Obligation AutobahnFinanz 4.5% ( XS0325876661 ) en EUR

AutobahnFinanz

100 % ▼

Autriche

XS0325876661 ( en EUR )

4.5% par an ( paiement annuel )

16/10/2017 - Obligation échue

Prospectus brochure de l'obligation Autobahnen-Und Schnellstrassen Finanzierungs XS0325876661 en EUR 4.5%, échue

50 000 EUR

1 300 000 000 EUR

Le financement des autoroutes et des routes rapides allemandes (Autobahnen und Schnellstraßen) repose principalement sur des taxes sur les carburants et un budget fédéral, avec des contributions variables des Länder (États fédérés) pour certains projets.

L'Obligation émise par AutobahnFinanz ( Autriche ) , en EUR, avec le code ISIN XS0325876661, paye un coupon de 4.5% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 16/10/2017

Autobahnen- und Schnellstraßen-Finanzierungs-
Aktiengesellschaft
(incorporated with limited liability in the Republic of Austria)
12,000,000,000
Guaranteed Euro Medium Term Note Programme
Guaranteed by the
Republic of Austria
Under the Guaranteed Euro Medium Term Note Programme (the "Programme") described in this prospectus (the "Prospectus"),
Autobahnen- und Schnellstraßen-Finanzierungs-Aktiengesellschaft ("ASFINAG" or the "Issuer"), subject to compliance with all
relevant laws, regulations and directives (including but not limited to the laws of the United Kingdom and Austria (such as the
Austrian Capital Market Act or Austrian Stock Exchange Act)), may from time to time issue Guaranteed Euro Medium Term
Notes in a minimum denomination of 100,000 (or its equivalent in any other currency as at the date of issue of the Notes) (the
"Notes") guaranteed by the Republic of Austria (the "Guarantor"). The aggregate nominal amount of Notes outstanding will not
at any time exceed 12,000,000,000 (or the equivalent in other currencies).
This Prospectus does not constitute a prospectus within the meaning of Regulation (EU) No 2017/1129 of the European
Parliament and of the Council of 14 June 2017 (the "Prospectus Regulation") or Regulation (EU) No 2017/1129 as it forms part
of domestic law by virtue of the European Union (Withdrawal) Act 2018 ("EUWA") ("the UK Prospectus Regulation"). Neither
the Luxembourg Financial Supervisory Authority, the Commission de Surveillance du Secteur Financier, nor any other
"competent authority" (as defined in the Prospectus Regulation and the UK Prospectus Regulation, respectively) has approved
this Prospectus or reviewed information contained in this Prospectus.
This Prospectus constitutes an alleviated base prospectus for the purpose of Chapter 2 of Part III of the Luxembourg Law of 16
July 2019 on Prospectuses for Securities (the "Prospectus Act"). Application has been made to the Luxembourg Stock Exchange
for Notes issued under the Programme up to the expiry of 12 months from the date of this Prospectus to be listed on the official
list (the "Official List") of the Luxembourg Stock Exchange and admitted to trading on the Luxembourg Stock Exchange's
regulated market, which is an EU-regulated market for the purposes of the Market and the Financial Instruments Directive
2014/65/EU (as amended, "MiFID II"). Application has been made to the Vienna Stock Exchange (Wiener Börse AG) for the
Programme as a whole and for such Notes intended to be listed and traded on the "Official Market" (Amtlicher Handel, and,
together with the regulated market of the Luxembourg Stock Exchange, the "Markets") which is an EU-regulated market for the
purposes of MiFID II. However, Notes issued under the Programme may also be listed on any other stock exchange (subject to
applicable law) or may be unlisted.
Each Series (as defined herein) of Notes in bearer form will be represented on issue by a temporary global note in bearer form
(each a "temporary Global Note") or a permanent global note in bearer form (each a "permanent Global Note" and, together
with the temporary Global Note, each a "Global Note"). If the Global Notes are stated in the applicable Final Terms to be issued
in new global note ("NGN") form, the Global Notes will be delivered on or prior to the original issue date of the relevant
Tranche of Notes (as defined in "Description of the Programme Method of Issue") to a common safekeeper (the "Common
Safekeeper") for Euroclear Bank SA/NV ("Euroclear") and Clearstream Banking S.A. ("Clearstream, Luxembourg"). Notes in
registered form will be represented by registered certificates (each a "Certificate"), one Certificate being issued in respect of the
entire holding of each holder of a Note (each a "Noteholder") of registered notes of one Series. Registered notes issued in global
form will be represented by registered global certificates ("Global Certificates"). If a Global Certificate is held under the New
Safekeeping Structure (the "NSS"), the Global Certificate will be delivered on or prior to the original issue date of the relevant
Tranche to a Common Safekeeper for Euroclear and Clearstream, Luxembourg.
Global Notes which are not issued in NGN form ("Classic Global Notes" or "CGNs") and Global Certificates which are not held
under the NSS will be deposited on the issue date of the relevant Tranche with a common depositary on behalf of Euroclear and
Clearstream, Luxembourg (the "Common Depositary") or with OeKB CSD GmbH ("OeKB CSD") or a depositary for OeKB
CSD. The provisions governing the exchange of interests in Global Notes are described in "Overview of Provisions Relating to
the Notes while in Global Form".
The Programme has been rated by Moody's Deutschland GmbH ("Moody's") and by S&P Global Ratings Europe Limited
(Niederlassung Deutschland) ("Standard & Poor's"). The credit ratings included or referred to in this Prospectus will be treated
for the purposes of Regulation (EC) No 1060/2009 on credit rating agencies, as amended (the "CRA Regulation"), as having
been issued by Moody's and Standard & Poor's. Moody's and Standard & Poor's are established in the European Union and

