Vorarlberger Landes- und Hypothekenbank Aktiengesellschaft

[In the case of Notes other than Subordinated Notes and Supplementary Capital Notes insert:
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(iii) the Call Redemption Date, which shall be not less than [insert Minimum Notice to Holders]
nor more than [insert Maximum Notice to Holders] days after the date on which notice is
given by the Issuer to the Holders; and]
[In the case of subordinated Notes insert:
(iii) the Call Redemption Date, which shall be not less than five years [in the case of short-term
subordinated Notes: two years] after the Issue Date; and
(iv) a statement that before the Call Redemption Date the Issuer will obtain capital of an equal
amount and of at least the same equity quality (§ 23 (8) Austrian Banking Act); and]
[(v)] the Call Redemption Amount at which such Notes are to be redeemed.
[In the case of Supplementary Capital Notes insert:
(iii) the Call Redemption Date, which shall not be less than either eight years after the date of
issuance of the Notes or three years before the end of the term 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
(iv) 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 (7) No. 5
Austrian Banking Act.
(c) The final redemption amount in respect of each Note shall be its principal amount, unless the Notes
have shared in Net Losses – as defined in § 5[(5)] – of the Issuer. Prior to liquidation of the Issuer
the Notes will only be redeemed subject to the pro rata deduction of the net losses of the Issuer
which have accrued since the date of issuance of the Notes (in any cases the "Final Redemption
Amount"). Any such notice shall only be given if the Issuer has documented in accordance with
§ 23 (7) No. 5 Austrian Banking Act replacement of the principal amount of Notes so redeemed by
having procured other capital of at least equivalent own funds quality.]
[(c)] In the case of a partial redemption of Notes, Notes to be redeemed shall be selected in accordance
with the rules and procedures of the relevant Clearing System. [In the case of Notes in NGN form
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)]
[__________________________] [_____________________________]
[__________________________] [_____________________________]]
[If Notes are subject to Early Redemption at the option of the Issuer insert:
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] 2
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), submit
during normal business hours at the specified office of the Fiscal Agent a duly completed early
2 In the case of subordinated Notes, the notice period must be at least five years, in the case of short-term subordinated
Notes, the notice period must be at least two years, in the case of Supplementary Capital Notes, the notice period must
be at least eight years.