HYPO TIROL BANK AG

(1) Publication. All notices concerning the Notes will be made by means of electronic publication on theinternet website of the Luxembourg Stock Exchange (www.bourse.lu). Any notice so given will be deemedto have been validly given on the third day following the date of such publication.][In case of Notes which are listed on a Stock Exchange other than the Luxembourg Stock Exchangeinsert relevant provisions][(2)] Notification to Clearingsystem.[In the case of Notes which are unlisted insert: The Issuer shall deliver all notices concerning the Notesto the Clearingsystem for communication by the Clearingsystem to the Holders. Any such notice shall bedeemed to have been given to the Holders on the seventh day after the day on which the said notice wasgiven to the Clearingsystem.][In the case of Notes which are listed on the Luxembourg Stock Exchange insert: So long as anyNotes are listed on the Luxembourg Stock Exchange, subparagraph (1) shall apply. In the case of noticesregarding the Rate of Interest or, if the Rules of the Luxembourg Stock Exchange so permit, the Issuer maydeliver the relevant notice to the Clearingsystem for communication by the Clearingsystem to the Holders,in lieu of publication in the newspapers set forth in subparagraph (1) above; any such notice shall bedeemed to have been given to the Holders on the seventh day after the day on which the said notice wasgiven to the Clearingsystem.][In the case of Notes which are listed on a Stock Exchange other than the Luxembourg StockExchange insert: The Issuer may, in lieu of publication in the newspapers set forth in subparagraph (1)above, deliver the relevant notice to the Clearingsystem, for communication by the Clearingsystem to theHolders, provided that, the rules of the stock exchange on which Notes are listed permit such form of notice.Any such notice shall be deemed to have been given to the Holders on the seventh day after the day onwhich the said notice was given to the Clearingsystem.][(3)] The Issuer may, in addition to publication set forth in subparagraph (1) above, publish all noticesconcerning the Notes on its internet website (www.hypotirol.com).§ 11APPLICABLE LAW, PLACE OF JURISDICTION AND ENFORCEMENT(1) Applicable Law. The Notes, as to form and content, and all rights and obligations of the Holders and theIssuer, shall be governed by Austrian law.(2) Submission to Jurisdiction. The competent court in Innsbruck shall have non-exclusive jurisdiction forany action or other legal proceedings ("Proceedings") arising out of or in connection with the Notes.(3) Enforcement. Any Holder of Notes may in any proceedings against the Issuer, or to which such Holderand the Issuer are parties, protect and enforce in his own name his rights arising under such Notes on thebasis of (i) a statement issued by the Custodian with whom such Holder maintains a securities account inrespect of the Notes (a) stating the full name and address of the Holder, (b) specifying the aggregateprincipal amount of Notes credited to such securities account on the date of such statement and (c)confirming that the Custodian has given written notice to the Clearingsystem containing the informationpursuant to (a) and (b) and (ii) a copy of the Note in global form certified as being a true copy by a dulyauthorised officer of the Clearingsystem or a depository of the Clearingsystem, without the need forproduction in such proceedings of the actual records or the global note representing the Notes. Forpurposes of the foregoing, "Custodian" means any bank or other financial institution of recognised standingauthorised to engage in securities custody business with which the Holder maintains a securities account inrespect of the Notes and includes the Clearingsystem. Each Holder may, without prejudice to the forgoing,protect and enforce his rights under these Notes also in any other way which is admitted in the country ofthe Proceedings.§ 12LANGUAGE[If the Conditions are to be in the German language with an English language translation insert:These Terms and Conditions are written in the German language and provided with an English languagetranslation. The German text shall be controlling and binding. The English language translation is providedfor convenience only.][If the Conditions are to be in the English language with a German language translation insert:95