EVN AG (Maria Enzersdorf, Republic of Austria)

JPY 12,000,000,000 3.13 % Notes of 2009/2024 Issue Price: 100 %

EVN AG, Maria Enzersdorf, Austria (the ‘‘Issuer’’) will issue on 7 January 2009 (the ‘‘Issue Date’’) JPY 12,000,000,000 3.13 % Notes (the ‘‘Notes’’). The Notes will be redeemed at par on 9 January 2024. The Notes will bear interest from and including 7 January 2009 to, but excluding, 9 January 2024 at a rate of 3.13 % per annum, payable semi-annually in arrear on 9 July and 9 January in each year, commencing on 9 July 2009 (long first coupon).

This prospectus dated 2 January 2009 (the ‘‘Prospectus’’) constitutes a prospectus within the meaning of Article 5 of the Directive 2003/71/EC of the European Parliament and the Council of 4 November 2003 (the ‘‘Prospectus Directive’’). This Prospectus will be published in electronic form together with all documents incorporated by reference on the website of the Luxembourg Stock Exchange (www.bourse.lu). This Prospectus has been approved by the Commission de Surveillance du Sector Financier of the Grand Duchy of Luxembourg (the “CSSF”) in its capacity as competent authority under the Luxembourg Law relating to prospectuses (Loi relative aus prospectus pour valeurs mobilières), which implements Directive 2003/71/EC of the Eurpoean Parliament and the Council of 4 November 2003.

Application has been made to list the Notes on the official list of the Luxembourg Stock Exchange and admit the Notes to trading on the regulated market of the Luxembourg Stock Exchange (‘‘Bourse de Luxembourg’’), a market appearing on the list of regulated markets issued by the E.C. pursuant to Directive 2004/39/EC of 21 April 2004 on markets in financial instruments.

Lead Manager

Deutsche Bank 2

RESPONSIBILITY STATEMENT EVN AG as Issuer with its registered office in Maria Enzersdorf, Austria, accepts responsibility for the information contained in this Prospectus, including the information incorporated into this Prospectus by reference, and hereby declares that, having taken all reasonable care to ensure that such is the case, the information contained in this Prospectus is, to the best of its knowledge, in accordance with the facts and contains no omission likely to affect its importance.

NOTICE The Issuer confirms that (i) this Prospectus contains all information with respect to the Issuer and to the Notes which is material in the context of the issue and sale of the Notes, including all information which, according to the particular nature of the Issuer and of the Notes, is necessary to enable investors and their investment advisers to make an informed assessment of the assets and liabilities, financial position, profits and losses, and prospects of the Issuer and of the rights attached to the Notes; (ii) the statements contained in this Prospectus relating to the Issuer and the Notes are in all material respects true and accurate and not misleading; (iii) there are no other facts in relation to the Issuer or the Notes the omission of which would, in the context of the issue and sale of the Notes, make any statement in this Prospectus misleading in any material respect; and (iv) all reasonable enquiries have been made by the Issuer to ascertain such facts and to verify the accuracy of all such information and statements.

This Prospectus contains certain forward-looking statements, including statements using the words ‘‘believes’’, ‘‘anticipates’’, ‘‘intends’’, ‘‘expects’’ or other similar terms. This applies in particular to statements under the caption ‘‘BUSINESS OF EVN AG’’ and statements elsewhere in this Prospectus relating to, among other things, the future financial performance, plans and expectations regarding developments in the business of the Issuer. These forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that may cause the actual results, including the financial position and profitability of the Issuer, to be materially different from or worse than those expressed or implied by these forward-looking statements. The Issuer does not assume any obligation to update such forward-looking statements and to adapt them to future events or developments.

No person has been authorised to give any information or to make any representation other than those contained in this Prospectus and, if given or made, such information or representations must not be relied upon as having been authorised by or on behalf of the Issuer or Deutsche Bank AG, London Branch as lead manager (the ‘‘Lead Manager’’).

Neither the delivery of this Prospectus nor any offering, sale or delivery of any Notes made hereunder shall, under any circumstances, create any implication (i) that the information in this Prospectus is correct as of any time subsequent to the date hereof or, as the case may be, subsequent to the date on which this Prospectus has been most recently supplemented, or (ii) that there has been no adverse change in the financial situation of the Issuer which is material in the context of the issue and sale of the Notes since the date of this Prospectus or, as the case may be, the date on which this Prospectus has been most recently supplemented, or the balance sheet date of the most recent financial statements which are deemed to be incorporated into this Prospectus by reference, or (iii) that any other information supplied in connection with the issue of the Notes is correct at any time subsequent to the date on which it is supplied or, if different, the date indicated in the document containing the same.

Each investor contemplating purchasing any Notes should make its own independent investigation of the financial condition and affairs, and its own appraisal of the creditworthiness, of the Issuer. This Prospectus does not constitute an offer of Notes or an invitation by or on behalf of the Issuer or the Lead Manager to purchase any Notes. Neither this Prospectus nor any other information supplied in connection with the Notes should be considered as a recommendation by the Issuer or the Lead Manager to a recipient hereof and thereof that such recipient should purchase any Notes. This Prospectus may not be used for or in connection with any offer or invitation by anybody in any jurisdiction or in any circumstances in which such offer or invitation is unlawful or unauthorised.

No action has been taken by the Issuer or the Lead Manager other than as set out in this Prospectus that would permit a public offering of the Notes, or possession or distribution of this Prospectus or any other offering material in any country or jurisdiction where action for that purpose is required. Accordingly, no Notes may be offered or sold, directly or indirectly, and neither this Prospectus (nor any part hereof) nor any offering circular, prospectus, form of application, advertisement or other offering materials may be issued, distributed or published in any country or jurisdiction except in compliance with applicable laws, orders, rules and regulations, and the Lead Manager has represented that all offers and sales by it have been made on such terms.

The distribution of this Prospectus (or of any part thereof) and the offer, sale and delivery of the Notes in certain jurisdictions may be restricted by law. Persons into whose possession this Prospectus (or any part thereof) comes are required by the Issuer and the Lead Manager to inform themselves about and to observe any such restrictions. In particular, the Notes represent obligations of the Issuer only, and do not represent obligations of the Lead Manager or any of its affiliates or any affiliate of the Issuer or any other third person or entity.

For a further description of certain restrictions on offerings and sales of the Notes and distribution of this Prospectus (or of any part thereof) see ‘‘Subscription and Sale’’.

THE NOTES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE ‘‘SECURITIES ACT’’) AND INCLUDE NOTES IN BEARER FORM THAT ARE SUBJECT TO U.S. TAX LAW REQUIREMENTS. SUBJECT TO CERTAIN EXCEPTIONS, THE NOTES MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE UNITED STATES OR TO U.S. PERSONS.

In this Prospectus, all references to ‘‘€’’, ‘‘EUR’’ or ‘‘Euro’’ are to the single currency which was introduced on January 1, 1999 with the start of the third stage of European Economics and Monetary Union.

TABLE OF CONTENTS Page Summary ...... 6 Summary regarding the Notes...... 6 Summary regarding Risk Factors ...... 9 Summary regarding EVN AG...... 11 Risk Factors ...... 13 Risk Factors regarding EVN AG...... 13 Risk Factors regarding the Notes ...... 14 Anleihebedingungen/ Conditions of Issue ...... 17 General Information about EVN AG...... 34 History, Foundation, Registered Office and Financial Year...... 34 Corporate Purpose...... 34 Share Capital ...... 34 Major Shareholders...... 34 Organizational Structure ...... 35 Administrative, Management and Supervisory Bodies ...... 36 Board Practices...... 38 Employees as of 30 September 2008...... 39 Statutory Auditors ...... 40 Selected Financial Information ...... 41 Condolidated Balance Sheet of EVN Group...... 41 Condolidated Income Statement of EVN Group...... 42 Consolidated Cash Flow Statement of EVN Group...... 42 Trend Information...... 43 Business of EVN AG ...... 43 Overview of EVN Group...... 43 Principal Markets...... 46 Litigation and Arbitration Proceedings ...... 47 Recent Developments...... 47 Financial Information concerning EVN’s Assets and Liabilities, Financial Position and Profits and Losses...... 47 Historical Financial Information...... 47 Significant change in EVN AGs financial or trading position ...... 47 Use of Proceeds ...... 47 Taxation...... 48 Subscription and Sale...... 52 Subscription and Sale ...... 52

Interest of Natural and Legal Persons involved in the Issue ...... 52 Selling Restrictions ...... 52 General Information ...... 55 Reason for the Offer and Authorisation ...... 55 Payment Information...... 55 Listing and Admission to Trading...... 55 Security Codes...... 55 Ratings ...... 55 Documents on Display ...... 55 Yield of the Notes...... 56 Expenses of the Issue...... 56 Documents Incorporated by Reference ...... 57 Documents incorporated by Reference ...... 57 Comparative Table of Documents incorporated by Reference...... 57 Availability of Incorporated Documents ...... 57

SUMMARY The following constitutes a summary (the ‘‘Summary’’) of the essential characteristics of and risks associated with the Issuer and the Notes. This Summary should be read as an introduction to this Prospectus. It does not purport to be complete and is taken from, and is qualified in its entirety by reference to the detailed information appearing elsewhere in this Prospectus. Any decision by an investor to invest in the Notes should be based on consideration of this Prospectus as a whole. Where a claim relating to the information contained in this Prospectus is brought before a court, the plaintiff investor might, under the national legislation of such court, have to bear the costs of translating the Prospectus before the legal proceedings are initiated. Civil liability attaches to those persons who have tabled this Summary including any translation thereof, and applied for its notification, but only if the Summary is misleading, inaccurate or inconsistent when read together with the other parts of this Prospectus.

As used within the Summary, ‘‘EVN AG’’ and ‘‘Issuer’’ refer solely to the parent company of the EVN Group. ‘‘EVN Group’’ and ‘‘EVN’’ refers to EVN AG and its consolidated subsidiaries. Expressions defined in the Conditions of Issue (see below ‘‘Conditions of Issue’’) shall have the same meaning within this Summary. SUMMARY REGARDING THE NOTES

Issuer EVN AG Aggregate Principal JPY 12,000,000,000 Amount Lead Manager Deutsche Bank AG, London Branch Fiscal Agent Deutsche Bank Aktiengesellschaft Paying Agent in Deutsche Bank Luxembourg S.A. Luxembourg Issue Price 100 % Issue Date and Interest 7 January 2009 Commencement Date Maturity Date 9 January 2024

Denominations The Notes are issued in denomination of JPY 500,000,000 each. The Notes will initially be represented by a temporary global bearer Note Form of the Notes (the ‘‘Temporary Global Note’’) without interest coupons which will be deposited with a common depository for Clearstream Banking société anonyme, Luxembourg and Euroclear Bank SA/NV (“Euroclear”) (together, the ‘‘Clearing Systems’’). Notes represented by the Temporary Global Note will be exchangeable for Notes represented by a permanent global bearer Note (the ‘‘Permanent Global Note’’, and each of the Temporary Global Note and the Permanent Global Note, a ‘‘Global Note’’) without interest coupons not earlier than 40 days after the Issue Date in accordance with the provisions set out in the Conditions of Issue. In particular such exchange and any payment of interest on Notes represented by the Temporary Global Note shall only be made upon delivery of certifications as to non-U.S. beneficial ownership in accordance with the rules and operating procedures of the Clearing System. Payments on the Temporary Global Note will only be made against presentation of such certifications. No definitive Notes or interest coupons will be issued.

The Notes will bear interest from and including 7 January 2009 to, but Interest excluding, 9 January 2024 at a rate of 3.13 % per annum, payable semi-

annually in arrear on 9 July and 9 January in each year, commencing

on 9 July 2009 (long first coupon).

Taxation Principal and interest shall be payable without withholding or deduction for or on account of any present or future taxes or duties of whatever nature imposed or levied by or on behalf of the Republic of Austria or by or on behalf of any political subdivision or authority thereof or therein having power to tax (the "Withholding Taxes"), unless such withholding or deduction is required by law. In such event, the Issuer will, subject to the exceptions set out in the Conditions of Issue, pay such additional amounts as shall be necessary in order that the net amounts received by the Holders of the Notes after such withholding or deduction shall equal the respective amounts of principal and interest which would otherwise have been receivable in respect of the Notes in the absence of such withholding or deduction. Early Redemption for Early redemption of the Notes for reasons of taxation will be permitted, if Taxation Reasons as a result of any change in, or amendment to, the laws or regulations (including any amendment to, or change in, an official interpretation or

application of such laws or regulations) of the Republic of Austria or any political subdivision or taxing authority thereto or therein affecting taxation or the obligation to pay duties of any kind, the Issuer will become obligated to pay additional amounts on the Notes, all as more fully set out in the Conditions of Issue. Early Redemption Following a Change of Control each Holder has the option to require the Right of the Holders Issuer to redeem the Notes at par plus interest accrued until the date of following a Change of the actual redemption, as more fully set forth in the Conditions of Issue. Control Status of the Notes The Notes will constitute unsecured and unsubordinated obligations of the Issuer ranking pari passu among themselves and pari passu with all other unsecured and unsubordinated obligations of the Issuer, unless such obligations are accorded priority under mandatory provisions of statutory law. Negative Pledge The Notes will contain a provision according to which the Issuer undertakes (and shall procure in respect of its Material Subsidiaries) not

to create or permit to subsist any lien or other security interest (other than Permitted Securities) upon any or all of its (or its Material Subsidiaries’) present or future assets as security for any Financial Indebtedness without having the Holders at the same time share equally and rateably in such security (negative pledge provision) all as more fully set out in the Conditions of Issue. Financial Indebtedness means any obligation for the payment of borrowed monies which is (i) in the form of, or represented by, bonds, notes, debentures or similar security, which are or are capable of being listed or traded on a stock exchange or other securities market (including any over-the-counter market), or (ii) in the form of assignable loans (Schuldscheindarlehen). Events of Default The Notes will provide for events of default entitling Holders to demand immediate redemption of the Notes, all as more fully set out in the Conditions of Issue. Cross Default The Conditions of Issue will provide for a cross default in respect of obligations of the Issuer or any Material Subsidiary exceeding EUR 5,000,000. Governing Law The Notes will be governed by German law. Jurisdiction Non-exclusive place of jurisdiction for any legal proceedings arising under the Notes is Frankfurt am Main.

The net proceeds from the issuance of the Notes will amount to Use of Proceeds approximately JPY 12,000,000,000. The net proceeds will be used for general corporate purposes.

Subject to certain exceptions, the Notes are not being offered, sold or Selling Restrictions delivered within the United States or to U.S. persons. In addition, there are certain restrictions on the offer and sale of Notes and the distribution of offering materials in the European Economic Area and other jurisdictions. For a description of these and other restrictions on sale and transfer see ‘‘Subscription and Sale — Selling Restrictions’’.

Application has been made to list the Notes on the official list of the Listing and Admission Luxembourg Stock Exchange and admit the Notes to trading on the to Trading regulated market of the Luxembourg Stock Exchange.

Delivery of the Notes will be made on or about the Issue Date through Settlement the Clearing System against payment therefor in Japanese Yen in immediately available funds.

SUMMARY REGARDING THE RISK FACTORS

Summary of Risk Factors regarding EVN AG

At present, there are no identifiable risks that could jeopardize the continued operation of EVN AG or EVN Group. However, there are a number of business or operational factors that can affect EVN's operations by having either a positive or a negative impact on revenue and results. These include:

Market Risks The procurement price risk is the increase for procurement prices for gas, black coal and biomass due to rising demand for primary energy sources. The Electricity risk refers to the volatility of electricity prices and the CO2 certificate risk includes the high and volatile prices for acquiring additional CO2 emission certificates, and the risks of the second certificate allocation period after 2012.

Financial Risks Financial risks include the foreign exchange risk which is the risk of financing in foreign currencies and transfer to/from EVN AG. The interest rate risk refers to changes in interest rates and the credit risk is the risk of non-payment of a business partner after delivery of goods and services.

Operational Risks The power failure risk is the technical breakdown of powerplants or disruption of services that refers to the limited ability to produce energy and provide delivery services.

Legal and Political environmental risk The political risk refers to the constitutional changes in a country as well as outbreaks of social conflict in foreign markets, whereas the legal risk refers to sudden changes in legal regulations.

Summary of Risk Factors regarding the Notes

An investment in the Notes involves certain risks associated with the characteristics, specification and type of the Notes which could lead to substantial losses that Holders would have to bear in the case of selling their Notes or with regard to receiving interest payments and repayment of principal. Risks regarding the Notes comprise, inter alia, the following risks:

Liquidity Risks

Prior to the issue, there has been no public market for the Notes and there can be no assurance that a liquid secondary market for the Notes will develop or, if it does develop, that it will continue; in an illiquid market, an investor might not be able to sell his Notes at any time at fair market prices. The possibility to sell the Notes might additionally be restricted by country specific reasons.

Risk of Early Redemption If the Issuer has the right to redeem the Notes prior to maturity, a holder of such Notes is exposed to the risk that due to early redemption his investment will have a lower than expected yield. Also, the holder may only be able to reinvest on less favourable conditions as compared to the original investment.

Market Price Risk

The market price of the Notes will decrease if the creditworthiness of the EVN Group worsens. Also changes in ratings may affect the market value of the Notes. Such risk materialises if the Holder sells the Notes prior to the final maturity of such Notes.

Currency Risk/Dual Currency Notes A holder of Notes denominated in a foreign currency and a holder of Dual Currency Notes is exposed to the risk of changes in currency exchange rates which may affect the yield of such Notes.

Fixed Rate Notes A holder of Fixed Rate Notes is exposed to the risk that the price of such Note falls as a result of changes in the market interest rate.

SUMMARY REGARDING EVN AG

EVN is a leading, international, listed energy and environmental services company, with headquarters in Lower Austria, the country’s largest federal province. On the basis of a state-of-the- art infrastructure, EVN offers its customers electricity, gas, heat, water, waste incineration and related services from a single supplier. In addition to Austria, EVN is also strongly positioned in the energy industry of South East Europe, especially in Bulgaria and Macedonia.

Generation business unit EVN generates energy from thermal sources, hydroelectric power and wind. Through its own power generating facilities and purchasing rights from hydroelectric plants, EVN has a total generating capacity of 1,829 MW. EVN operates three thermal power stations in Dürnrohr, Theiß and Korneuburg, five storage and 63 run-of-river hydroelectric plants as well as 63 wind power facilities in seven wind parks.

