Österreichische Volksbanken-Aktiengesellschaft ... - Volksbank AG

tra-day auction at approximately 12:00 hours a.m. Vienna local time (the Relevant Date),
and as quoted and used for the settlement of options relating to the Underlying.
The Final Value will be commercially rounded, if necessary, to five figures following the
decimal point, except if another rounding rule is specified in the Final Terms (item 20). If
the Valuation Date does not fall on an Exchange Business Day (see § 8 para 3), the
Valuation Date will be deferred to the following Exchange Business Day, except if provided
otherwise in the Final Terms (item 18).
(2) Substitute value. If no Final Value is determined on the Valuation Date of the Underlying
or of an Underlying contained in a Basket, or if a market disruption as defined in § 8
exists in the opinion of the Issuer on that day, the Valuation Date shall be deferred to the
next Exchange Business Day (as defined below) on which such value may be determined
or on which no market disruption exists. If no value may be determined on the fourth following
Exchange Business Day or if the market disruption continues to exist on the
fourth Exchange Business Day, the following shall apply:
Underlying is no index. In the case the Underlying of the Warrants is not an index, the
Calculation Agent shall determine the Final Value on the basis of a substitute value for
the respective Underlying. The substitute value is, as far as available, the price of the Underlying,
as determined by the Reference Stock Exchange or by the Reference Agent. In
the case such a price is not determinable, the price of the respective Underlying shall be
the price corresponding to the market conditions prevailing on that day, as determined in
the discretion of the Calculation Agent.
Underlying is an index. In the case the Underlying of the Warrants is an index, the Calculation
Agent shall determine a substitute value by applying the last valid calculation
method. The Calculation Agent will base such calculation on the price of the components
which were last contained in the index on the date on which normally the Final Value of
the respective index components is determined. If trading of one or more index components
which are deemed relevant by the Calculation Agent for the calculation of the Underlying
is suspended or materially limited on such a day, the Calculation Agent will determine
the price of such index component in a way that in the discretion of the Calculation
Agent it corresponds to the market conditions prevailing on such day.
Substitute final settlement price. If the Underlying is an index and "Final Settlement
Price" has been specified in the Final Terms (item 20) as Final Value, the Issuer shall, if
the Issuer is convinced that a Final Settlement Price can not be determined because the
Underlying is not calculated or published, generally or on the Relevant Date, calculate a
substitute value for the Final Settlement Price. The calculation method for the Final Settlement
Price and the composition and the weighting of the components of the Underlying
as they were relevant at the date of the last publication of the Underlying or the Final Settlement
Price shall be the basis for the calculation of the substitute Final Settlement Price.
The Final Settlement Price calculated thereby shall be used as a substitute value for the
calculation of the Redemption Amount.
(3) Definitions.
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