Bond Hypo Vorarlberger Bank AG 4.125% ( DE000A0LPYW7 ) in EUR

Issuer Hypo Vorarlberger Bank AG
Market price 100 %  ▼ 
Country  Austria
ISIN code  DE000A0LPYW7 ( in EUR )
Interest rate 4.125% per year ( payment 1 time a year)
Maturity 20/03/2017 - Bond has expired



Prospectus brochure of the bond Hypo Vorarlberg Bank AG DE000A0LPYW7 in EUR 4.125%, expired


Minimal amount 50 000 EUR
Total amount 600 000 000 EUR
Detailed description Hypo Vorarlberg Bank AG is a regional bank in Vorarlberg, Austria, specializing in mortgage lending and offering a range of financial services to private and corporate clients.

The Bond issued by Hypo Vorarlberger Bank AG ( Austria ) , in EUR, with the ISIN code DE000A0LPYW7, pays a coupon of 4.125% per year.
The coupons are paid 1 time per year and the Bond maturity is 20/03/2017








This document constitutes two base prospectuses of Hypo Vorarlberg Bank AG for the purposes of Article 8(1) of Regulation
(EU) 2017/1129 of the European Parliament and the Council of 14 June 2017, as amended (the "Prospectus Regulation")
and the Luxembourg act relating to prospectuses for securities of 16 July 2019 (Loi du 16 juillet 2019 relative aux prospectus
pour valeurs mobilières et portant mise en oeuvre du règlement (UE) 2017/1129) (the "Luxembourg Law"): (i) the base
prospectus in respect of non-equity securities (the "Non-Equity Securities") within the meaning of Article 2(c) of the
Prospectus Regulation; and (ii) the base prospectus in respect of Pfandbriefe within the meaning of Article 2(c) of the
Prospectus Regulation (together, the "Debt Issuance Programme Prospectus", or the "Prospectus").
Debt Issuance Programme Prospectus
Dated 16 July 2021
Hypo Vorarlberg Bank AG
EUR 6,000,000,000
Debt Issuance Programme
(the "Programme")
Application has been made to list notes (the "Notes", which expression includes Pfandbriefe unless
otherwise indicated) issued under the Programme in bearer form on the official list of the Luxembourg
Stock Exchange and to trade Notes on the Regulated Market "Bourse de Luxembourg" or on the
professional segment of the Regulated Market of the Luxembourg Stock Exchange. The Luxembourg
Stock Exchange's Regulated Market is a regulated market for the purposes of the Markets in Financial
Instruments Directive 2014/65/EU, as amended ("MiFID I "). Notes issued under the Programme may also
be listed on the Official Market (Amtlicher Handel) of the Vienna Stock Exchange and may be included in
the Vienna MTF of the Vienna Stock Exchange or may not be listed at all.
This Prospectus has been approved by the Commission de Surveillance du Secteur Financier of the
Grand Duchy of Luxembourg (the "CSSF") in its capacity as competent authority under the Prospectus
Regulation. The Commission only approves this Prospectus as meeting the standards of completeness,
comprehensibility and consistency imposed by the Prospectus Regulation. Such approval should not be
considered as an endorsement of the Issuer (as defined below) or of the quality of the Notes that are the
subject of this Prospectus. Investors should make their own assessment as to the suitability of investing in
the Notes.
Hypo Vorarlberg Bank AG ("Hypo Vorarlberg", the "Issuer" or the "Bank") has requested the CSSF in its
capacity as competent authority under the Prospectus Regulation and the Luxembourg Law to provide the
competent authorities in the Federal Republic of Germany, the Republic of Ireland, the Republic of Austria
and The Netherlands with a certificate of approval attesting that this Prospectus has been drawn up in
accordance with the Prospectus Regulation (the "Notification"). The Issuer may request the CSSF to
provide competent authorities in additional host Member States within the European Economic Area
("EEA") with a Notification. Pursuant to Article 6(4) of the Luxembourg Law, the CSSF shall, by approving
a prospectus, give no undertaking as to the economic and financial soundness of the operation or the
quality or solvency of the Issuer. The CSSF has neither reviewed nor approved the information contained
in this Prospectus in relation to any issuance of Notes that are not to be publicly offered and not to be
admitted to trading on the regulated market of any stock exchange in any EU Member State and for which
a prospectus is not required in accordance with the Prospectus Regulation.
Arranger
Landesbank Baden-Württemberg

Dealers

Landesbank Baden-

Mizuho Securities
Württemberg
This Prospectus wil be published in electronic form on the website of the Luxembourg Stock Exchange
(www.bourse.lu) and on the website of the Issuer (www.hypovbg.at). It replaces the prospectus dated
17 July 2020 as well as the First Supplement thereto dated 17 May 2021 and is valid for a period of 12
months after its approval. The validity ends upon expiration of 15 July 2022. There is no obligation to
supplement this Prospectus in the event of significant new factors, material mistakes or material
inaccuracies when this Prospectus is no longer valid.




