may avoid the application of Austrian withholding 

tax if they evidence their non-resident-status vis-à-vis the entity obliged to deduct the Austrian 

withholding tax by disclosing information as required in the Austrian income tax guidelines. The 

provision of evidence that the investor is not subject to Austrian withholding tax is the responsibility of 

the investor. 

If any Austrian withholding tax is deducted by the agent, the tax withheld shall be refunded to the nonresident 

investor upon his application, which has to be filed with the competent Austrian tax authority 

within five calendar years following the date of the imposition of the withholding tax. 

Where non-residents receive income from the Notes as part of business income taxable in Austria 

(permanent establishment), they will be, in general, subject to the same tax treatment as resident 

investors. 

EU Council Directive on Taxation of Savings Income 

EU Council Directive 2003/48/EC on taxation of savings income in the form of interest payments ("EU 

Savings Tax Directive") provides for an exchange of information between the authorities of EU

151 

member states regarding interest payments made in one member state to beneficial owners who are 

individuals and resident for tax purposes in another member state. Austria has implemented the 

Savings Directive by way of the EU Withholding Tax Act (EU-Quellensteuergesetz) which provides for 

a withholding tax as an alternative to an exchange of information if the investor decides to remain 

anonymous. Such EU Withholding tax is levied on interest payments within the meaning of the EU 

Withholding Tax Act made by a paying agent located in Austria to an individual resident for tax 

purposes in another member state of the European Union or certain dependent associated territories. 

The EU Withholding Tax rate amounts to 35%. 

Withholding tax will be deducted upon actual or deemed interest payments as well as upon sale, 

refund or redemption of debt claims. Further, withholding tax will be deducted - on a pro rata temporis 

basis - in case of changes of the individual's withholding tax status such as changes of his country of 

residence or transfer of his securities to a non Austrian account. 

Deduction of EU Withholding Tax can be avoided if the EU-resident investor provides the paying agent 

with a certificate drawn up in his name by the tax office of his member state of residence. Such 

certificate has to indicate, inter alia, the name and address of the paying agent as well as the account 

number of the investor or the identification of the Notes. 

The scope of the definition of interest payments for EU Withholding Tax purposes may differ from the 

scope of interest payments for Austrian income and withholding tax purposes. For example, under 

certain conditions and subject to the guidelines and information issued by the Austrian Ministry of 

Finance income from share linked notes, index linked notes or fund linked notes may not be 

considered as interest for EU Withholding Tax purposes while being interest for Austrian tax purposes. 

Subject to the guidelines and information issued by the Austrian Ministry of Finance the treatment of 

structured notes (certificates) for EU Withholding tax purposes depends on the underlying as well as 

whether or not the Notes are capital guaranteed. Generally, interest payments are subject to EU 

Withholding tax, whereas the gains realised upon the redemption or sale are treated as follows: 

Notes without capital guarantee (the term "capital guarantee" for such tax purposes is deemed to 

include guaranteed interest payments) are treated as follows: Interest payments are subject to EU 

Withholding Tax. Gains from Notes linked to shares, share indices, metals, currencies, exchange rates 

and the like which are not in advance guaranteed are not subject to EU Withholding Tax. If such gains 

are derived from Notes linked to bonds or bond indices they are not subject to EU Withholding Tax if 

the index or basket is comprised of minimum five different bonds of different issuers, if the portion of a 

single bond does not exceed 80% of the index and, with regard to dynamic Notes, the 80%-threshold 

is complied with throughout the entire term of the Notes. With regard to Notes linked to funds or fund 

indices, the difference amounts do not qualify as interest within the meaning of the EU Withholding 

Tax Act, if the index/fund is composed of minimum five different funds and a portion of each fund does 

not exceed 80%; in the case of dynamic notes the 80%-threshold must be complied with during the 

entire term of the Notes. If Notes are linked to mixed indices composed of funds as well as of bonds, 

gains do not qualify as interest within the meaning of the EU Withholding Tax Act, if the index is 

composed of minimum five bonds and five funds of different issuers and a portion of a single bond or a 

single fund does not exceed 80% of the pertaining index. 