Networks business unit This business unit encompasses the operation of electricity and gas networks as well as networks for EVN’s cable TV and telecommunications businesses. EVN possesses a power grid for electricity transmission and distribution with a total length of around 50,180 km of high-voltage, medium- and low-voltage lines. EVN’s gas transport and distribution pipeline network has an overall length exceeding 13,250 km.

Supply business unit The sourcing of electricity and gas, the trading and the sale of electricity and gas takes place within EnergieAllianz. All EVN Group gas sourcing and trading is carried out via EconGas.The heat generated by EVN and distributed to 39,000 private and commercial customers is also encompassed in the Supply business unit.

Environmental Services segment In the Environmental Services segment encompassing the water, wastewater treatment and waste incineration activities of the EVN Group, EVN has successfully positioned itself in niche markets and has gained a reputation as a competent partner for comprehensive solutions. In addition to the regional supply of drinking water in Lower Austria (EVN Wasser), the WTE Group (WTE Wassertechnik GmbH and its subsidiaries) is responsible for implementing national and international projects in the fields of drinking water and wastewater treatment. The waste incineration business mainly consists of AVN‘s waste incineration facility in Dürnrohr, Lower Austria, and comparable international projects.

Geographical Focus Lower Austria In Lower Austria, EVN serves more than one million electricity, gas and heating customers. 480,000 inhabitants are being supplied with drinking water. Drinking water is usually supplied indirectly via deliveries to municipalities and local communities. Furthermore, EVN operates a waste incineration plant in Dürnrohr and the service portfolio is complemented by a regional TV and telecommunications infrastructure.

Central and Eastern Europe and South East Europe As a result of the acquisition of a 67.0% shareholding in each of the two South-eastern Bulgarian electricity supply companies. In the 2007/08 financial year, EVN successfully concluded the acquisition of TEZ Plovdiv (now EVN Bulgaria Toplofikatsia EAD, a subsidiary of EVN AG), Bulgaria‘s second largest district heating plant. In October 2007, EVN had already successfully completed the scheduled acquisition of the electricity distribution facilities of the local operating

company Sunny Beach AD (a subsidiary of () on the Black Sea. In April 2006, EVN penetrated the Macedonian market with its acquisition of a majority shareholding in the electricity distribution company ESM AD (now EVN Macedonia AD).

Employees In the 2007/08 financial year, the average number of employees in the EVN Group was 9,342 people.

Executive Board (at present) The Executive Board consists of Burkhard Hofer, Spokesman of the Executive Board (CEO), Peter Layr and Herbert Pöttschacher, Members of the Executive Board.

Supervisory Board (at present) The Supervisory Board cosists of Rudolf Gruber, Chairman; Stefan Schenker and Gerhard Posset, Vice-Chairmen and the following elected members: Norbert Griesmayr, Gottfried Holzer, Dieter Lutz, Reinhard Meißl, Bernhard Müller, Wolfgang Peterl, Martin Schuster, Michaela Steinacker and Hans-Peter Villis. Furthermore there are 5 members selected by the EVN Central Works Council, the following Employee Representatives: Franz Hemm, Rudolf Rauch, Manfred Weinrichter, Paul Hofer, Otto Mayer and Franz Ziegelwagner.

Statutory Auditor Independent auditors of EVN AG are KPMG Austria GmbH Wirtschaftsprüfungs- und Steuer- beratungsgesellschaft, Porzellangasse 51, A-1090 Vienna. The auditors are a member of the Kammer der Wirtschaftstreuhänder (Schönbrunnerstraße 222-228/Stg.1/6.Stock, A-1120 Vienna).

Statement of no significant Change There has been no material adverse change in the prospects of the issuer since 30 September 2008.

RISK FACTORS The following is a disclosure of risk factors that may affect the ability of EVN AG to fulfil its obligations under the Notes and that are material to the Notes in order to assess the market risk associated with these Notes. Prospective investors should consider these risk factors before deciding to purchase the Notes. Prospective investors should consider all information provided in this Prospectus and consult with their own professional advisers (including their financial, accounting, legal and tax advisers) if they consider it necessary before making a decision to acquire the Notes. In addition, investors should be aware that the risks described may combine and thus intensify one another.

Additional risks of which the Issuer is not presently aware could also affect the business operations of EVN and have a material adverse effect on EVN’s business activities and financial condition and results of operations. The sequence in which the risk factors are presented below is not indicative of their likelihood of occurrence or the scope of their financial consequences.

RISK FACTORS REGARDING EVN AG

At present, there are no identifiable risks that could jeopardize the continued operation of EVN AG or EVN Group. However, there are a number of businesses or operational factors that can affect EVN's operations by having either a positive or a negative impact on revenue and results. These include:

Market risks

EVN faces market risks relating to the commercial use of electricity, gas, black coal, oil, CO2 and biomass.

Price risks arise from fluctuations in procurement and sourcing markets. The development of primary energy prices, electricity procurement and sourcing prices as well as share price risks involving current securities comprise the most important risk factors.

The CO2-Certificate prices for the acquisition of additional CO2-Certificates have been high and volatile so far and there is the further risk of the second certificate allocation period after 2012. EVN uses hedging instruments such as forward and future contracts, options and swaps as a means of counteracting price risks for electricity, gas, oil, black coal and biomass.

The competition for qualified staff can be also a part of market risks. The competition for qualified staff rises from the fast growth of the energy business in the previous years. The EVN Group competes with other companies for the best talent in an increasingly contested market. This involves risks, especially in light of the ambitious organic earning growth targets.

Financial risks

EVN is exposed to financial risks, which encompass interest rate, foreign exchange rates, credit risks, market price risks of its financial assets as well as liquidity risk.

The EVN Group has set up an ongoing monitoring system to minimise risks. Detailed Group directives and limits enable the use of derivative financial instruments, which are designed to minimise financial risks. Such transactions are only carried out in cooperation with banks enjoying a top credit rating.

EVN is subject to credit risks due to the fact that trading partners, customers or other counterparties possibly won't fulfil their contractual obligations, and arises from the potential non-payment of the financial obligations. Hedging Instruments for limiting credit risks and credit assessments of the contracting parties are regularly carried out.

Liquidity risks arise in the process of ensuring sufficient liquidity is available to meet EVN Group's financial obligations on a timely basis.

Financial planning at an early stage and the determination of limits ensure liquidity to meet all the company‘s commitments.

Operational risks

These risks relate to the generation and distribution of electricity, the procurement and distribution of the top priority gas as well as the generation and distribution of heat. In the Environmental Services segment, operational risks relate to the fields of waste incineration, water supply and wastewater treatment. In order to avoid any kinds of business disruptions or breakdowns, the EVN Group operates the most technologically advanced facilities, in order to guarantee the highest possibility of reliability. Ongoing quality controls are designed to counteract these risks, combined with constant investments in modernising and upgrading the grid system and plant infrastructure. In this regard, an important role is played by the know-how of the employees, which is continually being updated by ongoing training programmes. Project risks which primarily relate to the Environmental business segment are counteracted by an integrated project controlling system.

EVN maintains general liability insurance covering claims on an EVN´s principle market basis and insurance of property with coverage limits and retention amounts which are obligatory or EVN´s management believes to be adequate and appropriate in light of EVN´s businesses and risks to which they are subject.

Legal and Regulative Risks

Due to the nature of its business operations and the expanded geographical outreach of the EVN Group, the EVN Group is subject to a highly dynamic legal environment, which is shaped by EU guidelines and legal regulations as well as national laws. In order to deal with these developments, EVN Group works closely together with interest groups, associations and public authorities, domestically and internationally.

Regulative risks also exist in the electricity and gas grid businesses as a result of regulatory interventions. Risks arise from the European emissions trading systems because of fossils power plants operations.

RISK FACTORS REGARDING THE NOTES

Notes may not be a suitable Investment for all Investors

Each potential investor in Notes must determine the suitability of that investment in light of its own circumstances. In particular, each potential investor should:

(i) have sufficient knowledge and experience to make a meaningful evaluation of the relevant Notes, the merits and risks of investing in the relevant Notes and the information contained or incorporated by reference in this Prospectus;

(ii) have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its particular financial situation and the investment(s) it is considering, an investment in the Notes and the impact the Notes will have on its overall investment portfolio;

(iii) have sufficient financial resources and liquidity to bear all of the risks of an investment in the Notes, including where principal or interest is payable in one or more currencies, or where the currency for principal or interest payments is different from the potential investor’s currency;

(iv) understand thoroughly the terms of the Notes; and

(v) be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for economic, interest rate and other factors that may affect its investment and its ability to bear the applicable risks.

Liquidity Risk Application has been made to the Luxembourg Stock Exchange for the Notes to be admitted to trading on the Luxembourg Stock Exchange's regulated market and to be listed on the Luxembourg Stock Exchange. However, there is a risk that no liquid secondary market for the Notes will develop or, if it does develop, that it will not continue. The fact that the Notes may be listed does not necessarily lead to greater liquidity as compared to unlisted Notes. In an illiquid market, an investor is subject to the risk that he will not be able to sell his Notes at any time at fair market prices. The possibility to sell the Notes might additionally be restricted by country specific reasons.

Market Price Risk The development of market prices of the Notes depends on various factors, such as changes of market interest rate levels, the policies of central banks, overall economic developments, inflation rates or the lack of or excess demand for the Note. The Holders are therefore exposed to the risk of an unfavourable development of market prices of their Notes which materialise if the Holders sell the Notes prior to the final maturity. If a Holder decides to hold the Notes until final maturity, the Notes will be redeemed at the amount set out in the Conditions of Issue.

The market value of the Notes will decrease if the creditworthiness of the EVN Group worsens. If, e.g., because of the materialisation of any of the risks regarding the Issuer, the likelihood that the Issuer will be in a position to fully perform all obligations under the Notes when they fall due decreases, the market value of the Notes will suffer. In addition, even if the likelihood that the Issuer will be in position to fully perform all obligations under the Notes when they fall due actually has not decreased, market participants could nevertheless have a different perception. Market participants will in particular be of such opinion if any of the rating agencies decreases the rating assigned to long term debt of the EVN Group. In addition, the market participants’ estimation of the creditworthiness of corporate debtors in general or debtors operating in the energy business could adversely change.

If any of these risks occurs, third parties would only be willing to purchase Notes for a lower price than before the materialization of said risk. Under these circumstances, the market value of the Notes will decrease.

Currency Risk The Notes are denominated in Japanese Yen. If such currency represents a foreign currency to a Holder, such Holder is particularly exposed to the risk of changes in currency exchange rates which may affect the yield of such Notes. Changes in currency exchange rates result from various factors such as macro-economic factors, speculative transactions and interventions by central banks and governments.

In addition, government and monetary authorities may impose (as some have done in the past) exchange controls that could adversely affect an applicable currency exchange rate. As a result, investors may receive less interest or principal than expected, or no interest or principal.

Risk of Early Redemption The Notes may be redeemed at the option of the Issuer (in whole, but not in part) at the principal amount of the Notes plus accrued interest to the date fixed for redemption, if the Issuer becomes obligated to bear withholding taxes which are or will be leviable by or on behalf of the Republic of Austria or any political subdivision or any authority thereof or therein having power to tax, on payments of principal or interest in respect of the Notes, all as more fully described in the Conditions of Issue. In the event that the Issuer exercises the option to redeem the Notes, the Holders might suffer a lower than expected yield.

Fixed Rate Notes The Notes bear a fixed interest rate (“Fixed Rate Notes”). A Holder of Fixed Rate Notes is particularly exposed to the risk that the price of such Notes falls as a result of changes in the market interest rate. While the nominal interest rate of a Fixed Rate Note as specified in the Conditions of Issue is fixed during the life of the Notes, the current interest rate on the capital market ("market interest rate") typically changes on a daily basis. As the market interest rate changes, the price of Fixed Rate Notes also changes, but in the opposite direction. If the market interest rate increases, the price of Fixed Rate Notes typically falls, until the yield of such Notes is approximately equal to the market interest rate of comparable issues. If the market interest rate falls, the price of Fixed Rate Notes typically increases, until the yield of such Notes is approximately equal to the market interest rate of comparable issues. If a Holder of the Notes holds its Notes until maturity, changes in the market interest rate are without relevance to such Holder as the Notes will be redeemed at the principal amount of the Notes.

ANLEIHEBEDINGUNGEN/CONDITIONS OF ISSUE

Anleihebedingungen Conditions of Issue

§ 1 § 1 WÄHRUNG, STÜCKELUNG, FORM, CURRENCY, DENOMINATION, FORM, DEFINITIONEN CERTAIN DEFINITIONS

(1) Währung; Stückelung. Die Anleihe (die (1) Currency; Denomination. The notes (the "Schuldverschreibungen") der EVN AG (die "Notes") of EVN AG (the "Issuer") are being „Emittentin“) wird in Japanischen Yen im issued in Japanese Yen in the aggregate Gesamtnennbetrag von JPY 12.000.000.000 (in principal amount of JPY 12,000,000,000 (in Worten: Japanische Yen zwölf Milliarden) am 7. words: twelve billion Japanese Yen) on 7 Januar 2009 (der „Valutatag“) in einer January 2009 (the "Issue Date") in the Stückelung von JPY 500.000.000 begeben (die denomination of JPY 500,000,000 (the “Festgelegte Stückelung“). "Specified Denomination").

(2) Form. Die Schuldverschreibungen lauten auf (2) Form. The Notes are being issued in bearer den Inhaber. form.

(3) Vorläufige Globalurkunde – Austausch. (3) Temporary Global Note – Exchange.

(a) Die Schuldverschreibungen sind anfänglich (a) The Notes are initially represented by a durch eine vorläufige Globalurkunde (die temporary global note (the "Temporary "vorläufige Globalurkunde") ohne Zins- Global Note") without coupons. The scheine verbrieft. Die vorläufige Temporary Global Note will be exchangeable Globalurkunde wird gegen Schuldver- for Notes in the Specified Denomination schreibungen in der Festgelegten represented by a permanent global note (the Stückelung, die durch eine "Permanent Global Note") without Dauerglobalurkunde (die "Dauerglobal- coupons. The Temporary Global Note and urkunde") ohne Zinsscheine verbrieft sind, the Permanent Global Note shall each be ausgetauscht. Die vorläufige Globalurkunde signed manually by two authorised und die Dauerglobalurkunde tragen jeweils signatories of the Issuer and shall each bear die eigenhändigen Unterschriften zweier the manual control signature of or on behalf ordnungsgemäß bevollmächtigter Vertreter of the Fiscal Agent. Definitive Notes and der Emittentin und sind jeweils von dem interest coupons will not be issued. Fiscal Agent oder in dessen Namen mit einer eigenhändigen Kontrollunterschrift versehen. Einzelurkunden und Zinsscheine werden nicht ausgegeben. (b) The Temporary Global Note shall be (b) Die vorläufige Globalurkunde wird an einem exchanged for the Permanent Global Note Tag (der "Austauschtag") gegen eine on a date (the "Exchange Date") not later Dauerglobalurkunde ausgetauscht, der nicht than 180 days after the date of issue of the mehr als 180 Tage nach dem Tag der Temporary Global Note. The Exchange Date Ausgabe der vorläufigen Globalurkunde liegt. for such exchange will not be earlier than 40 Der Austauschtag für einen solchen days after the date of issue of the Temporary Austausch darf nicht weniger als 40 Tage Global Note. Such exchange shall only be nach dem Tag der Ausgabe der vorläufigen made upon delivery of certifications to the Globalurkunde liegen. Ein solcher Austausch effect that the beneficial owner or owners of soll nur nach Vorlage von Bescheinigungen the Notes represented by the Temporary erfolgen, wonach der oder die wirt- Global Note is, or are, not a U.S. person or schaftlichen Eigentümer der durch die persons (other than certain financial vorläufige Globalurkunde verbrieften Schuld- institutions or certain persons holding Notes

verschreibungen keine U.S.-Personen sind through such financial institutions). Payment (ausgenommen bestimmte Finanzinstitute of interest on Notes represented by a oder bestimmte Personen, die Schuld- Temporary Global Note will be made only verschreibungen über solche Finanzinstitute after delivery of such certifications. A halten). Zinszahlungen auf durch eine separate certification shall be required in vorläufige Globalurkunde verbriefte Schuld- respect of each such payment of interest. verschreibungen erfolgen erst nach Vorlage Any such certification received on or after solcher Bescheinigungen. Eine gesonderte the 40th day after the date of issue of the Bescheinigung ist hinsichtlich einer jeden Temporary Global Note will be treated as a solchen Zinszahlung erforderlich. Jede request to exchange such Temporary Global Bescheinigung, die am oder nach dem 40. Note pursuant to this subparagraph. Any Tag nach dem Tag der Ausgabe der securities delivered in exchange for the vorläufigen Globalurkunde eingeht, wird als Temporary Global Note shall be delivered ein Ersuchen behandelt werden, diese only outside of the United States (as defined vorläufige Globalurkunde gemäß diesem in § 4(3)). Absatz auszutauschen. Wertpapiere, die im Austausch für die vorläufige Globalurkunde geliefert werden, sind nur außerhalb der Vereinigten Staaten (wie in § 4(3) definiert) zu liefern.

(4) Clearing System. Die Dauerglobalurkunde (4) Clearing System. The Permanent Global wird solange von einem oder im Namen eines Note will be kept in custody by or on behalf of the Clearing Systems verwahrt, bis sämtliche Clearing System until all obligations of the Issuer Verbindlichkeiten der Emittentin aus den under the Notes have been satisfied. "Clearing Schuldverschreibungen erfüllt sind. "Clearing System" means each of the following: System" bedeutet jeweils folgendes: Clear- Clearstream Banking, société anonyme, stream Banking, société anonyme, Luxemburg Luxembourg ("CBL") and Euroclear Bank ("CBL") und Euroclear Bank SA/NV SA/NV ("Euroclear"). ("Euroclear").

(5) Gläubiger von Schuldverschreibungen. (5) Holder of Notes. "Holder" means any holder "Gläubiger" bedeutet jeder Inhaber eines of a proportionate co-ownership or other Miteigentumsanteils oder anderen Rechts an den beneficial interest or right in the Notes. Schuldverschreibungen.

