Prospectus dated 25 July 2011

This document constitutes the base prospectus for purposes of article 5.4 of the Prospectus Directive (as defined in “Subscription and Sale”) of OMV Aktiengesellschaft ("OMV AG" or the "Issuer") in respect of non-equity securities within the meaning of Art. 22 Nr. 6 (4) of the Commission Regulation (EC) no. 809/2004 of 29 April 2004 ("Non-Equity Securities") ( the "Prospectus", which term shall include any supplements thereto published from time to time).

OMV AKTIENGESELLSCHAFT (incorporated as a joint stock corporation (Aktiengesellschaft) under the laws of the Republic of Austria)

Euro 3,000,000,000 Euro Medium Term Note Programme for the issue of the Notes (the "Programme")

In relation to notes issued under this Programme (the "Notes"), application has been made to the Commission de Surveillance du Secteur Financier (the "CSSF") of the Grand-Duchy of Luxembourg ("Luxembourg") in its capacity as competent authority (the "Competent Authority") under the Luxembourg Act on Securities Prospectuses (loi relative aux prospectus pour valeurs mobilières) (the "Luxembourg Act") for approval of this Prospectus.

In order to be able to conduct a public offer and/or a listing on the Vienna Stock Exchange in relation to certain issues of Notes, the Issuer applied for a notification pursuant to Article 19 of the Luxembourg Act for an offer of such Notes in the Republic of Austria ("Austria") and/or a listing of the Programme and/or such Notes on the Vienna Stock Exchange. The Issuer may from time to time arrange for a notification into other jurisdictions under Article 19 of the Luxembourg Act.

The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or with any securities regulatory authority of any state or other jurisdiction of the United States, and 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, or for the account or benefit of, U.S. Persons (as defined in Regulation S under the Securities Act).

Arranger Barclays Capital

Dealers

Barclays Capital BNP PARIBAS BofA Merrill Lynch Crédit Agricole Corporate and Investment Bank Deutsche Bank Erste Group J.P. Morgan Landesbank Baden-Württemberg Morgan Stanley Raiffeisen Bank International AG Société Générale UniCredit Bank Austria AG Corporate & Investment Banking

This Prospectus and any supplement thereto will be published in electronic form on the website of the Luxembourg Stock Exchange under "www.bourse.lu" and will be available free of charge at the specified office of the Issuer.

TABLE OF CONTENTS

SUMMARY OF THE PROSPECTUS...... 3 I. Summary of the Risk Factors ...... 3 1. Summary of the Risk Factors regarding OMV AG...... 4 2. Summary of the Risk Factors regarding the Notes...... 7 II. Summary of the Description of OMV AG ...... 10 III. Summary of the Programme...... 13 IV. Summary of the Notes...... 14 I. Zusammenfassung der Risikofaktoren ...... 20 1. Zusammenfassung der Risikofaktoren, die OMV AG betreffen...... 21 2. Zusammenfassung der Risikofaktoren, die die Schuldverschreibungen betreffen...... 24 II. Zusammenfassung der Beschreibung der OMV AG...... 29 III. Zusammenfassung des Programms ...... 31 IV. Zusammenfassung in Bezug auf die Schuldverschreibungen ...... 33 RISK FACTORS...... 39 I. Risk Factors regarding OMV AG ...... 39 II. Risk Factors regarding the Notes ...... 58 RESPONSIBILITY STATEMENT OF OMV AG ...... 65 IMPORTANT NOTICE ...... 66 GENERAL DESCRIPTION OF THE PROGRAMME ...... 68 TERMS AND CONDITIONS OF THE NOTES AND RELATED INFORMATION...... 69 I. General Information applicable to the Notes...... 70 II. Terms and Conditions of the Notes...... 72 III. Form of Final Terms...... 152 TAXATION ...... 178 SUBSCRIPTION AND SALE ...... 186 GENERAL INFORMATION ON THE ISSUER AND THE GROUP...... 189 GENERAL INFORMATION...... 225 DOCUMENTS INCORPORATED BY REFERENCE ...... 227

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SUMMARY OF THE PROSPECTUS

The information in this section "Summary of the Prospectus" includes a summary of each of the following parts of this Prospectus:

I. the Risk Factors;

II. the description of OMV Aktiengesellschaft ("OMV AG" or the "Issuer");

III. the Programme; and

IV. the Notes.

The following summary is a summary of the Prospectus, does not purport to be complete and is taken from, and is qualified by, the remainder of the Prospectus and, in relation to the Terms and Conditions of any particular tranche of Notes (each a "Tranche"), the applicable Final Terms. Words and expressions defined in other parts of this Prospectus and not otherwise defined in this "Summary of the Prospectus" shall have the same meanings in this part of the Prospectus.

The information in this section "Summary of the Prospectus" should be read and construed as an introduction to the Prospectus.

Prospective purchasers of Notes should base any decision to invest in Notes not only on the following information but on all other information in this Prospectus irrespective of whether it is set out in, or incorporated into, this Prospectus (as may be supplemented from time to time) and the relevant Final Terms.

Where a claim relating to the information contained in a securities prospectus such as this Prospectus, the documents incorporated by reference, any supplement thereto and the relevant Final Terms is brought before the court of a Member State of the European Union (each a "EU Member State" and, together, the "EU Member States"), a plaintiff investor might, under the national legislation of any relevant EU Member State, have to bear the costs of translating, to the extent necessary, this Prospectus, the documents incorporated by reference, any supplement thereto and the relevant Final Terms into any relevant language before legal proceedings are initiated.

OMV AG, and any person who has initiated or caused the translation of this summary, assumes liability for the contents of this section "Summary of the Prospectus", including any translation thereof, but only to the extent that this summary is misleading, inaccurate or inconsistent when read together with the other parts of, or other information incorporated into, this Prospectus.

I. Summary of the Risk Factors

An investment in the Notes involves certain risks relating to the respective Issuer and the relevant Tranche of Notes. While all of these risk factors are contingencies which may or may not occur, potential investors should be aware that the risks involved with investing in the Notes may (i) affect the ability of the respective Issuer to fulfil its obligations under Notes issued under the Programme and/or (ii) lead to a volatility and/or decrease in the market value of the relevant Tranche of Notes whereby the market value falls short of the expectations (financial or otherwise) of an investor upon making an investment in such Notes.

Should one or several of these risks materialise, this could lead to a material decline in the price of the Notes or, in the worst-case scenario, to a total loss of interest and the amount invested by investors.

Each prospective purchaser of Notes must determine, based on its own independent review and such professional advice as it deems appropriate under the circumstances, that its acquisition of the Notes is fully consistent with its financial needs, objectives and condition, complies and is fully consistent with all

3 investment policies, guidelines and restrictions applicable to it and is a fit, proper and suitable investment for it, notwithstanding the clear and substantial risks inherent in investing in or holding the Notes.

A prospective purchaser may not rely on the Issuer, the Dealer(s) or any of their respective affiliates in connection with its determination as to the legality of its acquisition of the Notes or as to the other matters referred to above.

