Bond Raiffeisen Landesbank OÖ AG 2.63% ( XS0897742416 ) in EUR

Raiffeisen Landesbank OÖ AG

100 % ⇌

Austria

XS0897742416 ( in EUR )

2.63% per year ( payment 1 time a year)

12/03/2023 - Bond has expired

Prospectus brochure of the bond Raiffeisenlandesbank Oberösterreich AG XS0897742416 in EUR 2.63%, expired

100 000 EUR

3 000 000 EUR

Raiffeisenlandesbank Oberösterreich AG is an Austrian regional bank operating primarily in Upper Austria, offering a wide range of financial services to private and corporate clients.

The Bond issued by Raiffeisen Landesbank OÖ AG ( Austria ) , in EUR, with the ISIN code XS0897742416, pays a coupon of 2.63% per year.
The coupons are paid 1 time per year and the Bond maturity is 12/03/2023

Raiffeisenlandesbank Oberösterreich
Aktiengesellschaft
Debt Issuance Programme (unlimited in size)
(the "Programme")
Under the Programme, Raiffeisenlandesbank Oberösterreich Aktiengesellschaft ("RLB OÖ" or the "Issuer"), subject to compliance with all
relevant laws, regulations and directives, may issue debt securities as further specified in the relevant final terms (the "Final Terms") in the
German or English language under Austrian and/or German law (the "Notes"). The Programme foresees three different options of Terms and
Conditions (as defined herein) under which Notes may be issued depending on the type of interest which applies to the Notes as specified in the
relevant Final Terms. Accordingly, the following types of Notes may be issued under the Programme: (i) Notes with fixed interest rates (Option I);
(ii) Notes with variable and/or structured interest rates (Option II); and (iii) Notes without periodic interest payments (Option III). Subject to
compliance with all relevant laws, regulations and directives, the Notes will have a minimum maturity of twelve months and no maximum maturity.
This base prospectus dated 28 May 2020, as supplemented from time to time (the "Prospectus") constitutes a base prospectus for the purposes
of Article 8 of the Regulation (EU) 2017/1129, as amended (the "Prospectus Regulation") and has been drawn up in accordance with
Annexes 6, 14, 15, 22 and 28 of of the Commission Delegated Regulation (EU) 2019/980, as amended. This Prospectus has been approved by
the Austrian Financial Market Authority (Finanzmarktaufsichtsbehörde - the "FMA") in its capacity as competent authority pursuant to Article 20 of
the Prospectus Regulation in conjunction with the Austrian Capital Market Act 2019 (Kapitalmarktgesetz 2019). The FMA 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 and 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.
Application may be made for the Programme and/or the Notes to be admitted to the Official Market (Amtlicher Handel) (the "Austrian Market") of
the Vienna Stock Exchange (Wiener Börse). Application may also be made to list Notes on the official list of the Luxembourg Stock Exchange and
to admit to trading such Notes on the regulated market of the Luxembourg Stock Exchange (Bourse de Luxembourg) or on the professional
segment of the Regulated Market of the Luxembourg Stock Exchange or on the SIX Swiss Exchange (together with the Austrian Market, the
"Markets"). References in this Prospectus to Notes being listed (and all related references) shall mean that such Notes have been admitted to
trading on one or more of the Markets, excluding the SIX Swiss Exchange, each of which is a regulated market for the purposes of the Directive
2014/65/EU, as amended (Markets in Financial Instruments Directive II "MiFID II"). Furthermore, application may also be made for the Notes to
be included in the Vienna MTF of the Vienna Stock Exchange which is a multilateral trading facility ("MTF"). Unlisted Notes may also be issued