Relating to capital guaranteed Notes, factually paid interest amounts, whether guaranteed or not, are 

subject to EU Withholding Tax. Guaranteed parts of difference amounts (between issue price and 

redemption price respectively sale price) are subject to EU Withholding Tax on the basis of the yield 

upon issue. Other non-guaranteed income (difference between issuance amount or higher guaranteed 

part of redemption amount and non-guaranteed parts of redemption amount/sales proceeds) is treated 

as follows: If the underlying qualifies as bond, interest rate or inflation rate, then the income will qualify 

as interest within the meaning of the EU Withholding Tax Act and be subject to EU Withholding Tax. If 

shares, share indices, share baskets, metals, currencies and commodities are referred to as 

underlyings, the income is not subject to EU Withholding Tax. If funds and fund indices are referred to 

as underlying, the income is not subject to EU Withholding Tax, provided that the funds do not 

generate interest income within the meaning of the EU Withholding Tax Act. Should the underlyings 

qualify as certificates or other securities the proceeds of which do not qualify as interest subject to EU 

Withholding Tax, then the income derived therefrom is not subject to EU Withholding Tax, too.

Other Taxes 

152 

There is no transfer tax, registration tax or similar tax payable in Austria by holders of bearer Notes as 

a consequence of the acquisition, ownership, disposition or redemption of the Notes. The sale and 

purchase of bearer securities as well as the redemption of Notes is in general not subject to Austrian 

stamp duty. 

The Austrian inheritance and gift tax (Erbschafts- und Schenkungssteuer) has been abolished as of 

August 1, 2008. No such tax is levied anymore upon a transfer of assets by way of inheritance or gifts 

occurring after July 31, 2008. However, according to the Gift Notification Act 2008 

(Schenkungsmeldegesetz 2008) gifts have to be notified to the tax authorities within a three-month 

notification period. There are certain exemptions from such notification obligation, e.g., for gifts among 

relatives that do not exceed EUR 50,000 within a year or gifts among unrelated persons that do not 

exceed EUR 15,000 within five years. 

Luxembourg 

Non-Residents 

Under the existing laws of Luxembourg and except as provided for by the Luxembourg laws of 21 

June 2005 implementing the EU Savings Tax Directive (as defined above), there is no withholding tax 

on the payment of interest on, or reimbursement of principal of, the Notes made to non-residents of 

Luxembourg. 

Under the Luxembourg laws of 21 June 2005 implementing the EU Savings Tax Directive and as a 

result of ratification by Luxembourg of certain related Accords with the relevant dependent and 

associated territories (as defined under the EU Savings Tax Directive Income), payments of interest or 

similar income made or ascribed by a paying agent established in Luxembourg to or for the immediate 

benefit of an individual holder of a Note or certain residual entities, who, as a result of an identification 

procedure implemented by the paying agent, are identified as residents or are deemed to be residents 

of an EU Member State other than Luxembourg or certain of those dependent or associated territories 

referred to under "EU Council Directive on Taxation of Savings Income" above, will be subject to a 

withholding tax unless the relevant beneficiary has adequately instructed the relevant paying agent to 

provide details of the relevant payments of interest or similar income to the fiscal authorities of his/her 

country of residence or deemed residence or, in the case of an individual Holder of a Note, has 

provided a tax exemption certificate from his/her fiscal authority in the format required by law to the 

relevant paying agent. Where withholding tax is applied, it will be levied at a rate of 35 % since 1 July 

2011. 

Residents 

According to the law of 23 December 2005, as amended, interest on Notes paid by a Luxembourg 

paying agent or paying agents established in the EU, the EEA or in a State which has concluded with 

Luxembourg an international agreement related to the EU Savings Tax Directive to an individual 

holder of Notes who is a resident of Luxembourg or to a residual entity established in another EU 

Member State or in the dependent and associated territories securing the payment for such individual 

will be subject to a withholding tax of 10 %. In case of payment through a paying agent established in 

the EU, the EEA or in a State which has concluded with Luxembourg an international agreement 

related to the EU Savings Tax Directive, the Luxembourg resident individual holder of Notes must 

under a specific procedure remit 10 % tax to the Luxembourg Treasury. 