Prospective investors should consider two main categories of risk: 1. "Risk Factors regarding OMV AG"; and 2. "Risk Factors regarding the Notes", a summary of which is set out below:

1. Summary of the Risk Factors regarding OMV AG

Risk Factors regarding OMV AG comprise the following major risk factors (within this section "Summary of Risk Factors regarding OMV AG", the term "OMV" means OMV AG together with all of its subsidiaries):

Risks related to the recent financial and economic crisis and volatile economic environment

Strategic risks

• A decline in the prices of crude oil, natural gas, petroleum products and electricity would have an adverse effect on OMV’s results of operations.

• A decline in refining margins would negatively affect OMV’s results of operations.

• OMV is exposed to the cyclicality of the petrochemical industry; future developments of petrochemicals product prices are unpredictable and may have a material adverse effect on OMV’s business.

• OMV must acquire or develop additional oil and gas reserves to sustain its current reserve and production levels.

• OMV’s strategy in the Gas and Power business segment significantly depends on the availability of new gas supply on the international markets.

• OMV’s oil and natural gas reserves data presented in this prospectus are only estimates which may vary significantly from the actual quantities of oil and gas reserves that may be recovered.

• OMV is dependent on natural gas supplies from Russia. OMV’s gas supply contracts with Gazprom could be modified or may not be renewed.

• OMV’s growth strategy through acquisitions exposes it to numerous risks.

• OMV’s development may be affected by slower growth in the markets in which it operates.

• OMV’s petrochemicals business is substantially dependent on a single customer for a majority of its sales.

• A substantial portion of OMV’s assets and operations outside of Europe are exposed to political and economic risks, and future disruptions may have a material adverse effect on OMV’s business.

• Violations of sanctions could subject OMV to penalties.

• OMV’s activities are subject to antitrust and competition laws and regulations and OMV may be subject to antitrust proceedings or additional new regulations.

• OMV is exposed to changes in the taxes and tariffs imposed on its operations.

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• OMV faces competition from other oil and gas companies in all areas of its operations.

• OMV has various relationships with different stakeholders, which could result in conflicts of interest.

Country-specific risks

• OMV has made investments in countries in Central and Southeastern Europe which have gone through a recession.

• Economic and political developments in Central and Southeastern Europe and Turkey and the entrance of new competitors in the region’s markets may negatively affect the development of OMV’s business.

• The legal systems and procedural safeguards in certain Central and Southeastern European countries and Turkey are not yet fully developed and material changes in law may occur.

• Bureaucracy, corruption, deficiencies of the legal system, economic contraction and wide-ranging competencies of audit agencies may adversely affect OMV’s operations in Romania.

• Deficiencies of the legal system, contradictory policies and a deterioration of the investment climate may adversely affect OMV’s operations in Turkey.

• Economic, political, legal and social instability as well as the risk of not being awarded the necessary exploration licences may adversely affect OMV’s operations in Libya, Tunisia, Egypt, Pakistan, Yemen, the Kurdistan Region of Iraq and Kazakhstan.

• Shortfalls in crude oil supplies from Libya and Yemen could adversely affect OMV’s business.

• Petrom’s business may be negatively affected if Petrom’s exploration licences are not renewed.

• Petrom’s business may be negatively affected if Petrom is required to comply with Romanian public procurement regulations.

• Petrom is a party to labour related litigation and may face further claims by employees, and co- determination rights of Petrom’s employees could constrain restructuring measures, all of which may have a material adverse effect on Petrom’s and OMV’s business. Petrom is accused of a breach of Romanian competition laws, could be subject to compensation claims in connection with expropriations and may have to bear substantial environmental restoration costs.

• Petrol Ofisi may incur significant costs to obtain necessary permits and could be subject to losses as a result of lacking insurance and hedging measures.

• OMV’s recent acquisition of additional assets in Tunisia is subject to risks arising from the current political climate.

Risks related to the environment

• Future climate change and carbon pricing may result in increased expenditure and reduced profitability.

• OMV is subject to stringent environmental and health and safety regulations which result in costs relating to compliance and remediation that may adversely affect its results of operations and financial condition.

• OMV’s operations are dependent on the allocation of sufficient allowances under the EU Emission Trading Scheme.

• OMV’s exposure to weather conditions may negatively affect demand for OMV’s products.

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• Aging infrastructure in OMV’s operations, improper waste management and operational incidents, in particular in connection with OMV’s offshore activities, may lead to spills, leakages and other contamination. Such incidents and contamination may cause substantial environmental decommissioning and restoration costs and damage communities and OMV’s reputation.

Compliance and control risks

• Government intervention and regulation may have a material adverse effect on OMV’s business. OMV might not be able to comply with its obligations under licences.

• Incidents of ethical misconduct or non-compliance with applicable laws and regulations could be damaging to OMV’s reputation and shareholder value.

Operational risks

• OMV is subject to operational risks relating to the exploration, production, transportation and storage of oil and gas, crude refining and processing and, in the future, power generation. Some of these risks may be uninsured or uninsurable.

• OMV may experience operational, political and/or technological problems which may delay or hinder the progress of ongoing and planned projects.

• OMV may be required to curtail, delay or cancel drilling operations.

• Failure to meet product quality standards may have a material adverse effect on OMV’s business.

• Inadequate contingency plans or crisis management may have a material adverse effect on OMV’s business.

• Acts of terrorism could severely disrupt OMV’s business.

• OMV’s investment with partners and in joint ventures may reduce its ability to manage risks and costs.

• Shortcomings or failures in OMV’s systems, risk management, internal controls processes or personnel could lead to disruption of its business.

• Major disruption of OMV’s information technology systems may have a material adverse effect on OMV’s business.

• OMV is dependent on its key personnel.

• Litigation and disputes may have a material adverse effect on OMV’s business.

Financial risks

• Movements in foreign currency exchange rates can have a material effect on OMV’s results of operations and financial condition.

• Movements in interest rates may have a material adverse effect on OMV’s business.

• Liquidity problems could have a material adverse effect on OMV’s business, results of operation and financial condition.

• Adverse financial market conditions may affect OMV’s ability to refinance.

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• OMV may incur future costs with respect to its defined benefit pension plans.

• The covenants contained in OMV’s financing arrangements may limit its financial and operating flexibility.

• The failure of counterparties to pay amounts due may have a material adverse effect on OMV’s business.

• Actual results could differ from accounting estimates and such differences may have a material adverse effect on OMV’s business.

• Declining and/or volatile commodity prices could have an adverse effect on OMV’s results of operations.

2. Summary of the Risk Factors regarding the Notes

Notes may not be a suitable investment for all investors.

Currency Risk/Dual Currency Notes

A holder of a Note (each a "Noteholder" and, together, the "Noteholders") denominated in a foreign currency and a Noteholder of Dual Currency Notes is exposed to the risk of changes in currency exchange rates which may affect the yield and/or the redemption amount of such Notes.

Liquidity Risk

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 in certain jurisdictions due to currency restrictions.

Rating of the Notes

A rating of Notes, if any, may not adequately reflect all risks of the investment in such Notes. Equally, ratings may be suspended, downgraded or withdrawn. Such suspension, downgrading or withdrawal may have an adverse effect on the market value and trading price of the Notes. A credit rating is not a recommendation to buy, sell or hold securities and may be revised or withdrawn by the rating agency at any time.