registered under the CRA Regulation. Moody's is not established in the United Kingdom but the rating it has given to the
Programme is endorsed by Moody's Investors Service Limited, which is established in the United Kingdom and registered with
the Financial Conduct Authority. Standard & Poor's is not established in the United Kingdom but the rating it has given to the
Programme is endorsed by S&P Global Ratings UK Limited, which is established in the United Kingdom and registered under
Regulation (EC) No 1060/2009 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.
Tranches of Notes will be rated or unrated. Where a Tranche of Notes is to be rated, such rating will not necessarily be the same
as the ratings assigned to the Programme. Whether or not a rating in relation to any Tranche of Notes will be treated as having
been issued by a credit rating agency established in the European Union and registered under the CRA Regulation will be
disclosed in the relevant Final Terms. A list of rating agencies registered under the CRA Regulation can be found at
https://www.esma.europa.eu/supervision/credit-rating-agencies/risk. A security 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 rating agency.
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.
Arrangers for the Programme
Deutsche Bank
Raiffeisen Bank International AG
Dealers
Citigroup
Crédit Agricole CIB
Deutsche Bank
DZ BANK AG
Erste Group Bank AG
HSBC
J.P. Morgan
Morgan Stanley
Raiffeisen Bank International AG
UniCredit
Dated 2 September 2022
2