pursuant to this Programme. The relevant Final Terms in respect of the issue of any Notes will specify whether or not such Notes will be admitted
to trading on one or more of the Markets or included in the Vienna MTF.
The Issuer has requested the FMA to provide the competent authorities of Germany and the Grand Duchy of Luxembourg with a certificate of
approval attesting that this Prospectus has been drawn up in accordance with the Prospectus Regulation. The Issuer may from time to time
request the FMA to provide to competent authorities of member states of the European Economic Area ("EEA") and the United Kingdom ("UK")
further notifications concerning the approval of this Prospectus.
Notes will be issued in series (each a "Series") which may consist of one or more tranches (each a "Tranche"). Each Tranche in bearer form will
be represented on issue by (i) a global note (Sammelurkunde) pursuant to Austrian law, (ii) a temporary global note in bearer form pursuant to
German law (a "Temporary Global Note") exchangeable for a permanent global note in bearer form (a "Permanent Global Note") or (iii) a
Permanent Global Note in bearer form pursuant to German law (each, a "Global Note"). A Temporary Global Note and a Permanent Global Note
may also be in the form of new global notes ("New Global Note" or "NGN"). NGNs will be delivered on or prior to the original issue date of the
Tranche to a common safekeeper (the "Common Safekeeper") for Euroclear Bank SA/NV ("Euroclear") and Clearstream Banking, S.A. ("CBL").
Global Notes which are issued in the form of classical global notes ("Classical Global Note" or "CGN") will be deposited on the issue date with a
common depositary on behalf of Euroclear and CBL or may be deposited on the issue date with Clearstream Banking AG ("CBF") or OeKB CSD
GmbH ("OeKB CSD") or with a depositary on behalf of OeKB CSD or with or on behalf of the Issuer. Global Notes may be intended to be eligible
collateral for Eurosystem monetary policy.
Tranches of Notes may be rated or unrated. Where a Tranche of Notes is rated, such credit rating will be specified in the relevant Final Terms. A
credit rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the
assigning credit rating agency. Whether or not each credit rating applied for in relation to a relevant Tranche of Notes will be issued by a credit
rating agency established in the European Union and registered under Regulation (EC) No 1060/2009, as amended (the "CRA Regulation") will
be disclosed in the relevant Final Terms. The European Securities and Markets Authority (the "ESMA") is obliged to maintain on its website
("www .esma.europa.eu") a list of credit rating agencies registered and certified in accordance with the CRA Regulation. This list must be updated
within 5 working days of ESMA's adoption of any decision to withdraw the registration of a credit rating agency under the CRA Regulation. The
ESMA website is not incorporated by reference into, nor does it form part of, this Prospectus.
Prospective investors should have regard to the factors described under the section headed "Risk Factors" in this Prospectus. This Prospectus
does not describe all of the risks of an investment in the Notes, but the Issuer believes that all material risks relating to an investment in the Notes
have been described.
This Prospectus is valid for 12 months after its approval. The validity ends upon expiration of 27 May 2021. The obligation by the Issuer
to supplement this Prospectus in the event of significant new factors, material mistakes or material inaccuracies does not apply when
this Prospectus is no longer valid.
Arranger
Deutsche Bank
Dealers
Deutsche Bank
DZ BANK AG
Raiffeisen Bank International AG
Raiffeisenlandesbank Oberösterreich