Risk of Early Redemption

During the term of the Notes, the Issuer may elect to redeem the Notes early (if the Issuer has the right to redeem the Notes prior to maturity according to the Terms and Conditions of the Notes) or the Notes may be automatically early redeemed (if an automatic early redemption is applicable, as stated in the relevant Final Terms and if certain conditions are met). Furthermore, the Notes may be redeemed early for reasons of taxation (if an Early Redemption for Reasons of Taxation is applicable, as stated in the relevant Final Terms). In such circumstances, a Noteholder may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as that of the relevant Notes and a Noteholder is exposed to the risk that due to early redemption his investment will have a lower than expected yield.

Fixed Rate Notes and Step-up/Step-down Notes

A Noteholder of a Fixed Rate Note or a Step-up/Step-down Note is exposed to the risk that the price of such Note falls as a result of changes in the market interest rate.

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Floating Rate Notes

A Noteholder of a Floating Rate Note is exposed to the risk of fluctuating interest rate levels and uncertain interest income. Fluctuating interest rate levels make it impossible to determine the yield of Floating Rate Notes in advance.

Zero Coupon Notes

A Noteholder of a Zero Coupon Note is exposed to the risk that the price of such Note falls as a result of changes in the market interest rate. Prices of Zero Coupon Notes are more volatile than prices of Fixed Rate Notes and are likely to respond to a greater degree to market interest rate changes than interest bearing notes with a similar maturity.

Index Linked Notes

Index Linked Notes may be issued as Index Linked Interest Notes or Index Linked Redemption Notes or a combination of both.

Index Linked Interest Notes are debt securities which do not provide for predetermined interest payments. Payments of interest will be made by reference to an underlying index or indices or other factors (including changes in the price of securities or movements in exchange rates) and/or such formula as may be specified by the Issuer and the relevant Dealer(s) (as indicated in the applicable Final Terms).

Index Linked Redemption Notes are debt securities which do not provide for a predetermined redemption amount. Index Linked Redemption Notes are debt securities where payment of principal will be calculated by reference to an underlying index or indices or other factors (including changes in the price of securities or movements in exchange rates) and/or such formula as may be specified by the Issuer and the relevant Dealer (as indicated in the applicable Final Terms).

A Noteholder of an Index Linked Interest Note is exposed to the risk of fluctuating interest rate levels and uncertainty with respect to interest income and may receive no interest at all. The yield of an Index Linked Interest Note may even be negative. A Noteholder of an Index Linked Redemption Note is exposed to uncertainty with respect to the repayment amount and the risk that the yield of an Index Linked Redemption Note may be negative. Uncertainty with respect to interest and repayment amount makes it impossible to determine the yield of Index Linked Notes in advance. The more volatile the relevant index is, the greater is the uncertainty of interest income and repayment amount.

Currency Linked Notes

Currency Linked Notes refer to a specific currency or dual currency and do not provide for a predetermined redemption or interest amount. Such payments depend on the performance of the underlying currency(ies) and may be substantially less than the issue or purchase price.

Constant Maturity Swap ("CMS") Spread-linked Notes or other Reference Rate Spread-linked Notes

The interest payable on CMS Spread-linked Notes or other Reference Rate Spread-linked Notes (except for a possible agreed fixed rate payable to the extent provided for in the Terms and Conditions of the Notes) is dependent on the difference between rates for swaps (in the case of CMS Spread-linked Notes) or other reference rates (in the case of other Reference Rates Spread-linked Notes) having different terms.

Investors might expect that, during the term of the CMS Spread-linked Notes or other Reference Rate Spread-linked Notes, (i) the interest curve will not, or only moderately, flatten out, or (ii), depending on the structure of CMS Spread-linked Notes or other Reference Rate Spread-linked Notes, expect that the interest curve will not steepen, as the case may be. In the event that the market does not develop as anticipated by investors and that the difference between rates for swaps or other reference rates having different terms decreases to a greater extent than anticipated, the interest rate payable on the CMS Spread-linked Notes or other Reference Rates Spread-linked Notes will be below the interest level prevailing on the date of

8 purchase. In a worst case scenario, interest will decrease to zero. In such cases, the price of the CMS Spread-linked Notes or other Reference Rates Spread-linked Notes will decline during their term.

CMS Spread-linked Notes or other Reference Rate Spread-linked Notes may also be issued, inter alia, as a "Trigger Lock-In" alternative. In such case, interest payable on such Notes for a prevailing and all following interest periods will be fixed to a fixed interest rate, if the difference between the relevant reference values reaches a certain level. Investors should bear in mind, in such context, that they will participate on the positive performance of the reference values up to a certain limit only.

Furthermore, CMS Spread-linked Notes or other Reference Rate Spread linked Notes or Reference Rate linked Notes may also be issued as "Digital" alternative. In such case, interest payable may be effected at a certain interest rate for one or more interest periods depending on the reference values or the difference of the reference values (e.g. interest rate (x) will be paid if the difference of the reference values meets a certain condition; if that is not the case interest (y) or no interest at all is paid).

Range Accrual Notes

The Terms and Conditions of Range Accrual Notes may provide for the interest payable (except for the agreed fixed rate payable to the extent provided for in the Terms and Conditions of the Notes) to be dependent on the number of days during which the reference rate specified in the Terms and Conditions of the Notes is within a certain interest range. The interest payable on the Range Accrual Notes decreases depending on the number of determination dates during which the reference rate remains outside the interest range. No interest or hardly any interest may be payable in the event that the reference rate remains outside the interest range throughout (an) entire interest period(s) or most of the relevant interest period(s).

The structure of Range Accrual Notes may also be combined with the structure of CMS Spread-linked or other Reference Rate Spread-linked Notes. In such case, the relevant interest range will be determined by the difference of the relevant reference values.

Target Interest Range Accrual Notes

The interest payable on the Target Interest Range Accrual Notes (except for the agreed fixed rate payable to the extent provided for in the Terms and Conditions of the Notes) is dependent on the number of days during which the reference rate specified in the Terms and Conditions of the Notes remains within a certain interest range. The interest payable on the Target Interest Range Accrual Notes decreases depending on the number of determination dates during which the reference rate remains outside the interest range. No interest or hardly any interest may even be payable in the event that the reference rate remains outside the interest range throughout one (or more) entire interest period(s) or most of the relevant interest period(s). At the end of the term of the Target Interest Range Accrual Notes, investors may be paid a total interest at the rate of the target interest, if so provided for in the Terms and Conditions of the Notes.

If, prior to the regular end of the term of the Target Interest Range Accrual Notes, a rate of interest is achieved which equals the target interest, the Target Interest Range Accrual Notes will automatically be redeemed early. Hence, investors will be paid interest at the rate of the target interest at most.

Target Interest Notes

The automatic redemption feature of Target Interest Notes (which, typically, is triggered if and when a certain pre-defined amount of total interest payments has been met prior to the scheduled maturity of the Notes) may limit their market value. Furthermore, an investor may not be able to reinvest the redemption proceeds at an effective interest rate as high as the interest rate on the Target Interest Notes.

General Risks in respect of Structured Notes

An investment in Notes the premium and/or the interest on, or principal of, which is determined by reference to one or more values of currencies, interest rates or other indices or formulae, i.e. directly or inversely, may entail significant risks not associated with similar investments in a conventional debt

9 security, including the risks that the resulting interest rate will be less than that payable on a conventional debt security at the same time and/or that an investor could lose all or a substantial portion of the principal of its Notes. Specific risk factors relating to such structured Notes will be set out in the relevant Final Terms (or in a supplement to this Prospectus, if legally required) unless specified in this Prospectus.