§ 2 § 2 STATUS, NEGATIVE PLEDGE STATUS, NEGATIVVERPFLICHTUNG

(1) Status. Die Schuldverschreibungen begrün- (1) Status. The obligations under the Notes den nicht besicherte und nicht nachrangige constitute unsecured and unsubordinated Verbindlichkeiten der Emittentin, die unter- obligations of the Issuer ranking pari passu einander und mit allen anderen nicht besicherten among themselves and pari passu with all other und nicht nachrangigen Verbindlichkeiten der unsecured and unsubordinated obligations of the Emittentin gleichrangig sind mit Ausnahme von Issuer except for any obligations preferred by Verbindlichkeiten, die nach geltenden Rechts- law. vorschriften vorrangig sind.

(2) Negativverpflichtung. Solange die (2) Negative Pledge. So long as any of the Notes Schuldverschreibungen ausstehen, jedoch nur remains outstanding, but only until all amounts of bis zu dem Zeitpunkt, an dem alle Beträge an principal and interest have been made available Kapital und Zinsen dem Fiscal Agent zur to the Fiscal Agent, the Issuer undertakes, and Verfügung gestellt worden sind, verpflichtet sich shall procure in respect of its Material

die Emittentin und stellt für ihre Wesentlichen Subsidiaries (as defined in § 9) neither to create Tochtergesellschaften (wie in § 9 definiert) nor permit to subsist any lien or other security sicher, keine Finanzverbindlichkeiten (ein- interest (other than Permitted Securities) upon schließlich dafür gegebener Garantien oder any of its or any of its Material Subsidiaries’ Gewährleistungen) durch Belastung ihres present or future assets to secure any Financial gegenwärtigen oder zukünftigen Vermögens Indebtedness (including any guarantees or bzw. des Vermögens einer Wesentlichen indemnities in respect thereof), without at the Tochtergesellschaft zu besichern oder eine same time according to the Holders equally and solche Besicherung bestehen zu lassen (aus- rateably the same security interest or such other genommen „zugelassene Sicherheiten“), ohne security as will be recognised by the external gleichzeitig entweder die Gläubiger zur gleichen auditors of the Issuer as being an equal security. Zeit und im gleichem Rang an solchen Sicherheiten teilnehmen zu lassen oder den Gläubigern eine andere Sicherheit zu bestellen, die von den externen Wirtschaftsprüfern der Emittentin als gleichwertige Sicherheit anerkannt wird.

„Finanzverbindlichkeit„ bezeichnet jede "Financial Indebtedness" means any Verbindlichkeit zur Zahlung aufgenommener obligation for the payment of borrowed monies Geldbeträge, die (i) durch Schuldverschreibun- which is (i) in the form of, or represented by, gen oder sonstige Wertpapiere, die an einer bonds, notes, debentures or similar security, Börse oder einem anderen Wertpapiermarkt which are or are capable of being listed or traded (einschließlich des außerbörslichen Handels) on a stock exchange or other securities market notiert oder gehandelt werden oder werden (including any over-the-counter market), or (ii) in könnten, verbrieft oder verkörpert sind, oder (ii) in the form of assignable loans (Schuldschein- der Form eines Schuldscheindarlehens aufge- darlehen). nommen werden.

„Zugelassene Sicherheiten“ sind "Permitted Securities" means (i) Sicherheiten, die kraft Gesetzes eingeräumt sind; (i) any security arising solely by operation of law, (ii) jede Sicherheit an der Gesamtheit oder einem Teil des Vermögens (ii) any security on the whole or any part einer Gesellschaft, die nach dem of the present or future assets of any Valutatag eine Tochtergesellschaft company which becomes a der Emittentin wird und die vor dem Subsidiary of the Issuer after the Tag des Erwerbs bestellt wurde, Issue Date and where such security unter der Voraussetzung, dass diese was created prior to the date of such Sicherheit nicht in der Erwägung acquisition provided that such eines solchen Erwerbs bestellt security was not created in wurde und die hierdurch gesicherte contemplation of such acquisition Summe nicht in Erwägung des and the amount thereby secured has Erwerbs, oder seit dem Tag des not been increased in contemplation Erwerbs, erhöht wurde; of, or since the date of, such acquisition, (iii) Sicherheiten für Finanzverbindlich- keiten, die am Valutatag bereits (iii) any security on Financial bestehen, solange sie diese Indebtedness existing on the Issue Finanzverbindlichkeiten besichern Date as long as such security is sowie künftige diese bestehenden given in relation to such Financial Sicherheiten ersetzende andere Indebtedness and any other future Sicherheiten bis zur gleichen Höhe, security replacing such existing jedoch nur soweit und solange sie security up to the original amount der Besicherung einer bestehenden, thereof, but only to the extent such gegenwärtigen oder künftigen security is given in relation to any

Finanzverbindlichkeit dienen; und existing or future Financial Indebtedness, (iv) Sicherheiten, die bei der Finanzierung von Investitionen/ Akquisitionen an diesen Investitions- (iv) any security which is given on the bzw. Akquisitionsobjekten bestellt occurrence of an investment or werden. acquisition where the security is given for the object to be financed or acquired.

§ 3 § 3 ZINSEN INTEREST

(1) Zinssatz und Zinszahlungstage. Die (1) Rate of Interest and Interest Payment Dates. Schuldverschreibungen werden bezogen auf The Notes shall bear interest on their principal ihren Nennbetrag vom 7. Januar 2009 amount at the rate of 3.13 per cent. per annum (einschließlich) bis zum Fälligkeitstag (wie in from (and including) 7 January 2009 to (but § 5(1) definiert) (ausschließlich) mit jährlich excluding) the Maturity Date (as defined in 3,13 % verzinst. Die Zinsen sind halbjährlich § 5(1)). Interest shall be payable semi-annually nachträglich am 9. Juli und 9. Januar eines jeden in arrears on 9 July and 9 January in each year Jahres zahlbar (jeweils ein "Zinszahlungstag"). (each such date, an "Interest Payment Date"). Die erste Zinszahlung erfolgt am 9. Juli 2009 für The first payment of interest shall be made on den Zeitraum vom 7. Januar 2009 9 July 2009 for the period from (and including) 7 (einschließlich) bis zum 9. Juli 2009 January 2009 to (but excluding) 9 July 2009 and (ausschließlich) im Betrag von JPY 7.911.944 für will amount to JPY 7,911,944 per Specified jede Festgelegten Stückelung. Denomination.

(2) Auflaufende Zinsen. Der Zinslauf der (2) Accrual of Interest. The Notes shall cease to Schuldverschreibungen endet an dem Tag, der bear interest as from the day preceding their due dem Tag vorausgeht, an dem sie zur date for redemption. If the Issuer shall fail to Rückzahlung fällig werden. Falls die Emittentin redeem the Notes when due, interest shall die Schuldverschreibungen bei Fälligkeit nicht continue to accrue on the outstanding principal einlöst, endet die Verzinsung des ausstehenden amount of the Notes beyond the due date until Nennbetrages der Schuldverschreibungen nicht the actual redemption of the Notes. am Tag der Fälligkeit, sondern erst mit der tatsächlichen Rückzahlung der Schuldver- schreibungen.

(3) Berechnung der Zinsen für Teile von (3) Calculation of Interest for Partial Periods. If Zeiträumen. Sofern Zinsen für einen Zeitraum interest is required to be calculated for a period von weniger als einem halben Jahr zu berechnen of less than a half-year, such interest shall be sind, erfolgt die Berechnung auf der Grundlage calculated on the basis of the Day Count des Zinstagequotienten (wie nachstehend Fraction (as defined below). definiert).

(4) Zinstagequotient. "Zinstagequotient" (4) Day Count Fraction. "Day Count Fraction" bezeichnet im Hinblick auf die Berechnung eines means, in respect of the calculation of an amount Zinsbetrages auf eine Schuldverschreibung für of interest on any Note for any period of time (the einen beliebigen Zeitraum (der "Zinsberech- "Calculation Period") the number of days in the nungszeitraum") die Anzahl von Tagen in dem Calculation Period divided by 360, the number of Zinsberechnungszeitraum, geteilt durch 360, days to be calculated on the basis of a year of wobei die Anzahl der Tage auf der Grundlage 360 days with 12 months of 30 days each. eines Jahres von 360 Tagen mit 12 Monaten zu je 30 Tagen zu ermitteln ist.

§ 4 § 4 ZAHLUNGEN PAYMENTS

(1) (a) Zahlungen auf Kapital. Zahlungen auf (1) (a) Payment of Principal. Payment of principal Kapital in Bezug auf die Schuldver- in respect of Notes shall be made, subject to schreibungen erfolgen nach Maßgabe des subparagraph (2) below, to the Clearing nachstehenden Absatzes 2 an das Clearing System or to its order for credit to the System oder dessen Order zur Gutschrift auf accounts of the relevant account holders of den Konten der jeweiligen Kontoinhaber des the Clearing System upon presentation and Clearing Systems gegen Vorlage und (außer (except in the case of partial payment) im Fall von Teilzahlungen) Einreichung der surrender of the Global Note representing die Schuldverschreibungen zum Zeitpunkt the Notes at the time of payment at the der Zahlung verbriefenden Globalurkunde specified office of the Fiscal Agent outside bei der bezeichneten Geschäftsstelle des the United States. Fiscal Agent außerhalb der Vereinigten Staaten.

(b) Zahlung von Zinsen. Die Zahlung von Zinsen (b) Payment of Interest. Payment of interest on auf Schuldverschreibungen erfolgt nach Notes shall be made, subject to Maßgabe von Absatz 2 an das Clearing subparagraph (2), to the Clearing System or System oder dessen Order zur Gutschrift auf to its order for credit to the relevant account den Konten der jeweiligen Kontoinhaber des holders of the Clearing System. Clearing Systems.

Die Zahlung von Zinsen auf Schuld- Payment of interest on Notes represented by verschreibungen, die durch die vorläufige a Temporary Global Note shall be made, Globalurkunde verbrieft sind, erfolgt nach subject to subparagraph (2), to the Clearing Maßgabe von Absatz 2 an das Clearing System or to its order for credit to the System oder dessen Order zur Gutschrift auf relevant account holders of the Clearing den Konten der jeweiligen Kontoinhaber des System, upon due certification as provided in Clearing Systems nach ordnungsgemäßer § 1(3)(b). Bescheinigung gemäß § 1(3)(b).

(2) Zahlungsweise. Vorbehaltlich geltender (2) Manner of Payment. Subject to applicable steuerlicher und sonstiger gesetzlicher Rege- fiscal and other laws and regulations, payments lungen und Vorschriften erfolgen zu leistende of amounts due in respect of the Notes shall be Zahlungen auf die Schuldverschreibungen in made in Japanese Yen. Japanische Yen.

(3) Vereinigte Staaten. Für die Zwecke des § 1(3) (3) United States. For purposes of § 1(3) and und des Absatzes 1 dieses § 4 bezeichnet subparagraph (1) of this § 4, "United States" "Vereinigte Staaten" die Vereinigten Staaten means the United States of America (including von Amerika (einschließlich deren the States thereof and the District of Columbia) Bundesstaaten und des District of Columbia) and its possessions (including Puerto Rico, the sowie deren Territorien (einschließlich Puerto U.S. Virgin Islands, Guam, American Samoa, Ricos, der U.S. Virgin Islands, Guam, American Wake Island and Northern Mariana Islands). Samoa, Wake Island und Northern Mariana Islands).

(4) Erfüllung. Die Emittentin wird durch Leistung (4) Discharge. The Issuer shall be discharged by der Zahlung an das Clearing System oder payment to, or to the order of, the Clearing dessen Order von ihrer Zahlungspflicht befreit. System.

(5) Zahltag. Fällt der Fälligkeitstag einer Zahlung (5) Payment Business Day. If the date for in Bezug auf eine Schuldverschreibung auf einen payment of any amount in respect of any Note is Tag, der kein Zahlungstag ist, dann hat der not a Payment Business Day, then the Holder Gläubiger keinen Anspruch auf Zahlung vor dem shall not be entitled to payment until the next nächsten Zahlungstag am jeweiligen such day in the relevant place and shall not be Geschäftsort. Der Gläubiger ist nicht berechtigt, entitled to further interest or other payment in weitere Zinsen oder sonstige Zahlungen respect of such delay. For these purposes, aufgrund dieser Verspätung zu verlangen. Für "Payment Business Day" means any day diese Zwecke bezeichnet "Zahlungstag" einen which is a day (other than a Saturday or a Tag (außer einem Samstag oder Sonntag), an Sunday) on which commercial banks and foreign dem Geschäftsbanken und Devisenmärkte in exchange markets in Tokyo and London are Tokio und London geöffnet sind und an dem alle open for business and on which all relevant parts betroffenen Bereiche des Trans-European of the Trans-European Automated Real-time Automated Real-time Gross Settlement Express Gross Settlement Express Transfer Transfer ("TARGET2") System betriebsbereit ("TARGET2") System are operational. sind.

(6) Bezugnahmen auf Kapital und Zinsen. (6) References to Principal and Interest. Bezugnahmen in diesen Anleihebedingungen auf Reference in these Conditions of Issue to Kapital der Schuldverschreibungen schließen principal in respect of the Notes shall be deemed den Nennbetrag der Schuldverschreibungen to include, the principal amount of the Notes and sowie jeden Aufschlag sowie sonstige auf oder in any premium and any other amounts which may Bezug auf die Schuldverschreibungen zahlbaren be payable under or in respect of the Notes. Beträge ein. Bezugnahmen in diesen Anleihe- Reference in these Conditions of Issue to bedingungen auf Zinsen auf Schuldver- interest in respect of the Notes shall be deemed schreibungen sollen, soweit anwendbar, to include, as applicable, any Additional Amounts sämtliche gemäß § 7 zahlbaren zusätzlichen which may be payable under § 7. Beträge einschließen.

(7) Hinterlegung von Kapital und Zinsen. Die (7) Deposit of Principal and Interest. The Issuer Emittentin ist berechtigt, beim Amtsgericht may deposit with the Amtsgericht in Frankfurt am Frankfurt am Main Zins- oder Kapitalbeträge zu Main principal or interest not claimed by Holders hinterlegen, die von den Gläubigern nicht within twelve months after the Maturity Date, innerhalb von zwölf Monaten nach dem even though such Holders may not be in default Fälligkeitstag beansprucht worden sind, auch of acceptance of payment. If and to the extent wenn die Gläubiger sich nicht in Annahmeverzug that the deposit is effected and the right of befinden. Soweit eine solche Hinterlegung withdrawal is waived, the respective claims of erfolgt, und auf das Recht der Rücknahme such Holders against the Issuer shall cease. verzichtet wird, erlöschen die diesbezüglichen Ansprüche der Gläubiger gegen die Emittentin.

§ 5 § 5 RÜCKZAHLUNG, VORZEITIGE REDEMPTION, EARLY REDEMPTION RÜCKZAHLUNG

(1) Rückzahlung bei Endfälligkeit. Soweit nicht (1) Redemption at Maturity. Unless previously zuvor bereits ganz oder teilweise zurückgezahlt redeemed in whole or in part or purchased and oder angekauft und entwertet, werden die cancelled, the Notes shall be redeemed at their Schuldverschreibungen zu ihrem Nennbetrag am principal amount on 9 January 2024 (the 9. Januar 2024 (der "Rückzahlungstag") "Maturity Date"). zurückgezahlt.

(2) Vorzeitige Rückzahlung aus steuerlichen (2) Early Redemption for Reasons of Taxation. If Gründen. Die Schuldverschreibungen können as a result of any change in, or amendment to, insgesamt, jedoch nicht teilweise, nach Wahl der the laws or regulations of the Republic of Austria Emittentin mit einer Kündigungsfrist von nicht or any political subdivision or taxing authority weniger als 30 und nicht mehr als 60 Tagen thereto or therein affecting taxation or the gegenüber dem Fiscal Agent und gemäß § 12 obligation to pay duties of any kind, or any gegenüber den Gläubigern vorzeitig gekündigt change in, or amendment to, an official und zum Nennbetrag zuzüglich etwaiger bis zum interpretation or application of such laws or für die Rückzahlung festgesetzten Tag regulations, which amendment or change is aufgelaufener Zinsen zurückgezahlt werden, falls effective on or after the Issue Date, the Issuer is die Emittentin als Folge einer Änderung oder required to pay Additional Amounts (as defined Ergänzung der Steuer- oder Abgabengesetze in § 7 herein) on the next succeeding Interest oder –vorschriften der Republik Österreich oder Payment Date (as defined in § 3(1)), and this deren politischen Untergliederungen oder obligation cannot be avoided by the use of Steuerbehörden oder als Folge einer Änderung reasonable measures available to the Issuer, the oder Ergänzung der Anwendung oder der Notes may be redeemed, in whole but not in offiziellen Auslegung dieser Gesetze und part, at the option of the Issuer, upon not more Vorschriften (vorausgesetzt diese Änderung oder than 60 days' nor less than 30 days' prior notice Ergänzung wird am oder nach Valutatag of redemption given to the Fiscal Agent and, in wirksam) am nächsten Zinszahlungstag (wie in § accordance with § 12 to the Holders, at their 3 (1) definiert) zur Zahlung von zusätzlichen principal amount together with interest (if any) Beträgen (wie in § 7 dieser Bedingungen accrued to the date fixed for redemption. definiert) verpflichtet sein wird und diese Verpflichtung nicht durch das Ergreifen vernünftiger der Emittentin zur Verfügung stehender Maßnahmen vermieden werden kann.

Eine solche Kündigung darf allerdings nicht (i) However, no such notice of redemption may be früher als 90 Tage vor dem frühestmöglichen given (i) earlier than 90 days prior to the earliest Termin erfolgen, an dem die Emittentin date on which the Issuer would be obligated to verpflichtet wäre, solche zusätzlichen Beträge zu pay such Additional Amounts were a payment in zahlen, falls eine Zahlung auf die respect of the Notes then due, or (ii) if at the time Schuldverschreibungen dann fällig sein würde, such notice is given, such obligation to pay such oder (ii) erfolgen, wenn zu dem Zeitpunkt, zu Additional Amounts or make such deduction or dem die Kündigung erfolgt, die Verpflichtung zur withholding does not remain in effect. Zahlung von zusätzlichen Beträgen oder zum Einbehalt oder Abzug nicht mehr wirksam ist.