If the individual holder holds the Notes in the course of the management of his or her private wealth, 

the aforementioned 10 % withholding tax will operate a full discharge of income tax due on such 

payments. 

Interest on Notes paid by a Luxembourg paying agent to a resident holder of Notes who is not an 

individual is not subject to withholding tax. 

When used in the preceding paragraphs "interest", "paying agent" and "residual entity" have the 

meaning given thereto in the Luxembourg laws of 21 June 2005 (or the relevant Accords) and 

23 December 2005, as amended. "Interest" will include accrued or capitalised interest at the sale, 

repayment or redemption of the Notes.

153 

Payments of interest or similar income under the Notes to Clearstream Banking AG, Clearstream 

Banking, société anonyme and Euroclear Bank SA/NV and payments by or on behalf of Clearstream 

Banking, société anonyme to financial intermediaries will not give rise to a withholding tax under 

Luxembourg law.

154 

SELLING RESTRICTIONS 

The Dealers have entered into a Dealer Agreement dated 11 May 2012 (the "Dealer Agreement") as 

a basis upon which they or any of them may from time to time agree to purchase Notes. 

General 

Each Dealer has agreed that it will comply with all applicable securities laws and regulations in force in 

any jurisdiction in which it purchases, offers, sells or delivers Notes or possesses or distributes the 

Prospectus and will obtain any consent, approval or permission required by it for the purchase, offer, 

sale or delivery by it of Notes under the laws and regulations in force in any jurisdiction to which it is 

subject or in which it makes such purchases, offers, sales or deliveries and neither the Issuer nor any 

Dealer shall have any responsibility therefor. With regard to each Tranche, the relevant Dealer will be 

required to comply with such other additional restrictions as the Issuer and the relevant Dealer shall 

agree and as shall be set out in the applicable Final Terms. 

United States of America 

(a) Each Dealer has acknowledged that the Notes have not been and will not be registered under the 

Securities Act, and, except as provided in the applicable Final Terms with respect to Notes with a 

maturity on the Issue Date of one year or less, may not be offered or sold within the United States 

or to, or for the account or benefit of, U. S. persons except in accordance with Regulation S under 

the Securities Act or pursuant to an exemption from, or in a transaction not subject to, the 

registration requirements of the Securities Act. 

(b) Each Dealer has represented and agreed that it has not offered and sold any Notes, and will not 

offer and sell any Notes constituting part of its allotment within the United States or to, or for the 

account or benefit of a U. S. person, except in accordance with Rule 903 or Rule 904 of Regulation 

S under the Securities Act. Accordingly, each Dealer further has represented and agreed that 

neither it, its affiliates nor any persons acting on its or their behalf have engaged or will engage in 

any directed selling efforts with respect to any Note, it and they have complied and will comply with 

the offering restrictions requirements of Regulation S, and it and they will not offer or sell the Notes 

in the United States by any form of general solicitation or general advertising within the meaning of 

Regulation D under the Securities Act or in any manner involving a public offering within the 

meaning of Section 4(2) of the Securities Act. 

(c) Each Dealer who has purchased Notes of a Tranche hereunder (or in the case of a sale of a 

Tranche of Notes issued to or through more than one Dealer, each of such Dealers as to the Notes 

of such Tranche purchased by or through it or, in the case of a syndicated issue, the relevant Lead 

Manager) shall determine and notify to the Fiscal Agent the completion of the distribution of the 

Notes of such Tranche. On the basis of such notification or notifications, the Fiscal Agent has 

agreed to notify such Dealer/Lead Manager of the end of the distribution compliance period with 

respect to such Tranche. Each Dealer also has agreed that, at or prior to confirmation of any sale 

of Notes, it will have sent to each distributor, dealer or person receiving a selling concession, fee or 

other remuneration that purchases Notes from it during the distribution compliance period a 

confirmation or notice to substantially the following effect: 

"The Securities covered hereby have not been registered under the U. S. Securities Act of 1933 as 

amended (the "Securities Act") and no Dealer (or persons covered by Rule 903 (c)(2)(iv)) may 

offer or sell any Notes constituting part of its allotment within the United States or to, or for the 

account or benefit of, U. S. persons except in accordance with Rule 903 or Rule 904 of Regulation 

S under the Securities Act. Terms used above have the meanings given to them by Regulation S." 