Taxation

Potential purchasers and sellers of the Notes should be aware that they may be required to pay taxes or other documentary charges or duties in accordance with the laws and practices of the country where the Notes are transferred or other jurisdictions.

Market Value of Notes

The market value of Notes will be affected by the creditworthiness of the Issuer and a number of additional factors, including, but not limited to the market interest, yield rates, the market liquidity and the time remaining to the maturity date, and in the case of Index Linked Notes or Structured Notes by additional factors, including, but not limited to, the value of reference assets or an index, the volatility of reference assets or an index, or the dividend on securities underlying an index.

Clearing Systems

Because Global Notes representing the Notes are held by or on behalf of Clearstream Banking, société anonyme, Luxembourg ("CBL"), Euroclear Bank SA/NV, Brussels ("Euroclear"), Clearstream Banking AG, Frankfurt am Main ("CBF") or Oesterreichische Kontrollbank Aktiengesellschaft ("OeKB"), investors may have to rely on their procedures for transfer, payment and communication with the Issuer.

Conflicts of Interest

Conflicts of interest may have a negative impact on the underlying value of the Notes.

Suspension of Trading

A suspension of trading in the Notes could adversely affect the price of the Notes.

Change of Law

The terms and conditions of the Notes are based on German law in effect as at the date of this Prospectus. No assurance can be given as to the impact of any possible judicial decision or change to German law or administrative practice after the date of this Prospectus.

II. Summary of the Description of OMV AG

(Within this section "Summary of the Description of OMV AG", the term "OMV AG" refers to OMV Aktiengesellschaft and "OMV" refers to OMV Aktiengesellschaft and its subsidiaries.)

Overview

OMV AG is a joint stock corporation (Aktiengesellschaft) under the laws of the Republic of Austria with its registered seat in Vienna and its principal place of business in Trabrennstraße 6-8, 1020 Vienna. OMV AG is registered with the Austrian companies’ register (Firmenbuch) at the Commercial Court of Vienna under the registration number FN 93363 z. As of the date of this Prospectus, OMV AG’s share capital totals EUR 327,272,727. The share capital is divided into 327,272,727 shares. All the shares are bearer shares. OMV AG has two major shareholders, Österreichische Industrieholding Aktiengesellschaft ("ÖIAG") and International Petroleum Investment Company ("IPIC").

OMV AG is one of the leading energy companies in Central and Southeastern Europe ("CE/SEE") with group sales of EUR 23.32 billion ("bn") in 2010. As of 31 December 2010, OMV employed 31,398

10 employees. As of 31 March 2011, OMV employed 31,142 employees and group sales amounted to EUR 8.07 billion. OMV is active in three geographic markets, Central Europe, Southeastern Europe and Turkey, plus in selected producing areas of the Exploration and Production business segment. OMV’s core operative business segments are (i) Exploration and Production (of oil and gas); (ii) Refining and Marketing, including petrochemicals; and (iii) Gas and Power. OMV focuses on these three integrated businesses and on enhancing the sustainability of its asset portfolio by investing selectively in power generation and renewable energy sources.

In addition to wholly owned subsidiaries (including OMV Exploration & Production GmbH, OMV Refining & Marketing GmbH, OMV Gas & Power GmbH and OMV Solutions GmbH), as of the date of this Prospectus OMV AG directly or indirectly owned interests of 51.01 per cent. in the Romanian oil and gas company OMV PETROM SA ("Petrom"), 59.26 per cent. in the gas marketing company EconGas GmbH ("EconGas"), 45 per cent. in the refinery network company BAYERNOIL Raffineriegesellschaft mbH ("Bayernoil") and 96.98 per cent. in OMV Petrol Ofisi A.S. ("Petrol Ofisi"), a leading oil marketing company in Turkey. OMV’s chemical operations are concentrated in Borealis AG ("Borealis"), in which OMV had a 36 per cent. interest. In addition, OMV holds a 10 per cent. stake in Pearl Petroleum Company Limited (operating in the Kurdistan Region of Iraq), a 40 per cent. interest in the Turkish gas wholesaler Enerco Enerji Sanayi Ve Ticaret A.S. and a 100 per cent. interest in the Turkish project company OMV Samsun Elektrik Üretim Sanayi ve Ticaret A.S. which is constructing an 800 MW class gas-fired power plant in Samsun, Turkey.

Segments

Exploration and Production. In the business segment Exploration and Production OMV explores, discovers and produces crude oil, natural gas liquids and natural gas. In the Exploration and Production business segment OMV is active in 16 countries and focuses on two core countries, Austria and Romania, and an international portfolio which comprises 14 additional countries. OMV’s daily oil and gas production was running at a total of about 318,000 barrels of oil equivalent ("boe") in 2010 compared to 317,000 boe/d in 2009 and its proved oil and gas reserves were approximately 1.15 bn boe as of 31 December 2010.

Refining and Marketing including petrochemicals. Refining and Marketing including petrochemicals comprises two refineries and petrochemical complexes in Schwechat (Austria) and Burghausen (Germany) and one refinery in Petrobrazi (Romania). It also includes OMV’s 45 per cent. interest in Bayernoil. Furthermore, the Refining and Marketing business segment includes OMV’s network of filling stations which spans across 12 CE/SEE countries and Turkey. OMV’s interest in Petrol Ofisi is also for the most part included in the Refining and Marketing business segment. OMV’s annual refining capacity is approximately 22.3 million metric tons ("mn t") and the network consisted of 4,771 filling stations as of 31 December 2010. As of 31 March 2011, the number of marketing retail stations stood at 4,742.

Gas and Power. In the Gas and Power business segment, OMV is active in various stages of the gas value chain. The segment includes four business lines: (i) gas supply; (ii) gas logistics, involving transport and storage; (iii) power generation; and (iv) marketing and trading. OMV operates long-distance gas transmission pipelines in Austria and plays an important role in gas transit. Since 2008, the Gas and Power business segment includes OMV’s activities in the electricity business. By entering into the power business, OMV intends to extend the gas value chain into gas fired power plants and to invest selectively in renewable power generation. As of 31 December 2010, OMV’s annual gas sales amounted to 18 billion cubic meters ("bcm") (2009: 13.1 bcm). In the first three months of 2011, OMV’s gas sales amounted to 6.6 bcm.

Corporate and Other. In addition to the operating business segments, OMV’s management, financing activities and certain service functions are concentrated in the Corporate and Other segment.

