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Vorarlberger Landes- und Hypothekenbank Aktiengesellschaft

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Japan<br />

162<br />

Each Dealer has acknowledged that the Notes have not been and will not be registered <strong>und</strong>er the<br />

Financial Instrument and Exchange Law of Japan (Law No. 25 of 1948, as amended) (the "Financial<br />

Instrument and Exchange Law"). Each Dealer has represented and agreed, and each further Dealer<br />

appointed <strong>und</strong>er the Programme will be required to represent and agree that it will not offer or sell any<br />

Notes, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (which term as used<br />

herein means any person resident in Japan, including any corporation or other entity organised <strong>und</strong>er the<br />

laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to a resident of Japan<br />

except only pursuant to an exemption from the registration requirements of, and otherwise in compliance<br />

with, the Financial Instrument and Exchange Law and any applicable laws, regulations and guidelines of<br />

Japan.

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