Terms used in the above paragraph have the meanings given to them by Regulation S. 

Each Dealer has represented and agreed that it has not entered and will not enter into any 

contractual arrangement with respect to the distribution or delivery of Notes, except with its 

affiliates or with the prior written consent of the Issuer.

155 

(d) Notes, other than Notes with a maturity of one year or less including unilateral rollovers or 

extensions, will be issued in accordance with the provisions of United States Treasury Regulations 

Section 1.163-5(c)(2)(i)(D) (the "D Rules"), or in accordance with the provisions of United States 

Treasury Regulations Section 1.163-5(c)(2)(i)(C) (the "C Rules"), (or, after 18 March 2012, any 

successor rules in substantially the same form as the D Rules or C Rules, as applicable, for 

purposes of Section 4701 of the U.S. Internal Revenue Code) as specified in the applicable Final 

Terms. 

In respect of Notes issued in accordance with the D Rules, each Dealer has represented and 

agreed that: 

(i) except to the extent permitted under the D Rules, (x) it has not offered or sold, and during the 

restricted period will not offer or sell, Notes to a person who is within the United States or its 

possessions or to a United States person, and (y) such Dealer has not delivered and will not 

deliver within the United States or its possessions definitive Notes that are sold during the 

restricted period; 

(ii) it has and throughout the restricted period will have in effect procedures reasonably designed 

to ensure that its employees or agents who are directly engaged in selling Notes are aware 

that such Notes may not be offered or sold during the restricted period to a person who is 

within the United States or its possessions or to a United States person, except as permitted 

by the D Rules; 

(iii) if such Dealer is a United States person, it has represented that it is acquiring the Notes for 

purposes of resale in connection with their original issuance and if such Dealer retains Notes 

for its own account, it will only do so in accordance with the requirements of the D Rules; 

(iv) with respect to each affiliate that acquires from such Dealer Notes in bearer form for the 

purposes of offering or selling such Notes during the restricted period, such Dealer either (x) 

repeats and confirms the agreements contained in sub-clauses (i), (ii) and (iii) on such 

affiliate's behalf or (y) agrees that it will obtain from such affiliate for the benefit of the Issuer 

the agreements contained in sub-clauses (i), (ii) and (iii) and 

(v) Such Dealer will obtain for the benefit of the Issuer the representations and agreements 

contained in sub-clauses (i), (ii), (iii) and (iv) from any person other than its affiliate with whom 

it enters into a written contract, as defined in the D Rules, for the offer and sale during the 

restricted period of Notes. 

Terms used in the above paragraph have the meanings given to them by the U. S. Internal 

Revenue Code of 1986, as amended, and regulations thereunder, including the D Rules. 

In addition, in respect of Notes issued in accordance with the C Rules, Notes must be issued and 

delivered outside the United States and its possessions in connection with their original issuance. 

Each Dealer has represented and agreed that it has not offered, sold or delivered and will not offer, 

sell or deliver, directly or indirectly, Notes within the United States or its possessions in connection 

with their original issuance. Further, each Dealer has represented and agreed in connection with 

the original issuance of Notes, that it has not communicated, and will not communicate, directly or 

indirectly, with a prospective purchaser if such purchaser is within the United States or its 

possessions and will not otherwise involve its U. S. office in the offer or sale of Notes. Terms used 

in this paragraph have the meanings given to them by the U. S. Internal Revenue Code of 1986, as 

amended, and regulations thereunder, including the C Rules. 

