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Vorarlberger Landes- und Hypothekenbank Aktiengesellschaft

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3<br />

In respect of the issue of any Tranche of Notes <strong>und</strong>er the Programme, the German text of the Terms and<br />

Conditions may be controlling and binding if so specified in the relevant Final Terms.<br />

This Prospectus may only be used for the purpose for which it has been published.<br />

This Prospectus and any Final Terms may not be used for the purpose of an offer or solicitation by<br />

anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to<br />

whom it is unlawful to make such an offer or solicitation.<br />

This Prospectus and any Final Terms do not constitute an offer or an invitation by or on behalf of<br />

the Issuer or the Dealers to any person to subscribe for or to purchase any Notes.<br />

In connection with the issue of any Tranche of Notes <strong>und</strong>er the Programme, the Dealer or Dealers<br />

(if any) named in the relevant Final Terms as the stabilising manager(s) (or persons acting on<br />

behalf of any stabilising manager(s)) may overallot Notes or effect transactions with a view to<br />

supporting the market price of the Notes at a level higher than that which might otherwise prevail.<br />

However, there is no assurance that the stabilising manager(s) (or persons acting on behalf of a<br />

stabilising manager) will <strong>und</strong>ertake stabilisation action. Any stabilisation action may begin at any<br />

time after the adequate public disclosure of the terms of the offer of the relevant Tranche of Notes<br />

and, if begun, may be ended at any time, but it must end no later than the earlier of 30 days after<br />

the Issue Date of the relevant Tranche of Notes and 60 days after the date of the allotment of the<br />

relevant Tranche of Notes. Any stabilisation action or over-allotment must be conducted by the<br />

relevant Stabilising Manager(s) (or person(s) acting on behalf of any Stabilising Manager(s)) in<br />

accordance with all applicable laws and rules.

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