2
Responsibility Statement
Hypo Vorarlberg with its registered office in Bregenz, the Republic of Austria, is solely responsible for the
information given in this Prospectus and for the information which wil be contained in the relevant final
terms (the "Final Terms"). The Issuer hereby declares that to the best of its knowledge the information
contained in this Prospectus is in accordance with the facts and that this Prospectus makes no omission
likely to affect its import.
Notice
This Prospectus should be read and understood in conjunction with any supplement thereto and with any
document incorporated herein by reference. Full information on the Issuer and any tranche of Notes is only
available on the basis of the combination of this Prospectus and the relevant Final Terms.
The Issuer has confirmed to the dealers set forth on the cover page and any additional dealer appointed
from time to time under the Programme (each a "Dealer" and together the "Dealers") that this Prospectus
contains al information with regard to the Issuer and any Notes which is material in the context of the
Programme and the issue and offering of Notes thereunder; that the information contained herein is
accurate in al material respects and is not misleading; that the opinions and intentions expressed herein
are honestly held, that there are no other facts, the omission of which would make this Prospectus as a
whole or any of such information or the expression of any such opinions or intentions misleading in any
material respect; and that all reasonable enquiries have been made to ascertain all facts and to verify the
accuracy of al statements contained herein.
No person has been authorised to give any information which is not contained in or not consistent with this
Prospectus or any other document entered into or any other information supplied in connection with the
Programme and, if given or made, such information must not be relied upon as having been authorised by
or on behalf of the Issuer or any of the Dealers.
This Prospectus and any supplement hereto as well as any Final Terms reflect the status as of their
respective dates of issue. The offering, sale or delivery of any Notes may not be taken as an implication
that the information contained in such documents is accurate and complete subsequent to their respective
dates of issue or that there has been no adverse change in the financial condition of the Issuer since such
date or that any other information supplied in connection with the Programme is accurate at any time
subsequent to the date on which it is supplied or, if different, the date indicated in the document containing
the same.
The Issuer has undertaken with the Dealers to supplement this Prospectus or publish a new Prospectus if
and when the information herein should become materially inaccurate or incomplete, and has further
agreed with the Dealers to furnish a supplement to this Prospectus in the event of any significant new
factor, material mistake or material inaccuracy relating to the information included in this Prospectus which
is capable of affecting the assessment of the Notes and where approval by the CSSF of any such
document is required, upon such approval having been given.
Neither the Arranger nor any Dealer nor any other person mentioned in this Prospectus, excluding the
Issuer, is responsible for the information contained in this Prospectus or any supplement thereof, or any
Final Terms or any other document incorporated herein by reference and, accordingly, none of these
persons accepts any responsibility for the accuracy and completeness of the information contained in of
these documents.
The distribution of this Prospectus, any document incorporated herein by reference and any Final Terms
and the offering, sale and delivery of Notes in certain jurisdictions may be restricted by law.
Persons, into whose possession this Prospectus and any supplement, if applicable, or any Final Terms
come, are required by the Issuer and the Dealers to inform themselves about and to observe any such
restrictions. For a description of certain restrictions on offers, sales and deliveries of Notes and on the
distribution of this Prospectus or any Final Terms and other offering material relating to the Notes, in the
United States of America, the EEA, the United Kingdom of Great Britain and Northern Ireland and Japan
see "Selling Restrictions". In particular, the Notes have not been and wil not be registered under the
United States Securities Act of 1933, as amended, and wil include Notes in bearer form that are subject to
tax law requirements of the United States of America; subject to certain exceptions, Notes may not be
offered, sold or delivered within the United States of America or to U. S. persons. This Prospectus may