Notes issued pursuant to the D Rules (other than Temporary Global Notes) and any receipts or 

coupons appertaining thereto will bear the following legend: "Any United States person who holds 

this obligation will be subject to limitations under the United States income tax laws, including the 

limitations provided in Sections 165(j) and 1287(a) of the Internal Revenue Code". 

(e) Each issue of index-, commodity- or currency-linked Notes shall be subject to such additional U. S. 

selling restrictions as the Issuer and the relevant Dealer may agree as a term of the issue and 

purchase of such Notes, which additional selling restrictions shall be set out in the Final Terms. 

Each Dealer has agreed that it shall offer, sell and deliver such Notes only in compliance with such 

additional U. S. selling restrictions.

European Economic Area 

156 

In relation to each Member State of the European Economic Area which has implemented the 

Prospectus Directive (each, a "Relevant Member State"), each Dealer has represented and agreed, 

and each further Dealer appointed under the Programme will be required to represent and agree, that 

with effect from and including the date on which the Prospectus Directive is implemented in that 

Relevant Member State (the "Relevant Implementation Date") it has not made and will not make an 

offer of Notes which are the subject of the offering contemplated by this Prospectus as completed by 

the Final Terms in relation thereto to the public in that Relevant Member State, except that it may, with 

effect from and including the Relevant Implementation Date, make an offer of such Notes to the public 

in that Relevant Member State: 

(a) if the Final Terms in relation to the Notes specify that an offer of those Notes may be made other 

than pursuant to Article 3(2) of the Prospectus Directive in that Relevant Member State (a "Nonexempt 

Offer"), following the date of publication of a prospectus in relation to such Notes which 

has been approved by the competent authority in that Relevant Member State or, where 

appropriate, approved in another Relevant Member State and notified to the competent authority 

in that Relevant Member State, provided that any such prospectus has subsequently been 

completed by the Final Terms contemplating such Non-exempt Offer, in accordance with the 

Prospectus Directive, in the period beginning and ending on the dates specified in such 

prospectus or Final Terms, as applicable and the Issuer has consented in writing to its use for the 

purpose of that Non-exempt Offer where such concept is relevant under the law of the Relevant 

Member State; 

(b) at any time to any legal entity entity which is a qualified investor as defined in the Prospectus 

Directive; 

(c) at any time to fewer than 100 or, if the Relevant Member State has implemented the relevant 

provision of the 2010 PD Amending Directive, 150, natural or legal persons (other than qualified 

investors as defined in the Prospectus Directive) subject to obtaining the prior consent of the 

relevant Dealer or Dealers nominated by the Issuer for any such offer; or 

(d) at any time in any other circumstances falling within Article 3(2) of the Prospectus Directive. 

provided that no such offer of Notes referred to in (b) to (d) above shall require the Issuer or any 

Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Directive or supplement a 

prospectus pursuant to Article 16 of the Prospectus Directive. 

For the purposes of this provision, the expression an "offer of Notes to the public" in relation to any 

Notes in any Relevant Member State means the communication in any form and by any means of 

sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor 

to decide to purchase or subscribe the Notes, as the same may be varied in that Member State by any 

measure implementing the Prospectus Directive in that Member State, the expression Prospectus 

Directive means Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending 

Directive, to the extent implemented in the Relevant Member State), and includes any relevant 

implementing measure in the Relevant Member State and the expression "2010 PD Amending 

Directive" means Directive 2010/73/EU. 


Each Dealer has represented and agreed, and each further Dealer appointed under the Programme 

will be required to represent and agree, that: 

(a) in relation to Notes which have a maturity of less than one year (i) it is a person whose ordinary 

activities involve it in acquiring, holding, managing or disposing of investments (as principal or 

agent) for the purposes of its business and (ii) it has not offered or sold and will not offer or sell 

any Notes other than to persons whose ordinary activities involve them in acquiring, holding, 

managing or disposing of investments (as principal or as agent) for the purposes of their business 

or who it is reasonable to expect will acquire, hold, manage or dispose of investments (as 

principal or agent) for the purposes of their business where the issue of the Notes would 

otherwise constitute a contravention of Section 19 of the Financial Services and Markets Act 

2000 (the "FSMA") by the Issuer;

157 

(b) it has only communicated or caused to be communicated and will only communicate or cause to 

be communicated any invitation or inducement to engage in investment activity (within the 

meaning of section 21 of the FSMA) received by it in connection with the issue or sale of any 

Notes in circumstances in which section 21(1) of the FSMA does not apply to the Issuer; and 

(c) it has complied and will comply with all applicable provisions of the FSMA with respect to 

anything done by it in relation to such Notes in, from or otherwise involving the United Kingdom. 