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RESPONSIBILITY STATEMENT
The Issuer, with its registered office at Europaplatz 1a, 4020 Linz, Austria, is responsible for the
information given in this Prospectus.
The Issuer hereby declares that, to the best of the knowledge of the Issuer, 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 of this Prospectus (each a
"Dealer" and together the "Dealers" which term includes any new dealer appointed from time to time
under the Programme) that this Prospectus contains al information 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 all material respects and is not misleading; that any 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 al reasonable enquiries have been made to ascertain all
facts and to verify the accuracy of all 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 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.
The delivery of this Prospectus or any Final Terms and 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 given an undertaking to the Dealers, and is obliged by the provisions of the Prospectus
Regulation, that if at any time during the duration of the Programme there is a significant new factor,
material mistake or material inaccuracy relating to the information included in this Prospectus which
may affect the assessment of any Notes and which arises or is noted between the time when this
Prospectus is approved and the closing of the offer period of such Notes or the time when trading on a
regulated market begins, whichever occurs later, the Issuer shall prepare a supplement to this
Prospectus or publish a replacement Prospectus for use in connection with any subsequent offering of
the Notes and shall supply to each Dealer and to the FMA and the stock exchange operating any
markets such number of copies of such supplement or replacement hereto as relevant applicable
legislation require.
To the extent permitted by the laws of any relevant jurisdiction neither the Arranger (as defined herein)
nor any Dealer nor any 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, and to the extent permitted by the
laws of any relevant jurisdiction, none of these persons accepts any responsibility for the accuracy and
completeness of the information contained in any of these documents.
The distribution of this Prospectus and of 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 or
any Final Terms come are required to inform themselves about and observe any such restrictions. For
a description of the restrictions applicable in the United States of America, the EEA and UK (in
general), the United Kingdom of Great Britain and Northern Ireland and Japan see the section "Selling
Restrictions". In particular, the Notes have not been and wil not be registered under the United States

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Securities Act of 1933, as amended (the "Securities Act"), and 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.
Prospective holders of Notes (each a "Holder") should note that the tax legislation of the investor's
member state and of the Issuer's country of incorporation may have an impact on the income received
from Notes. Prospective Holders should consult their tax advisers as to the relevant tax consequences
of the ownership and disposition of Notes.
The Final Terms in respect of any Notes may include a legend entitled "MiFID II Product
Governance" which will outline the target market assessment in respect of the Notes and which
channels for distribution of the Notes are appropriate. 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.
A determination wil be made in relation to each issue about whether, for the purpose of the MiFID
Product Governance rules under EU Delegated Directive 2017/593 (the "MiFID II 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 will be a
manufacturer for the purpose of the MiFID II Product Governance Rules.
If the Final Terms in respect of any Notes include a legend entitled "Prohibition of Sales to EEA and
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 EEA or in the
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; or (i ) a customer within the meaning of
Directive 2016/97/EU, as amended ("Insurance Distribution Directive"), where that customer would
not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (ii ) 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 or in the
UK has been prepared and therefore offering or selling the Notes or otherwise making them available
to any retail investor in the EEA or in the UK may be unlawful under the PRIIPs Regulation.
This Prospectus may only be used for the purpose for which it has been published.
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, the Dealer or Dealers (if any) named as
the stabilising manager(s) (or persons acting on behalf of any stabilising manager(s)) in the
relevant Final Terms may over allot 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 on or after the date
on which adequate public disclosure of the terms 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 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.
Each financial intermediary (the "Financial Intermediary") subsequently reselling or finally
placing Notes issued under the Programme is entitled to use this Prospectus as set out in
section "Consent to the Use of the Prospectus".
The information on any website included in this Prospectus, except where stated otherwise in this
Prospectus, are for information purposes only and do not form part of this Prospectus and has not been
scrutinized or approved by the FMA.

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Amounts payable under Notes with variable and/or structured interest rates may be calculated by
reference to: (i) EURIBOR (Euro Interbank Offered Rate) which is provided by the European Money
Markets Institute ("EMMI"); (i ) LIBOR (London Interbank Offered Rate) which is provided by the ICE
Benchmark Administration ("IBA"); (i i) PRIBOR which is provided by the Czech Financial Benchmark
Facility s.r.o. ("CFBF"); or (iv) a EUR Swap Rate which is provided by IBA. As at the date of this
Prospectus, EMMI, IBA and CFBF appear on the register of administrators and benchmarks
established and maintained by ESMA pursuant to Article 36 of Regulation (EU) 2016/1011, as
amended ("Benchmark Regulation"). The relevant Final Terms may set out specific (updated)
information in relation to the reference (interest) rate(s), administrator(s) and related information for
the respective issue of Notes.
THIRD PARTY INFORMATION
Where information has been sourced from a third party, RLB OÖ confirms that this information has
been accurately reproduced and that, as far as RLB OÖ is aware and is able to ascertain from
information published by that third party, no facts have been omitted which would render the
reproduced information inaccurate or misleading.
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. Forward-looking statements are based on
analyses or forecasts of future results and estimates of amounts not yet determinable or foreseeable.
These forward-looking statements may be 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 the Issuer's together with its consolidated subsidiaries' (together the "RLB OÖ
Group" or the "Group") business and management, 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 RLB OÖ Group'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. RLB OÖ
Group'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 section "Risk Factors" in this Prospectus. This section
includes more detailed descriptions of factors that might have an impact on RLB OÖ Group'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.