3
only be communicated or caused to be communicated in circumstances in which section 1(1) of the
Financial Services and Markets Act 2000 ("FSMA") does not apply. The language of this Prospectus
(excluding the audited consolidated financial statements of the Issuer incorporated by reference herein) is
English. The German versions of the English language Terms and Conditions and Guarantee are shown in
this Prospectus for additional information. As to form and content, and all rights and obligations of the
Holders and the Issuer under the Notes to be issued, German is the controlling legal y binding language if
so specified in the relevant Final Terms.
This Prospectus may only be used for the purpose for which it has been published.
Each Dealer and/or each further financial intermediary subsequently resel ing or final y placing
Notes issued under the Programme is entitled to use this Prospectus as set out in "Consent to the
Use of the Prospectus" below.
This Prospectus and any Final Terms may not be used for the purpose of an offer or solicitation by
anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to
whom it is unlawful to make such an offer or solicitation.
This Prospectus and any Final Terms do not constitute an offer or an invitation by or on behalf of
the Issuer or the Dealers to any person to subscribe for or to purchase any Notes.
In connection with the issue of any Tranche of Notes under the Programme, the Dealer or Dealers
(if any) named in the relevant Final Terms as the stabilising manager(s) (or persons acting on
behalf of any stabilising manager(s)) may overal ot Notes or effect transactions with a view to
supporting the market price of the Notes at a level higher than that which might otherwise prevail.
However, stabilisation may not necessarily occur. Any stabilisation action may begin at any time
after the adequate public disclosure of the terms and conditions of the offer of the relevant
Tranche of Notes is made and, if begun, may cease at any time, but it must end no later than the
earlier of 30 days after the Issue Date of the relevant Tranche of Notes and 60 days after the date of
the allotment of the relevant Tranche of Notes. Any stabilisation action or over-allotment must be
conducted by the relevant stabilising manager(s) (or person(s) acting on behalf of any stabilising
manager(s)) in accordance with all applicable laws and rules.
MIFID I product governance / target market ­ The Final Terms in respect of any Notes may include a
legend entitled "MiFID II Product Governance" which wil outline the target market assessment in respect
of the Notes and which channels for distribution of the Notes are appropriate and may outline further
details in connection therewith. Any person subsequently offering, selling or recommending the Notes (a
"distributor") should take into consideration the target market assessment; however, a distributor subject
to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by
either adopting or refining the target market assessment) and determining appropriate distribution
channels.
UK MiFIR product governance / target market ­ The Final Terms in respect of any Notes may include a
legend entitled "UK MiFIR Product Governance" which wil outline the target market assessment in respect
of the Notes and which channels for distribution of the Notes are appropriate. Any person subsequently
offering, sel ing or recommending the Notes (a "distributor") should take into consideration the target
market assessment; however, a distributor subject to the FCA Handbook Product Intervention and Product
Governance Sourcebook (the "UK MiFIR Product Governance Rules") is responsible for undertaking its
own target market assessment in respect of the Notes (by either adopting or refining the target market
assessment) and determining appropriate distribution channels.
A determination wil be made in relation to each issue about whether, for the purpose of the MiFID II
Product Governance rules under EU Delegated Directive 2017/593 (the "MiFID I Product Governance
Rules") or the UK MiFIR Product Governance Rules, any Dealer subscribing for any Notes is a
manufacturer in respect of such Notes, but otherwise neither the Arranger nor the Dealers nor any of their
respective affiliates wil be a manufacturer for the purpose of the MiFID II Product Governance Rules or
the UK MiFIR Product Governance Rules.
PRI Ps / IMPORTANT ­ EEA RETAIL INVESTORS ­ If the Final Terms in respect of any Notes include a
legend entitled "PROHIBITION OF SALES TO EEA RETAIL INVESTORS", the Notes are not intended to
be offered, sold or otherwise made available to and should not be offered, sold or otherwise made
available to any retail investor in the EEA. For these purposes, a retail investor means a person who is
one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; or (i ) a customer within
the meaning of Directive 2016/97/EU, where that customer would not qualify as a professional client as