Japan 

Each Dealer has acknowledged that the Notes have not been and will not be registered under the 

Financial Instrument and Exchange Law of Japan (Law No. 25 of 1948, as amended) (the "Financial 

Instrument and Exchange Law"). Each Dealer has represented and agreed, and each further Dealer 

appointed under the Programme will be required to represent and agree that it will not offer or sell any 

Notes, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (which term as 

used herein means any person resident in Japan, including any corporation or other entity organised 

under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to a 

resident of Japan except only pursuant to an exemption from the registration requirements of, and 

otherwise in compliance with, the Financial Instrument and Exchange Law and any applicable laws, 

regulations and guidelines of Japan.

Covered Bonds 

158 

GENERAL INFORMATION 

"Covered Bonds" are bonds which are issued in accordance with the provisions of the Austrian Law 

on Covered Bonds of Banks of Imperial Gazette 1905/213, dated 27 December 1905 as amended 

("Law on Covered Bonds of Banks") and the Articles of Association of RAIFFEISENLANDESBANK 

NIEDERÖSTERREICH-WIEN AG (the "Articles of Association"). Covered Bonds are secured or 

"covered" by assets which meet the requirements set out in the Law on Covered Bonds of Banks and 

the Articles of Association and may not be issued without such cover. 

A Government Commissioner must be appointed by the competent public supervisory body to perform 

the duties set out in the Law on Covered Bonds of Banks in the interest of the holders of the Covered 

Bonds. RLB NÖ-Wien may not dispose of any asset in the cover pool without first obtaining the 

consent of the Government Commissioner, unless a statutory exemption from such consent 

requirement (in particular section 4 of the Law on Covered Bonds of Banks) applies. 

Redemption and interest payments for Covered Bonds in circulation (as well as the potential 

administration costs in the event of insolvency of the credit institution) must at all times be covered by 

the assets contained in the asset pool. Under the Articles of Association of the Issuer, the asset pool's 

market value must cover the present cash value of the Covered Bonds in circulation plus an excess 

coverage to be determined taking appropriate account of market risks, but amounting to at least 2 %. 

Note: The General Meeting of the Issuer held on 6 May 2011 has approved changes in § 23 of the 

Articles of Association (Special provisions regarding the issue of government bonds) which will be 

registered in the commercial register after the date of this Prospectus. The changes have already 

been reflected in the above description. 

In the event that RLB NÖ-Wien becomes insolvent (or otherwise fails to make payments in respect of 

the Covered Bonds in accordance with the Terms and Conditions of the Notes), the holders of the 

Covered Bonds have a preferred claim on the respective cover pool, including to cover any interest 

that accrues on the Covered Bonds after the commencement of insolvency proceedings. Covered 

Bonds covered by one pool of assets (either the mortgage-backed pool of assets or the public pool of 

assets) have no right for preferred satisfaction from the other pool of assets. Furthermore, the holders 

of the Covered Bonds also have recourse to any assets of RLB NÖ-Wien outside the cover pool. 

However, as regards these assets, the claims of the holders will rank equally with the claims of other 

unsecured and unsubordinated creditors of RLB NÖ-Wien. 

The administrator appointed by the court shall in such case satisfy from the respective cover pool any 

claims of the creditors of the Notes which are already due and shall take any measures which are 

necessary to satisfy such creditors. 

With the approval of the insolvency court, the appointed administrator shall sell the assets entered into 

the cover pool collectively to a suitable credit institution, provided that such credit institution at the 

same time assumes any and all liabilities arising under the Notes. The selling Issuer remains liable for 

the liabilities arising under the Notes in addition to the buying credit institution. 