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TABLE OF CONTENTS
RESPONSIBILITY STATEMENT ............................................................................................................... 2
NOTICE
.......................................................................................................................................... 2
THIRD PARTY INFORMATION ................................................................................................................. 4
FORWARD-LOOKING STATEMENTS ...................................................................................................... 4
TABLE OF CONTENTS ............................................................................................................................. 5
RISK FACTORS ......................................................................................................................................... 7
RISK FACTORS REGARDING RLB OÖ ................................................................................................... 7
RISK FACTORS REGARDING THE NOTES .......................................................................................... 18
CONSENT TO THE USE OF THE PROSPECTUS ................................................................................. 33
GENERAL DESCRIPTION OF THE PROGRAMME ............................................................................... 34
ISSUE PROCEDURES ............................................................................................................................ 36
TERMS AND CONDITIONS OF THE NOTES ENGLISH LANGUAGE VERSION .................................. 38
OPTION I Terms and Conditions that apply to Notes with fixed interest rates ..................................... 39
OPTION II Terms and Conditions that apply to Notes with variable and/or structured interest
rates ............................................................................................................................................. 67
OPTION III Terms and Conditions that apply to zero coupon Notes .................................................. 102
TERMS AND CONDITIONS OF THE NOTES GERMAN LANGUAGE VERSION ............................... 130
OPTION I Anleihebedingungen für Schuldverschreibungen mit fester Verzinsung ............................ 131
OPTION II Anleihebedingungen für Schuldverschreibungen mit variabler und/oder
strukturierter Verzinsung............................................................................................................ 163
OPTION III Anleihebedingungen für Nul kupon-Schuldverschreibungen ........................................... 203
MUSTER ENDGÜLTIGE BEDINGUNGEN (FORM OF FINAL TERMS) ............................................ 236
DESCRIPTION OF RULES REGARDING RESOLUTIONS OF HOLDERS ......................................... 270
RAIFFEISENLANDESBANK OBERÖSTERREICH AKTIENGESELLSCHAFT .................................... 272
Independent Auditors ............................................................................................................................. 272
Incorporation ........................................................................................................................................... 272
Articles of Association ............................................................................................................................ 272
Organisational Structure ......................................................................................................................... 273
Business Overview ................................................................................................................................. 274
Segment Reporting ................................................................................................................................. 274
Management and Supervisory Bodies ................................................................................................... 276
Staff Council Representatives ................................................................................................................ 280
Conflicts of Interest ................................................................................................................................. 280
Control ing Persons ................................................................................................................................ 281
Borrowing and Funding Structure ........................................................................................................... 281
Expected Financing of the Issuer's Activities ......................................................................................... 281
Significant Changes and Material Adverse Changes ............................................................................. 281
Legal and Arbitration Proceedings ......................................................................................................... 282

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Material Contracts .................................................................................................................................. 282
Recent Events ........................................................................................................................................ 284
Known Trends affecting the Issuer and the Industries in which it operates ........................................... 285
SELLING RESTRICTIONS..................................................................................................................... 286
GENERAL INFORMATION .................................................................................................................... 289
Covered Bank Bonds .............................................................................................................................. 289
Use of Proceeds ..................................................................................................................................... 289
Green Bonds and Social Bonds ............................................................................................................. 289
Listing and Admission/Inclusion to Trading ............................................................................................ 290
Authorisation ........................................................................................................................................... 290
Interests of Natural and Legal Persons involved in the Issue/Offer ....................................................... 290
DOCUMENTS INCORPORATED BY REFERENCE ............................................................................. 291
DOCUMENTS AVAILABLE FOR INSPECTION .................................................................................... 292
GLOSSARY AND LIST OF ABBREVIATIONS ...................................................................................... 293