Strategy

OMV is operating in a challenging industry environment characterized by high oil price volatility, high investment needs to contribute to a low carbon economy, as well as the need to diversify and secure energy supply. Against this background, OMV has positioned itself as an integrated market player in the

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“European Growth Belt”, which OMV defines as reaching from the Baltic Sea in the north, extending southeast and encompassing the countries of Central and Southeastern Europe, to Turkey in the south. OMV’s strategic framework for sustainable growth is the "3plus" strategy pursuant to which OMV focuses on three integrated businesses (Exploration and Production, Refining and Marketing including petrochemicals and Gas and Power), which enables OMV to benefit from Group-wide synergies, thereby leveraging its integrated position. OMV is active in the geographical markets CE/SEE and Turkey, plus the producing areas that underpin supplies to them. OMV is guided by three core values (pioneers, professionals and partners), which are the basis for the expansion of the business portfolio towards sustainability. Going forward, OMV has the vision to shape the energy industry by:

• optimizing downstream business within its growth markets and connecting it to supply regions;

• focusing on reducing the natural decline and enhancing recovery rates from mature fields in its core assets in Austria and Romania, as well as achieving and exceeding critical mass on a per country basis in the current international Exploration and Production portfolio and finding new areas for expansion to build a future Exploration and Production portfolio;

• adapting the corporate portfolio by strengthening the Gas and Power business and through selective investments in electrical power and renewable energy;

• realizing cost and revenue synergies through an integrated position and rigorous cost and capital discipline; and

• creating sustainable value.

Selected Financial Data of OMV AG

The following information and data have been extracted from, and are only a summary of, (i) the audited consolidated financial statements of OMV AG as of and for the fiscal years ended 31 December 2009 and 2010 and (ii) the unaudited interim financial statements as of 31 March 2011 of OMV AG. Such audited consolidated financial statements, together with the reports of Deloitte Audit Wirtschaftsprüfungs GmbH and the notes, and unaudited interim financial statements are incorporated by reference into this Prospectus. The financial information presented below should be read in conjunction with such audited consolidated financial statements, reports and the notes thereto as well as with the unaudited interim financial statements.

Year ended Three months ended 31 31 December March 2009 2010 2011 (in € million) (in € million) audited unaudited Assets Non-current assets...... 15,616 18,670 19,378 Deferred tax assets ...... 178 190 214 Current assets...... 5,622 7,544 7,474

Equity and liabilities Equity...... 10,035 11,312 11,547 Non-current liabilities ...... 6,354 8,335 7,846 Deferred tax liabilities...... 295 536 796 Current liabilities ...... 4,732 6,220 6,876

Total assets/equity and liabilities ...... 21,415 26,404 27,066

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III. Summary of the Programme

Issuer

OMV Aktiengesellschaft

Programme Amount

Euro 3,000,000,000, subject to an increase from time to time in accordance with applicable law and the provisions of the amended and restated dealer agreement dated 25 July 2011 (the "Dealer Agreement") relating to the Programme.

Arranger

Barclays Bank PLC

Dealers

Barclays Bank PLC BNP PARIBAS Crédit Agricole S.A. Deutsche Bank Aktiengesellschaft Erste Group Bank AG J.P. Morgan Securities Ltd. Landesbank Baden-Württemberg Merrill Lynch International Morgan Stanley Bank & Co. International plc Raiffeisen Bank International AG Société Générale UniCredit Bank Austria AG

Notes may be issued from time to time to one or more of the Dealers specified above (the "Dealers" and each a "Dealer"), which expression shall include any additional Dealer appointed under the Programme in accordance with the provisions of the Dealer Agreement and which appointment may be for a specific issue of Notes only or on an ongoing basis.

Fiscal Agent

Deutsche Bank Aktiengesellschaft

Luxembourg Listing Agent

Deutsche Bank Luxembourg S.A.

Luxembourg Paying Agent

Deutsche Bank Luxembourg S.A.

Approval and Notifications

Application has been made to the Commission de Surveillance du Secteur Financier (the "CSSF") of the Grand-Duchy of Luxembourg ("Luxembourg") in its capacity as competent authority under the Luxembourg Act on Securities Prospectuses (loi relative aux prospectus pour valeurs mobilières) (the "Luxembourg Act") for approval of this Prospectus.

In order to be able to conduct a public offer and/or a listing on the Vienna Stock Exchange in relation to

13 certain issues of Notes, the Issuer applied for a notification pursuant to Article 19 of the Luxembourg Act for an offer of such Notes in the Republic of Austria and/or a listing of such Notes on the Vienna Stock Exchange. The Issuer may from time to time arrange for a notification into other jurisdictions under Article 19 of the Luxembourg Act.

Listing and Admission to Trading

Application may be made to list Notes issued under the Programme on the Official List of the Luxembourg Stock Exchange and to admit to trading such Notes on the Regulated Market of the Luxembourg Stock Exchange (Bourse de Luxembourg). Furthermore, application may be made to list Notes issued under the Programme on the Vienna Stock Exchange and to admit to trading the Programme and/or such Notes on the Regulated Market (Geregelter Freiverkehr) of the Vienna Stock Exchange. Each of the Luxembourg Stock Exchange’s Regulated Market and the Vienna Stock Exchange’s Regulated Market (Geregelter Freiverkehr) are regulated markets for the purposes of the Market and Financial Instruments Directive 2004/39/EC. The Programme provides that Notes may be listed on other or further stock exchanges, as may be agreed between the Issuer and the relevant Dealer(s) in relation to each Series, as specified in the relevant Final Terms. Notes may further be issued under the Programme without being listed on any stock exchange.

Distribution

Notes may be distributed by way of private or public placement and in each case on a syndicated or non- syndicated basis.

Selling Restrictions

Notes are not being offered, sold or 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 within the European Economic Area and other jurisdictions. For a description of these and other restrictions on sale and transfer see "Subscription and Sale".

IV. Summary of the Notes

The following description of certain general features of the Notes issued under the Programme does not purport to be complete and is taken from and is qualified in its entirety by the remainder of this Prospectus and, in relation to the terms and conditions of any particular Tranche of Notes, the applicable Final Terms.

Notes may feature any combination of the features individually summarised below.

Currencies

Subject to compliance with all relevant laws, regulations and directives, Notes may be issued in such currencies as agreed by the Issuer and the relevant Dealer(s).

Denominations

Notes will be issued in such denominations as may be agreed by the Issuer and the relevant Dealer(s) and specified in the relevant Final Terms, save that the minimum denomination of the Notes will be Euro 1,000 or, if any currency other than Euro, in an amount in such other currency equal to or exceeding the equivalent of Euro 1,000 at the time of the issue of the Notes.

Unless otherwise permitted by then current laws and regulations, Notes in respect of which the issue proceeds are to be accepted by the Issuer in the United Kingdom will have a minimum denomination of GBP 100,000 (or its equivalent in other currencies), unless such Notes may not be redeemed until on or after the first anniversary of their date of issue.

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Form of Notes

The Notes will be issued in form of Global Notes (as defined below) or, if so stated in the relevant Final Terms, in form of definitive Notes, in each case in bearer form. Notes to which U.S. Treasury Regulation §1.163-5(c)(2)(i)(C) (the "TEFRA C Rules") applies ("TEFRA C Notes") will be represented permanently by a permanent global note in bearer form, without interest coupons, in a principal amount equal to the aggregate principal amount of such Notes ("Permanent Global Note"). Notes to which U.S. Treasury Regulation §1.163-5(c)(2)(i)(D) (the "TEFRA D Rules") applies ("TEFRA D Notes") will always be represented initially by a temporary global note ("Temporary Global Note" and, together with the Permanent Global Note, each a "Global Note") which will be exchanged for Notes represented by one or more Permanent Global Note(s) or, if so stated in the relevant Final Terms, for definitive Notes in bearer form, in each case not earlier than 40 days and not later than 180 days after the completion of distribution of the Notes comprising the relevant Tranche upon certification of non U.S.-beneficial ownership in the form available from time to time at the specified office of the Fiscal Agent. Notes with an initial maturity of one year or less to which neither the TEFRA C Rules nor the TEFRA D Rules apply will always be represented by a Permanent Global Note. Each Global Note will bear the following legend: "Any United States person (as defined in the Internal Revenue Code) who holds this obligation will be subject to limitations under the United States income tax laws, including the limitations provided in Sec. 165(j) and 1287(a) of the Internal Revenue Code." The sections of the U.S. Internal Revenue Code referred to in the legend provide that a United States taxpayer, with certain exceptions, will not be permitted to deduct any loss, and will not be eligible for capital gains treatment with respect to any gain realised on any sale, exchange or redemption of Notes.