4
defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in the Prospectus
Regulation. Consequently, no key information document required by Regulation (EU) No 1286/2014 (as
amended, the "PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to
retail investors in the EEA has been prepared and, therefore, offering or selling the Notes or otherwise
making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.
IMPORTANT ­ UK RETAIL INVESTORS ­ If the Final Terms in respect of any Notes includes a legend
entitled "Prohibition of Sales to UK Retail Investors", the Notes are not intended to be offered, sold or
otherwise made available to and should not be offered, sold or otherwise made available to any retail
investor in the United Kingdom ("UK"). For these purposes, a retail investor means a person who is one
(or more) of: (i) a retail client, as defined in point (11) of Article 4(1) of MiFID II as it forms part of domestic
law by virtue of the European Union (Withdrawal) Act 2018 ("EUWA"); or (i ) a customer within the
meaning of the provisions of the Financial Services and Markets Authority ("FSMA") and any rules or
regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not
qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it
forms part of domestic law by virtue of the EUWA; or (i i) not a qualified investor as defined in Article 2 of
Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the EUWA. Consequently, no key
information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue
of the EUWA (the "UK PRI Ps Regulation") for offering or sel ing the Notes or otherwise making them
available to retail investors in the UK has been prepared and therefore offering or selling the Notes or
otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs
Regulation.
Interest amounts payable under Floating Rate Notes are calculated by reference to (i) EURIBOR (Euro
Interbank Offered Rate) which is provided by the European Money Markets Institute ("EMMI") or (i ) a EUR
swap rate which is provided by EMMI. As at the date of this Prospectus, EMMI appears on the register of
administrators and benchmarks established and maintained by the European Securities and Markets
Authority ("ESMA") pursuant to Article 36 of the Regulation (EU) 2016/1011 (the "Benchmarks
Regulation").
The information on any website included in this Prospectus, except for websites listed in "Documents
Incorporated by Reference" below, does not form part of this Prospectus and has not been scrutinised by
the CSSF.
Forward-Looking Statements
This Prospectus contains certain forward-looking statements. A forward-looking statement is a statement
that does not relate to historical facts and events. They are based on analyses or forecasts of future
results and estimates of amounts not yet determinable or foreseeable. These forward-looking statements
are identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect",
"intend", "may", "plan", "predict", "project", "will" and similar terms and phrases, including references and
assumptions. This applies, in particular, to statements in this Prospectus containing information on future
earning capacity, plans and expectations regarding Hypo Vorarlberg's business and management, its
growth and profitability, and general economic and regulatory conditions and other factors that affect it.
Forward-looking statements in this Prospectus are based on current estimates and assumptions that the
Issuer makes to the best of its present knowledge. These forward-looking statements are subject to risks,
uncertainties and other factors which could cause actual results, including Hypo Vorarlberg's financial
condition and results of operations, to differ materially from and be worse than results that have expressly
or implicitly been assumed or described in these forward-looking statements. Hypo Vorarlberg's business
is also subject to a number of risks and uncertainties that could cause a forward-looking statement,
estimate or prediction in this Prospectus to become inaccurate. Accordingly, investors are strongly advised
to read the fol owing sections of this Prospectus: "Risk Factors", "Hypo Vorarlberg Bank AG as Issuer".
These sections include more detailed descriptions of factors that might have an impact on Hypo
Vorarlberg's business and the markets in which it operates.
In light of these risks, uncertainties and assumptions, future events described in this Prospectus may not
occur. In addition, neither the Issuer nor the Dealers assume any obligation, except as required by law, to
update any forward-looking statement or to conform these forward-looking statements to actual events or
developments.




5

Table of Contents
Page
General Description of the Programme .......................................................................................................... 6
General
............................................................................................................................................... 6
Issue Procedures ...................................................................................................................................... 7
Risk Factors ............................................................................................................................................. 10
Risk Factors regarding Hypo Vorarlberg ................................................................................................. 10
Risk Factors regarding the Notes ............................................................................................................ 17
Consent to the Use of the Prospectus .......................................................................................................... 31
Terms and Conditions of the Notes ­ English Language Version ................................................................ 32
OPTION I -
Terms and Conditions that apply to Notes with fixed interest payments .............................. 33
OPTION II - Terms and Conditions that apply to Notes with floating interest payments .......................... 52
OPTION III - Terms and Conditions that apply to Notes with fixed to floating interest payments ............. 77
OPTION IV - Terms and Conditions that apply to Notes without periodic interest payments

(Zero Coupon) .................................................................................................................... 104
OPTION V - Terms and Conditions that apply to Pfandbriefe with fixed interest rates .......................... 119
OPTION VI - Terms and Conditions that apply to Pfandbriefe with floating interest rates ...................... 129
OPTION VII - Terms and Conditions that apply to Pfandbriefe without periodic interest payments