According to Section 1 Paragraph 9 of the Austrian Law on Covered Bonds of Banks, RLB NÖ-Wien 

has formed two separate pools of assets to secure Covered Bonds: 

(1) A mortgage-backed pool of assets (hypothekarischer Deckungsstock): This pool of assets 

contains primarily assets in accordance with Section 1 Paragraph 5 items 1 and 2 of the Austrian 

Law on Covered Bonds of Banks. The Issuer intends that, at the time of issuance of covered 

bonds, the mortgage-backed pool of assets will consist of at least 80% mortgage backed claims 

in accordance with Section 1 Paragraph 5 item 2 of the Austrian Law on Covered Bonds of 

Banks. The Issuer further intends that the mortgage-backed pool of assets at any time consists of 

at least 50% mortgage backed claims in accordance with Section 1 Paragraph 5 item 2 of the 

Austrian Law on Covered Bonds of Banks. Furthermore the Issuer has stipulated that for the 

calculation of the cover pool required in accordance with Section 1 Paragraph 8 of the Austrian 

Law on Covered Bonds of Banks, claims attributed to the mortgage-backed pool of assets, for

159 

which a mortgage is registered in public records, will be taken into account at a maximum of 60% 

of the value of the collateral securing such claims and prior ranking rights will be deducted from 

such value. 

(2) A public pool of assets (öffentlicher Deckungsstock): This pool of assets consists primarily of 

assets held against or secured by public debtors in accordance with Section 1 Paragraph 5 items 

3 and 4 of the Austrian Law on Covered Bonds of Banks. 

In each case, assets attributed to one of the pools of assets may be held by a fiduciary in accordance 

with Section 1 Paragraph 6 of the Austrian Law on Covered Bonds of Banks. 

Use of Proceeds and Reasons for an Offer 

The net proceeds from any issue of the Issuer under the Programme will be used for general financing 

purposes of the Issuer. 

Interest of Natural and Legal Persons involved in an Issue/Offer 

Certain Dealers and their affiliates may be customers of, and borrowers from the Issuer and its 

affiliates. In addition, certain Dealers and their affiliates have engaged, and may in the future engage, 

in investment banking and/or commercial banking transactions with, and may perform services for the 

Issuer and its affiliates in the ordinary course of business. 

Authorisation 

The establishment of the Programme was authorised by the Board of Directors of the Issuer on 

15 April 2009. 

Pursuant to the Guidelines of the Supervisory Board, the Board of Directors has to obtain approval 

from the Supervisory Board in relation to the maximum issue amount of debt instruments for a 

financial year. On 13 December 2011 the Supervisory Board has approved the issuance of debt 

instruments up to an aggregate amount of EUR 2,000,000,000 in the business year 2012. 

Listing and admission to trading 

Application has been made to the Luxembourg Stock Exchange for Notes issued under this 

Programme to be admitted to trading on the Luxembourg Stock Exchange's Regulated Market and to 

be listed on the Official List of the Luxembourg Stock Exchange and on the Second Regulated Market 

(Geregelter Freiverkehr) of the Vienna Stock Exchange. However, Notes may be issued pursuant to 

the Programme which will not be listed on the Luxembourg or Vienna Stock Exchange or any other 

stock exchange or which will be listed on such stock exchange as the Issuer and the relevant 

Dealer(s) may agree. 

Post Issuance Information 

The Issuer does not intend to provide any post issuance information in relation to any assets 

underlying issues of Notes constituting derivative securities. 

Documents incorporated by Reference 

The specified pages of the following documents which have previously been published and which 

have been filed with the CSSF are incorporated by reference into and form part of this Prospectus: 

– the audited consolidated financial statements of the Issuer in German language for the financial 

year ended on 31 December 2010 consisting of 

• Statement of Comprehensive Income (pages 19 - 20 of the consolidated financial 

satements 2010) 

• Balance sheet (page 21 of the consolidated financial statements 2010)

160 

• Statement of Changes in Equity (pages 22 - 23 of the consolidated financial statements 

2010) 

• Cash Flow Statement (page 24 of the consolidated financial statements 2010) 

• Notes (pages 25 - 106 of the consolidated financial statements 2010) 

• Auditor's Report (pages 108 - 109 of the consolidated financial statements 2010). 