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RISK FACTORS
RISK FACTORS REGARDING RLB OÖ
Prospective investors should consider carefully the risks set forth below and the other information
contained in this Prospectus prior to making any investment decision with respect to any Notes.
Prospective investors should note that the risks described below are not the only risks the Issuer
faces. The Issuer has described only those risks relating to its business, operations, financial condition
or prospects that it considers to be material and specific and of which it is currently aware. There may
be additional risks that the Issuer currently considers not to be material and specific or of which it is
not currently aware, and any of these risks could have the effects set forth below.
Prospective investors should also read the detailed information set out elsewhere in this Prospectus
and should consult with their own professional advisers (including their financial, accounting, legal and
tax advisers) and reach their own views prior to making any investment decision.
Each of the Issuer related risks highlighted below could have a material adverse effect on the Issuer's
business, operations, financial condition or prospects which, in turn, could have a material adverse
effect on the amount of principal and interest (if applicable) which investors wil receive in respect of
any securities to be issued. In addition, each of the Issuer related risks highlighted below could
adversely affect the trading price of the Notes or the rights of investors under the Notes and, as a
result, investors could lose some or all of their investment.
The Issuer believes that the following factors may affect its ability to fulfil its obligations under the
Notes. Most of these factors are contingencies which may or may not occur and the Issuer is not in a
position to express an accurate view on the likelihood of any such contingency occurring.
The Issuer believes that the factors described below represent the principal risks inherent in investing
in the Notes, but the inability of the Issuer to pay interest, principal or other amounts on or in
connection with any Notes may occur for other reasons which may not be considered significant risks
by the Issuer based on information currently available to it or which it may not currently be able to
anticipate.
The risk factors herein are organised into categories depending on their nature (with the most material
risk factor mentioned first in each of the categories):
Risk factors regarding RLB OÖ Group's business operations
The Issuer may bear the risk of value losses of its investment portfolio (investment portfolio
risk).
The Issuer has a participation in Raiffeisen Bank International AG ("RBI") as wel as participation in
other companies. The results of this and other investments make a considerable contribution to the
Issuer's consolidated annual profit.
The investments of RLB OÖ are subject to various risks. In particular, they are exposed to general
business risks such as the risk of potential losses arising from market changes in the form of
fluctuating or changing interest rates, currency or share prices and prices in general (market risk), the
risk that the customers of companies in which the Issuer is invested are unable to meet their financial
obligations (credit risk), currency risks, the risk of unexpected losses due to insufficient or failed
internal procedures, systems and personnel policy, as well as the risk of external events (operational
risk), including the legal and regulatory risk and can be the object of legal disputes, be subjected to
official or governmental examinations, or confronted with changes to the applicable laws or official
practice, which can have a considerable negative effect on their business activities. The Issuer's
investments themselves are dependent upon the availability of liquidity and refinancing possibilities
and with their listed and unlisted participations are subject to an analogous investment risk, i.e. mainly
the risk that the capital invested in the participation does not generate any returns or loses value.
The countries and regions in which (direct or indirect) investments of the Issuer exist, especial y the
non-EU member states, are prone to greater political, economic and social changes and to the risks
related thereto, such as exchange rate fluctuations, alterations to the regulatory framework, official
measures, inflation, economic recession, negative effects on domestic markets, labour market
tensions linked to changes in socio-political values, ethnic tensions, declining birth-rates, etc.

