HYPO TIROL BANK AG

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HYPO TIROL BANK AGSTATUTORY AUDITORSNames and addresses of HYPO TIROL BANK AG auditors:The auditor of HYPO TIROL BANK AG in relation to the financial statements of HYPO TIROL BANK AG forthe fiscal year ended 31 December 2009 was:PwC INTER-TREUHAND GmbH Wirtschaftsprüfungs- und SteuerberatungsgesellschaftErdbergstraße 2001030 ViennaAustriaPwC INTER-TREUHAND GmbH is a member of Kammer der Wirtschaftstreuhänder.Since 1 January 2010 Ernst & Young Wirtschaftsprüfungsgesellschaft m.b.H. are Hypo Tirol Bank AG'sauditors:Ernst & Young Wirtschaftsprüfungsgesellschaft m.b.H.Wagramer Straße 19IZD-Tower1220 ViennaAustriaErnst & Young Wirtschaftsprüfungsgesellschaft m.b.H. is a member of Kammer der Wirtschaftstreuhänder.LEGAL NAME, REGISTRATION, DATE OF INCORPORATIONHYPO TIROL BANK AG is the legal name of the Issuer.HYPO TIROL BANK AG is registered in the Companies' Register at the Commercial Court Innsbruck undernumber FN 171611 w. Date of incorporation was 1 July 1998.HYPO TIROL BANK AG was incorporated on 1 July 1998 in Austria.Address of registered office and legal form:The registered office of HYPO TIROL BANK AG is at:Meranerstrasse 86020 InnsbruckAustriaPhone: + 43 (0) 50700-0Fax: + 43 (0) 50700-41000Email: service@hypotirol.comInternet: www.hypotirol.comINFORMATIONHistoryThe Tirolische Landes-Hypothekenanstalt was founded by the parliament of the Austrian state or provinceof Tyrol ("Tyrol") by its resolutions dated 12 and 15 February 1898. As of 1 July 1998 it is incorporated inAustria under its present name Hypo Tirol Bank AG (the "Bank", together with its consolidated subsidiariesthe "Hypo Tirol Group" or the "Group"), after having formerly been registered under the name of Landes-Hypothekenbank Tirol AG.On 9 October 1997 the parliament of Tyrol resolved by law to transfer the entire banking business ofLandes-Hypothekenbank Tirol to Landes-Hypothekenbank Tirol AG a joint stock corporation, pursuant toSec. 92 of the Austrian Banking Act.In accordance with Sec. 6 of the respective law, the Landes-Hypothekenbank Tirol continues to exist underthe name of Landes-Hypothekenbank Tirol Anteilsverwaltung for the purpose of administration of the sharesin HYPO TIROL BANK AG for and on behalf of the State of Tyrol. The duration of the Issuer is unlimited.52
DevelopmentIn the current year of reporting, the balance sheet total of EUR 11.7 billion was about 2.1% lower than thebalance sum of the previous year (previous year: EUR 12.0 billion). Ongoing developments pulling in theopposite direction were the factors which led to this change.A major factor which had the effect of reducing the balance volume was Hypo Tirol Group's own strategy ofconsolidation in the shares and securities department. In the course of the planned reduction of Hypo TirolGroup's own portfolio, this decrease can be attributed mainly to redemptions of debentures. The book valueof the securities in categories AFS, HTM and L&R was reduced by EUR 798.2 million compared to theprevious year, namely from EUR 3.1 billion to EUR 2.3 billion.On the other hand, there was a rise in receivables from customers of EUR 229.6 million to EUR 7.4 billion(previous year: EUR 7.2 billion), even if smaller in extent than the reductions in the securities sector. Themovements of currency exchange rates, particularly of swiss franc against the euro, played a major role inthis rise in volume of receivables. However, not only currency-related factors were responsible for theincrease in receivables from customers. The first signs that Hypo Tirol Group's