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

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Capital gains from the sale of the Notes are included in the corporate income tax base and taxed at a flat tax rate of 19%. In the Slovak Republic there is no difference in taxation of capital gains of individual investors holding the Notes as a business asset and corporations, therefore the section above applies to corporations as well. Non-residents If the recipient of the interest income is a taxpayer with limited tax liability in Slovakia, the particular double taxation treaty should be considered (if any). For a non-resident taxpayer the tax withheld may be treated as a prepayment provided that the tax was withheld from the interest or other income from the credits, loans and derivates pursuant to the special legislation (Act No. 566/2001 Coll.). The tax withheld may be credited against the tax liability in the tax return (in case of the affirmative tax base) or refunded via tax return (in case of the tax loss). EU Savings Directive The Slovak Republic has implemented the Directive 2003/48/EC on taxation of savings income in the form of interest payments. Therefore, an exchange of information between tax authorities is applicable. Pursuant to the Act on Tax Administration, a Slovak paying agent, who pays interest income to an individual beneficial owner from another EU Member State or from a dependent or associated territory of a Member State, is obliged to provide specific information about such payment to the tax authorities by 31 March for the previous calendar year. Interest income subject to the automatic exchange of information is defined in the Act on Tax Administration as follows: interest and other income from credits and loans, interest from deposits in a term deposit and current accounts, income incurred from participation certificates, bonds, certificates of deposit, treasury bills and other securities of similar characteristics during the holding of such a financial instrument or income accrued at the sale, refund or redemption of the financial instrument. The aim of the automatic exchange of information between Member States concerning interest payments under the provisions of the Savings Directive is the effective taxation of interest payments in the beneficial owner's Member State of residence in accordance with the national law of that State. Other taxes There is no inheritance or gift tax in the Slovak Republic. However, if Notes are donated by an employer to a Slovak tax resident who is an employee, or if Notes are donated to a Slovak tax resident who is self-employed and these Notes are donated in connection with the carrying out of this self-employment, the value of the gift is subject to Slovak income tax and related health insurance contributions. As of January 1, 2011 the value of gift is also subject to the Slovak social insurance contributions since the assessment base for social insurance purposes generally follows the tax base of the individual (employee or self-employed person), although some exemptions may apply. No other taxes are levied in the Slovak Republic on the acquisition, sale or other disposal of the Notes by residents. Page 88
OFFER AND SUBSCRIPTION The Programme provides for permanent and/or repeated issues of Notes. In case of tap issues (defined as such in the Final Terms) the offer period largely equals the term and the issue price may be adjusted from time to time. The Issuer may also set out a subscription period in the Final Terms and may shorten or extend it. The invitation to make offers towards purchaser of the Notes is made by the Issuer and/or distribution partners, if any. The offer to subscribe for Notes is to be made by the investors. The Issuer retains the right to accept or reject subscription offers (in whole or in part). Proceedings for a reduction of the allocation and for refunding of amounts are in general not applicable. Die Issuer retains the right in individual cases to reduce the allocation of subscribed Notes and to refund the subscription amounts. The denomination of the Notes and/or minimum or maximum subscription amounts (if such are applicable) are set out in the Final Terms. The payment of the subscription price and the delivery of the Notes are effected on the basis of a subscription agreement concerning the acquisition of the respective Notes to be concluded between the investor and the Issuer and/or distribution partners, if any. The results of the offer of Notes will be disclosed by the Issuer at the end of the respective applicable subscription period (see point 27 of the Final Terms), which means that (i) in case of a single issue on or around the Issue Date, or (ii) in case of tap issue immediately after the end of the offer, to the Oesterreichische Kontrollbank AG as central securities depositary of the Notes. Proceedings for exercising preferential rights, the transferability of subscription rights and treating of not exercised subscription