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·
Participation risk relating to RBI
RBI constitutes the Issuer's largest equity investment. Currently, RLB OÖ indirectly holds a
participation of around 9.51 per cent. in RBI. The participation in RBI is reported by RLB OÖ at
equity.
The business activities of RBI, which disposes over participations in credit institutions and
leasing companies in Central Europe, South-Eastern Europe and various Commonwealth of
Independent States states, are dependent upon the business, political, legal, social and
economic environment, and in particular the development of the financial markets and the
political situation in Central and Eastern Europe ("CEE"). In addition to the risks mentioned
above, RBI, and thus also the Issuer's participation in RBI, is subject to the risks associated with
outbreaks of diseases and epidemics, such as the coronavirus ("COVID-19") pandemic, and the
measures that governments, companies and other persons take or fail to take to prevent the
spread of such epidemics. RBI Group's banking operations could be materially adversely
affected by inter alia a worsening of clients' ability to service their credit obligations or a legal
temporary moratorium on such obligations, a restriction on dividend payments from RBI's
subsidiaries to RBI or RBI to the Issuer or a worsening of the liquidity situation of RBI due to
stressed financial market conditions. All this could have a negative effect on the at equity
accounting of RBI in future consolidated financial statements of the Issuer.
In the 2019 fiscal year, RBI Group had to be written down again in the amount of EUR 126.7
million (2018: EUR 37.7 million). After taking into account the pro-rata income and other capital
changes, the IFRS carrying amount is EUR 959.5 million (2018: EUR 969.2 million) as of
31 December 2019.
Due to the COVID-19 pandemic and the related recession thereto in CEE, further impairment
might lead to further losses in value of the Issuer's investment.
·
Participation risk relating to HYPO Oberösterreich
The Issuer also holds a minority stake in the amount of 41.14 per cent. attributed in
Oberösterreichische Landesbank AG ("HYPO Oberösterreich") which is which is held via the
fully consolidated Hypo Holding GmbH and is reported at equity by RLB OÖ.
As a result of the difficult interest rate environment that is expected to continue, there was a
decline in value with a simultaneous increase of equity costs, while the pro-rata equity capital
increased further as a result of positive results assumed on a pro-rata basis in the 2019
financial year. This resulted in an impairment of EUR -12.4 million (2018: EUR +6.8 mil ion
value recovery) to an IFRS carrying amount of EUR 117.3 million (2018: EUR 122.5 mil ion) as
of 31 December 2019.
·
Participation risk relating to voestalpine AG
The Issuer holds a 75.65 per cent. participation in Raiffeisenlandesbank Oberösterreich Invest
GmbH & Co OG which holds for its part 13.54 per cent. in the capital shares of voestalpine AG
("voestalpine").
In the first three quarters of the 2019/20 financial year the operating result (EBIT) of voestalpine
group was negative at EUR -82.3 million. Due to the outbreak of the coronavirus (COVID-19)
and the ensuing government measures, the share price of the listed voestalpine experienced a
very volatile development.
The Issuer's proportional carrying amount in Raiffeisenlandesbank Oberösterreich Invest GmbH
& Co OG amounts to EUR 454.6 million as at 31 December 2019 (2018: EUR 477.3 million).
All of the above could have significant adverse effects on the Issuer in the future since dividend
payments to the Issuer might fail to be made, these investments might depreciate in whole or in part or
the Issuer might carry out other measures (such as disposal of investments).
The Issuer may be unable to meet its current or future payment obligations in full or on time
(liquidity risk).
Owing to the differing terms of receivables and payables of the Issuer, the risk exists that the Issuer
will either be unable to meet its current and future payment obligations in ful or on time, or that if
necessary, the required liquidity can only be obtained by the Issuer at excessive costs. Liquidity risk

