Vorarlberger Landes- und Hypothekenbank Aktiengesellschaft

87
[If a Calculation Agent other than the Fiscal Agent is to be appointed insert: The Calculation Agent
and its initial specified office shall be:
Calculation Agent: [insert name and specified office]]
The Fiscal Agent [,] [and] the Registrar [[,] [and] [the Calculation Agent] reserve the right at any time to
change their respective offices to some other specified office in the same city.
(2) Variation or Termination of Appointment. The Issuer reserves the right at any time to vary or terminate
the appointment of the Fiscal Agent [,] [and] the Registrar [[,] [and] [the Calculation Agent]] and to appoint
another Fiscal Agent [,] [and] Registrar [[,] [and] [Calculation Agent]]. The Issuer shall at all times
maintain a Fiscal Agent and a Registrar [[,] [and] a Calculation Agent]]. The Fiscal Agent and the
Registrar shall be the same person acting in both functions through the same specified office. Any
variation, termination, appointment or change shall only take effect (other than in the case of insolvency,
when it shall be of immediate effect) after not less than 30 nor more than 45 days' prior written notice
thereof shall have been given to the Holder in accordance with § 10.
(3) Agents of the Issuer. The Fiscal Agent [,] [and] the Registrar [[,] [and] [the Calculation Agent]] act
solely as agents of the Issuer and do not assume any obligations towards or relationship of agency or trust
for the Holder.]
[§ 9 (FURTHER ISSUES, PURCHASES AND CANCELLATION) to be replaced in its entirety by the
following:
§ 9
REPLACEMENT OF NOTES
If any Note is lost, stolen, mutilated, defaced or destroyed, it may be replaced at the specified office of the
Registrar upon payment by the applicant of such costs and expenses as may be incurred in connection
therewith and on such terms as to evidence and indemnity as the Issuer may reasonably require. A
mutilated or defaced Note must be surrendered before a replacement will be issued.]
[§ 10 (NOTICES) to be replaced in its entirety by the following:
§ 10
NOTICES
[In the case of Notes which are listed on the Luxembourg Stock Exchange insert:
(1) Publication. All notices concerning the Notes will be made by means of electronic publication on the
internet website of the Luxembourg Stock Exchange (www.bourse.lu). Any notice so given will be deemed
to have been validly given on the third day following the date of such publication.]
Notices to the Holder may [also] be given, and are valid if given, by post or fax at the address or fax
number of the Holder appearing in the Register.]
[In § 11 (APPLICABLE LAW, PLACE OF JURISDICTION AND ENFORCEMENT): "AND
ENFORCEMENT" to be deleted in the heading and the provisions of subparagraph (3) –
Enforcement – to be deleted.]