Eine solche Kündigung hat gemäß § 12 zu Any such notice shall be given in accordance erfolgen. Sie ist unwiderruflich, muss den für die with § 12. It shall be irrevocable, must specify the Rückzahlung festgelegten Termin nennen und date fixed for redemption and must set forth a eine zusammenfassende Erklärung enthalten, statement in summary form of the facts welche die das Rückzahlungsrecht der Emittentin constituting the basis for the right of the Issuer so begründenden Umstände darlegt. to redeem.

(3) Vorzeitige Rückzahlung nach Wahl der (3) Early Redemption at the option of a Holder Gläubiger bei Eintritt eines Kontrollwechsels. following a Change of Control. If there occurs a Falls ein Kontrollwechsel eingetreten ist kann Change of Control, then each Holder shall have jeder Gläubiger von der Emittentin die vollstän- the option to require the Issuer to redeem all or dige oder teilweise Rückzahlung der von ihm some of the Notes held by such Holder on the gehaltenen Schuldschreibungen am zehnten date which falls 10 Payment Business Days after Zahlungstag nach Ausübung des Rückzahlungs- the exercise by such Holder of the put option rechts gemäß dieses Absatzes (3) durch diesen under this subparagraph (3) (such date a "Put Gläubiger (der „Vorzeitige Rückzahlungstag“) Date") at their principal amount together with zu ihrem Nennbetrag zuzüglich bis zum interest accrued to but excluding the Put Date. Vorzeitigen Rückzahlungstag (ausschließlich) Such option (the "Put Option") shall operate as aufgelaufener Zinsen verlangen. Ein derartiges set out below.

Recht (das „Rückzahlungsrecht“) soll folgendermaßen ausgeübt werden:

(a) Sobald ein Kontrollwechsel eingetreten ist, (a) Following the occurrence of a Change of hat die Emittentin dies den Gläubigern Control, the Issuer shall within 30 days innerhalb von 30 Tagen gemäß § 12 unter give notice (a "Put Event Notice") to the Angabe der Art des Kontrollwechsels mit- Holder(s) in accordance with § 12, zuteilen (die „Rückzahlungsereignis- specifying the nature of the Change of mitteilung“). Control.

(b) Die wirksame Ausübung des (b) To effectively exercise the Put Option a Rückzahlungsrechts setzt voraus, dass ein Holder must during usual business hours Gläubiger im Rahmen der üblichen submit to the Fiscal Agent (i) at any time Geschäftszeiten dem Fiscal Agent (i) prior to receipt of the Put Event Notice or jederzeit vor Erhalt der Rückzahlungs- (ii) within the period of 60 days after ereignismitteilung oder (ii) innerhalb einer receipt of the Put Event Notice a duly Frist von 60 Tagen nach Erhalt der signed and completed notice of exercise (a Rückzahlungsereignismitteilung eine "Put Notice") in which the Holder must ordnungsgemäß unterschriebene und specify a bank account to which the vollständige Mitteilung übermittelt (die repayment is to be made. A Put Notice, “Rückzahlungsmitteilung”), in der der once given, shall be irrevocable. Gläubiger ein Bankkonto bezeichnen muss, auf das die Rückzahlung geleistet werden soll. Eine einmal abgegebene Rückzahlungsmitteilung ist unwiderruflich.

(c) Die folgende Definition ist in diesem (c) The following definition shall apply to this Absatz (3) anwendbar: subparagraph (3):

Ein “Kontrollwechsel” gilt dann als A "Change of Control" shall be deemed to eingetreten, wenn das Land Nieder- have occurred if the State of Lower Austria österreich, direkt oder indirekt, nicht mehr ceases to own, directly or indirectly, fifty-one Eigentümerin von 51 % oder mehr der per cent (51 %) or more of the issued and begebenen und ausstehenden Aktien der outstanding shares of the Issuer. Emittentin ist.

§ 6 § 6 DER FISCAL AGENT UND DIE ZAHLSTELLE AGENTS

(1) Bestellung; bezeichnete Geschäftsstelle. Der (1) Appointment; Specified Offices. The initial anfänglich bestellte Fiscal Agent und die an- Fiscal Agent and Paying Agent and their fänglich bestellte Zahlstelle und deren jeweilige respective initial specified offices are: bezeichnete Geschäftsstelle lauten wie folgt:

Fiscal Agent: Deutsche Bank Aktiengesellschaft Fiscal Agent: Deutsche Bank Aktiengesellschaft Trust & Securities Services Trust & Securities Services Grosse Gallusstrasse 10 –14 Grosse Gallusstrasse 10–14 D-60272 Frankfurt am Main D-60272 Frankfurt am Main

Zahlstelle: Deutsche Bank Luxembourg S.A. Paying Agent: Deutsche Bank Luxembourg S.A. 2, Boulevard Konrad Adenauer 2, Boulevard Konrad Adenauer L-1115 Luxemburg L-1115 Luxembourg

Der Fiscal Agent und die Zahlstelle behalten sich The Fiscal Agent and the Paying Agent reserve das Recht vor, jederzeit ihre jeweilige the right at any time to change their respective bezeichnete Geschäftsstelle durch eine andere specified offices to some other specified office in bezeichnete Geschäftsstelle in derselben Stadt the same city.

zu ersetzen.

(2) Änderung der Bestellung oder Abberufung. (2) Variation or Termination of Appointment. The Die Emittentin behält sich das Recht vor, Issuer reserves the right at any time to vary or jederzeit die Bestellung des Fiscal Agent oder terminate the appointment of the Fiscal Agent or einer Zahlstelle zu ändern oder zu beenden und any Paying Agent and to appoint another Fiscal einen anderen Fiscal Agent oder zusätzliche Agent or additional or other Paying Agents. The oder andere Zahlstellen zu bestellen. Die Issuer shall at all times maintain (i) a Fiscal Emittentin wird zu jedem Zeitpunkt (i) einen Agent and (ii) so long as the Notes are listed on Fiscal Agent unterhalten und (ii) solange die the Luxembourg Stock Exchange, a Paying Schuldverschreibungen an der Luxemburger Agent (which may be the Fiscal Agent) with a Börse notiert sind, eine Zahlstelle (die der Fiscal specified office in Luxembourg and/or in such Agent sein kann) mit bezeichneter other place as may be required by the rules of Geschäftsstelle in Luxemburg und/oder an such stock exchange. Any variation, termination, solchen anderen Orten unterhalten, die die appointment or change shall only take effect Regeln dieser Börse verlangen. Eine Änderung, (other than in the case of insolvency, when it Abberufung, Bestellung oder ein sonstiger shall be of immediate effect) after not less than Wechsel wird nur wirksam (außer im 30 nor more than 45 days' prior notice thereof Insolvenzfall, in dem eine solche Änderung sofort shall have been given to the Holders in wirksam wird), sofern die Gläubiger hierüber accordance with § 12. gemäß § 12 vorab unter Einhaltung einer Frist von mindestens 30 und nicht mehr als 45 Tagen informiert wurden.

(3) Erfüllungshilfen der Emittentin. Der Fiscal (3) Agents of the Issuer. The Fiscal Agent and Agent und die Zahlstelle handeln ausschließlich the Paying Agent act solely as agents of the als Erfüllungsgehilfen der Emittentin und Issuer and do not have any obligations towards übernehmen keinerlei Verpflichtungen gegenüber or relationship of agency or trust to any Holder. den Gläubigern und es wird kein Auftrags- oder Treuhandverhältnis zwischen ihnen und den Gläubigern begründet.

§ 7 § 7 STEUERN TAXATION

Sämtliche auf die Schuldverschreibungen zu All amounts payable in respect of the Notes shall zahlenden Beträge sind an der Quelle ohne be made without withholding or deduction for or Einbehalt oder Abzug von oder aufgrund von on account of any present or future taxes or gegenwärtigen oder zukünftigen Steuern oder duties of whatever nature imposed or levied by sonstigen Abgaben gleich welcher Art zu leisten, way of withholding or deduction at source by or die von oder in der Republik Österreich oder für on behalf of the Republic of Austria or any deren Rechnung oder von oder für Rechnung political subdivision or any authority thereof or einer politischen Untergliederung oder therein having power to tax unless such Steuerbehörde der oder in der Republik withholding or deduction is required by law. In Österreich auferlegt oder erhoben werden, es sei such event, the Issuer shall pay such additional denn, ein solcher Einbehalt oder Abzug ist amounts (the "Additional Amounts") as shall gesetzlich vorgeschrieben. In diesem Fall wird be necessary in order that the net amounts die Emittentin diejenigen zusätzlichen Beträge received by the Holders, after such withholding (die "zusätzlichen Beträge") zahlen, die or deduction shall equal the respective amounts erforderlich sind, damit die den Gläubigern which would otherwise have been receivable in zufließenden Nettobeträge nach einem solchen the absence of such withholding or deduction. Einbehalt oder Abzug jeweils den Beträgen No such Additional Amounts shall be payable on entsprechen, die ohne einen solchen Einbehalt account of any taxes or duties which: oder Abzug von den Gläubigern empfangen worden wären; die Verpflichtung zur Zahlung

solcher zusätzlichen Beträge besteht jedoch nicht für solche Steuern und Abgaben, die:

(a) von einer als Depotbank oder Inkasso- (a) are payable by any person acting as beauftragter des Gläubigers handelnden custodian bank or collecting agent on behalf Person oder sonst auf andere Weise zu of a Holder, or otherwise in any manner entrichten sind als dadurch, dass die which does not constitute a deduction or Emittentin aus den von ihr zu leistenden withholding by the Issuer from payments of Zahlungen von Kapital oder Zinsen einen principal or interest made by it, or Abzug oder Einbehalt vornimmt, oder

(b) wegen einer gegenwärtigen oder früheren (b) are payable by reason of the Holder having, persönlichen oder geschäftlichen Beziehung or having had, some personal or business des Gläubigers zur Republik Österreich zu connection with the Republic of Austria and zahlen sind, und nicht allein deshalb, weil not merely by reason of the fact that Zahlungen auf die Schuldverschreibungen payments in respect of the Notes are, or for aus Quellen in der Republik Österreich purposes of taxation are deemed to be, stammen (oder für Zwecke der Besteuerung derived from sources in, or are secured in, so behandelt werden) oder dort besichert the Republic of Austria, or sind; oder

(c) von einer Zahlstelle einbehalten oder (c) are withheld or deducted by a Paying Agent abgezogen werden, wenn die Zahlung von from a payment if the payment could have einer anderen Zahlstelle ohne den Einbehalt been made by another Paying Agent without oder Abzug hätte vorgenommen werden such withholding or deduction, or können; oder

(d) aufgrund (i) einer Richtlinie oder Verordnung (d) are deducted or withheld pursuant to (i) any der Europäischen Union betreffend die European Union Directive or Regulation Besteuerung von Zinserträgen oder (ii) einer concerning the taxation of interest income, or zwischenstaatlichen Vereinbarung über deren (ii) any international treaty or understanding Besteuerung, an der die Republik Österreich relating to such taxation and to which the oder die Europäische Union beteiligt ist, oder Republic of Austria or the European Union is (iii) einer gesetzlichen Vorschrift, die diese a party, or (iii) any provision of law Richtlinie, Verordnung oder Vereinbarung implementing, or complying with, or umsetzt oder befolgt, abzuziehen oder introduced to conform with, such Directive, einzubehalten sind, oder Regulation, treaty or understanding, or

(e) wegen einer Rechtsänderung zu zahlen sind, (e) are payable by reason of a change in law welche später als 30 Tage nach Fälligkeit der that becomes effective more than 30 days betreffenden Zahlung oder, wenn dies später after the relevant payment becomes due, or erfolgt, ordnungsgemäßer Bereitstellung aller is duly provided for and notice thereof is fälligen Beträge und einer diesbezüglichen published in accordance with § 12, Bekanntmachung gemäß § 12 wirksam wird. whichever occurs later.

§ 8 § 8 VORLEGUNGSFRIST PRESENTATION PERIOD

Die in § 801 Absatz 1 Satz 1 BGB bestimmte The presentation period provided in § 801 Vorlegungsfrist wird für die Schuldverschrei- subparagraph 1, sentence 1 BGB (German Civil

bungen auf zehn Jahre verkürzt. Code) is reduced to ten years for the Notes.

§ 9 § 9 EVENTS OF DEFAULT KÜNDIGUNG

(1) Kündigungsgründe. Jeder Gläubiger ist (1) Events of default. Each Holder shall be berechtigt, seine Schuldverschreibung zu entitled to declare his Notes due and demand kündigen und deren sofortige Rückzahlung zu immediate redemption thereof at their principal ihrem Nennbetrag zuzüglich etwaiger bis zum amount together with accrued interest (if any) to Tage der Rückzahlung aufgelaufener Zinsen zu the date of repayment, in the event that verlangen, falls:

(a) die Emittentin Kapital oder Zinsen nicht (a) the Issuer fails to pay principal or interest innerhalb von 7 Tagen nach dem within 7 days from the relevant due date; or betreffenden Fälligkeitstag zahlt, oder

(b) die Emittentin die ordnungsgemäße Erfüllung (b) the Issuer fails duly to perform any other irgendeiner anderen wesentlichen Ver- material obligation arising from the Notes pflichtung aus den Schuldverschreibungen and such failure continues for more than unterlässt und die Unterlassung länger als 15 15 days after the Fiscal Agent has received Tage fortdauert, nachdem der Fiscal Agent notice thereof from a Holder; or hierüber eine Benachrichtigung von einem Gläubiger erhalten hat, oder

(c) irgendeine von einem (Schieds-) Gericht (c) any obligation exceeding Euro 5,000,000 of oder einer Verwaltungsbehörde rechtskräftig the Issuer or a Material Subsidiary (as festgestellte Schuld der Emittentin oder einer defined below) finally determined by a court, Wesentlichen Tochtergesellschaft (wie court of arbitration or administrative authority nachstehend definiert) mit einem Euro is not paid when due and default continues 5.000.000 übersteigenden Betrag nicht erfüllt for more than ten days after the Fiscal Agent wird und diese Nichterfüllung länger als zehn has received notice thereof from a Holder, or Tage fortdauert, nachdem der Fiscal Agent a payment obligation of the Issuer is capable hierüber von einem Gläubiger eine of becoming prematurely due as a result of Benachrichtigung erhalten hat, oder eine the existence of an event of default, or any Zahlungsverpflichtung der Emittentin infolge security granted in respect thereof becomes Vorliegens eines Kündigungsgrundes enforceable; or vorzeitig fällig werden kann oder eine dafür bestellte Sicherheit geltend gemacht wird, oder

(d) die Emittentin oder eine Wesentliche Toch- (d) the Issuer or a Material Subsidiary ceases to tergesellschaft ihre Zahlungen einstellt oder effect payments or announces its inability to ihre Zahlungsunfähigkeit allgemein bekannt- meet its financial obligations; or gibt, oder

(e) ein Gericht ein Konkurs-, Ausgleichs-, (e) a court institutes insolvency, composition, Reorganisations- oder ähnliches Verfahren reorganisation or similar proceedings against gegen die Emittentin oder eine Wesentliche the Issuer or a Material Subsidiary, such Tochtergesellschaft eröffnet, ein solches proceedings are commenced and not set Verfahren eingeleitet und nicht innerhalb von aside or suspended within 90 days, or the 90 Tagen aufgehoben oder ausgesetzt Issuer or a Material Subsidiary applies for or worden ist, oder die Emittentin oder eine institutes such proceedings or offers or

Wesentliche Tochtergesellschaft ein solches makes a general arrangement for the benefit Verfahren beantragt oder einleitet oder eine of its creditors or if in respect of the Issuer or allgemeine Schuldenregelung zugunsten a Material Subsidiary measures are ihrer Gläubiger anbietet oder trifft oder falls in determined or instituted which result in a Bezug auf die Emittentin oder eine suspension of payments or a general Wesentliche Tochtergesellschaft Maßnah- arrangement with creditors; or men beschlossen oder eingeleitet werden, die eine Zahlungseinstellung oder Schulde- nregelung veranlassen oder bewirken, oder

(f) die Emittentin oder eine Wesentliche (f) the Issuer or a Material Subsidiary ceases to Tochtergesellschaft ihre Geschäftstätigkeit carry on its business in whole or greater part, ganz oder überwiegend einstellt, alle oder sells or otherwise disposes of all or a wesentliche Teile ihrer Vermögenswerte material part of its assets and thereby veräußert oder anderweitig abgibt und materially reduces the value of its assets; or dadurch den Wert ihres Vermögens wesentlich vermindert, oder

(g) die Emittentin oder eine Wesentliche (g) the Issuer or a Material Subsidiary goes into Tochtergesellschaft in Liquidation tritt, es sei liquidation unless this is done in connection denn, dies geschieht im Zusammenhang mit with a merger, or other form of combination, einer Verschmelzung oder einer anderen with another company or in connection with a Form des Zusammenschlusses mit einer change in the legal form of the Issuer or a anderen Gesellschaft oder im Material Subsidiary and the other or new Zusammenhang mit einer Umwandlung und company assumes all obligations which the die andere oder neue Gesellschaft Issuer has undertaken in connection with the übernimmt alle Verpflichtungen, die die Notes. Emittentin im Zusammenhang mit dieser Anleihe eingegangen ist.

Im Sinne dieser Anleihebedingungen bedeutet For the purpose of these Conditions,

"Tochtergesellschaft" jedes Unternehmen, an "Subsidiary" means a company in which the dem die Emittentin direkt oder indirekt Issuer has a direct or indirect majority interest; mehrheitlich beteiligt ist; und and

“Wesentliche Tochtergesellschaft“ jede nach "Material Subsidiary" means any Subsidiary of den International Financial Reporting Standards the Issuer consolidated in accordance with the (IFRS) oder dem jeweils angewendeten International Financial Reporting Standards Bilanzierungsstandard konsolidierte Tochter- (IFRS) or any other accounting standard gesellschaft der Emittentin (i) deren Nettoumsatz applicable to the Issuer, (i) whose net revenues bzw. deren Vermögenswerte gemäß ihres or total assets as shown in the most recent geprüften, nicht konsolidierten Jahresab- audited non-consolidated accounts (or, if the schlusses (bzw., wenn die betreffende Tochter- relevant Subsidiary itself provides consolidated gesellschaft selbst Konzernabschlüsse erstellt, accounts, whose net revenues or total assets as deren konsolidierter Umsatz bzw. deren kon- shown in its most recent audited consolidated solidierte Vermögenswerte gemäß ihres accounts), which was used for the purposes of geprüften Konzernabschlusses), der für die the most recent audited consolidated accounts of Zwecke des letzten geprüften Konzern- the Issuer represents at least 10 % of the total abschlusses der Emittentin benutzt wurde, net revenues and/or total assets of the Issuer mindestens 10 % des Gesamtumsatzes und/oder and its consolidated Subsidiaries or any 10 % der Vermögenswerte der Emittentin und Subsidiary, to whom the total or substantially all deren konsolidierten Tochtergesellschaften of the undertaking and the assets of a Subsidiary betragen hat oder eine Tochtergesellschaft, auf has been transferred, which immediately prior to die der gesamte oder im Wesentlichen gesamte the transfer itself was a Material Subsidiary.