new strategic plans towardsthe expansion of the pfandbrief and communal-brief business were also evident.Further, there was a rise in trading assets and derivatives of EUR 177.1 million to EUR 636.5 million(previous year: EUR 459.4 million) as well as in financial assets designated at fair value by EUR 230.0million to EUR 832.7 million (previous year: EUR 602.7 million). These changes did not arise from areduction in inventory of such assets, but largely from a positive cash value development.On the liability side of the ledger, the decreased balance sheet total manifests a decrease in payables tocredit institutes, to customers and a decrease of securitised liabilities.With regard to payables to credit institutes, the decrease of EUR 112.1 million to EUR 649.7 million(previous year: EUR 761.9 million) can largely be explained by the decrease in money trading business.A major factor in the decrease of payables to customers amounting to EUR 106.0 million to EUR 2.9 billion(previous year: EUR 3.0 billion) is attributable, by and large, to the reduction of savings deposits.Through new issues in the amount of EUR 141.6 million, redemptions amounting to EUR 345.4 million andthe influence of other changes, exchange rate changes in particular, which caused a rise in book valueamounting to EUR 1.3 million, the amount of securitised liabilities decreased by EUR 202.5 million, the bookvalue of securitised liabilities at the balance sheet date amounted to EUR 1.8 billion (previous year: EUR2.0 billion).Capital ResourcesCreditable equity capital, in accordance with the banking laws with regard to the concern, decreased byEUR 18.3 million compared to the previous year and, taking into consideration the deductible items,amounted to EUR 646.0 million (previous year: EUR 664.3 million) on 31 December 2010. The requiredcapital resources decreased in this period by EUR 17.0 million, the equity ratio thus amounts to 11.39% atthe balance sheet date (previous year: 11.29%), 0.10% higher than in the previous year. HYPO TIROLBANK AG thus fulfils the equity capital requirements as specified by the banking laws. The surplus of equitycapital amounts to EUR 192.4 million (previous year: EUR 193.6 million).Core capital amounts to EUR 418.7 million at the balance sheet date (previous year: EUR 414.0 million).Non-core capital, taking the deductible items into consideration in accordance with the banking laws,amounted to EUR 227.3 million (previous year: EUR 250.3 million). This amount contains non-core capitalat a nominal value of EUR 80.9 million and subordinate capital at a creditable amount of EUR 147.3 million.The core capital ratio at the balance sheet date is 7.38% (previous year: 7.04%).Profit DevelopmentA backdrop of difficult economic conditions left its stamp on business year 2010. The major factor in theloan business was to be found in the strains of the real economy, still palpable in the year of reporting. Theresult, just as in the year before, was noticeably burdened by risk provisions in the loan business. In equalmeasure, the net commission's profits and trading profits were down, due to the tense market conditions.Positive profit developments in interest profits and, in particular, in administrative expenses, led to abalance of the negative results. This ultimately resulted in profits before taxes equal to the level of theprevious year, amounting to EUR 2.1 million.The following explanatory notes make clear the major changes in the profit and loss accounting:53
Page 1 and 2: This document constitutes two base
Page 4 and 5: Table of ContentsPageSummary ......
