DIE ERSTE österreichische Spar-Casse ... - ERSTE Stiftung

The issue price for Notes issued in tap issues is determined in the Final Terms at the start of
their term and thereafter fixed by the Issuer continuously according to market conditions
prevailing from time to time. In case of tap issues, the aggregated number of the outstanding
Notes may increase from time to time upon subscriptions being made, and the Issuer will in
such case specify the upper limit of the aggregate number of the Notes in the Final Terms.
Interest
Fixed interest will be payable in arrear on the date or dates in each year specified in the
relevant Final Terms, floating rate Notes will bear interest set separately for each Series as
specified in the relevant part of the Final Terms and zero coupon Notes may be issued at their
principal amount or at a discount to it and will not bear interest.
Redemption
The Notes will be redeemed at their maturity according to the relevant Final Terms.
An early redemption by the Issuer is only possible if this is set out it the Final Terms. Investors
may not redeem the Notes prior to their maturity.
Excluding the Noteholders' right to redeem Notes prior to their maturity is often a precondition
for the Issuer being able to hedge its exposure under the Notes. Thus, without early
redemption by Noteholders being excluded, the Issuer would not be able to issue Notes at all,
or the Issuer would factor the potential hedging break costs into the redemption amount of the
Notes, thus reducing the yield investors receive from the Notes. Investors should therefore
carefully consider whether they think that a right of early redemption only for the Issuer would
be to their detriment, and should, if they think that this is the case, not invest in the Notes.
Governing law
The Notes shall be governed by Austrian law excluding its conflict of laws rules.
Use of Proceeds
The net proceeds from the issue of Notes will be used by ERSTE Foundation for its general
funding and refinancing purposes and to achieve its foundation aim.
Risk factors relating to the Notes
Each of the risks highlighted below could have a material adverse effect on the investors and
on the amount of principal and interest which investors will receive in respect of the Notes. In
addition, each of the risks highlighted below could adversely affect the trading price of the
Notes and/or the rights of investors under the Notes and, as a result, investors could lose
some or all of their investment. Prospective investors should note that the risks described
below are not the only risks relating to the Notes. There may be additional risks which could
adversely affect the trading price of the Notes held by the investors or the amount of principal
and interest which investors receive could be less than expected.
The Notes may not be a suitable investment for all investors
The decision of potential investors to subscribe to the Notes should be based on an
assessment of their personal circumstances and income, investment expectations, and
awareness of the long-term nature of the investment. Investors should be clear about whether
the Notes meet their needs. If investors do not understand the risks associated with the Notes
or the terms of the Notes or are unable to assess the risk associated with them, they should
seek expert advice before making an investment decision.
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