Betrieb und die Vermögenswerte von einer Tochtergesellschaft übertragen wurde, welche direkt vor der Übertragung selbst eine Wesentliche Tochtergesellschaft war.

Das Kündigungsrecht erlischt, falls der Kün- The right to declare Notes due shall terminate if digungsgrund vor Ausübung des Rechts geheilt the situation giving rise to it has been cured wurde. before the right is exercised.

(2) Quorum. In den Fällen des § 9 Absatz 1 (b) (2) Quorum. In the events specified in § 9 oder 1 (c) wird eine Kündigung, sofern nicht bei subparagraph (1) (b) or subparagraph (1) (c), deren Eingang zugleich einer der in § 9 Absatz 1 any notice declaring the Notes due shall, unless (a) oder 1 (d) bis (g) bezeichneten Kündigungs- at the time such notice is received any of the gründe vorliegt, erst wirksam, wenn bei dem events specified in § 9 subparagraph (1) (a) or Fiscal Agent Kündigungserklärungen von (1) (d) to (g) entitling Holders to declare their Gläubigern von Schuldverschreibungen im Notes due has occurred, become effective only Nennbetrag von mindestens 1/10 der dann when the Fiscal Agent has received such notices ausstehenden Schuldverschreibungen einge- from the Holders of at least one-tenth in principal gangen sind. amount of the Notes then outstanding.

(3) Bekanntmachung. Eine Benachrichtigung, (3) Form of Notice. Any notice, including any einschließlich einer Kündigung der Schuld- notice declaring Notes due, in accordance with verschreibungen gemäß vorstehendem Absatz 1 subparagraph (1) shall be made by means of a ist schriftlich in deutscher oder englischer written declaration in the German or English Sprache gegenüber dem Fiscal Agent zu language delivered by hand or registered mail to erklären und persönlich oder per Einschreiben an the specified office of the Fiscal Agent together deren bezeichnete Geschäftsstelle zu with proof that such Holder at the time of such übermitteln. Der Benachrichtigung ist ein notice is a holder of the relevant Notes by means Nachweis beizufügen, aus dem sich ergibt, dass of a certificate of his Custodian (as defined in der betreffende Gläubiger zum Zeitpunkt der § 13 (4)) or in any other appropriate manner. Abgabe der Benachrichtigung Inhaber der betreffenden Schuldverschreibung ist. Der Nachweis kann durch eine Bescheinigung der Depotbank (wie in § 13(4) definiert) oder auf andere geeignete Weise erbracht werden.

§ 10 § 10 ERSETZUNG SUBSTITUTION

(1) Ersetzung. Die Emittentin ist jederzeit (1) Substitution. The Issuer may, without the berechtigt, sofern sie sich nicht mit einer Zahlung consent of the Holders, if no payment of principal von Kapital oder Zinsen auf die Schuldver- of or interest on any of the Notes is in default, at schreibungen in Verzug befindet, ohne Zu- any time substitute for the Issuer any Material stimmung der Gläubiger eine Wesentliche Subsidiary as principal debtor in respect of all Tochtergesellschaft an ihrer Stelle als Haupt- obligations arising from or in connection with the schuldnerin (die "Nachfolgeschuldnerin") für Notes (the "Substituted Debtor") provided that: alle Verpflichtungen aus und im Zusammenhang mit diesen Schuldverschreibungen einzusetzen, vorausgesetzt, dass:

(a) die Nachfolgeschuldnerin alle Verpflich- (a) the Substituted Debtor assumes all tungen der Emittentin in Bezug auf die obligations of the Issuer in respect of the Schuldverschreibungen übernimmt; Notes;

(b) die Emittentin und die Nachfolgeschuldnerin (b) the Issuer and the Substituted Debtor have alle erforderlichen Genehmigungen erlangt obtained all necessary authorisations and haben und berechtigt sind, an den Fiscal may transfer to the Fiscal Agent in Japanese Agent die zur Erfüllung der Zahlungs- Yen and without being obligated to deduct or verpflichtungen aus den Schuldver- withhold any taxes or other duties of schreibungen zahlbaren Beträge in whatever nature levied by the country in Japanischen Yen zu zahlen, ohne which the Substituted Debtor or the Issuer verpflichtet zu sein, jeweils in dem Land, in has its domicile or tax residence, all amounts dem die Nachfolgeschuldnerin oder die required for the fulfilment of the payment Emittentin ihren Sitz oder Steuersitz haben, obligations arising under the Notes; erhobene Steuern oder andere Abgaben jeder Art abzuziehen oder einzubehalten;

(c) die Nachfolgeschuldnerin sich verpflichtet (c) the Substituted Debtor has agreed to hat, jeden Gläubiger hinsichtlich solcher indemnify and hold harmless each Holder Steuern, Abgaben oder behördlichen Lasten against any tax, duty, assessment or freizustellen, die einem Gläubiger bezüglich governmental charge imposed on such der Ersetzung auferlegt werden; Holder in respect of such substitution;

(d) die Emittentin unwiderruflich und unbedingt (d) the Issuer irrevocably and unconditionally gegenüber den Gläubigern die Zahlung aller guarantees in favour of each Holder the von der Nachfolgeschuldnerin auf die payment of all sums payable by the Schuldverschreibungen zahlbaren Beträge Substituted Debtor in respect of the Notes; garantiert;

(e) dem Fiscal Agent ein oder mehrere (e) there shall have been delivered to the Fiscal Rechtsgutachten von anerkannten Agent an opinion or opinions of lawyers of Rechtsanwälten vorgelegt werden, die recognised standing to the effect that bestätigen, dass die Bestimmungen in den subparagraphs (a), (b), (c) and (d) above vorstehenden Unterabsätzen (a), (b), (c) und have been satisfied. (d) erfüllt wurden.

(2) Bekanntmachung. Jede Ersetzung ist gemäß (2) Notice. Notice of any such substitution shall § 12 bekannt zu machen. be published in accordance with § 12.

(3) Änderung von Bezugnahmen. Im Fall einer (3) Change of References. In the event of any Ersetzung gilt jede Bezugnahme in diesen such substitution, any reference in these Anleihebedingungen auf die Emittentin ab dem Conditions of Issue to the Issuer shall from then Zeitpunkt der Ersetzung als Bezugnahme auf die on be deemed to refer to the Substituted Debtor Nachfolgeschuldnerin und jede Bezugnahme auf and any reference to the Republic of Austria die Republik Österreich gilt ab diesem Zeitpunkt shall from then on be deemed to refer to the als Bezugnahme auf das Land, in dem die country of domicile or residence for taxation Nachfolgeschuldnerin ihren Sitz oder Steuersitz purposes of the Substituted Debtor. Furthermore, hat. Des Weiteren gilt im Fall einer Ersetzung in the event of such substitution the following folgendes: shall apply:

(a) in § 7 und § 5(2) gilt eine alternative Bezug- (a) in § 7 and § 5(2) an alternative reference to nahme auf die Republik Österreich als auf- the Republic of Austria shall be deemed to genommen (zusätzlich zu der Bezugnahme have been included in addition to the refe- nach Maßgabe des vorstehenden Satzes auf rence according to the preceding sentence to das Land, in dem die Nachfolgeschuldnerin the country of domicile or residence for ihren Sitz oder Steuersitz hat); taxation purposes of the Substituted Debtor;

(b) in § 9(1)(c) bis (g) gilt eine alternative (b) in § 9(1)(c) to (g) an alternative reference to Bezugnahme auf die Emittentin in ihrer the Issuer in its capacity as guarantor shall Eigenschaft als Garantin als aufgenommen be deemed to have been included in addition (zusätzlich zu der Bezugnahme auf die to the reference to the Substituted Debtor. Nachfolgeschuldnerin).

§ 11 § 11 BEGEBUNG WEITERER FURTHER ISSUES, PURCHASES AND SCHULDVERSCHREIBUNGEN, ANKAUF UND CANCELLATION ENTWERTUNG

(1) Begebung weiterer Schuldverschreibungen. (1) Further Issues. The Issuer may from time to Die Emittentin ist berechtigt, jederzeit ohne time, without the consent of the Holders, issue Zustimmung der Gläubiger weitere further Notes having the same Conditions of Schuldverschreibungen mit gleicher Ausstattung Issue as the Notes in all respects (or in all (gegebenenfalls mit Ausnahme des Tags der respects except for the issue date, interest Begebung, des Verzinsungsbeginns und/oder commencement date and/or issue price) so as to des Ausgabepreises) in der Weise zu begeben, form a single Series with the Notes. dass sie mit diesen Schuldverschreibungen eine einheitliche Serie bilden.

(2) Ankauf. Die Emittentin ist berechtigt, (2) Purchases. The Issuer may at any time Schuldverschreibungen im Markt oder purchase Notes in the open market or otherwise anderweitig zu jedem beliebigen Preis zu kaufen. and at any price. Notes purchased by the Issuer Die von der Emittentin erworbenen Schuldver- may, at the option of the Issuer, be held, resold schreibungen können nach Wahl der Emittentin or surrendered to the Fiscal Agent for von ihr gehalten, weiterverkauft oder bei dem cancellation. If purchases are made by tender, Fiscal Agent zwecks Entwertung eingereicht tenders for such Notes must be made available werden. Sofern diese Käufe durch öffentliches to all Holders of such Notes alike. Angebot erfolgen, muss dieses Angebot allen Gläubigern gemacht werden.

(3) Entwertung. Sämtliche vollständig (3) Cancellation. All Notes redeemed in full shall zurückgezahlten Schuldverschreibungen sind be cancelled forthwith and may not be reissued unverzüglich zu entwerten und können nicht or resold. wiederbegeben oder wiederverkauft werden.

§ 12 § 12 MITTEILUNGEN NOTICES

(1) Bekanntmachung. Alle die (1) Publication. All notices concerning the Notes Schuldverschreibungen betreffenden Mitteilun- will be made by means of electronic publication gen erfolgen durch elektronische Publikation auf on the internet website of the Luxembourg Stock der Website der Luxemburger Börse Exchange (www.bourse.lu). Any notice so given (www.bourse.lu). Jede Mitteilung gilt am dritten will be deemed to have been validly given on the Tag nach dem Tag der Veröffentlichung als third day following the date of such publication. wirksam erfolgt.

(2) Mitteilungen an das Clearing System. Die (2) Notification to Clearing System. The Issuer Emittentin wird alle die Schuldverschreibungen shall deliver the relevant notice to the Clearing betreffenden Mitteilungen an das Clearing System for communication by the Clearing

System zur Weiterleitung an die Gläubiger System to the Holders. Any such notice shall be übermitteln. Jede derartige Mitteilung gilt am deemed to have been validly given on the fifth fünften Kalendertag nach dem Tag der Mitteilung calendar day after the day on which the said an das Clearing System als den Gläubigern notice was given to the Clearing System. So long mitgeteilt. Solange Schuldverschreibungen an as any Notes are listed on the Luxembourg der Luxemburger Börse notiert sind, findet Stock Exchange, subparagraph (1) shall also Absatz (1) ebenfalls Anwendung. apply.

§ 13 § 13 ANWENDBARES RECHT, GERICHTSSTAND; APPLICABLE LAW, PLACE OF ZUSTELLUNGSBEVOLLMÄCHTIGTER JURISDICTION, PROCESS AGENT AND UND GERICHTLICHE GELTENDMACHUNG ENFORCEMENT

(1) Anwendbares Recht. Form und Inhalt der (1) Applicable Law. The Notes, as to form and Schuldverschreibungen sowie die Rechte und content, and all rights and obligations of the Pflichten der Gläubiger und der Emittentin Holders and the Issuer, shall be governed by bestimmen sich in jeder Hinsicht nach German law. deutschem Recht.

(2) Gerichtsstand. Nicht ausschließlich zuständig (2) Submission to Jurisdiction. The District Court für sämtliche im Zusammenhang mit den Schuld- (Landgericht) in Frankfurt am Main shall have verschreibungen entstehenden Klagen oder non-exclusive jurisdiction for any action or other sonstige Verfahren ("Rechtsstreitigkeiten") ist legal proceedings ("Proceedings") arising out of das Landgericht Frankfurt am Main. or in connection with the Notes.

(3) Ernennung von Zustellungsbevollmächtigten. (3) Appointment of Authorised Agent. For any Für etwaige Rechtsstreitigkeiten vor deutschen proceedings before German courts, the Issuer Gerichten bestellt die Emittentin die WTE appoints WTE Wassertechnik GmbH, Ruhrallee Wassertechnik GmbH, Ruhrallee 185, D-45136 185, D-45136 Essen, Germany, as its authorised Essen, Bundesrepublik Deutschland, zu ihrem agent for service of process in Germany. Zustellungsbevollmächtigten in Deutschland.

(4) Gerichtliche Geltendmachung. Jeder (4) Enforcement. Any Holder of Notes may in any Gläubiger von Schuldverschreibungen ist be- Proceedings against the Issuer, or to which such rechtigt, in jedem Rechtsstreit gegen die Holder and the Issuer are parties, protect and Emittentin oder in jedem Rechtsstreit, in dem der enforce in his own name his rights arising under Gläubiger und die Emittentin Partei sind, seine such Notes on the basis of (i) a statement issued Rechte aus diesen Schuldverschreibungen im by the Custodian with whom such Holder eigenen Namen auf der folgenden Grundlage zu maintains a securities account in respect of the schützen oder geltend zu machen: (i) er bringt Notes (a) stating the full name and address of eine Bescheinigung der Depotbank bei, bei der the Holder, (b) specifying the aggregate principal er für die Schuldverschreibungen ein Wertpapier- amount of Notes credited to such securities depot unterhält, welche (a) den vollständigen Na- account on the date of such statement and (c) men und die vollständige Adresse des Gläu- confirming that the Custodian has given written bigers enthält, (b) den Gesamtnennbetrag der notice to the Clearing System containing the Schuldverschreibungen bezeichnet, die unter information pursuant to (a) and (b) and (ii) a copy dem Datum der Bestätigung auf dem Wertpapier- of the Note in global form certified as being a depot verbucht sind und (c) bestätigt, dass die true copy by a duly authorised officer of the Depotbank gegenüber dem Clearing System eine Clearing System or a depository of the Clearing schriftliche Erklärung abgegeben hat, die die System, without the need for production in such vorstehend unter (a) und (b) bezeichneten proceedings of the actual records or the global Informationen enthält; und (ii) er legt eine Kopie note representing the Notes. For purposes of the der die betreffenden Schuldverschreibungen ver- foregoing, "Custodian" means any bank or

briefenden Globalurkunde vor, deren Überein- other financial institution of recognised standing stimmung mit dem Original eine vertretungs- authorised to engage in securities custody berechtigte Person des Clearing Systems oder business with which the Holder maintains a des Verwahrers des Clearing Systems bestätigt securities account in respect of the Notes and hat, ohne dass eine Vorlage der Originalbelege includes the Clearing System. Each Holder may, oder der die Schuldverschreibungen verbriefen- without prejudice to the foregoing, protect and den Globalurkunde in einem solchen Verfahren enforce his rights under the Notes also in any erforderlich wäre. Für die Zwecke des Vor- other way which is admitted in the country of the stehenden bezeichnet "Depotbank" jede Bank Proceedings. oder ein sonstiges anerkanntes Finanzinstitut, das berechtigt ist, das Wertpapierverwahrungs- geschäft zu betreiben und bei der/dem der Gläubiger ein Wertpapierdepot für die Schuld- verschreibungen unterhält, einschließlich des Clearing Systems. Dessen ungeachtet kann jeder Gläubiger seine Rechte aus den Schuldver- schreibungen auf jede andere Weise schützen und durchsetzen, die in dem Land der Rechtsstreitigkeit zulässig ist.

§ 14 § 14 SPRACHE LANGUAGE

Diese Anleihebedingungen sind in englischer These Conditions of Issue are written in the Sprache abgefasst. Eine Übersetzung in die English language and provided with a German deutsche Sprache ist beigefügt. Der englische language translation. The English text shall be Text ist bindend und maßgeblich. Die controlling and binding. The German language Übersetzung in die deutsche Sprache ist translation is provided for convenience only. unverbindlich.

GENERAL INFORMATION REGARDING EVN AG

HISTORY, FOUNDATION, REGISTERED OFFICE AND FINANCIAL YEAR

Niederösterreichische Elektrizitätswirtschafts-Aktiengesellschaft (NEWAG), the predecessor to EVN AG, was incorporated on May 2, 1922. In 1986 NEWAG in accordance with the Austrian Stock Corporation Act merged with NIOGAS Niederösterreichische Gaswirtschafts-Aktiengesellschaft into NEWAG NIOGAS Aktiengesellschaft. In 1988, the name was changed to EVN Energie-Versorgung Niederösterreich Aktiengesellschaft, which name in 1998 was changed to EVN AG.

EVN AG’s seat is the political municipality of Maria Enzersdorf , and it is registered in the commercial register of the district court of Wiener Neustadt under the number FN 72000 h. Its head office is located at EVN Platz, 2344 Maria Enzersdorf, Republic of Austria. The Issuer may be reached by telephone on + 43 2236 200 0

The financial year of EVN AG begins on October 1 of each year and ends on September 30 of the following year.

CORPORATE PURPOSE

The main objects of EVN AG, according to its Articles of Association, are to generate, produce, procure, process, handle, transport and distribute energy and primary energy sources of all types and water, in accordance with the environmental protection and security of supply requirements, and also to market the by-products of energy production. Included in these objects are the uniform consolidation and the operation of plants owned by the corporation and/or by third parties for the generation, production, procurement, handling, transport and distribution of energy, primary energy sources and water, the planning and implementation of projects for these facilities as well as their installation. Another business area is to utilize and recycle waste materials and all other kinds of materials and substances as well as to plan, build, operate and exploit commercially in every way the waste management installations owned by EVN AG or third parties.