Notes may be issued in new global note ("NGN") or in classical global note ("CGN") form, both as stated in the relevant Final Terms.

Global Notes which will be issued in CGN form, as stated in the relevant Final Terms, may be deposited on or prior to the issue date with a common depositary on behalf of Euroclear and/or CBL. Global Notes which will be issued in NGN form, as stated in the relevant Final Terms, may be delivered on or prior to the Issue Date to Euroclear and CBL in its function as common safekeeper.

Global Notes may also be deposited with CBF or OeKB.

Interest Periods and Interest Payment Dates

Interest, if any, payable on Notes will be paid for such interest periods and/or on such interest payment dates as agreed prior to issue by the Issuer and the relevant Dealer(s) and will be calculated on the basis of such day count fraction, as indicated in the applicable Final Terms.

Maturities

Such maturities as may be agreed between the Issuer and the relevant Dealer(s) and as indicated in the applicable Final Terms. Any Notes, the proceeds of which are to be accepted by the relevant Issuer in the United Kingdom, which must be redeemed before the first anniversary of the date of their issue, shall (a) have a redemption value of not less than GBP 100,000 (or an amount of equivalent value denominated wholly or partly in a currency other than Sterling), and (b) provide that no part of any such Note may be transferred unless the redemption value of that part is not less than GBP 100,000 (or such equivalent amount)

Fixed Rate Notes

Fixed Rate Notes bear a fixed interest income throughout the entire term of the Notes. Fixed interest will be payable on such basis as may be agreed between the Issuer and the relevant Dealer(s) as specified in the relevant Final Terms and at maturity and will be calculated on the basis of such day count fraction as may be agreed between the Issuer and the relevant Dealer(s) and indicated in the applicable Final Terms.

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Step-up/Step-down Notes

Step-up/Step-down Notes are Notes which bear fixed interest at varying rates, such rates being, in the case of Step-up Notes, greater or, in the case of Step-down Notes, lesser than the rates applicable to previous interest periods.

Floating Rate Notes

Floating Rate Notes will bear interest at a rate determined (and as adjusted for any applicable margin):

(i) on the same basis as the floating rate under a notional interest rate swap transaction in the relevant specified currency governed by an agreement incorporating the 2000 or the 2006 ISDA Definitions (as published by the International Swap and Derivatives Association, Inc., and as amended and updated as at the date on which the first tranche of the Notes of the relevant Series is issued);

(ii) on the basis of a reference rate appearing on the agreed screen page of a commercial quotation service; or

(iii) on such basis as indicated in the applicable Final Terms.

The margin (if any) relating to such floating rate will be indicated in the applicable Final Terms for each Series of Floating Rate Notes.

Interest periods for Floating Rate Notes will typically be one, three, six or twelve months or such other period(s) as may be agreed between the Issuer and the Dealer(s), and indicated in the applicable Final Terms.

CMS Floating Rate Notes

CMS Floating Rate Notes bear a variable interest which is determined by reference to certain swap rates.

CMS Spread-linked Notes or other Reference Rates Spread-linked Notes

CMS Spread-linked Notes or other Reference Rates Spread-linked Notes bear a variable interest which is determined by reference to the difference (spread) between certain swap rates (in the case of CMS Spread- linked Notes) or other reference rates (in the case of other Reference Rates Spread-linked Notes).

CMS Spread-linked Notes or other Reference Rates Spread-linked Notes may also be issued, inter alia, as a "Trigger Lock-in" alternative. In such case, interest payable on such Notes for a prevailing and all following interest periods will be fixed to a fixed interest rate, if the difference between the relevant reference values reaches a certain level.

Furthermore, CMS Spread-linked Notes or other Reference Rate Spread linked Notes or Reference Rate linked Notes may also be issued as "Digital" alternative. In such case, interest payable may be effected at a certain interest rate for one or more interest periods depending on the reference values or the difference of the reference values (e.g. interest rate (x) will be paid if the difference of the reference values meets a certain condition; if that is not the case interest (y) or no interest at all is paid).

Range Accrual Notes

Range Accrual Notes bear interest at a rate which depends on the performance of one or more underlying reference rates, as specified in the applicable Final Terms. Typically, interest will accrue for each relevant day in an interest period on which the underlying reference rate performs in the manner specified in the Final Terms but will not accrue in respect of other days. Interest on Range Accrual Notes may also be paid at a pre-determined specified rate for certain interest periods specified in the applicable Final Terms.

The structure of Range Accrual Notes may also be combined with the structure of CMS Spread-linked or

16 other Reference Rate Spread-linked Notes. In such case, the relevant interest range will be determined by the difference of the relevant reference values.

Target Interest Notes

Target Interest Notes may offer a floating rate of interest or a combination of fixed and floating rates of interest or a range accrual mechanism with the aggregate amount of interest to be paid under the Notes limited by an overall maximum rate of interest. If the aggregate amount of interest to be paid under the Notes equals or exceeds the target interest rate of the Notes, the Notes will be redeemed early at their principal amount or at an Early Redemption Amount as specified in the relevant Final Terms. Should the coupons not yield the overall maximum rate of interest prior to the last Interest Period, the Notes will be redeemed at their principal amount on the Maturity Date. The Notes may or may not, as provided for in the applicable Final Terms, be redeemed at their principal amount plus a final payment equal to the difference between the target interest and the calculated total interest.

Index Linked Notes

Index Linked Notes are Notes where payment of interest (Index Linked Interest Notes) or principal (Index Linked Redemption Notes) is linked to a particular index, factor or formula.

Index Linked Interest Notes

Payments of interest in respect of Index Linked Interest Notes will be made by reference to a single index or other factors (including changes in the price of securities or movements in exchange rates) and/or such formula as may be specified by the Issuer and the relevant Dealer(s) (as indicated in the applicable Final Terms).

Index Linked Redemption Notes

Payments of principal in respect of Index Linked Redemption Notes will be calculated by reference to a single index or other factors (including changes in the price of securities or movements in exchange rates) and/or such formula as may be specified by the Issuer and the relevant Dealer(s) (as indicated in the applicable Final Terms). Each nominal amount of Notes equal to the lowest specified denomination specified in the applicable Final Terms will be redeemed by payment of the redemption amount specified in or as determined pursuant to provisions in the applicable Final Terms.

Dual Currency Notes

Dual Currency Notes are Notes, where payment of principal and payment of interest can be made in different currencies. Payments (whether in respect of principal or interest and whether at maturity or otherwise) in respect of Dual Currency Notes will be made in such currencies, and based on such rates of exchange, as the Issuer and the relevant Dealer(s) may agree (as indicated in the applicable Final Terms).