9
includes for the Issuer the following risk components: (i) insolvency risk which includes the maturity
risk (unplanned extension of capital commitment duration of assets) and the call risk (premature
withdrawal of deposits, unexpected use of committed credit facilities); (i ) the liquidity maturity
transformation risk which includes the market liquidity risk (balance sheet assets may only be sold at
less favourable terms) and the refinancing risk (fol ow-on funding cannot be carried out or only at less
favourable terms).
Outbreaks of diseases like the corona virus (COVID-19) pandemic can have severe impacts on
banking operations, the social and economic environment, and financial market developments
and thus, could have a material adverse effect on the Issuer.
The Issuer is directly and through its clients and suppliers exposed to multiple risks in relation to the
COVID-19 pandemic and the measures taken by sovereigns, companies and others to prevent the
spread of the corona virus. The worldwide rapid spread of the COVID-19 pandemic and the resulting
business restrictions and cutbacks could lead to deterioration of financial conditions of the Issuer's
customers, in general, and certain businesses, e.g. construction, transportation, travel, tourism and
consumer durables, in particular. As a result, the Issuer's loan portfolio quality could suffer or
deteriorate, and non-performing loans may increase, because the Issuer's customers may not, or not
timely, be able to repay their loans, and/or collateral securing these loans may become insufficient. If
the economic conditions worsen, this could result in credit losses exceeding the amount of the Issuer's
loan loss provisions.
In response to the COVID-19 pandemic and the expected economic crises, governments in countries,
in which the Issuer operates have already taken and are likely to take unexperienced state
intervention measures, such as imposing payment moratoria, caps on interest rates, etc. to protect
their citizens (health), national economies, currencies or fiscal income, thereby incurring high fiscal
deficits. Any of these or similar state intervention measures could have a material adverse effect on
the Issuer's business, financial condition and results of operations through any individual or a
combination of less interest and fee income, higher risk costs or higher other costs.
Governmental measures to confine the COVID-19 pandemic may directly negatively impact the
Issuer's business operations should its employees fall ill, be isolated or should business premises be
locked or shut down. Also, travel restrictions may negatively affect the Issuer's operations, and may
also limit the Issuer's ability to source new business through personal visits of customers. Any of these
or similar governmental programs/measures may not be sufficient to curb the negative effects for the
economy in general and for the Issuer.
The Issuer offers financing under various government-guaranteed support programmes for small and
medium-sized enterprises, freelancers and large companies for which restriction regarding to the
amount of interest rates and fees exist. This may result in lower income or even a loss of income
which in turn may reduce the Issuer's operating result.
The COVID-19 pandemic may also have a negative impact on the market value of the assets that are
financed by the Issuer, serve as col ateral for the Issuer's repayment claims and/or are included in the
Issuer's cover pool. This is especial y a result of the risk of high vacancies in (or loss of rent in relation
to) commercial properties, such as hotels, retail centers, cancellation of trade fair halls and exhibitions,
and potential bankruptcies of tenants, sponsors, guarantors and other providers of collateral, which
may impair the solvency of clients of the Issuer and may lead to defaults under financings provided by
the Issuer.
Furthermore, the COVID-19 pandemic led already to a global and significant loss and increased
volatility in stock exchange prices at the end of the first quarter 2020 as wel as to a rise in spreads,
which might have a negative impact on the Issuer's refinancing costs.
The availability of low-cost refinancing sources may be insufficient for the Issuer (refinancing
risk).
The Issuer's profitability depends on its access to low-cost refinancing sources. Due to external factors
(e.g. financial market crisis) or a downgrade of the Issuer's credit rating access to refinancing sources
may be limited or more expensive. Additionally, the level of interest rates and the shape of the yield
curve affect the Issuer's refinancing costs.
The Issuer is rated by the credit rating agency Moody's Deutschland GmbH ("Moody's"). The Moody's
credit rating is an assessment of the Issuer's creditworthiness and the probability of a payment delay