Page 6 and 7: SummaryThe following constitutes th
Page 8 and 9: NotesInstalment NotesIndex Linked N
Page 10 and 11: from payments of principal or inter
Page 12 and 13: STATUTORY AUDITORSSummary regarding
Page 14 and 15: In this business year, the interest
Page 16 and 17: Dr. Toni Ebner, Second Deputy to th
Page 18 and 19: Members delegated by the StaffCommi
Page 20 and 21: MATERIAL CONTRACTSThere are no mate
Page 22 and 23: Note may be negative. The more vola
Page 24 and 25: German Translation of the SummaryDe
Page 26 and 27: entspricht, die durch einen Vertrag
Page 28 and 29: mehrerer solcher Instrumente bezieh
Page 30 and 31: Verbindlichkeiten der Emittentin, d
Page 32 and 33: Zusammenfassung in Bezug auf die HY
Page 34 and 35: im Vorjahr merklich durch die Risik
Page 36 and 37: Dr. Toni Ebner, 2.Vorsitzender Stel
Page 38 and 39: 23.11.2007 gemeinsam mit einem weit
Page 40 and 41: Zusammenfassung der Risikofaktoren
Page 42 and 43: FinanzmarktkriseSeit Mitte des Jahr
Page 44 and 45: 44General Description of the Progra
Page 46 and 47: Risk FactorsRisk Factors regarding
Page 48 and 49: isk applies to Step-Up Notes and St
Page 50 and 51: cash as determined in accordance wi
Page 54 and 55: In this business year, the interest
Page 56 and 57: Dr. Toni Ebner, Second Deputy to th
Page 58 and 59: Members delegated by the StaffCommi
Page 60 and 61: FINANCIAL INFORMATION RELATING TO T
Page 62 and 63: Consolidated statement of cash flow
Page 64 and 65: Liabilitiesin EUR 1,000 30.06.2011
Page 66 and 67: ISSUE PROCEDURESfor Notes in Bearer
Page 68 and 69: Terms and Conditions of the NotesEn
Page 70 and 71: [In the case the Global Note is a N
Page 72 and 73: (iv)(v)The set-off of the repayment
Page 74 and 75: "Interest Determination Date" means
Page 76 and 77: [In the case of Instalment Notes, s
Page 78 and 79: Instalment Date(s)Instalment Amount
Page 80 and 81: (a) For purposes of subparagraph (2
Page 82 and 83: § 9EVENTS OF DEFAULT(1) Events of
Page 84 and 85: (3) Change of References. In the ev
Page 86 and 87: asis of (i) a statement issued by t
Page 88 and 89: und verwandten Schuldverschreibunge
Page 90 and 91: applied to the last preceding Inter
Page 92 and 93: § 4PAYMENTS(1) [(a)] Payment of Pr
Page 94 and 95: [If the Fiscal Agent is to be appoi
Page 96 and 97: These Terms and Conditions are writ
Page 98 and 99: on which the Notes may be redeemed
Page 100 and 101: B. PFANDBRIEFE IN REGISTERED FORMTh
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appointment or change shall only ta
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104Teil I - GRUNDBEDINGUNGENA. ANLE
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Schuldverschreibungen zur gleichen
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(ii)(iii)(iv)Zinsen dürfen auf die
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Prozent, wobei 0,000005] aufgerunde
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[Falls Actual/Actual (ISDA) anwendb
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(2) Vorzeitige Rückzahlung aus ste
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[(5)] Vorzeitiger Rückzahlungsbetr
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118Republik Österreich oder die Eu
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§ [10]ERSETZUNG(1) Ersetzung. Die
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Emittentin eine Veröffentlichung n
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B. ANLEIHEBEDINGUNGENFÜR AUF DEN I
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Monate][andere festgelegte Zeiträu
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diesem Zeitpunkt notiert sind und d
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[im Fall von Raten-Schuldverschreib
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(3) Beauftragte der Emittentin. Die
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134TEIL II - ZUSÄTZE ZU DEN GRUNDB
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[falls der Gläubiger ein Wahlrecht
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B. NAMENSPFANDBRIEFEDie unten aufge
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§ 6DIE EMISSIONSSTELLE [,] [UND] D
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DESCRIPTION OF RULES REGARDING RESO
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In case of Notes listed on the offi
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Part I.: Terms and ConditionsTeil I
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Aggregate Principal Amount [ ]Gesam
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INTEREST (§ 3)ZINSEN (§ 3) Fixed
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Maximum Rate of Interest [ ] per ce
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Minimum Notice to Holders 18 [ ]Min
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Austria (Amtsblatt zur Wiener Zeitu
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Securities Identification NumbersWe
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are most evident 39Umfassende Erlä
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subscription rights and the treatme
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Name und Anschrift der Institute, d
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TaxationThe following is a general
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Other TaxesNo stamp, issue, registr
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If interest payments are made by a
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Under the Luxembourg laws of 21 Jun
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an application of any third party,
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Rules") (or, after 18 March 2012, a
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General InformationCovered Bonds"Co
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Documents incorporated by Reference
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ADDRESSESIssuerHYPO TIROL BANK AGMe
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HYPO TIROL BANK AG

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