The Issuer accepts responsibility for the information contained in this Prospectus and the Final Terms.
The Issuer has taken all reasonable care to ensure that the information contained in this Prospectus
and the Final Terms is, to the best of its knowledge, in accordance with the facts and that this
Prospectus as completed by the Final Terms in relation to any Notes makes no omission likely to affect
its import.
This Prospectus is to be read in conjunction with all documents which are incorporated herein by
reference (see "Documents Incorporated by Reference").
No person has been authorised to give any information or to make any representation other than those
contained in this Prospectus in connection with the issue or sale of the Notes and, if given or made, such
information or representation must not be relied upon as having been authorised by the Issuer, the
Guarantor or any of the Dealers or the Arrangers (as defined in "Description of the Programme").
Neither the delivery of this Prospectus nor any sale made in connection herewith shall, under any
circumstances, create any implication that there has been no change in the affairs of the Issuer since the
date hereof or the date upon which this Prospectus has been most recently amended or supplemented or
that there has been no adverse change in the financial position of the Issuer since the date hereof or the
date upon which this Prospectus has been most recently amended or supplemented or that any other
information supplied in connection with the Programme is correct as of any time subsequent to the date
on which it is supplied or, if different, the date indicated in the document containing the same. This
Prospectus may only be used for the purposes for which it has been published.
The distribution of this Prospectus and the offering or sale of the Notes in certain jurisdictions may be
restricted by law. Persons into whose possession this Prospectus comes are required by the Issuer, the
Dealers and the Arrangers to inform themselves about and to observe any such restriction. The Notes
have not been and will not be registered under the United States Securities Act of 1933 (the "Securities
Act") and include Notes in bearer form that are subject to U.S. tax law requirements. Subject to certain
exceptions, Notes may not be offered, sold or delivered within the United States or to U.S. persons. For
a description of certain restrictions on offers and sales of Notes and on distribution of this Prospectus,
see "Subscription and Sale".
The Notes may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are
accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection
73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-
103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the
Notes must be made in accordance with an exemption from, or in a transaction not subject to, the
prospectus requirements of applicable securities laws. Securities legislation in certain provinces or
territories of Canada may provide a purchaser with remedies for rescission or damages if this
Prospectus (including any amendment thereto) contains a misrepresentation, provided that the
remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by
the securities legislation of the purchaser's province or territory. The purchaser should refer to any
applicable provisions of the securities legislation of the purchaser's province or territory for particulars
of these rights or consult with a legal advisor. Pursuant to section 3A.3 (or, in the case of securities
issued or guaranteed by the government of a non-Canadian jurisdiction, section 3A.4) of National
Instrument 33-105 Underwriting Conflicts (NI 33-105), the Dealers are not required to comply with the
disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this
offering.
This Prospectus does not constitute an offer of, or an invitation by or on behalf of the Issuer or the
Dealers to subscribe for, or purchase, any Notes.
3

