Vorarlberger Landes- und Hypothekenbank Aktiengesellschaft

9
Summary
The following constitutes the summary (the "Summary") of the essential characteristics and risks
associated with the Issuer and the Notes to be issued under the Programme. This Summary should be
read as an introduction to this Prospectus. Any decision by an investor to invest in the Notes should be
based on consideration of this Prospectus as a whole including the documents incorporated by reference,
any supplements thereto and the relevant Final Terms. Where a claim relating to the information contained
in this Prospectus, the documents incorporated by reference, any supplement thereto and the relevant
Final Terms is brought before a court, the plaintiff investor might, under the national legislation of such
court, have to bear the costs of translating the Prospectus, the documents incorporated by reference, any
supplement thereto and the relevant Final Terms before the legal proceedings are initiated. Civil liability
attaches to the Issuer who has tabled this Summary including any translation thereof, and has applied or
will apply for its notification, but only if this Summary is misleading, inaccurate or inconsistent when read
together with the other parts of this Prospectus.
The following Summary does not purport to be complete and is taken from and qualified in its entirety by
the remainder of this Prospectus and, in relation to the terms and conditions of any particular Tranche of
Notes, the applicable Final Terms.
Summary regarding the Risk Factors
Summary of Risk Factors regarding Hypo Landesbank Vorarlberg
The risk related to Vorarlberger Landes- und Hypothekenbank Aktiengesellschaft's ability to fulfill its
obligations as Issuer is described by reference to the ratings assigned to Vorarlberger Landes- und
Hypothekenbank Aktiengesellschaft. 1
Vorarlberger Landes- und Hypothekenbank Aktiengesellschaft is rated by Moody's Investors Service Inc.
("Moody's" or the "Rating Agency"). As of the date of publication of the Prospectus, the ratings assigned
to Vorarlberger Landes- und Hypothekenbank Aktiengesellschaft by the Rating Agencies are as follows:
Moody's 2 :
Bank Deposit Rating: Aa1 / P-1
Outlook: On watchlist for possible downgrade
Financial Strength Rating: C
Senior Unsecured MTN – Dom. Curr.: Aa1
Subordinate MTN – Dom. Curr.: Aa2
Public Pfandbriefe: Aaa
Aa (Long-Term Bank Deposit Rating):
Banks rated Aa for deposits offer excellent credit quality, but are rated lower than Aaa banks because their
susceptibility to long-term risks appears somewhat greater. The margins of protection may not be as great
as with Aaa-rated banks, or fluctuations of protective elements may be of greater amplitude.
P-1 (Short-Term Bank Deposit Rating):
Banks rated Prime-1 for deposits offer superior credit quality and a very strong capacity for timely payment
of short-term deposit obligations.
C (Bank Financial Strength Rating BFSR):
Banks rated C possess adequate intrinsic financial strength, Typically, they will be institutions with more
limited but still valuable business franchises. These banks will display either acceptable financial
1 A rating is not a recommendation to buy, sell or hold Notes issued under the Programme and may be subject to suspension,
reduction or withdrawal at any time by the assigning rating agency. A suspension, reduction or withdrawal of the rating
assigned to the Notes issued under the Programme may adversely affect the market price of the Notes issued under the
Programme. The current ratings may be obtained from the customary electronic information services.
2 Note: Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The
modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a midrange
ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.