Vorarlberger Landes- und Hypothekenbank Aktiengesellschaft

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(d) Transfers will be effected without charge by or on behalf of the Issuer or the Registrar, but upon
payment (or the giving of such indemnity as the Issuer or the Registrar may require) in respect of any
tax or other duties which may be imposed in relation to it.
(e) The Holder may not request the transfer of any Global Note registered (i) during a period of 15 days
ending on the due date for any payment of principal, (ii) during the period of 15 days prior to any date
on which the Notes may be redeemed at the option of the Issuer, or (iii) after the Notes have been
called for redemption in whole or in part.
(5) Certain Definitions. For purposes of these Terms and Conditions:
"Holder" means any registered holder of Notes.
"Register" means the register to be maintained by the Registrar in relation to the Notes and any other
registered Notes that may be issued under the Debt Issuance Programme of Vorarlberger Landes- und
Hypothekenbank Aktiengesellschaft.
(6) References to Note or Global Note. Any reference herein to "Note" or as the case may be "Global
Note" includes, unless the context otherwise requires, any new Note or, as the case may be, new Global
Note, that has been issued upon transfer of any Global Note [In case the Global Note may be
transferred in whole or in part, insert: or part thereof.]
[§ 4 (PAYMENTS) to be replaced in its entirety by the following:
§ 4
PAYMENTS
(1) General. Payment of principal and interest in respect of Notes shall be made on the respective due
date therefor to the person shown on the Register as the Holder at the close of business on the fifteenth
day before such due date (the "Record Date").
(2) Manner of Payment. Subject to applicable fiscal and other laws and regulations, payment shall be
made in the freely negotiable and convertible currency of the country of the Specified Currency
[If the Specified Currency is not euro insert: by wire transfer to an account denominated in the
Specified Currency maintained by the payee with a bank in the principal financial centre of the country of
the Specified Currency notified to the Fiscal Agent no later than the Record Date.]
[If the Specified Currency is euro insert: by wire transfer to a euro account maintained by the payee
with a bank in a principal financial centre of a country which has become a participating member state in
the European Economic and Monetary Union notified to the Fiscal Agent no later than the Record Date.]
(3) Payment Business Day. If the date for payment of any sum due hereunder is not a day on which
commercial banks are open for business in the principal financial centre of the country where the account
of the payee is maintained in accordance with the foregoing, the Holder shall not be entitled to payment
until the next following day on which such commercial banks are open for business nor to any interest or
other sum in respect of such postponed payment.
(4) References to Principal and Interest. Reference in these Terms and Conditions to principal in respect
of the Notes shall be deemed to include, as applicable: the Final Redemption Amount of the Notes; the
Early Redemption Amount of the Notes; [if redeemable at the option of the Issuer for other than tax
reasons insert: the Call Redemption Amount of the Notes;] [if redeemable at the option of the Holder
insert: the Put Redemption Amount of the Notes;] [in the case of Zero Coupon Notes insert: the
Amortised Face Amount of the Notes;] [in the case of Instalment Notes insert: the Instalment Amount(s)
of the Notes;] and any premium and any other amounts which may be payable under or in respect of the
Notes. Reference in these Terms and Conditions to interest in respect of the Notes shall be deemed to
include, as applicable, any Additional Amounts which may be payable under § 7.