To the fullest extent permitted by law, no Dealer or Arranger accepts any responsibility for the contents
of this Prospectus or for any other statement, made or purported to be made by an Arranger or a
Dealer or on its behalf in connection with the Issuer, the Guarantor or the issue and offering of the
Notes. Each Arranger and each Dealer accordingly disclaims all and any liability whether arising in
tort or contract or otherwise (save as referred to above) which it might otherwise have in respect of this
Prospectus or any such statement. The Arrangers and the Dealers have not separately verified the
information contained in this Prospectus. None of the Dealers or the Arrangers makes any
representation, express or implied, or accepts any responsibility, with respect to the accuracy or
completeness of any of the information in this Prospectus. Neither this Prospectus nor any financial
statements incorporated by reference herein are intended to provide the basis of any credit or other
evaluation and should not be considered as a recommendation by any of the Issuer, the Guarantor, the
Arrangers or the Dealers that any recipient of this Prospectus or any other financial statements should
purchase the Notes. Each potential purchaser of Notes should determine for itself the relevance of the
information contained in this Prospectus and its purchase of Notes should be based upon such
investigation as it deems necessary. None of the Dealers or the Arrangers undertakes to review the
financial condition or affairs of the Issuer or the Guarantor during the life of the arrangements
contemplated by this Prospectus nor to advise any investor or potential investor in the Notes of any
information coming to the attention of any of the Dealers or the Arrangers.
In connection with the issue of any Tranche (as defined in "Description of the Programme - Method of
Issue"), the Dealer or Dealers (if any) named as the stabilising manager(s) (the "Stabilising
Manager(s)") (or any person acting on behalf of any Stabilising Manager(s)) 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, there is no assurance that the Stabilising Manager(s) (or any
person acting on behalf of any Stabilising Manager) will undertake stabilisation action. 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 is made and, if begun, may be ended at any time, but it must end no
later than the earlier of 30 days after the issue date of the relevant Tranche and 60 days after the date of
the allotment of the relevant Tranche. Any stabilisation action or over- allotment must be conducted by
the relevant Stabilising Manager(s) (or any person acting on behalf of any Stabilising Manager(s)) in
accordance with all applicable laws and rules (including but not limited to the laws of the United
Kingdom and Austria (such as Regulation (EU) No 596/2014 of the European Parliament and of the
Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC
of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC
and 2004/72/EC, the Prospectus Regulation, the Austrian Capital Market Act or the Austrian Stock
Exchange Act)).
In this Prospectus, unless otherwise specified or the context otherwise requires, references, to "¥" and
"JPY" are to Japanese yen, to "CHF" are to Swiss francs, to "£", "GBP", "Sterling" or "pounds" are
to pounds sterling and to "", "EUR", "Euro" and "euro" are to the currency introduced at the start
of the third stage of the European economic and monetary union pursuant to the Treaty establishing
the European Union and as defined in Article 2 of Council Regulation (EC) No 974/98 of 3 May 1998 on
the introduction of the Euro, as amended from time to time.
Certain alternative performance measures ("APMs") as described in the European Securities and
Markets Authority Guidelines on Alternative Performance Measures (the "ESMA Guidelines")
published on 5 October 2015 by the European Securities and Markets Authority ("ESMA") and which
came into force on 3 July 2016 are included or referred to in this Prospectus. APMs are not defined in
accordance with international financial reporting standards ("IFRS") accounting standards and are
used by the Issuer within its financial publications to supplement disclosures prepared in accordance
4

with other regulations. The Issuer considers that these measures provide useful information to enhance
the understanding of financial performance. The APMs should be viewed as complementary to, rather
than a substitute for, the figures determined according to other regulatory measures, including the
Issuer's operating results as reported under IFRS.
MiFID II product governance / target market - 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 will 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 II Product Governance
Rules"), any Dealer subscribing for any Notes is a manufacturer in respect of such Notes, but otherwise
neither the Arrangers nor the Dealers nor any of their respective affiliates will be a manufacturer for
the purpose of the MiFID II Product Governance Rules. Furthermore, the Issuer is not a manufacturer
or distributor for the purpose of the MiFID II Product Governance Rules.
UK MiFIR product governance / target market The Final Terms in respect of any Notes may include
a legend entitled "UK MiFIR 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 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 will be made in relation to each issue about whether, for the purpose of the UK MiFIR
Product Governance Rules, any Dealer subscribing for any Notes is a manufacturer in respect of such
Notes, but otherwise neither the Arrangers nor the Dealers nor any of their respective affiliates will be a
manufacturer for the purpose of the UK MiFIR Product Governance Rules. Furthermore, the Issuer is
not a manufacturer or distributor for the purpose of the UK MiFIR Product Governance Rules.
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 European Economic Area
("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 (ii) a customer within the meaning of Directive
2016/97/EU as amended, where that customer would not qualify as a professional client as defined in
point (10) of Article 4(1) of MiFID II. 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.
If the Final Terms in respect of any Notes include 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
5

point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the
EUWA or (ii) a customer within the meaning of the provisions of the Financial Services and Markets
Act 2000 (the "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.
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 PRIIPs Regulation") for offering or selling 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.
The Final Terms in respect of any Notes offered on the basis of this Prospectus may specify that the
interest amounts payable under the relevant Notes may be calculated by reference to the Euro
Interbank Offered Rate ("EURIBOR"), which is currently provided by European Money Markets
Institute ("EMMI"). As at the date of this Prospectus, EMMI appears on the register of administrators
and benchmarks established and maintained by ESMA pursuant to Article 36 of Regulation (EU) No
2016/1011 (the "Benchmark Regulation").
6