EVN AG is authorised to take all measures, conduct all activities, and transact all business, which directly or indirectly further these objects.

EVN AG can establish, acquire, operate, lease, divest and/or participate in domestic or foreign branches and other enterprises, especially if their corporate objects are related to those of EVN AG. The company may consolidate the enterprises in which it owns shares or interests under its direction, or limit itself to administering its shares in them.

SHARE CAPITAL

EVN’s issued share capital amounts to EUR 300 million divided into 163,525,820 non-par value ordinary bearer shares. All shares have been issued and are fully paid.

MAJOR SHAREHOLDERS

On the basis of federal and provincial constitutional law requirements, the province of Lower Austria continues to be the major shareholder of EVN AG, with a stake of 51%. Lower Austria‘s shareholding is formally held via its investment holding, NÖ Landes-Beteiligungsholding GmbH, with it´s registered seat in St. Pölten. On October 23, 2006, the German electricity supplier Energie Baden-Württemberg Aktiengesellschaft (EnBW) announced that its stake in EVN AG exceeded the threshold of 35%. The remaining shares are in free float.

ORGANIZATIONAL STRUCTURE

EVN AG is the parent company of the EVN Group. As of the date of this Prospectus, the EVN AG has the following main subsidiaries: Main EVN Group subsidiaries

% age of % age the interest of EVN of the Energy AG’s relevant segment interest subsidiary Generation 100% EVN Kraftwerks- und Beteiligungsgesellschaft mbH business unit 49% Evonik-EVN Walsum 10 KraftwerksgmbH Construction of a coal-fired power plant in Duisburg 100% evn naturkraft Erzeugungs- und Verteilungs GmbH Electricity generation from renewable energy sources 70% Wasserkraftwerke Trieb und Krieglach GmbH Hydroelectric power generation 100% EVN Liegenschaftsverwaltung Gesellschaft m.b.H. Management of elements of power plant

Networks 100% EVN Netz GmbH Operation of electricity and gas networks business unit 100% Utilitas Dienstleistungs- und Beteiligungs GmbH 1) 100% Kabelsignal AG Cable TV and Internet services 100% grafotech Beratungs- und Planungsgesellschaft mbH Digital cartography 50% NÖKOM NÖ Telekom Service GmbH Provincial government telecommunications network

Energy 100% EVN Energievertrieb GmbH & Co KG Electricity and gas sales to end Procurement customers within EnergieAllianz and Supply 45% EnergieAllianz Austria GmbH Joint EnergieAllianz partner sales business unit subsidiary 100% Naturkraft Energievertriebsgesellschaft m.b.H. Electricity sales from renewable energy sources 100% Switch Energievertriebsgesellschaft m.b.H. 45% e&t Energie Handelsgesellschaft mbH Joint EnergieAllianz partner energy trading and sourcing company 15.7% EconGas GmbH Joint venture of EnergieAllianz partner with OMV, OÖF and Linz AG gas trading and large customer sales company

100% EVN Wärme GmbH, heating supply 49% Fernwärme St. Pölten GmbH, heating supply together with St. Pölten municipal utility South East 67% EVN Bulgaria EP AD Venture of operation of electricity networks in Europe Bulgaria business unit 67% EVN Bulgaria EC AD Electricity distribution for retail customers in Bulgaria 100% Energy Trading AD Electricity distribution for large customers in Bulgaria 100% EVN Trading SEE EAD Electricity trading 100% EVN Bulgaria EAD Management company 90% EVN Macedonia AD Electricity supply in Macedonia 100% EVN Macedonia DOOEL Management company

Environmental

Services segment 100% EVN Wasser GmbH Lower Austrian drinking water supply 100% EVN Umweltholding und Betriebs-GmbH Holding for drinking water supply, wastewater and waste incineration services 100% WTE Wassertechnik GmbH, Essen, Germany Drinking water supply and wastewater services 2) 100% AVN Abfallverwertung Niederösterreich GmbH Waste incineration 99% EVN Projektgesellschaft MVA3 mbH Waste incineration in Moscow

Strategic Investments and Other Business 12.84% Österreichische Elektrizitätswirtschafts-Aktiengesellschaft (Verbund) Power generation, trading and distribution 72.27% Burgenland Holding AG Regional electricity and gas supply 49% Burgenländische Elektrizitätswirtschafts-AG (BEWAG) Electricity supply 49% Burgenländische Erdgasversorgungs-AG (BEGAS) Gas supply 50.05% RAG-Beteiligungs-AG Oil and gas exploration and gas storage 75% Rohöl-Aufsuchungs AG 100% Utilitas Dienstleistungs- und Beteiligungs GmbH Technical services 50% Allplan GmbH Building utility, energy and environmental engineering 49.95% EESU Holding GmbH Company to implement acquisition of E&P Holding GmbH with partners 100% EVN Business Service GmbH 100% First facility GmbH Facility management 100% V&C GmbH Cathodic corrosion protection 100% EVN Finanzmanagement und Vermietungs GmbH Group financing 100% EVN Finanzservice GmbH 1) Utilitas services are integrated in the Strategic Investments and Other Business Segment. 2) The investemens of WTE Wassertechnik GmbH arev project and operating companies in Central and Western Europe.

ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY BODIES Executive Board

At present the Executive Board of EVN AG consists of the following members:

Name and Title Business Activities and Experience Burkhard Hofer Born 1944, Doctor of Law. Joined EVN in 1980. Spokesman of the Executive Board Member and Speaker of the EVN Executive Board since March 2005. Named Chairman of the Executive Board in May 2008. His term of office expires at the end of the Annual General Meeting resolving upon matters pertaining to the 2008/09 financial year. Burkhard Hofer has executive responsibility for the Supply business unit and the Environmental Services business segment, as well for procurement and

purchasing, controlling, customer relations, finance, Group accounting (incl. investor relations), general administration and corporate affairs, information and communications and human resources. Peter Layr Born 1953, Doctor of Technical Sciences. Joined EVN Member of the Executive in 1978. Member of the EVN Executive Board since Board October 1999. His term of offices expires on September 30, 2014. Peter Layr has executive responsibility for the Network and South East Europe business units, as well as for data processing, environmental controlling and safety. Herbert Pöttschacher Born 1949, Degree in Surveying, Regional and Member of the Executive Environmental Planning. Member of the EVN Board Supervisory Board from 1991 to 1995, and of the EVN Executive Board since July 1995. His term of office expires on June 30, 2010. Herbert Pöttschacher has executive responsibility for the Generation business unit, as well as for internal auditing, administration and construction.

Supervisory Board

At present the Supervisory Board of EVN AG consists of the following members:

Names and Positions Held Principal Occupation Rudolf Gruber Member of the Supervisory Board of several non-listed Chairman (January 19, 2005) companies

Stefan Schenker Forestry engineer Vice-Chairman (December 12, 1996)

Gerhard Posset Secretary, Lower Austrian Executive Vice-Chairman (December 12, 1995) Committee of the Austrian Trade Union Federation

Norbert Griesmayr Chairman of the Executive Board of VAV (January 12, 2001) Versicherungs-Aktiengesellschaft

Gottfried Holzer (June 22, 1987) Director of the Lower Austrian Chamber of Agriculture

Dieter Lutz (January 12, 2006) CEO, BENDA LUTZ-WERKE GmbH, Head, Industrial Section, Lower Austrian Chamber of Commerce

Reinhard Meißl (January 12, 2006) Head of the finance department, Provincial Govern- ment of Lower Austria, CEO NÖ Landes- Beteiligungsholding GmbH

Bernhard Müller (January 12, 2006) Mayor of Wiener Neustadt

Wolfgang Peterl (January 12, 2001) Mayor of Korneuburg

Martin Schuster (January 12, 2006) Member of the Lower Austrian Provincial Parliament,

Mayor of Perchtoldsdorf

Michaela Steinacker (January 12, 2001) Member of the Executive Board of RAIFFEISEN- HOLDING NIEDERÖSTERREICH-WIEN reg.Gen.m.H.

Hans-Peter Villis (January 17, 2008) CEO, EnBW Baden-Württemberg AG

Employee representatives Chairman of the EVN Central Works Council, Franz Hemm (May 3, 1994) Vicechairman of the Lower Austrian Chamber of Labour

Rudolf Rauch (April 2, 1993) Vice-chairman of the EVN Central Works Council

Manfred Weinrichter (January 1, 2001) Vice-Chairman of the EVN Central Works Council

Paul Hofer (April 1, 2007) Member of the Works Council

Otto Mayer (May 12, 2005) Member of the Works Council

Franz Ziegelwagner ( May 15, 2004) Member of the Works Council

The members of the Executive Board and the Supervisory Board of EVN AG can be contacted at EVN AG’s business address, namely: EVN Platz, 2344 Maria Enzersdorf, Republic of Austria. None of the above members of the Executive Board and the Supervisory Board have declared any potential conflict of interest between any duties of the Issuer and their private interest or other duties.

BOARD PRACTICES

Commitment to the Austrian Corporate Goverance Code The Executive Board and the Supervisory Board of EVN are committed to abide by the principles of good corporate governance, thus fulfilling the expectations of domestic and international investors who demand the management and control of EVN to be carried out in a responsible, transparent and sustainable manner.

Effective 1 June 2006, EVN decided to fully comply with the Austrian Corporate Governance Code in accordance with the valid and binding version published in January 2006. As of 1 January 2008, EVN agreed to adhere to the updated version of the Austrian Corporate Governance Code dated June 2007.

Supervisory Board committees The Supervisory Board convenes as a plenum, inasmuch as individual matters of importance have not been delegated to committees set up by the Supervisory Board. At present, the following committees have been established, each of which is required to include at least three members of the Supervisory Board:

– The audit committee (§ 92 Sect. 4 and Sect. 4a Austrian Stock Corporation Act) is responsible for evaluating and preparing the Report of the Supervisory Board approving the financial statements and the consolidated financial statements, the proposal of the Executive Board in regards to the distribution of profits, and the Management Report pertaining to the company and the Group. It also makes a proposal to select the auditors.

– The personnel committee deals with all issues pertaining to the relationship of the company to the members of the Executive Board, inasmuch as this is not the responsibility of the entire Supervisory Board. The personnel committee also serves as the nominating and remuneration committee.

– The working committee is responsible for carrying out the specified tasks assigned to it by the entire Supervisory Board. In certain urgent cases, the working committee is authorised to give its consent to specified business transactions on behalf of the Supervisory Board, in accordance with the Supervisory Board‘s internal rules of procedure.

The Supervisory Board is authorised to set up other committees composed of its member with responsibility for preparing its consultations and resolutions, monitoring compliance with its resolutions, or deciding upon relevantmatters pertaining to business developments at the company, as assigned to it by the Supervisory Board.

Compliance – preventing the misuse of insider information In fulfilling the regulations stipulated in the Austrian Stock Corporation Act and the Stock Exchange Act, the Austrian Compliance Code for the issuers of securities and the Directive of the European Parliament on insider dealing and market manipulation, EVN has developed a comprehensive set of rules designed to prevent the misuse of insider information. 16 permanent and four ad-hoc areas of EVN’s business have been designated as strictly confidential. The affected employees are continually given extensive training. Compliance and confidentiality are monitored and evaluated by a specially-designated compliance officer, reporting directly to the Executive Board. In the 2007/08 financial year, the ongoing monitoring carried out by the compliance officer did not reveal any deficiencies.

Report regarding the evaluation of the declaration of the Executive and Supervisory Board of EVN AG, Maria Enzersdorf, concerning compliance with the Austrian Corporate Governance Code KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft evaluated the mutual declaration of the Executive Board and Supervisory Board of EVN AG, concerning compliance with the Austrian Corporate Governance Code and the respective report dated 10 December 2008, which is subject to the regime of Sect. 275 Austrian Commercial Code, does not show any findings. The evaluation was limited primarily to inquiries of company personnel, an examination of compliance with the Austrian Corporate Governance Code based on sampling and an assessment of the issued statement. The evaluation was based on the questionnaire issued by the Austrian Working Group for Corporate Governance.

EMPLOYEES AS OF 30 SEPTEMBER 2008

In the 2007/08 financial year, the average number of employees in the EVN Group declined by 2.0 %, to 9,342 people. Whereas employee headcount of EVN Group in Lower Austria climbed by 4.6%, the total staff count in South East Europe was further optimised within the context of the ongoing integration efforts, declining by 4.4%, to 6,560 employees, although the initial consolidation of TEZ Plovdiv added close to 300 employees to the total figure. Personnel expenses rose by 5.4% in 2007/08, to EUR 304.4 million. This is chiefly related to contractually stipulated wage increases mandated by collective agreements and the accompanying increase in social expenses. . EVN invested a total of EUR 2.9 million in professional training and further education measures, or about EUR 314.9 per employee. In addition to IT training courses and specialised seminars, another focal point of the training courses offered to employees is behavioural training designed to improve their social competence when interacting with customers and colleagues at work. As at the end of the 2007/08 financial year, 78 apprenticeship trainees were working at EVN in several different business and commercial fields. The traditionally high value assigned to apprenticeship training is not only a means of offering a sound basis for young people to enter the working world, but also has the purpose of ensuring a sufficient supply of skilled employees to meet future requirements.

STATUTORY AUDITORS Independent auditors of EVN AG are KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, Porzellangasse 51, A-1090 Vienna. The auditors are a member of the Kammer der Wirtschaftstreuhänder (Schönbrunnerstraße 222-228/Stg.1/6.Stock, 1120 Wien). KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft has audited in accordance with Auditing Standards Generally Accepted in Austria the German language non- consolidated financial statements of EVN AG as of and for the financial years ended 30 September 2007 and 30 September 2008 which have been prepared by EVN AG’s Executive Board in accordance with the Austrian Commercial Code. The respective unqualified audit opinions were issued on 19 November 2007 and 20 November 2008.

KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft has audited in accordance with Auditing Standards Generally Accepted in Austria and the International Standards on Auditing as published by the International Federation of Accountants the German language consolidated financial statements of EVN AG as of and for the financial years ended 30 September 2007 and 30 September 2008 which have been prepared by EVN AG’s Executive Board in accordance with the Austrian Commercial Code and the International Financial Reporting Standards as adopted by the European Union. The respective unqualified audit opinions were issued on 19 November 2007 and 20 November 2008.

SELECTED FINANCIAL INFORMATION

Financial Years ending 30 September 2008 and 30 September 2007 CONSOLIDATED BALANCE SHEET OF EVN GROUP

30.9.2008 30.9.2007 TEUR TEUR Assets Non-current assets Intangible assets 357,549.5 327,857.2 Property, plant and equipment 2,391,972.3 2,149,128.1 Companies included at equity 641,490.1 460,310.7 Other financial assets 1,723,504.2 1,613,362.0 Deferred tax assets 912.0 1,032.4 Other non-current assets 596,987.2 614,303.8 5,712,415.3 5,165,994.3 Current assets Inventories 97,551.7 84,127.5 Current receivables and other current assets 569,376.3 539,900.1 Cash and cash equivalents 256,932.5 471,904.1 923,860.5 1,095,931.6 Total assets 6,636,275.7 6,261,925.9

Equity and Liabilities Equity Equity attributable to EVN AG shareholders 2,975,927.3 2,788,012.5 Minority interest 232,532.3 226,720.8 3,208,459.6 3,014,733.3 Non-current liabilities Non-current loans and borrowings 1,358,888.1 1,172,612.3 Deferred tax liabilities 420,022.5 399,807.9 Non-current provisions 456,363.3 457,122.7 Deferred income from network subsidies 354,322.2 324,041.4 Other non-current liabilities 65,684.4 46,968.7 2,655,280.3 2,400,553.0 Current liabilities Current loans and borrowings 153,904.0 247,233.6 Taxes payable 60,479.4 58,870.5 Trade payables 283,695.6 297,980.0 Current provisions 96,410.8 92,956.6 Other current liabilities 178,045.9 149,598.9 772,535.8 846,639.6 Total equity and liabilities 6,636,275.7 6,261,925.9

CONSOLIDATED INCOME STATEMENT OF EVN GROUP

2007/08 2006/07 TEUR TEUR Revenue 2,397,001.9 2,233,124.3

Change in work in progress -1,745.8 -5,098.3 Own work capitalised 13,500.9 13,353.7 Other operating income 50,863.8 45,585.5 Cost of materials and services -1,657,571.5 -1,511,279.0 Personnel expenses -304,436.8 -288,893.2 Depreciation and amortisation -195,681.3 -153,339.9 Other operating expenses -135,326.7 -136,138.3 Results from operating activities (EBIT) 166,604.3 197,314.9 Income from companies included at equity 95,721.2 89,844.7 Income from other investments 41,307.0 37,160.6 Interest income 49,934.1 31,467.0 Interest expense -84,921.3 -75,835.0 Other financial results -33,186.2 7,487.9 Financial results 68,854.8 90,125.3 Profit before income tax 235,459.2 287,440.2 Income tax expense -5,616.2 -28,462.2 Net profit for the period 229,843.0 258,978.0 Thereof Profit attributable to Minority interest 42,906.1 31,948.3 Profit attributable to EVN AG shareholders (Group net profit) 186,936.8 227,029.7 Earnings per share in EUR1) 1.14 1.392) Dividend per share in EUR 0.3703) 0.3752) 1) There is no difference between undiluted and diluted earnings per share. 2) The previous year‘s figures have been adapted to the stock split effective April 17, 2008 in a ratio of 4 for 1. 3) Proposal to the Annual General Meeting

CONSOLIDATED CASH FLOW STATEMENT OF EVN GROUP

TEUR 2007/08 2006/07 Profit before income tax 235,459.2 287,440.2 + Depreciation and amortisation and impairment losses 195,681.3 153,339.9 – Non-cash share of income from companies included at equity -1,621.4 -10,205.4 – Gains/+ losses from foreign exchange translation -69.3 -105.0 +/– Other non-cash financial results 29,671.8 -5,644.4 – Release of deferred income from network subsidies -29,507.6 -27,835.1 – Gains/+ losses on the disposal of non-current assets -840.2 -331.4 + Increase/– decrease in non-current provisions -2,115.3 15,482.2 Gross cash flow 426,658.4 412,140.9 – Increase/+ decrease in current inventories and receivables -60,927.1 -89,812.1 + Increase/– decrease in current provisions 3,348.9 -9,623.2 + Increase/– decrease in trade payables and other liabilities 41,999.6 47,747.4 – Income tax paid -28,487.0 -17,623.6 Net cash flow from operating activities 382,592.7 342,829.4 + Proceeds from the disposal of intangible assets and property, plant and equipment 5,270.2 2,675.4 + Proceeds from network subsidies 59,191.1 64,419.0

+ Proceeds from the disposal of financial assets and other non-current assets 46,859.0 201,943.8 + Proceeds from the disposal of current financial assets1) 352,423.2 81,513.9 – Acquisition of subsidiaries, net of cash acquired -35,021.9 – – Acquisition of intangible assets and property, plant and equipment -414,816.8 -273,341.9 – Acquisition of non-current financial and other assets -233,723.0 -183,122.0 – Acquisition of current financial assets1) -107,001.5 -189,244.1 Net cash flow from investing activities -326,819.7 -295,155.9 – Dividends paid by EVN AG -61,322.2 -57,234.0 – Dividends paid to minority shareholders of fully consolidated companies -36,420.7 -35,147.0 – Buyback of treasury shares -4,753.9 – + Increase in financial liabilities 404,183.4 128,268.3 – Decrease in financial liabilities -317,712.7 -106,002.3 Net cash flow from financing activities -16,026.1 -70,115.0 Net change in cash and cash equivalents 39,747.0 -224,414.0

Net change in cash and cash equivalents1) Cash and cash equivalents at the beginning of the period 54,356.0 76,797.4 Currency translation adjustment 14.5 – Cash and cash equivalents at the end of the period 94,117.5 54,356.0 Net change in cash and cash equivalents 39,747.0 -22,441.4 1) Changes in securities are reported under these items in cases where the securities are used for the investment of surplus liquidity, but do not meet the IFRS criteria for reporting as cash equivalents.

