HYPO TIROL BANK AG

und verwandten Schuldverschreibungen öffentlich-rechtlicher Kreditanstalten (Pfandbriefgesetz)) and rankat least pari passu with all other obligations of the Issuer under Pfandbriefe.[In the case of Fixed Rate Notes insert:§ 3INTEREST(1) Rate of Interest and Interest Payment Dates. The Notes shall bear interest on their aggregate principalamount at the rate of [insert Rate of Interest] per cent. per annum from (and including) [insert InterestCommencement Date] to (but excluding) the Maturity Date (as defined in § 5(1)). Interest shall be payablein arrears on [insert Fixed Interest Date or Dates] in each year (each such date, an "Interest PaymentDate"). The first payment of interest shall be made on [insert First Interest Payment Date] [if FirstInterest Payment Date is not first anniversary of Interest Commencement Date insert: and will amountto [insert Initial Broken Amount for Specified Denomination] for a Note in a denomination of [insertSpecified Denomination]]. [If the Maturity Date is not a Fixed Interest Date insert: Interest in respect ofthe period from [insert Fixed Interest Date preceding the Maturity Date] (inclusive) to the Maturity Date(exclusive) will amount to [insert Final Broken Amount for Specified Denomination] for a Note in adenomination of [insert Specified Denomination].](2) Accrual of Interest. The Notes shall cease to bear interest as from the expiry of the day preceding theirdue date for redemption. If the Issuer shall fail to redeem the Notes when due, interest shall continue toaccrue on the outstanding aggregate principal amount of the Notes beyond the due date until the expiry ofthe day preceding the day of the actual redemption of the Notes at the higher of the default rate of interestestablished by law or the rate of interest of the Notes. 2(3) Calculation of Interest for Partial Periods. If interest is required to be calculated for a period of less thana full year, such interest shall be calculated on the basis of the Day Count Fraction (as defined below).][In the case of Floating Rate Notes insert:(1) Interest Payment Dates.(a) The Notes shall bear interest on their aggregate principal amount from [insert InterestCommencement Date] (inclusive) (the "Interest Commencement Date") to the first Interest PaymentDate (exclusive) and thereafter from each Interest Payment Date (inclusive) to the next followingInterest Payment Date (exclusive). Interest on the Notes shall be payable on each Interest PaymentDate.(b) "Interest Payment Date" means [in the case of Specified Interest Payment Dates insert: each[insert Specified Interest Payment Dates].] [in the case of Specified Interest Periods insert: eachdate which (except as otherwise provided in these Terms and Conditions) falls [insert number][weeks] [months] [insert other specified periods] after the preceding Interest Payment Date or, in thecase of the first Interest Payment Date, after the Interest Commencement Date.](c) If any Interest Payment Date would otherwise fall on a day which is not a Business Day, it shall be:[if Modified Following Business Day Convention insert: postponed to the next day which is a BusinessDay unless it would thereby fall into the next calendar month, in which event the payment date shall be theimmediately preceding Business Day.][if FRN Convention insert: postponed to the next day which is a Business Day unless it would thereby fallinto the next calendar month, in which event (i) the payment date shall be the immediately precedingBusiness Day and (ii) each subsequent Interest Payment Date shall be the last Business Day in the monthwhich falls [[insert number] months] [insert other specified periods] after the preceding applicablepayment date.][if Following Business Day Convention insert: postponed to the next day which is a Business Day.][if Preceding Business Day Convention insert: the immediately preceding Business Day.](d) In this § 3 "Business Day" means [if the Specified Currency is not euro insert: a day which is a day(other than a Saturday or a Sunday) on which commercial banks are generally open for business in,and foreign exchange markets settle payments in [insert all relevant financial centres].] [if theSpecified Currency is euro insert: a day (other than a Saturday or a Sunday) on which the2The default interest rate by law is 4 per cent. p. a. as per § 1000 (1) ABGB, Austrian Civil Code. In commercial transactionsbetween undertakings the default interest is 8 percent-points over the base-interest-rate as per § 1 Euro-JuBeG.88