Table of Contents
Page
DOCUMENTS INCORPORATED BY REFERENCE ...................................................................................... 8
SUPPLEMENTARY PROSPECTUS ................................................................................................................. 9
RISK FACTORS ...............................................................................................................................................10
DESCRIPTION OF THE PROGRAMME ........................................................................................................18
TERMS AND CONDITIONS OF THE NOTES ..............................................................................................24
OVERVIEW OF PROVISIONS RELATING TO THE NOTES WHILE IN GLOBAL FORM ......................51
USE OF PROCEEDS ........................................................................................................................................57
GUARANTEE BY THE REPUBLIC OF AUSTRIA AND METHOD OF ITS USE FOR AN ISSUE OF
NOTES .....................................................................................................................................................58
ASFINAG .........................................................................................................................................................59
FINANCIAL STATEMENTS OF THE GROUP ..............................................................................................67
TAXATION WARNING ...................................................................................................................................70
SUBSCRIPTION AND SALE ..........................................................................................................................71
FORM OF FINAL TERMS ...............................................................................................................................75
GENERAL INFORMATION ............................................................................................................................84
DEFINITIONS ..................................................................................................................................................86
RESPONSIBILITY STATEMENT ...................................................................................................................94
SCHEDULE THE MASTER GUARANTEE 2022 .......................................................................................95
7

DOCUMENTS INCORPORATED BY REFERENCE
This Prospectus should be read and construed in conjunction with the audited consolidated annual financial
statements of the Issuer and the Issuer's subsidiaries and downstream affiliates taken as a whole (the "Group")
for the financial years ended 31 December 2021 (www.asfinag.at/media/vdnhdjeg/jahresfinanzbericht-
2021.pdf) and 2020 (www.asfinag.at/media/5589/jahresfinanzbericht-2020.pdf) (together in each case with
the audit report thereon), each of which have been previously published or are published simultaneously with
this Prospectus. Such documents shall be incorporated in, and form part of this Prospectus, save that any
statement contained in a document which is incorporated by reference herein shall be deemed to be modified
or superseded for the purpose of this Prospectus to the extent that a statement contained herein modifies or
supersedes such earlier statement (whether expressly, by implication or otherwise).
Copies of documents incorporated by reference in this Prospectus may be obtained without charge from the
specified offices of each of the Paying Agents and the Issuer during normal business hours, or at the website
of the Issuer under www.asfinag.at/ueber-uns/investor-relations.
For ease of reference, the tables below set out the relevant page references for the financial statements, the
notes to the financial statements and the auditors' reports of the Issuer and the Group for the year ended
31 December 2021 as set out in the Issuer's Consolidated Financial Statements 2021 ("Jahresfinanzbericht
2021") and for the year ended 31 December 2020 as set out in the Issuer's Consolidated Financial Statements
2020 ("Jahresfinanzbericht 2020"), each of which was drawn up in accordance with International Financial
Reporting Standards ("IFRS"). Any information not listed in the cross-reference table but included in the
documents incorporated by reference is given for information purposes only.
Information contained in the documents incorporated by reference into this Prospectus, which is not itself
incorporated by reference, is either not relevant for investors or else is covered elsewhere in this Prospectus.
Consolidated Financial Statements 2021 ("Jahresfinanzbericht 2021")
Consolidated Income Statement .........................................................................................
Page 88
Consolidated Balance Sheet ...............................................................................................
Page 89
Consolidated Cash Flow Statement ....................................................................................
Page 90
Notes to the consolidated financial statements ("Konzernanhang") ...................................
Pages 92-162
Unqualified auditor's report ("Bestätigungsvermerk") .......................................................
Pages 79-87
Consolidated Financial Statements 2020 ("Jahresfinanzbericht 2020")
Consolidated Balance Sheet ...............................................................................................
Page 81
Consolidated Income Statement .........................................................................................
Page 82
Consolidated Cash Flow Statement ....................................................................................
Page 85
Notes to the consolidated financial statements ("Konzernanhang") ...................................
Pages 86-148
Unqualified auditor's report ("Bestätigungsvermerk") .......................................................
Pages 73-80
8