TREND INFORMATION There has been no material adverse change in the prospects of the issuer since 30 September 2008.

BUSINESS OF EVN GROUP

OVERVIEW OF EVN GROUP

With EVN’s portfolio of services, EVN safeguardes and improves the quality of life of its more than three million customers in 18 countries.

In addition to Austria, EVN is also strongly positioned in the energy industry of South East Europe, due to the purchase of majority shareholdings in two regional electricity supply companies in Bulgaria, and the acquisition of the national electricity distribution company in Macedonia. In the environmental services area EVN successfully operates in the fields of water supply, wastewater treatment and waste incineration through its shareholdings.

On the basis of exploiting synergies among the different business areas of EVN in Austria and abroad, the focus of all business activities is the sustainable creation and increase of value for the

benefit of customers, shareholders and employees. The main principles underlying EVN’s business operations are ensuring the security and reliability of energy supplies, responsibly using natural resources, creating a modern and environmentally compatible infrastructure, and the consistent positioning of EVN as a provider of top quality services.

Operational focus A new segment reporting structure was considered necessary to reflect the increasing diversification of the business areas of the EVN Group. Starting with the 2005/06 financial year, EVN’s business operations were divided into three segments: Energy, Environmental Services and Strategic Investments and Other Business.

The related development process can be summarised by considering the following aspects: – EVN’s internationalisation in the environmental services and energy segments overcomes the limited growth potential of the domestic market and enables the company to participate in the expected dynamic economic growth of Eastern and South East Europe. – The expansion of the Environmental Services segment has become an integral component of EVN’s growth strategy in technologically related infrastructure areas, which strengthens the company’s profitability, helps to moderate the effects of seasonal fluctuations in the energy market and cushions EVN against the tendency towards declining margins in the energy sector. – Partnerships and joint ventures such as EnergieAllianz or EconGas strengthen EVN’s competitiveness in Austria, and also create internationally competitive business units. – Selected strategic investments such as Verbundgesellschaft and RAG strengthen vertical integration, contribute to profitability, and compensate for increasing primary energy costs.

The company also sources its own electricity from the Danube power stations of Melk, Greifenstein and Freudenau. The development of this operative business unit depends on prices on Europe’s electricity market, global primary energy costs, and expenses required for CO2 emission certificates. A flexible and variable mix of different primary energy sources has a positive effect on margins similar to the positive impact of a sustainable increase in the efficiency of production facilities. Energy demand combined with limited power generating capacity tends to push up prices. The latest forecasts anticipate a 2.0% increase in European electricity requirements per annum. EVN is currently implementing several power plant projects and expanding its power generation from renewable energy sources in order to exploit favourable market opportunities in the future.

EVN’s gas transport and distribution pipeline network has an overall length exceeding 13,250 km. The electricity and gas networks are subject to government regulations. At the beginning of 2006 and 2008, a new multi-year incentive regulatory system was introduced for electricity and gas respectively. The core component of this new approach is a national benchmarking system for Austria‘s network operators, of which EVN ranks as one of the most efficient. Its validity over a period of several years ensures a state of legal stability and continuity for network operators, even though the current system provides weak investment incentives.

Due to its high share of fixed costs, the performance of the Networks business unit is highly dependent on sales volumes and, particularly in the gas segment, on weather conditions.

Supply business unit The sourcing of electricity and gas, the trading and the sale of electricity and gas takes place within EnergieAllianz, a joint subsidiary of EVN, Burgenländische Elektrizitätswirtschafts-AG (BEWAG) Burgenländische Erdgasversorgungs-AG (BEGAS) and Wien Energie. All EVN Group gas sourcing and trading is carried out via EconGas, the joint natural gas wholesaling company of the EnergieAllianz partners as well as Linz AG, EGBV Beteiligung GmbH and OMV. The spinning off of these activities along the value chain to joint companies in cooperation with other partners has created competitive entities which make economies of scale possible.

The heat generated by EVN and distributed to 39,000 private and commercial customers is also encompassed in the Supply business unit. The production of this heat is carried out in own district heating, local heating and cogeneration plants, the bleeding of waste heat from EVN Group’s thermal power stations, and biomass. EVN is the largest supplier of heat from biomass in Austria, operating 44 biomass facilities.

In the second quarter of the 2007/08 financial year, EVN acquired a 49% shareholding in the company set up by the City of Sankt Pölten to manage its district heating operations. In the third quarter, the heating operations of the EVN Group were spun off retroactively to October 1, 2007 and integrated into the newly established company EVN Wärme GmbH.

The profitability of the Supply business unit is chiefly related to energy sales volumes and global primary energy prices. In the heating business, sales prices for all products are index-based (an index mix of gas- oil- and wood/biomass prices) with almost all contracts linking heating prices to index values based on publicly collected data. Electricity and gas sourcing within EnergieAllianz is based on an active hedging strategy. Moreover, in the electricity segment, the natural form of hedging is EVN’s own power generating capacity.

The coverage ratio, or the ratio of own power generation and sales volumes, amounted to 60.9% in 2007/08, slightly higher than the level of the previous year (55.9%). On a Group-level, the coverage ratio only amounts to 20.8% (previous year: 19.1%), due to the integration of the new subsidiaries in Bulgaria and Macedonia. This is related to the fact that EVN only has very limited power generating capacity in these markets.

South East Europe business unit This business unit primarily encompasses the Bulgarian electricity network operator EVN EP AD, electricity distributor EVN EC AD and the Macedonian national electricity distribution company EVN Macedonia AD. Disproportionately high economic growth is expected in South East Europe compared to the rest of the continent, accompanied by a continuous increase in energy demand. The Bulgarian electricity market was liberalised in July 2007, nevertheless a competitive business environment has not yet emerged. The Macedonian electricity sector is largely regulated by the government. In both countries, a significant increase in prices is expected on a medium-term basis, due to the growing gap between current production capabilities and electricity demand.

Market environment and success factors - Environmental Services segment In the Environmental Services segment encompassing the water, wastewater treatment and waste incineration activities of the EVN Group, EVN has successfully positioned itself in niche markets and has gained a reputation as a competent partner for comprehensive solutions. In addition to the regional supply of drinking water in Lower Austria (EVN Wasser), the WTE Group (WTE Wassertechnik GmbH and its subsidiaries) is responsible for implementing national and international projects in the fields of drinking water and wastewater treatment. The waste incineration business mainly consists of AVN‘s waste incineration facility in Dürnrohr, Lower Austria, and comparable international projects. Contract orders are shaped by the continuous rise in demand in Central and Eastern Europe, but are also dependent on financing provided by public institutions such as municipalities and local communities. The expansion of EVN’s Environmental Services business generally counteracts the seasonal nature of the energy sector. However, the implementation of large-scale projects can lead to fluctuations in earnings, depending on progress in construction work. Thanks to long-term operating contracts, full waste incineration and drinking supply capacity utilisation will continue to generate a stable cash flow in this segment. In the 2007/08 financial year,

the Environmental Services segment contributed 7.7% of total EVN Group revenue (previous year: 12.3%), and 15.2% of its EBIT (previous year: 19.3%).

Drinking water supply in Lower Austria EVN succeeded in expanding its portfolio of public services in 2001 due to the takeover of Lower Austria’s regional water supply former NÖSIWAG Niederösterreichische Siedlungswasserbau- Gesellschaft m.b.H., now EVN Wasser, and thus strengthening its position as a multi-service utility. At the end of the 2007/08 financial year, EVN supplied drinking water to 620 cadastral municipalities with more than 481,500 inhabitants (approximately one-third of Lower Austria’s total population). Drinking water is usually supplied indirectly via deliveries to municipalities and local communities. During the 2007/2008 financial year, EVN increased the number of end customers directly supplied with water to 41,500 inhabitants, up from the previous year‘s level of 30,800 people.

International drinking water and wastewater treatment Via the WTE Group, EVN plans, builds, finances and operates municipal and industrial water and wastewater installations in Europe. The scope of services depends on customer requirements, and ranges from WTE serving as a general contractor and ongoing facility operation to the BOOT model (Build, Own, Operate, Transfer). Within the context of the BOOT model, construction usually lasts for a period of two to three years, whereas operational responsibility is for a considerably longer period of time. The particular facility remains in the hands of the project company established to implement the project, and is later handed over to the contracting party. For example, the drinking water facility in Moscow will be operated by WTE‘s project companies until the year 2016.

Waste incineration EVN operates a waste incineration installation in Dürnrohr, Lower Austria through its subsidiary AVN. As the Dürnrohr plant is being operated at full capacity throughout the entire year, the decision was made to expand the facility by adding a third waste incineration line. Furthermore, the company is actively involved in international projects, offering the competitive advantage of the BOOT model. A waste incineration installation in Moscow was built and is now fully operating. In the field of waste incineration, Dürnrohr operates in accordance with the “waste to energy” principle. The steam generated by the waste incineration process is transported to power plants and district heating networks, and thus integrated into the electricity and heat generating processes.

PRINCIPAL MARKETS

Lower Austria In recent years, EVN has evolved from a utility company into an energy and environmental services enterprise. In the meantime, the portfolio of services offered by the EVN Group ranges from the supply of electricity, gas and heat to water supply, wastewater treatment and waste incineration. In Lower Austria, EVN serves more than one million electricity, gas and heating customers. 480,000 inhabitants are being supplied with drinking water. Drinking water is usually supplied indirectly via deliveries to municipalities and local communities. Furthermore, EVN operates a waste incineration plant in Dürnrohr, with a capacity of about 300,000 t annually, which is currently being expanded to raise annual capacity to 500,000 t. The service portfolio is complemented by a regional TV and telecommunications infrastructure.

Central and Eastern Europe and South East Europe As a result of the acquisition of a 67.0% shareholding in each of the two South-eastern Bulgarian electricity supply companies, EVN has been providing electricity since January 2005 to a supply area, encompassing close to 1.6 million end customers and approximately one-third of Bulgaria’s electricity market. In the 2007/08 financial year, EVN successfully concluded the acquisition of TEZ Plovdiv (now EVN Bulgaria Toplofikatsia EAD, a subsidiary of EVN AG), Bulgaria‘s second largest district heating plant. In October 2007, EVN had already successfully completed the scheduled acquisition of the electricity distribution facilities of the local operating company Sunny Beach AD (a subsidiary on the Black Sea. In April 2006, EVN penetrated the Macedonian market with its acquisition of a majority shareholding in the electricity distribution company ESM AD (now EVN Macedonia AD). EVN Macedonia AD supplies electricity to the entire Repubic of Macedonia with its

approximately two million inhabitants and 720,000 customer installations. The company also owns 11 hydroelectric powerplants with a total capacity of 46.5 MW.

LITIGATION AND ARBITRATION PROCEEDINGS Except as disclosed in this document, there are no, nor have there been any legal or arbitration proceedings (including any proceedings which are pending or threatened of which the Issuer is aware) which may have or have had in the 12 months preceding the date of this document a significant effect on the financial position of EVN.

RECENT DEVELOPMENTS

On 7 November 2008, “WTE“ won a contract to build a sludge treatment plant for the Lithuanian capital city of Vilnius with an annual capacity of 600,000 population equivalents. The total investment volume amounts to EUR 45 million.

Taking account of the expected operational business development, “EVN“ took advantage of a syndicated revolving credit facility of EUR 600 million concluded on 12, September 2006. Further funds totalling EUR 100 million were drawn from this line of credit to ensure sufficient interim financing of “EVN“. As a result, “EVN“ has now drawn up EUR 300 million of this credit facility for interim financing purposes.

FINANCIAL INFORMATION CONCERNING EVN’S ASSETS AND LIABILITIES, FINANCIAL POSITION AND PROFITS AND LOSSES

HISTORICAL FINANCIAL INFORMATION The audited consolidated financial statements of EVN Group for the financial year ending on 30 September 2007 and the auditors' report thereon, together contained in EVN's Annual Report 2007 on pages 67 - 133, are incorporated by reference into this Prospectus. The audited consolidated financial statements of EVN Group for the financial year ending on 30 September 2008 and the auditors' report thereon, together contained in EVN's Annual Report 2008 on pages 69 - 131, are incorporated by reference into this Prospectus.

SIGNIFICANT CHANGE IN EVN AGS FINANCIAL OR TRADING POSITION There has been no significant change in the financial or trading position of EVN Group since 30 September 2008.

USE OF PROCEEDS

The net proceeds from the issuance of the Notes will amount to approximately JPY 12,000,000,000. The net proceeds will be used for general corporate purposes.

TAXATION The following is a general discussion of certain Austrian and Luxembourg tax consequences of the acquisition and ownership of the Notes. This discussion does not purport to be a comprehensive description of all tax considerations which may be relevant to a decision to purchase Notes. In particular, this discussion does not consider any specific facts or circumstances that may apply to a particular purchaser. This summary is based on the laws (including tax treaties) currently in force and as applied on the date of this Prospectus in the Republic of Austria and the Grand Duchy of Luxembourg which are subject to change, possibly with retroactive effect. PROSPECTIVE PURCHASERS OF NOTES ARE ADVISED TO CONSULT THEIR OWN TAX ADVISORS AS TO THE TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF NOTES INCLUDING THE EFFECT OF ANY STATE OR LOCAL TAXES, UNDER THE TAX LAWS APPLICABLE IN THE REPUBLIC OF AUSTRIA AND THE GRAND DUCHY OF LUXEMBOURG AND EACH COUNTRY OF WHICH THEY ARE RESIDENTS.

1. REPUBLIC OF AUSTRIA

The information provided below does not purport to be a complete summary of the tax law and practice currently applicable in the Republic of Austria. For their particular case, prospective investors should consult their own professional advisors. The following is a summary description of certain Austrian tax implications relating to the Notes based upon Austrian tax law currently in effect. It does not take into account any double taxation situation between Austria and the country of residence or domicile of the individual investor, and does not take any responsibility for any future changes in Austrian tax law, its interpretation by the Austrian tax authorities, the tax courts or the Austrian Supreme Courts. Under Austrian tax law, individuals are subject to income tax pursuant to the Austrian Income Tax Act ("EStG") generally at progressive tax rates between 0 % and 50 %. Corporate entities are subject to a corporate income tax at a rate of 25 % pursuant to the Austrian Corporate Income Tax Act ("KStG").

(i) Investors subject to unlimited tax liability ("residents")

Interest payments In the Republic of Austria, interest payments in respect of Notes made by an Austrian bank (kuponauszahlende Stelle) or the Issuer directly to residents (within the meaning of the respective Austrian tax law), in accordance with the Conditions of Issue, will generally be subject to tax deduction on investment income (Kapitalertragsteuer) at a rate of 25 %. Pursuant to Austrian tax law, individuals with a domicile and/or habitual abode in Austria and corporate entities with their legal seat or effective place of management in Austria, are regarded as residents. Insofar the Notes have been publicly offered, the tax on investment income deducted on interest payments in respect of Notes to individuals (and corporate entities, insofar the interest payments qualify as income from investment of capital and not as income from other trade or business) is final (Endbesteuerung – "Final Taxation"). Such interest payments are not assessed together with other income. However, there is an option to have such interest payments in respect of Notes assessed together with any other income, if more favourable than Final Taxation. In that case, the tax on investment income would be treated as a prepayment on income tax (corporate income tax) and the tax on investment income is credited against the tax liability for the respective year. Interest payments in respect of Notes made by a non-domestic bank to individuals (and corporate entities insofar the interest payments qualify as income from investment of capital and not as business income of a trade or business) are taxed separately from any other income at a special rate of 25 %. Such taxation is deemed to be equivalent to Final Taxation.

However, there is an option to have such interest payments in respect of Notes assessed with any other income if more favourable than taxation at the special rate. Insofar the Notes have not been publicly offered or interest payments in respect to the Notes are made to a corporate investor, where interest payments qualify as business income of a trade or business, the withholding tax is not final but credited against the tax liability for the respective year. Such corporate investors may generally avoid tax on investment income by filing a declaration of exemption. Any interest payments in respect of Notes to Austrian private-law foundations ("Privatstiftung") are subject to a special interim corporate income tax at a rate of 12.5 %. Such interim corporate income tax may be credited against the income tax levied on distributions made by the private-law foundation to its beneficiaries. Regarding the implications of the EU Savings Tax Directive in Austria see further below.