– the audited consolidated financial statements of the Issuer in German language for the financial 

year ended on 31 December 2011 consisting of 

• Statement of Comprehensive Income (pages 23 - 24 of the consolidated financial 

satements 2011) 

• Balance sheet (page 24 of the consolidated financial statements 2011) 

• Statement of Changes in Equity (pages 25 - 26 of the consolidated financial statements 

2011) 

• Cash Flow Statement (pages 27 - 28 of the consolidated financial statements 2011) 

• Notes (pages 29 - 112 of the consolidated financial statements 2011) 

• Auditor's Report (pages 114 - 115 of the consolidated financial statements 2011). 

– Schedule 6 of the Amended and Restated Fiscal Agency Agreement dated 11 May 2012 (the 

"Agency Agreement") between RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG 

and Citibank, N.A. London Branch acting as Fiscal Agent. 

Any information not listed in the list above but included in the documents incorporated by reference, is 

given for information purposes only. 

Availability of Documents incorporated by Reference 

Any document incorporated herein by reference can be obtained without charge at the office of the 

Issuer as set out at the end of this Prospectus. In addition, such documents will be available free of 

charge from the principal office of the Paying Agent in Luxembourg and will be published on the 

website of the Luxembourg Stock Exchange (www.bourse.lu) together with the Prospectus and on the 

website of the Issuer (www.raiffeisenbank.at).

161 

NAMES AND ADDRESSES 

Issuer 



1020 Vienna 

Austria 


Kaiserstraße 16 (Kaiserplatz) 


Germany 

DZ BANK AG Deutsche Zentral- 

Genossenschaftsbank, Frankfurt am Main 

Platz der Republik 


Germany 




1020 Vienna 

Austria 

Arranger 


Kaiserstraße 16 (Kaiserplatz) 


Germany 

Dealers 


Arabellastraße 12 

81925 Munich 

Germany 

Fiscal Agent 

Citibank, N.A. London Branch 


Canada Square 

Canary Wharf 




Große Gallusstraße 10–14 


Germany 


Am Hauptbahnhof 2 

70173 Stuttgart 

Germany 


Am Stadtpark 9 

1030 Vienna 

Austria

162 

Austrian Paying Agent 



1020 Vienna 

Austria 

Listing and Paying Agent in Luxembourg 


route d'Esch 69 

2953 Luxembourg 

Luxembourg 

Legal Advisor to the Issuer 

as to Austrian Law 

CHSH Cerha Hempel Spiegelfeld Hlawati 

Partnerschaft von Rechtsanwälten 

Parking 2 

1010 Vienna 

Austria 

Legal Advisor to the Dealers 

as to German Law as to Austrian Law 

Hengeler Mueller 

Partnerschaft von Rechtsanwälten 

Bockenheimer Landstraße 24 


Germany 

Binder Grösswang 

Rechtsanwälte GmbH 

Sterngasse 13 

1010 Vienna 

Austria 

Joint Auditors of the consolidated financial statements of the Issuer 2010 

Christian Loicht, appointed by 

Österreichischer Raiffeisenverband 


1020 Vienna 

Austria 

KPMG Austria GmbH 1 Wirtschaftsprüfungs- und Steuerberatungsgesellschaft 

appointed by Österreichischer Raiffeisenverband 

Porzellangasse 51 

1090 Vienna 

Austria 



163 

Joint Auditors of the consolidated financial statements of the Issuer 2011 

Andreas Gilly, appointed by 

Österreichischer Raiffeisenverband 


1020 Vienna 

Austria 

KPMG Austria GmbH 1 Wirtschaftsprüfungs- und Steuerberatungsgesellschaft 

appointed by Österreichischer Raiffeisenverband 

Porzellangasse 51 

1090 Vienna 

Austria

RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG

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