(Zero Coupon) .................................................................................................................... 144
Terms and Conditions of the Notes (German Language Version) ............................................................. 152
OPTION I -
Anleihebedingungen für Schuldverschreibungen mit fester Verzinsung ............................ 153
OPTION II - Anleihebedingungen für Schuldverschreibungen mit variabler Verzinsung ....................... 175
OPTION III - Anleihebedingungen für Schuldverschreibungen mit fest- zu variabler Verzinsung .......... 202
OPTION IV - Anleihebedingungen für Schuldverschreibungen ohne periodische Zinszahlungen

(Nul kupon) ......................................................................................................................... 232
OPTION V - Anleihebedingungen für Pfandbriefe mit fester Verzinsung ............................................... 249
OPTION VI - Anleihebedingungen für Pfandbriefe mit variabler Verzinsung .......................................... 260
OPTION VII - Anleihebedingungen für Pfandbriefe ohne periodische Zinszahlungen (Nullkupon) .......... 277
Form of Final Terms (Muster ­ Endgültige Bedingungen) .......................................................................... 288
Description of Rules Regarding Resolutions of Holders ............................................................................. 312
Hypo Vorarlberg Bank AG as Issuer .......................................................................................................... 314
Taxation Warning ....................................................................................................................................... 326
Pfandbriefe ........................................................................................................................................... 327
Sel ing Restrictions ..................................................................................................................................... 329
General Information .................................................................................................................................... 333
Use of Proceeds and Reasons for an Offer .......................................................................................... 333
Authorisation ......................................................................................................................................... 334
Interest of Natural and Legal Persons involved in the Issue/Offer ........................................................ 334
Admission to Trading / Listing Information ............................................................................................ 335
Documents Incorporated by Reference ...................................................................................................... 336
Documents Available .................................................................................................................................. 338
Addresses
........................................................................................................................................... 339




6
General Description of the Programme
I. General
Under the Programme, the Issuer may from time to time issue Notes to one or more of the following
Dealers: Landesbank Baden-Württemberg, Mizuho Securities Europe GmbH and any additional Dealer
appointed under the Programme by the Issuer from time to time which appointment may be for a specific
issue or on an ongoing basis.
The maximum aggregate principal amount of the Notes at any time outstanding under the Programme wil
not exceed EUR 6,000,000,000 (or its equivalent in any other currency). The Issuer may increase the
amount of the Programme in accordance with the terms of an amended and restated dealer agreement
dated 16 July 2021 entered into by the Dealers named on the cover page and the Issuer (the "Dealer
Agreement") from time to time.
Under the Programme, the Issuer may issue Notes in the form of inter alia Fixed Rate Notes, Step-Up and
Step-Down Fixed Rate Notes, Floating Rate Notes and Notes without periodic interest payments (Zero
Coupon). The Notes will be redeemed at at least 100 per cent. of their principal amount. Notes will be
issued in bearer form.
Notes under the Programme may also be issued as Pfandbriefe in accordance with the Austrian Act
Concerning Pfandbriefe and Related Bonds of Public Law Credit Institutions (Gesetz über die Pfandbriefe
und verwandte Schuldverschreibungen öffentlich-rechtlicher Kreditanstalten, the "Austrian Act on
Pfandbriefe") in bearer form.
Notes may be issued under the Programme as senior Notes or, in case of Notes other than Pfandbriefe,
senior eligible Notes, non-preferred senior eligible Notes or subordinated Notes.
Notes may be distributed by way of public offer or private placements and, in each case, on a syndicated
or non-syndicated basis. The method of distribution of each Tranche wil be stated in the relevant Final
Terms. The Notes may be offered to qualified and non-qualified investors, unless the applicable Final
Terms include a legend entitled "PROHIBITION OF SALES TO EEA RETAIL INVESTORS" or
"PROHIBITION OF SALES TO UK RETAIL INVESTORS".
Notes wil be issued in tranches (each a "Tranche"), each Tranche consisting of Notes which are identical
in all respects. One or more Tranches, which are expressed to be consolidated and forming a single series
and are identical in all respects, but may have different issue dates, interest commencement dates, issue
prices and dates for first interest payments, may form a series ("Series") of Notes. Further Notes may be
issued as part of existing Series. The specific terms of each Tranche wil be set forth in the applicable
Final Terms.
Subject to any applicable legal or regulatory restrictions, notably the Austrian Act on Pfandbriefe, and
requirements of relevant central banks, monetary or other authorities, Notes may be issued in euro or any
other currencies as may be agreed between the Issuer and the relevant Dealer(s).
Notes wil be issued in such denominations as may be agreed between the Issuer and the relevant
Dealer(s) and as indicated in the applicable Final Terms save that the minimum denomination of the Notes
wil be, if in euro, EUR 1,000, or if in any currency other than euro, in an amount in such other currency at
least equivalent to EUR 1,000 at the time of the issue of the Notes. Subject to any applicable legal or
regulatory restrictions, and requirements of relevant central banks, Notes may be issued in euro or any
other currency. The Notes will be freely transferable in accordance with applicable law and the applicable
rules of the relevant Clearing System.
Notes issued pursuant to the Programme may be rated or unrated. A rating is not a recommendation to
buy, sell or hold Notes issued under the Programme and may be subject to suspension, reduction or
withdrawal at any time by the assigning rating agency. A suspension, reduction or withdrawal of the rating
assigned to the Notes issued under the Programme may adversely affect the market price of the Notes
issued under the Programme.
Notes may be issued at an issue price which is at par or at a discount to, or premium over, par. The issue
price for Notes to be issued will be determined at the time of pricing on the basis of a spread which wil be
determined on the basis of the orders of the investors which are received by the Dealers during the offer
period. Orders wil specify a minimum spread and may only be confirmed at or above such spread. The
resulting spread wil be used to determine an issue price, all to correspond to the spread.