SUPPLEMENTARY PROSPECTUS
The Issuer has given an undertaking to the Dealers that, in each case, if at any time during the duration of the
Programme there is a significant new factor, material mistake or material inaccuracy relating to information
contained in this Prospectus which is capable of affecting the assessment of any Notes to be offered or listed
under this Prospectus whose inclusion in this Prospectus or removal is necessary for the purpose of allowing
an investor to make an informed assessment of the assets and liabilities, financial position, profits and losses
and prospects of the Issuer, the rights attaching to the Notes and the reasons for the issuance and its impact on
the Issuer, the Issuer shall prepare an amendment or 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
such number of copies of such supplement hereto as such Dealer may reasonably request.
9

RISK FACTORS
Prospective investors should carefully review the following risk factors in conjunction with the other
information contained in this Prospectus before making an investment decision and deciding to purchase any
Notes. Should one or more of the risks described below individually or together with other circumstances
materialise, this may have a material adverse effect on the business, prospects, shareholders' equity, net
assets, financial condition and results of operations (Vermögens-, Finanz- und Ertragslage) or general affairs
of the Issuer. Moreover, if any of these risks occur, the market price of the Notes and the likelihood that the
Issuer will be in a position to fulfil its respective payment obligations under the Notes may decrease, in which
case the holders of the Notes (the "Noteholders" and each of them a "Noteholder") could lose all or part of
their investments in the Notes. Factors which the Issuer believes may be material for the purpose of assessing
the market risks associated with the Notes are also described below.
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 the
Notes may occur for other reasons which may not be considered significant risks by the Issuer based on
information currently available to the Issuer or which it may not currently be able to anticipate. Additional
risks of which the Issuer is not presently aware could also affect the business operations, financial conditions
and results of operations of the Issuer and have a material adverse effect on the Issuer's business activities
and financial condition and results of operations. Prospective investors should read the detailed information
set out elsewhere in this Prospectus (including any documents incorporated by reference herein) and reach
their own views prior to making any investment decision.
The following risk factors are organised in categories depending on their respective nature. In each category,
the most material risk factors, based on the probability of their occurrence and the expected magnitude of
their negative impact, are mentioned first. The order in which the other risks under a category are presented
does not provide an indication on the probability of their occurrence and the expected magnitude of their
negative impact.
Risk factors that are specific and material to the Issuer
The Issuer may in the future experience deterioration of its creditworthiness and increased refinancing
costs.
The Issuer may in the future be exposed to the risk of a deterioration of the rating of the Republic of Austria,
which would cause a deterioration of the rating of the Issuer's liabilities and lead to an increase of the risk
premium for the Issuer's liabilities, that is any Notes issued, which are guaranteed by the Republic of Austria.
The refinancing costs of the Issuer could in this case increase and this would have a negative impact on the
economic performance of the Issuer.
The Issuer is subject to significant risk of a poor economic growth in Austria and the surrounding
countries, which could lead to a significant decline in revenues or increase in costs.
Poor economic growth in Austria and the surrounding countries, as well as poor global conditions could lead
to a significant decline in the usage of toll roads operated by the Issuer and, thus, to a significant drop in
revenues of the Issuer. Since December 2019, a novel strain of coronavirus known as SARS-CoV-2 has
spread worldwide, starting in China and has reached the status of a pandemic ("COVID-19"). In 2020 and
2021, quarantines and curfews were imposed worldwide. This led to severely negative effects on parts of
industry, trade and tourism, leading in part to less traffic on the roads and, thus, according revenue declines
for the Issuer. Although the situation started to improve in 2021, particularly in the second half of the year,
10