rights shall not apply. The Notes shall primarily be offered to retail customers. In general however, the invitation to make an offer for subscription of Notes is not made to a restricted group of investors. Therefore, no different categories of investors exist to whom the Notes may be offered. The subscribers will be informed of the allocated amount of Notes by credits of the Notes to their securities accounts. It is not possible to start trading in the Notes on a regulated market before the allocation of Notes. The issue price and the aggregate nominal amount of the Notes will be fixed by the Issuer at the beginning of the offer and are set out in the Final Terms. In case the issue and/or the aggregate nominal amount for a specific tranche is not fixed at the issue date, the Final Terms will set out the proceeding for the calculation and publication of such information. In case of tap issues the issue price will be adjusted by the Issuer by taking into account several price-relevant factors as e.g. the current interest rate and other product-specific criteria according to market conditions prevailing from time to time. The aggregate principal amount may increase from time to time upon subscriptions being made. The Issuer will specify in such case an upper limit for the aggregate principal amount of the Notes in the Final Terms. Additionally, the issue price may include an issue premium (in such case set out in the Terms and Conditions of the Notes and/or the Final Terms) which is intended to cover commissions for the Issuer or other ancillary costs arising in connection with the issue and hedging of the respective Notes. Costs, taxes and disbursements incurred by the investor in connection with a secondary purchase of the Notes are outside of the influence of the Issuer. Page 89
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DIE ERSTE österreichische Spar-Cas
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In this Prospectus, unless otherwis
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SELLING RESTRICTIONS ..............
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DOCUMENTS INCORPORATED BY REFERENCE
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SUMMARY OF THE PROGRAMME This summa
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Credit Risk Credit risk is the risk
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Business of ERSTE Foundation DIE ER
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Risk Factors arising from Erste Gro
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RISK FACTORS Prospective investors
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implementation of the Issuer's stra
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Interest rate fluctuations may adve
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of the Notes. A downgrading of the
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Noteholders are exposed to the risk
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Holders of Fixed Rate Notes are exp
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Investors have to rely on the funct
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epresented by a global note in bear
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exclusive jurisdiction. Consumers w
Page 35 and 36:
Terms and Conditions [Title of Note
Page 37 and 38: [insert definition of EURIBOR and E
Page 39 and 40: [in the case of "Actual/365" or "Ac
Page 41 and 42: § 9 Taxation All payments of princ
Page 43 and 44: [In case of early redemption on the
Page 45 and 46: 17. 18. (iii) Partial Redemption: (
Page 47 and 48: General DIE ERSTE ÖSTERREICHISCHE
Page 49 and 50: VolkswagenStiftung 2,457,544,000 (M
Page 51 and 52: The development objective of ERSTE
Page 53 and 54: financial services by other banks d
Page 55 and 56: In the case that funds will be requ
Page 57 and 58: ("AGM") not to pay a dividend for t
Page 59 and 60: Member Boris Marte Other positions:
Page 61 and 62: Member Maximilian Hardegg Privatsti
Page 63 and 64: Sparkassen AG, with the procedure i
Page 65 and 66: The foundation’s auditor is the a
Page 67 and 68: Other assets 7.132 6.898 Subscribed
Page 69 and 70: Revenue reserves 197,597 203,784 -3
Page 71 and 72: The English translation of the repo
Page 73 and 74: MATERIAL CONTRACTS Since 31 Decembe
Page 75 and 76: the taxation of financial instrumen
Page 77 and 78: Private foundations pursuant to the
Page 79 and 80: CZECH REPUBLIC General Czech tax im
Page 81 and 82: interest paid (with the exception o
Page 83 and 84: LUXEMBOURG The following summary is
Page 85 and 86: Luxembourg income tax on interest a
Page 87: Capital gains Income from the sale
Page 91 and 92: SELLING RESTRICTIONS This Prospectu
Page 93 and 94: (ii) the published annual report an
Page 95 and 96: LIBOR means the London Inter-bank O
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DIE ERSTE österreichische Spar-Casse ... - ERSTE Stiftung

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