7
The yield for Notes with fixed interest rates will be calculated by the use of the ICMA method, which
determines the effective interest rate of notes taking into account accrued interest on a daily basis.
The risk factors included in this Prospectus are limited to risks which are (i) specific to Hypo Vorarlberg as
Issuer as wel as the Notes, and (i ) are material for taking an informed investment decision. They are
presented in a limited number of categories depending on their nature. In each category the most material
risk factor is mentioned first.
Under this Prospectus, an issue-specific summary will only be drawn up in relation to an issue of Notes
with a denomination of less than EUR 100,000 (or its equivalent in other currencies). Such issue-specific
summary wil be annexed to the applicable Final Terms.
Application has been made to list Notes in bearer form to be issued under the Programme on the official
list of the Luxembourg Stock Exchange and to trade Notes on the Regulated Market "Bourse de
Luxembourg" or on the professional segment of the Regulated Market. The Programme provides that
Notes in bearer form may be listed on the regulated market of the Vienna Stock Exchange or the Vienna
MTF, as may be agreed between the Issuer and the relevant Dealer(s) in relation to each Tranche. Notes
may further be issued under the Programme which wil not be listed on any stock exchange. The CSSF
has neither reviewed nor approved the information contained in this Prospectus in relation to any issuance
of Notes that are not to be publicly offered and not to be admitted to trading on the regulated market of any
Stock Exchange in any EU Member State and for which a prospectus is not required in accordance with
the Prospectus Regulation.
Notes wil be accepted for clearing through one or more clearing systems as specified in the applicable
Final Terms. These systems wil include those operated by OeKB CSD GmbH ("OeKB"), Clearstream
Banking AG, Frankfurt am Main ("CBF"), Clearstream Banking S.A., Luxembourg ("CBL") and Euroclear
Bank SA/NV ("Euroclear"). Notes denominated in euro or, as the case may be, such other currency
recognised from time to time for the purposes of eligible collateral for Eurosystem monetary policy and
intra-day credit operations by the Eurosystem, are intended to be held in a manner, which would al ow
Eurosystem eligibility. Therefore, these Notes wil initially be deposited upon issue with, in the case of (i) a
new global note either CBL or Euroclear as common safekeeper or, (i ) a classical global note CBF or
OeKB, as the case may be. It does not necessarily mean that the Notes wil be recognised as eligible
col ateral for Eurosystem monetary policy and intra-day credit operations by the Eurosystem either upon
issue or at any or all times during their life. Such recognition wil depend upon satisfaction of the
Eurosystem eligibility criteria.
The appropriate Common Code, ISIN and German securities number ("WKN") (if any) for each Tranche of
Notes allocated by OeKB, CBF, CBL and/or Euroclear wil be specified in the applicable Final Terms.
Banque de Luxembourg will act as Luxembourg Listing Agent.
Deutsche Bank Aktiengesellschaft (the "Fiscal Agent") wil act as fiscal agent in relation to Notes in
bearer form for which OeKB is not acting as clearing system and Hypo Vorarlberg wil act as Austrian
fiscal agent in relation to Notes (including Pfandbriefe) with an Austrian International Securities
Identification Number (ISIN) for which OeKB acts as clearing system (the "Austrian Fiscal Agent").
Deutsche Bank Aktiengesel schaft and other institutions, all as indicated in the applicable Final Terms, wil
act as paying agents (the "Paying Agents") under the Programme.
II. Issue Procedures
General
The Issuer and the relevant Dealer(s) wil agree on the terms and conditions applicable to each particular
Tranche of Notes ("Conditions"). The Conditions wil be constituted by the relevant set of Terms and
Conditions of the Notes set forth below ("Terms and Conditions") as further specified by the Final Terms
(the "Final Terms") as described below.
Options for sets of Terms and Conditions
A separate set of Terms and Conditions applies to each type of Notes, as set forth below. The Final Terms
provide for the Issuer to choose between the fol owing Options:




8
- Option I ­ Terms and Conditions for Notes with fixed interest rates (and Option I A as wel as Option I B
as defined in "Documents incorporated by Reference");
- Option II ­ Terms and Conditions for Notes with floating interest rates;
- Option III ­ Terms and Conditions for Notes with fixed to floating interest rates;
- Option IV ­ Terms and Conditions for Notes without periodic interest payments (Zero Coupon);
- Option V ­ Terms and Conditions for Pfandbriefe with fixed interest rates (and Option V A as defined in
"Documents incorporated by Reference");
- Option VI ­ Terms and Conditions for Pfandbriefe with floating interest rates;
- Option VII ­ Terms and Conditions for Pfandbriefe without periodic interest payments (Zero Coupon).
With respect to the relevant type of Notes, the respective Option I A, Option V A and Option I B are
incorporated by reference into this Prospectus for the purpose of a potential increase of Notes outstanding
and originally issued prior to the date of this Prospectus.
Documentation of the Conditions
The Issuer may document the Conditions of an individual issue of Notes in either of the fol owing ways:
- The Final Terms shall be completed as set out therein. The Final Terms shall determine which of the
Option I, Option II, Option III, Option IV, Option V, Option VI or Option VII, including certain further
options contained therein, respectively, shall be applicable to the individual issue of Notes by
replicating the relevant provisions and completing the relevant placeholders of the relevant set of
Terms and Conditions as set out in this Prospectus in the Final Terms. The replicated and completed
provisions of the set of Terms and Conditions alone shall constitute the Conditions, which wil be
attached to each global note representing the Notes of the relevant Tranche. This type of
documentation of the Conditions wil be required where the Notes are publicly offered, in whole or in
part, or are to be initial y distributed, in whole or in part, to non-qualified investors.
- Alternatively, the Final Terms shall determine which Option I, Option II, Option III, Option IV, Option V,
Option VI or Option VII and of the respective further options contained in each of Option I, Option II,
Option III, Option IV, Option V, Option VI and Option VII are applicable to the individual issue by
referring to the relevant provisions of the relevant set of Terms and Conditions as set out in this
Prospectus only. The Final Terms will specify that the provisions of the Final Terms and the relevant
set of Terms and Conditions as set out in this Prospectus, taken together, shall constitute the
Conditions. Each global note representing a particular Tranche of Notes wil have the Final Terms and
the relevant set of Terms and Conditions as set out in this Prospectus attached.
Determination of Options / Completion of Placeholders
The Final Terms shall determine which of the Option I, Option II, Option III, Option IV, Option V, Option VI
or Option VII shall be applicable to the individual issue of Notes. Each of the sets of Terms and Conditions
of Option I, Option II, Option III, Option IV, Option V, Option VI or Option VII contains also certain further
options (characterised by indicating the respective optional provision through instructions and explanatory
notes set out either on the left of or in square brackets within the text of the relevant set of Terms and
Conditions as set out in this Prospectus) as wel as placeholders (characterised by square brackets which
include the relevant items) which wil be determined by the Final Terms as fol ows:
Determination of Options
The Issuer will determine which options will be applicable to the individual issue either by replicating the
relevant provisions in the Final Terms or by reference of the Final Terms to the respective sections of the
relevant set of Terms and Conditions as set out in this Prospectus. If the Final Terms do not refer to an
alternative or optional provision or such alternative or optional provision is not replicated therein it shall be
deemed to be deleted from the Conditions.
Completion of Placeholders
The Final Terms will specify the information with which the placeholders in the relevant set of Terms and
Conditions wil be completed. In the case the provisions of the Final Terms and the relevant set of Terms
and Conditions, taken together, shall constitute the Conditions the relevant set of Terms and Conditions