Currency Linked Notes

Currency Linked Notes are debt securities relating to a particular currency or currency pair and do not provide for predetermined redemption amounts and/or interest payments. Such amounts will depend on the market value of the underlying currencies which might be substantially less than the issue price or, as the case may be, the purchase price invested by the Noteholder.

Zero Coupon Notes

Zero Coupon Notes may be issued at their principal amount or at a discount to it and will not bear interest.

Instalment Notes

Instalment Notes are Notes, where payment of principal is made in instalments. Instalment will be made as

17 the Issuer and the relevant Dealer(s) may agree (as indicated in the applicable Final Terms).

Change of Interest/payment basis

Notes may be converted from one interest and/or payment basis to another if so provided in the applicable Final Terms.

Variable Rate Notes

The Final Terms issued in respect of each issue of variable rate Notes will specify the basis for calculating the amounts of interest payable, which may be by reference to a reference rate, an index or formula or as otherwise provided in the relevant Final Terms.

Interest Periods and Interest Rates

The length of the interest periods for the Notes and the applicable interest rate or its method of calculation may differ from time to time or be constant for any Series of Notes. Notes may have a maximum interest rate, a minimum interest rate, or both.

Other Notes

Notes may be of any other type or may have any other structure, all upon terms set out in the applicable Final Terms.

Optional Redemption

Subject to the restrictions set out in "Maturities" above, the Final Terms in respect of each issue of Notes will state whether such Notes may be redeemed prior to their stated maturity at the option of the Issuer (either in whole or in part) and/or the Noteholders, and if so the terms applicable to such redemption.

Early Redemption

Except as provided in "Optional Redemption" above, Notes will be redeemable at the option of the Issuer prior to maturity only for taxation reasons if as a result of any change in, or amendment to, the laws or regulations (including any change in, or amendment to, an official interpretation or application of such laws or regulations) of Austria, the Issuer is required to pay additional amounts on the Notes, all as more fully set out in the Terms and Conditions of the Notes.

Automatic Early Redemption

The Notes may be structured with an Automatic Early Redemption feature. In that case, the Notes will be redeemed early if certain conditions which will be specified in the applicable Final Terms are met without prior notice by the Issuer.

Redemption by Instalments

The Final Terms in respect of each issue of Notes which are redeemable in two or more instalments will set out the dates on which, and the amounts in which, such Notes may be redeemed.

Taxation

All amounts payable in respect of the Notes shall be made at source without withholding or deduction for or on account of any present or future taxes or duties of whatever nature imposed or levied by way of withholding or deduction at source by or on behalf of Austria or any political subdivision or any authority thereof or therein having power to tax unless such withholding or deduction is required by law. In such event, the Issuer shall pay, subject to certain customary exceptions, such additional amounts as shall be necessary in order that the net amounts received by the Noteholders after such withholding or deduction

18 shall equal the respective amounts which would otherwise have been receivable in the absence of such withholding or deduction. Should the Issuer become obliged to pay such additional amounts, the applicable Final Terms will state that the relevant Series of Notes may be redeemed early, in whole but not in part, at the option of the Issuer.

Noteholders should be aware that the particular terms of issue of any Notes may affect the treatment of that Series of Notes and they should consult their professional tax advisers.

Status of Notes

The Notes will constitute unsecured and unsubordinated obligations of the Issuer and will rank pari passu among themselves and pari passu with all other unsecured and unsubordinated obligations of the Issuer, except for any obligation preferred by law.

Negative Pledge

The Terms and Conditions of the Notes provide for a Negative Pledge of the Issuer.

Events of Default

The Notes will provide for events of default entitling Noteholders to demand immediate redemption of the Notes.

Cross Default

The Terms and Conditions of the Notes provide for a cross default clause.

Governing Law

The Notes and all other documentation relating to the Programme are governed by German law.

Place of Jurisdiction

Place of jurisdiction for the Notes is Frankfurt am Main, Germany.

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GERMAN TRANSLATION OF THE SUMMARY OF THE PROSPECTUS DEUTSCHE ÜBERSETZUNG DER ZUSAMMENFASSUNG DES PROSPEKTS

Die Informationen in dem Abschnitt "Zusammenfassung des Prospekts" umfassen eine Zusammenfassung jedes der folgenden Teile des Prospekts:

I. der Risikofaktoren,

II. Beschreibung der OMV Aktiengesellschaft ("OMV AG" oder die "Emittentin"),

III. des Programms; und

IV. der Schuldverschreibungen.

Die folgende Zusammenfassung ist eine Zusammenfassung des Prospekts, keine vollständige Darstellung und wurde aus den anderen Teilen des Prospekts zusammengestellt und wird durch diese ergänzt. Im Hinblick auf die Beschreibung der Konditionen einer Tranche (jeweils eine "Tranche") von Schuldverschreibungen wird diese durch die jeweiligen Endgültigen Bedingungen ergänzt. Wörter und Ausdrücke, die in anderen Teilen des Prospekts definiert werden und in diesem Abschnitt "Zusammenfassung des Prospekts" nicht anders definiert werden, haben die gleiche Bedeutung wie in dem anderen Teil des Prospekts.

Die Informationen in diesem Abschnitt "Zusammenfassung des Prospekts" sollten als eine Einführung in diesen Prospekt gelesen und entsprechend ausgelegt werden.

Kaufinteressenten von Schuldverschreibungen sollten ihre Entscheidung zur Anlage in die Schuldverschreibungen nicht nur auf die folgenden Informationen, sondern auch auf alle anderen in diesem Prospekt enthaltenen Informationen unabhängig davon, ob diese in dem Prospekt (wie gegebenenfalls von Zeit zu Zeit durch Nachträge ergänzt) abgedruckt sind oder in Form eines Verweises in den Prospekt einbezogen wurden, und die Endgültigen Bedingungen stützen.

Ein klagender Investor könnte für den Fall, dass vor einem Gericht eines Mitgliedstaates der Europäischen Union (im folgenden "EU Mitgliedstaat" und zusammen die "EU Mitgliedstaaten") Ansprüche aufgrund der in einem Wertpapierprospekt wie diesem Prospekt, den durch Verweis einbezogenen Dokumenten, etwaigen Nachträgen und den Endgültigen Bedingungen enthaltenen Informationen in Anwendung des nationalen Rechts des EU Mitgliedstaates geltend gemacht werden, die Kosten für die Übersetzung des Prospekts, der durch Verweis einbezogenen Dokumente, etwaige Nachträge und die Endgültigen Bedingungen in jede maßgebliche Sprache, soweit notwendig, vor Prozessbeginn zu tragen haben.

OMV AG und jede Person, die die Übersetzung dieser Zusammenfassung veranlasst haben oder von denen deren Erlass ausgeht, übernehmen die Verantwortung für die Informationen in dem Abschnitt "Zusammenfassung des Prospekts" (einschließlich der Übersetzung), jedoch nur für den Fall, dass die Zusammenfassung irreführend, unrichtig oder widersprüchlich ist, wenn sie zusammen mit den anderen Teilen des Prospekts oder anderen, per Verweis in den Prospekt einbezogenen Informationen gelesen wird.