Capital gains According to Austrian tax law capital gains trigger taxation, if they are business income of a trade or business, which generally is the case if realised by a corporate investor. Capital gains realised by individuals (and certain types of corporate entities e.g. a private-law foundation) are only taxed, if the capital gains qualify as income resulting from a speculative transaction. Any disposition of Notes will be deemed to be a speculative transaction if made within the holding period of one year. Some specific rules regarding certain types of Notes are provided below.

Fixed Rate Notes In case of redemption or early buyback (by the Issuer) of Notes which carry interest, any difference between issuing price and a higher redemption (early buyback) price will be tax free, if such difference does not exceed 2%. If such difference exceeds 2%, the abovementioned general rules of taxation apply.

Foreign Currency Notes Any capital gain on foreign currencies will be realized only upon conversion to euro.

Inheritance and gift tax The Austrian Constitutional Court found the Inheritance and Gift Tax Act to be unconstitutional and repealed it with effect of 31 July 2008. The Austrian Parliament passed a Gift Notification Act which requires with effect of 1 August 2008 that gifts exceeding certain amounts must be notified to the Austrian Tax Authorities.

(ii) Investors subject to limited tax liability ("non-residents") – see also "EU Savings Tax Directive" below

Interest payments In the Republic of Austria, interest payments in respect of Notes to non-residents (within the meaning of the respective Austrian tax law), in accordance with the Conditions of Issue will be exempt from any Austrian income tax, including any Austrian tax deduction on investment income, as long as interest payments are made by banks domiciled outside of Austria. If interest payments are made by an Austrian bank or the Issuer directly, a non-resident of Austria will, however, be obliged to disclose his/her identity and foreign address and supply corroborating evidence thereof to prevent Austrian tax on investment income of presently 25 % being deducted. If Notes are assets of a permanent establishment, interest payments in respect of such Notes will

qualify as income of other trade or business. In this case, tax deduction on investment income may generally be avoided by filing a declaration of exemption. If the investor discloses his identity and foreign address and supplies corroborating evidence thereof, no tax deduction on investment income will be made, even if no declaration of exemption has been filed. However, the interest payments will be subject to limited tax liability as business income. The holding of Notes in a clearing system has no influence on the tax treatment of the owner. Also with respect to limited tax liability as stated in the preceding paragraphs the different types of Notes are treated according to the rules described under (i) above. Taxation, if any, only takes place at maturity or upon prior redemption or sale of the Notes or in case of foreign currency Notes in respect of capital gains on foreign currency Notes upon conversion to euro.

Capital gains Holders of Notes who are non-residents of Austria are not subject to Austrian tax on capital gains (speculative gains) derived from the sale of the Notes.

Inheritance and gift tax The Austrian Parliament passed a Gift Notification Act which requires with effect of 1 August 2008 that gifts exceeding certain amounts must be notified to the Austrian Tax Authorities.

2. GRAND DUCHY OF LUXEMBOURG Non-Residents Under the existing laws of Luxembourg and except as provided for by the Luxembourg law of 20 June 2005 implementing the EU Savings Tax Directive (as defined below), there is no withholding tax on the payment of interest on, or reimbursement of principal of, the Notes made to non-residents of Luxembourg. Under the Luxembourg law of 20 June 2005 implementing the EU Savings Tax Directive and as a result of ratification by Luxembourg of certain related Accords with the relevant dependent and associated territories, payments of interest or similar income made or ascribed by a paying agent established in Luxembourg to or for the immediate benefit of an individual or certain residual entities as defined by the law, who, as a result of an identification procedure implemented by the paying agent, are identified as residents or are deemed to be residents of an EU Member State other than Luxembourg or certain of those dependent or associated territories referred to under "EU Savings Tax Directive" below, will be subject to a withholding tax unless the relevant beneficiary has adequately instructed the relevant paying agent to provide details of the relevant payments of interest or similar income to the fiscal authorities of his/her country of residence or deemed residence or has provided a tax certificate from his/her fiscal authority in the format required by law to the relevant paying agent. Where withholding tax is applied, it will be levied at a rate of 20% until 30 June 2011 and at a rate of 35 % thereafter. When used in the preceding paragraph "interest", "paying agent" and “residual entity” have the meaning given thereto in the Luxembourg law of 20 June 2005 (or the relevant Accords). "Interest" will include accrued or capitalised interest at the sale, repayment or redemption of the Notes. "Paying agent" is defined broadly for this purpose and in the context of the Notes means any economic operator established in Luxembourg who pays interest on the Notes to or ascribes the payment of such interest to or for the immediate benefit of the beneficial owner, whether the operator is, or acts on behalf of, the Issuer or Guarantor or is instructed by the beneficial owner to collect such payment of interest. Payments of interest or similar income under the Notes to the clearing systems and payments by or on behalf of Clearstream Banking, société anonyme, Luxembourg, to financial intermediaries will not give rise to a withholding tax under Luxembourg law.

Residents According to the law of 23 December 2005, interest or similar income on Notes paid by a Luxembourg or certain foreign paying agent to an individual Holder who is a resident of Luxembourg or to a foreign residual entity securing the payment for such individual will be subject to a withholding tax of 10 %. If the individual Holder holds the Notes in the course of the management of his private wealth, the aforementioned 10 % withholding tax will operate a full discharge of income tax due on such payments. Interest on Notes paid by a Luxembourg paying agent to a Holder who is not an individual is not subject to withholding tax.

3. EU SAVINGS TAX DIRECTIVE Under the EU Council Directive 2003/48/EC dated 3 June 2003 on the taxation of savings income in the form of interest payments (the "EU Savings Tax Directive"), which is applicable as from 1 July 2005, each EU Member State must require paying agents (within the meaning of such directive) established within its territory to provide to the competent authority of this state details of the payment of interest made to any individual resident in another EU Member State as the beneficial owner of the interest. The competent authority of the EU Member State of the paying agent (within the meaning of the EU Savings Tax Directive) is then required to communicate this information to the competent authority of the EU Member State of which the beneficial owner of the interest is a resident. For a transitional period, Austria, Belgium and Luxembourg may opt instead to withhold tax from interest payments within the meaning of the EU Savings Tax Directive at a rate of 20% from 1 July 2008, and of 35% from 1 July 2011. In conformity with the prerequisites for the application of the EU Savings Tax Directive, a number of non-EU countries and territories, including Switzerland, have agreed to apply measures equivalent to those contained in such directive (a withholding system in the case of Switzerland). In Austria, provisions for implementing the EU Savings Tax Directive have been enachted by the “EU Withholding Tax Act” which became effective on 1 July 2005.

Holders who are individuals should note that the Issuer will not pay additional amounts under § 7 (d) of the Conditions of Issue in respect of any withholding tax imposed as a result of the EU Savings Tax Directive.

SUBSCRIPTION AND SALE

Pursuant to a note purchase agreement dated 22 December 2008 (the "Note Purchase Agreement") the Issuer and the Lead Manager have agreed, subject to certain conditions, to subscribe and pay for the Notes at an issue price of 100 %. The conditions as referred to in the first sentence of this paragraph are customary closing conditions as set out in the Subscription Note Purchase Agreement.

In the Note Purchase Agreement, the Issuer has made certain representations and warranties in respect of its legal and financial matters. The Note Purchase Agreement entitles the Lead Manager to terminate its obligations thereunder in certain circumstances prior to payment of the purchase price of the Notes. The Issuer has agreed to indemnify the Lead Manager against certain liabilities in connection with the offer and sale of the Notes. The Note Purchase Agreement is governed by German law.

INTEREST OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE

The Lead Manager and/or its affiliates may be a customer of, a borrower from or creditors to, the Issuer and/or its affiliates. In addition, the Lead Manager (or its affiliates) has provided, and may in the future from time to time, provide investment services to the Issuer (or its affiliates), for which the Lead Manager (or its affiliates) has received or will receive customary fees and commissions.

There are no interests of natural and legal persons involved in the issue, including conflicting interests, which are material to the issue.

SELLING RESTRICTIONS

1. European Economic Area

In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a ‘‘Relevant Member State’’), the Lead Manager has represented and agreed that with effect from and including the date on which the Prospectus Directive is implemented in that Member State (the ‘‘Relevant Implementation Date’’) it has not made and will not make an offer of Notes to the public in that Relevant Member State prior to the publication of a prospectus in relation to the Notes which has been approved by the competent authority in that Relevant Member State in accordance with the Prospectus Directive or, where appropriate, published in another Relevant Member State and notified to the competent authority in that Relevant Member State in accordance with Article 18 of the Prospectus Directive, except that it may, with effect from and including the Relevant Implementation Date, make an offer of Notes to the public in that Relevant Member State at any time:

(a) to legal entities which are authorised or regulated to operate in the financial markets or, if not so authorised or regulated, whose corporate purpose is solely to invest in securities; (b) to any legal entity which has two or more of (1) an average of at least 250 employees during the last fiscal year; (2) a total balance sheet of more than EUR 43,000,000 and (3) an annual net turnover of more than EUR 50,000,000, as shown in its last annual or consolidated accounts; (c) to fewer than 100 natural or legal persons (other than qualified investors as defined in the Prospectus Directive); or (d) in any other circumstances which do not require the publication by the Issuer of a prospectus pursuant to Article 3 of the Prospectus Directive;

provided that no such offer of Notes shall require the Issuer or the Lead Manager to publish a Prospectus pursuant to Article 3 of the Prospectus Directive or supplement a Prospectus pursuant to Articles 16 of the Prospectus Directive.

For the purposes of this provision, the expression an ‘‘offer of Notes to the public’’ in relation to any Notes in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe the Notes, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State, and the expression ‘‘Prospectus Directive’’ means Directive 2003/71/EC and includes any relevant implementing measure in each Relevant Member State.

2. United States of America and its Territories

The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the ‘‘Securities Act’’) and may not be offered, or sold within the United States of America or to, or for the account or benefit of, U.S. persons except in accordance with Regulation S under the Securities Act. The Lead Manager has represented and agreed that it has neither offered nor sold the Notes, and will neither offer nor sell the Notes (i) as part of its distribution at any time or (ii) otherwise until 40 days after the closing date, except in accordance with Rule 903 of Regulation S under the Securities Act. Neither the Lead Manager, its affiliates nor any persons acting on its or their behalf have engaged or will engage in any directed selling efforts with respect to the Notes, and it and they have complied and will comply with the offering restrictions requirements of Regulation S under the Securities Act. The Lead Manager has also agreed that at or prior to confirmation of sale of Notes, it will have sent to each distributor, dealer or person receiving a selling concession, fee or other remuneration that purchases Notes from it during the restricted period a confirmation or notice to substantially the following effect:

‘‘The Securities covered hereby have not been registered under the U.S. Securities Act of 1933, as amended (the ‘‘Securities Act’’) and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (i) as part of their distribution at any time or (ii) otherwise until 40 days after the closing date as determined and certified by the Lead Manager, except in either case in accordance with Regulation S under the Securities Act.’’

Terms used in the preceding paragraph have the meaning given to them by Regulation S under the Securities Act.

The Notes will be issued in accordance with the provisions of United States Treasury Regulation § 1.163-5(c)(2)(i)(D) (the ‘‘D Rules’’). Thus, the Lead Manager has represented and agreed that:

(a) except to the extent permitted under the D Rules, (i) it has not offered or sold, and during the restricted period will not offer or sell, Notes in bearer form to a person who is in the United States or its possessions or to a United States person, and (ii) it has not delivered and will not deliver in the United States or its possessions definitive Notes in bearer form that are sold during the restricted period;

(b) it has and throughout the restricted period will have in effect procedures reasonably designed to ensure that its employees or agents who are directly engaged in selling Notes in bearer form are aware that such Notes may not be offered or sold during the restricted period to a person who is in the United States or its possessions or to a United States person, except as permitted by the D Rules;

(c) if the Lead Manager is a United States person, it represents that it is acquiring the Notes in bearer form for purposes of resale in connection with their original issuance and, if it retains Notes in bearer form for its own account, it will only do so in accordance with the requirements of U.S. Treas. Reg. § 1.163-5(c)(2)(i)(D)(6) and the provisions of U.S. Treas.

Reg. § 1.163-5(c)(2)(i)(D)(7) governing the restricted period for unsold allotments or subscriptions shall apply to any obligation it retains for investment; and

(d) with respect to each affiliate that acquires from the Lead Manager Notes in bearer form for the purposes of offering or selling such Notes during the restricted period, it either (i) hereby represents and agrees on behalf of such affiliate to the effect set forth in sub-paragraph (a), (b) and (c) of this paragraph or (ii) agrees that it will obtain from such affiliate for the benefit of the Issuer the representations and agreements contained in subparagraphs (a), (b) and (c) of this paragraph.

Terms used in the above paragraphs have the meanings given to them by the United States Internal Revenue Code of 1986, as amended, and Regulations thereunder, including the D Rules.

In addition, until 40 days after the commencement of the offering, an offer or sale of Notes within the United States by the Lead Manager may violate the registration requirements of the Securities Act.

3. Japan The Lead Manager has acknowledged that the Notes have not been and will not be registered under the Financial Instrument and Exchange Law of Japan (Law No. 25 of 1948, as amended) (the "Financial Instrument and Exchange Law"). The Lead Manager has represented and agreed that it will not offer or sell any Notes, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organised under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to a resident of Japan except only pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the Financial Instrument and Exchange Law and any applicable laws, regulations and guidelines of Japan.

4. General In addition to the specific restrictions set out above, the Lead Manager has agreed that it will, to its best knowledge and belief, observe all applicable provisions of law in each jurisdiction in or from which it may offer Notes or distribute any offering material.

GENERAL INFORMATION

REASON FOR THE OFFER AND AUTHORISATION

The issue of the Notes is made for general corporate purposes (see ‘‘Use of Proceeds’’). The issuance of the Notes has been authorised by the Executive Board of the Issuer on 28 May 2008.

PAYMENT INFORMATION

For as long as any of the Notes are listed on the Luxembourg Stock Exchange, the Luxembourg Stock Exchange will be informed by the Issuer of all notifications regarding payments.

Payments and transfers of the Notes will be settled through Clearstream Banking, société anonyme and Euroclear Bank SA/NV. All notices to the Holders regarding the Notes will be published on the website of the Luxembourg Stock Exchange (www.bourse.lu) or in such other publication or manner conforming to the rules of the Luxembourg Stock Exchange.

LISTING AND ADMISSION TO TRADING

The Issuer has appointed Deutsche Bank Luxembourg S.A., 2, Boulevard Konrad Adenauer, 1115 Luxembourg, Luxembourg as the initial Listing Agent for the Luxembourg Stock Exchange (the “Luxembourg Listing Agent”) and as Paying Agent for the Notes. For as long as any of the Notes are listed on the Luxembourg Stock Exchange the Issuer will maintain a Paying Agent in Luxembourg.

SECURITIES CODES

ISIN Code: XS0406428036 CINS: A19833 AC5 Common Code: 040642803

RATINGS

The following ratings have been assigned to the Notes:

The Notes have been rated “A” by Standard & Poor’s, a Division of The McGraw-Hill Companies, Inc..

A rating by the rating agency named above 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. A suspension, reduction or withdrawal of the rating assigned to the Notes may adversely affect the market price of the Notes.

DOCUMENTS ON DISPLAY

For so long as any Notes are outstanding, copies of the following documents may be inspected during normal business hours at the specified office of the Paying Agent:

(i) the Articles of Association (Satzung) of the Issuer; (ii) this Prospectus and any supplement thereto; (iii) the Fiscal Agency Agreement; and (iv) the Issuer’s Annual Reports 2007/2008 and 2006/2007

The Prospectus and the Annual Reports will also be available in electronic form on the website of the Issuer (www.evn.at) and, as long as the Notes are listed on the official list of the Luxembourg Stock Exchange, on the website of the Luxembourg Stock Exchange (www.bourse.lu).

YIELD OF THE NOTES

Based on the interest of 3.13 % and an issue price of 100 per cent., the initial return on the issue (yield) for the subscribers of the Notes is expected to be 3.13 % calculated with the ICMA (International Capital Market Association) method.

EXPENSES OF THE ADMISSION TO TRADING

The total expenses related to the admission to trading of the Notes are estimated to be approximately EUR 12,000.

DOCUMENTS INCORPORATED BY REFERENCE

DOCUMENTS INCORPORATED BY REFERENCE The published audited consolidated annual financial statements of EVN Group dated 30 September 2007 and 30 September 2008, in each case including the auditor's report thereon, which have been published or which are published simultaneously with this Prospectus and filed with the CSSF shall be incorporated in, and form part of, this Prospectus:

COMPARATIVE TABLE OF DOCUMENTS INCORPORATED BY REFERENCE

Page Section of Prospectus Document incorporated by reference 47 EVN, Historical Financial Information Annual Report 2006/2007 of EVN (p. 1 – p 136) Balance Sheet, (p. 68) Income Statement, (p. 69) Cash Flow Statement, (p. 70) Notes, (p. 72 – p. 128) Auditors' Report, (p. 133) Annual Report 2007/2008 of EVN (p. 1 – p. 136) Balance Sheet, (p. 70) Income Statement, (p. 71) Cash Flow Statement, (p. 72) Notes, (p. 74 – p. 123) Auditors' Report, (p. 131) Any information not listed in the list above but included in documents incorporated by reference is given for information purposes only.

AVAILABILITY OF INCORPORATED DOCUMENTS Any document incorporated herein by reference can be obtained without charge at the offices of EVN AG as set out at the end of this Prospectus. In addition, such documents will be available free of charge from the principal office in Luxembourg of the Luxembourg Listing Agent and will be published on the website of the Luxembourg Stock Exchange (www.bourse.lu).

Issuer

EVN AG EVN Platz 2344 Maria Enzersdorf Austria

Fiscal Agent

Deutsche Bank Aktiengesellschaft Grosse Gallusstrasse 10–14 60272 Frankfurt am Main Germany

Principal Paying Agent

Deutsche Bank Aktiengesellschaft Grosse Gallusstrasse 10–14 60272 Frankfurt am Main Germany

Paying Agent in Luxembourg

Deutsche Bank Luxembourg S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg Luxembourg

Listing Agent in Luxembourg

Deutsche Bank Luxembourg S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg Luxembourg

Clearing Systems

Euroclear Bank SA/NV Clearstream Banking SA 1 Boulevard du Roi Albert II 42 Avenue J.F. Kennedy B-1210 Brussels, Belgium L-1855 Luxembourg