9
shall be deemed to be completed by the information contained in the Final Terms as if such information
were inserted in the placeholders of such provisions.
Al instructions and explanatory notes and text set out in square brackets in the relevant set of Terms and
Conditions and any footnotes and explanatory text in the Final Terms wil be deemed to be deleted from
the Conditions.
Controlling Language
As to the control ing language of the respective Conditions, the fol owing applies:
-
In the case of Notes (i) offered to the public, in whole or in part, in the Republic of Austria
("Austria") and/or in the Federal Republic of Germany ("Germany"), or (ii) initially distributed, in
whole or in part, to non-qualified investors in Austria and/or Germany, German wil be the
control ing language. If, in the event of such offers to the public or distribution to non-qualified
investors, however, English is chosen as the controlling language, a German language translation
of the Conditions wil be available from the principal offices of the Fiscal Agent and the Issuer, as
specified on the back cover of this Prospectus.
- In other cases, the Issuer wil elect either German or English to be the control ing language.






10
Risk Factors
The following is a description of material risks that are specific to Hypo Vorarlberg and/or may
affect its ability to fulfil its obligations under the Notes and that are material to the Notes issued
under the Programme in order to assess the market risk associated with these Notes. Prospective
investors should consider these risk factors before deciding whether to purchase Notes issued
under the Programme.

Risk Factors regarding Hypo Vorarlberg
The risk factors regarding the Issuer are presented in the following categories with the most material risk
factor presented first in each category depending on their nature:
1.1 Risk factor relating to the credit risk of the Issuer
1.2 Risk factors relating to the Issuer's business
1.3 Risk factor relating to other risks affecting the Issuer
1.4 Risk factors regarding legal and regulatory risks of the Issuer
1.1 Risk factor relating to the credit risk of the Issuer
Default, suspension of payments or deterioration in the creditworthiness of customers or other
counterparties may result in losses for the Issuer (credit default risk).
The Issuer is exposed to a number of counterparty and credit default risks. Third parties who owe money,
securities or other assets to the Issuer, could not fulfil their obligations to the Issuer, e.g. due to insolvency,
lack of liquidity, deterioration of creditworthiness, economic downturns, operational problems or loss of
value of real estate. The counterparty risk between financial institutions has increased as a result of the
volatility of the financial markets in recent years. In view of the economic and financial solidarity of many
financial institutions due to loans, trading and other relationships among each other, the Issuer is exposed
to the risk that possible defaults of one financial institution may lead to a liquidity shortage which has a
negative impact on the entire financial and capital market or to substantial losses or non-fulfilment of
liabilities also by other financial and capital market participants (e.g. the Issuer). An assumed lack of
creditworthiness can also lead to market-wide liquidity problems. This risk is often referred to as "systemic
risk" and affects credit institutions and all other types of intermediaries (such as clearing houses) in the
financial services industry.
In accordance with the provisions of the International Financial Reporting Standards as adopted by the EU
("IFRS"), the Issuer takes into account the possibility that customers or counterparties may fail to meet
their obligations by making write-downs and/or value adjustments for defaults that have occurred. The
Issuer assumes a potential need for impairment if the fol owing indicators exist: delayed payment over a
certain period of time, initiation of compulsory measures, imminent insolvency or over-indebtedness,
application for or opening of insolvency proceedings or failure of restructuring measures. This assumed
impairment requirement may be incorrect for various reasons. An unexpected downturn in general
economic conditions, unforeseen political events or a lack of liquid funds in the economy may lead to
credit defaults at the Issuer which exceed the amount of write-downs made by the Issuer and the probable
maximum losses assumed by risk management. As the Issuer is primarily active in Vorarlberg, other parts
of Austria and some neighbouring countries, it is primarily exposed to the risk of a general economic
downturn which increases the probability of credit default in these regions.
If the losses resulting from the defaults of customers and other counterparties of the Issuer substantial y
exceed the amount of write-downs and/or value adjustments made by the Issuer or require an increase in
such write-downs and/or value adjustments, this would have a negative effect on the results of the Issuer
and could lead to an increase in capital requirements, restricting the operating activities and consequently
impair the Issuer's ability to meet its payment obligations in connection with the securities and their market
price.