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or default by the Issuer, based on creditworthiness criteria. A downgrade, suspension or withdrawal of
the credit rating would worsen the Issuer's competitiveness, due to increasing refinancing costs.
Moreover, it could limit the number of potential business partners of the Issuer and hence its access to
liquidity. It could also cause to the Issuer new payables of existing liabilities or the obligation to provide
collateral. The Issuer's credit rating exerts a major influence on the Issuer's refinancing costs.
As of the date of this Prospectus, the European Central Bank ("ECB") provides refinancing to
European financial institutions at the main refinancing rate (currently 0 per cent.) against collateral,
using its lending operations which are currently conducted as fixed rate tender procedures with ful
allotment. Any tightening of these conditions (interest rate, collateral standards, allotment procedures)
could increase the Issuer's funding costs and limit the Issuer's access to liquidity.
Furthermore, stable customer deposits are an important source of funding to the Issuer. Their
availability is influenced by various factors outside RLB OÖ's control, such as a loss of confidence of
depositors in either the economy in general, the financial services industry or the Issuer specifically,
rating downgrades, low interest rates and changes in the competitive situation of the Issuer These
factors may limit the Issuer's ability to maintain an adequate level of customer deposits at acceptable
terms.
Changes in interest rates and the decrease of interest rate margins can have significant
adverse effects on the Issuer's financial results, including net interest income.
The Issuer derives the majority of its operating income from net interest income. Interest rates are
sensitive to specific factors beyond the Issuer's control, such as inflation, monetary policies set by
central banks and national governments, the liberalisation of financial services and increased
competition in the markets in which the Issuer operates as wel as domestic and international
economic and political conditions. Changes in interest rates can affect the spread between the rate of
interest that the Issuer pays to borrow funds from its depositors and other lenders and the rate of
interest that it charges on loans it extends to its customers. If the interest margin decreases, net
interest income will also decrease unless the Issuer is able to compensate such decrease by
increasing the total amount of funds it lends to its customers. A decrease in rates charged to
customers will often have a negative effect on the Issuer's margins, particularly when interest rates on
deposit accounts are already very low. In an environment of negative market interest rates, this risk
also increases for the Issuer due to legal limitations relating to negative interest rates. If an interest
rate floor of 0 per cent. is applied to the Issuer's customer deposits and notes, and at the same time
negative interest rates on loans have to be passed on to the Issuer's borrowers either in part or in ful ,
this results in an asymmetry, which may have a material adverse effect on the Issuer's net interest
income. An increase in rates charged to the Issuer's customers can also negatively impact interest
income if it reduces the amount of customer borrowings. Furthermore, increasing interest rates
increase the debt service burden for the Issuer's borrowers and, therefore, might give rise to
increasing credit losses. For competitive reasons, the Issuer may also choose to raise rates of interest
it pays on deposits without being able to make a corresponding increase in the interest rates it
charges to its customers. Final y, a mismatch in the structure of interest-bearing assets and interest-
bearing liabilities in any given period could reduce the Issuer's net interest margin and have a material
adverse effect on its net interest income.
Losses for the Issuer could occur due to market price changes (market risk).
Financial market conditions exert a major influence on the business activities of the Issuer. Changes
and fluctuations in market interest rate levels (interest volatility), negative market interest rates, a flat
or inverse yield curve as well as changes and fluctuations of market prices in the currency, stock,
commodity and other markets can have a detrimental effect on the Issuer's business results. The
Issuer's earnings from trading transactions (interest rate trading, foreign exchange trading and
securities trading) could decline due to unfavourable market or economic conditions, especially a
widening of credit spreads or an inverse interest rate curve. Disadvantageous developments in the
financial markets may not only be triggered by purely economic events, but also by war, terror attacks
(such as terror attacks of the Islamic State (IS)), natural disasters, interest rate and monetary policy of
national banks, tax policy or other similar occurrences. Shifts in the financial markets can lead to
higher costs for the capital and cash provisions of the Issuer and depreciation requirements with
regard to existing asset items, especial y participations held by the Issuer. Furthermore, should this
market risk materialise, it could also have a negative impact upon the demand for the services and
financial products offered by the Issuer.