Vorarlberger Landes- und Hypothekenbank Aktiengesellschaft

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[if Actual/Actual (ISDA) is applicable 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 31st day of a month but the first day of the Calculation Period
is a day other than the 30th or 31st 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 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 of 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.]
[In the case of Supplementary Capital Notes insert:
Payments of interest shall only be made if the amount of interest due is available from distributable profits
(as shown in the financial statement of the previous financial year) (the "Distributable Profits") (§ 23 (7)
No. 2 Austrian Banking Act). [In case of noncumulative Supplementary Capital Notes insert: In
respect of the amount of interest not covered by the Distributable Profits the right to receive such interest
shall lapse (non-cumulative).] [In case of cumulative Supplementary Capital Notes insert: In respect of
the amount of interest not covered by the Distributable Profits the Issuer will defer payment of such
interest (the "Deferred Interest"). Deferred Interest will be payable on each succeeding Interest Payment
Date to the extent the Distributable Profits exceed the amount of scheduled interest payable on such
Interest Payment Date. Amounts of Deferred Interest will not bear interest themselves.]
If on the date the Notes are actually redeemed the interest due [in case of cumulative Supplementary
Capital Notes insert: (including any Deferred interest)] is not covered by the Distributable Profits, the
right to receive such interest shall lapse.]
[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 allowable own funds of the Issuer do not fall below 100% of the
own funds required pursuant to § 22 para. 1 no. 1-4 öBWG (Austrian Banking Act (österreichisches
Bankwesengesetz)).]
(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 the freely negotiable and convertible currency which on the
respective due date is the currency of the country or the countries of the Specified Currency.
(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