PROSPECTUS (incorporated with limited liability under the laws of ...

Variation of Terms and
Conditions:
Programme, with a denomination of at least € 1,000, will be the CSSF.
Subject thereto, each series of Notes will be in denominations specified in the
Final Terms subject to compliance with all applicable legal and/or regulatory
and/or central bank or equivalent requirements.
The Issuer may agree with any Dealer(s) that Notes may be issued in a form
not contemplated under “Terms and Conditions of the Notes”. The applicable
Final Terms together with any relevant supplement to this Prospectus will
describe the effect of the agreement reached in relation to such Notes.
Alternatively, the Issuer may publish such further or additional prospectus
which may incorporate by reference all or any part or parts of this Prospectus
for the purpose of describing the effect of any such agreement.
Taxation: All payments by the Issuer in respect of the Notes (other than Pfandbriefe and
Jumbo-Pfandbriefe) will be made without withholding or deduction for or on
account of Austrian taxes subject as provided under “Terms and Conditions of
the Notes – Taxation”.
Status: Unsubordinated Notes (“Ordinary Notes“) will be direct, unconditional and
unsecured obligations of the Issuer and shall rank pari passu without any
preference among themselves and equally with all other outstanding,
unsecured and unsubordinated obligations of the Issuer present and future
(save to the extent that laws affecting creditors’ rights generally in a
bankruptcy or winding-up may give preference to any of such other unsecured
obligations).
Notes may be issued on a subordinated basis as described in the applicable
Final Terms. Subordinated Notes will be direct, unsecured and subordinated
obligations and shall rank pari passu without any preference among
themselves after Senior Creditors of the Issuer.
Pfandbriefe will constitute unsubordinated obligations (i) in the case of Public
Sector Pfandbriefe ranking pari passu with all other obligations of the Issuer
under Public Sector Pfandbriefe and (ii) in the case of Mortgage Pfandbriefe
pari passu with all other obligations of the Issuer under Mortgage
Pfandbriefe.
Rating: Type of Notes Rating Rating Agency
Unsubordinated Notes with a
maturity of more than one year
Subordinated Capital
Subordinated Notes
Unsubordinated Notes with a
maturity of one year or less
Unsubordinated Notes with a
maturity of more than one year
Subordinated Capital
Subordinated Notes
Unsubordinated Notes with a
maturity of one year or less
A+ Standard & Poor’s Ratings
Services (“Standard & Poor’s”)
A Standard & Poor’s
A-1 Standard & Poor’s
Aa2 Moody’s Investors Service
(“Moody’s”)
Aa3 Moody’s
P-1 Moody’s
Pfandbriefe have not been assigned ratings by Standard & Poor’s or by
Moody’s. Notes and Pfandbriefe issued under the Programme may be rated or
unrated. To the extent that any Notes or Pfandbriefe are to be issued under the
Programme on a rated basis, particulars of any such rating will be as specified
in the applicable Final Terms.
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