Österreichische Volksbanken-Aktiengesellschaft ... - Volksbank AG

Exercise Notice to the Warrant Agent, either by irrevocable order to the Warrant Agent to
retrieve the Warrants from a securities account which is, as the case may be, kept with the
Warrant Agent, or by delivery of the Warrants to a securities account to be named by the
Warrant Agent.
(4) Payment of the Redemption Amount. After a valid exercise of the Warrants, the Issuer
will credit on the Due Date (as defined below) the Redemption Amount less taxes and duties
to the account named in the Exercise Notice or will procure that the Redemption
Amount is transferred by the account holding entity.
(5) Automatic exercise. Option rights which are not or not validly exercised pursuant to
§ 6 are deemed to have been exercised on the Expiry Date, if the Redemption Amount
is higher than zero (an Automatic Exercise). No Automatic Exercise shall take place
in the case of Warrants which are settled by physical delivery.
§ 7
(Underlying)
(1) Underlying. The underlying of the Warrants is the underlying or basket of underlying, as
determined in the Term Sheet and in the Final Terms (item 14) (the Underlying or Basket).
A description of the Underlying (including the securities code and/or the "International
Security Identification Numbers – ISIN", when existing), as well as in the case of
Baskets the proportional allocation of the constituents of the Basket, may be contained in
the Term Sheet and in the Final Terms (item 14), upon discretion of the Issuer. A further
description of the Underlying may be attached to the Final Terms when deemed necessary
by the Issuer.
(2) Commercial property rights. The Issuer has been granted the permission to use the
commercial property rights regarding the Underlying, if required. Details are stated in the
Final Terms (item 14), to the extent applicable.
§ 8
(Final value. Substitute value)
(1) Final value. If the Final Terms (item 20) specify "price", the final value (the Final
Value) shall equal the value of the Underlying as determined on the valuation date (item
18 of the Final Terms) (the Valuation Date) by the Reference Stock Exchange or the
Reference Agent (both as defined below) or, if the Underlying is one or more indices, as
determined by the Index Calculation Agent (as defined below).
If "Final Settlement Price" is specified as the final value in the Final Terms (item 20), the
Final Value shall equal the final settlement price for options relating to the Underlying
(the Final Settlement Price), as calculated by the Reference Stock Exchange or the Reference
Agent on the Valuation Date, taking into account all changes in the manner of
publication, the calculation of the Final Settlement Price or the Underlying or the composition
or weighting of the prices and components on the basis of which the Underlying or
the Final Settlement Price are calculated, based on an auction price determined in an in-
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