I. Zusammenfassung der Risikofaktoren

Ein Kauf der Schuldverschreibungen birgt gewisse Risiken betreffend die jeweilige Emittentin und die maßgebliche Tranche der Schuldverschreibungen in sich. Während es sich bei sämtlichen Risikofaktoren um Eventualfälle handelt, die eintreten können oder auch nicht, sollten sich potentielle Investoren der Tatsache bewusst sein, dass die mit dem Kauf der Schuldverschreibungen verbundenen Risiken möglicherweise (i) Einfluss auf die Fähigkeit der jeweiligen Emittentin zur Erfüllung ihrer Pflichten gemäß der im Rahmen des Programms ausgegebenen Schuldverschreibungen haben und/oder (ii) zu einer Volatilität und/oder Minderung des Marktwertes der maßgeblichen Tranche der Schuldverschreibungen führen, so dass der Marktwert hinter den Erwartungen (finanzieller oder sonstiger Art) der Investoren beim Kauf der Schuldverschreibungen zurückbleibt.

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Sollte sich eines dieser Risiken oder sollten sich mehrere davon verwirklichen, könnte dies zu einem erheblichen Preisverlust bei den Schuldverschreibungen führen bzw. sogar zu einem Verlust sämtlicher Zinszahlungen und des jeweils investierten Kapitals.

Jeder potentielle Erwerber der Schuldverschreibungen muss auf der Grundlage seiner eigenen unabhängigen Einschätzung und der entsprechenden unabhängigen den Umständen entsprechenden professionellen Beratung entscheiden, ob der Kauf der Schuldverschreibungen in jeder Hinsicht seinen eigenen finanziellen Möglichkeiten, Zielen und Umständen entspricht, mit allen geltenden Anlagerichtlinien, Richtlinien und Einschränkungen übereinstimmt und sich als geeignete angemessene und zulässige Investition darstellt. Dies gilt unabhängig von den offensichtlichen und erheblichen Risiken, die mit einer Investition oder der Inhaberschaft an den Schuldverschreibungen verbunden sind.

Ein potentieller Investor kann hinsichtlich der Beurteilung, ob der Erwerb der Schuldverschreibungen rechtmäßig ist oder in Bezug auf andere vorstehend aufgeführte Punkte die jeweilige Emittentin, den/die Platzeur(e) oder deren verbundene Unternehmen nicht verantwortlich machen.

Potentielle Investoren sollten zwei Hauptrisikokategorien, die nachfolgend zusammengefasst sind, berücksichtigen: 1. "Risikofaktoren betreffend die OMV AG", und 2. "Risikofaktoren betreffend die Schuldverschreibungen":

1. Zusammenfassung der Risikofaktoren, die OMV AG betreffen

Die größten Risikofaktoren für die OMV AG sind folgende (innerhalb dieses Abschnitts "Zusammenfassung der Risikofaktoren, die OMV AG betreffen" umfasst der Begriff "OMV" die OMV AG samt all ihren Tochtergesellschaften):

OMV ist Entwicklungen und damit verbundenen Risiken aus der jüngsten Finanz- und Wirtschaftskrise und des volatilen wirtschaftlichen Umfeldes ausgesetzt.

Strategische Risiken

• Das Sinken der Preise für Erdöl, Erdgas, Erdölprodukte und Strom könnte negative Auswirkungen auf die Betriebsergebnisse der OMV haben.

• Niedrigere Raffineriespannen könnten sich negativ auf die Betriebsergebnisse der OMV auswirken.

• OMV ist den zyklischen Schwankungen der petrochemischen Industrie ausgesetzt; die künftige Entwicklung der Preise für petrochemische Produkte ist nicht vorhersehbar und könnte sich wesentlich negativ auf den Geschäftsgang der OMV auswirken.

• Zur Aufrechterhaltung der in diesem Prospekt dargestellten Reserven- und Fördermengen muss OMV zusätzliche Erdöl- und Erdgasreserven akquirieren oder entwickeln.

• Die Strategie der OMV im Geschäftsbereich Gas und Power hängt wesentlich von der Verfügbarkeit neuer Erdgaslieferungen auf den internationalen Märkten ab.

• Die Daten über die Erdöl- und Erdgasreserven basieren lediglich auf Schätzungen, die von den tatsächlichen Erdöl- und Erdgasreservemengen wesentlich abweichen könnten.

• OMV ist von Erdgaslieferungen aus Russland abhängig. Ihre Gaslieferverträge mit Gazprom könnten abgeändert oder nicht verlängert werden.

• Die Wachstumsstrategie der OMV durch Akquisitionen ist mit zahlreichen Risken verbunden.

• Die Entwicklung der OMV könnte durch ein langsameres Wachstum in den Märkten, in denen sie tätig ist, beeinflusst werden.

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• Der Großteil des Umsatzes der OMV im Petrochemie-Geschäft ist massiv von einem einzigen Kunden abhängig.

• Ein beträchtlicher Teil der internationalen Assets und Tätigkeiten der OMV außerhalb Europas sind politischen und wirtschaftlichen Risiken ausgesetzt und zukünftige Störungen könnten wesentliche negative Auswirkungen auf den Geschäftsgang der OMV haben.

• Die Nichteinhaltung von Sanktionen könnte zu Strafzahlungen für OMV führen.

• Die Tätigkeiten der OMV unterliegen kartell- und wettbewerbsrechtlichen Bestimmungen und Vorschriften und OMV könnte Kartellverfahren oder zusätzlichen neuen Bestimmungen unterworfen werden.

• OMV ist Änderungen der auf ihre betriebliche Tätigkeit anfallenden Steuern, Gebühren und Zöllen ausgesetzt.

• OMV ist in allen Geschäftsbereichen der Konkurrenz von anderen Erdöl- und Erdgasunternehmen ausgesetzt.

• OMV hat verschiedene Geschäftsbeziehungen mit Aktionären, woraus sich Interessenskonflikte ergeben können.

Länderspezifische Risiken

• OMV hat in von Rezession betroffenen Ländern Mittel- und Südosteuropas beträchtliche Investitionen getätigt.

• Die wirtschaftlichen und politischen Entwicklungen in Mittel- und Südosteuropa und in der Türkei sowie der Markteintritt neuer Mitbewerber in diesen Ländern könnten den Geschäftsgang der OMV negativ beeinflussen.

• Die Rechtssysteme und verfahrensrechtlichen Schutzmechanismen in bestimmten Ländern Mittel- und Südosteuropas sind noch nicht ausgereift, so dass es jederzeit zu wesentlichen Gesetzesänderungen kommen könnte.

• Bürokratie, Korruption, mangelhafte Rechtssysteme, wirtschaftliche Engpässe und weitreichende Kompetenzen von Prüfungsgesellschaften könnten die Geschäfte der OMV in Rumänien negativ beeinflussen.

• Mangelhafte Rechtssysteme, widersprüchliche Bestimmungen und eine Verschlechterung des Investitionsumfeldes könnten die Geschäfte der OMV in der Türkei negativ beeinflussen.

• Wirtschaftliche, politische, rechtliche und soziale Instabilität sowie das Risiko, die notwendigen Förderlizenzen nicht zu erhalten, könnten den Geschäftsgang der OMV in Libyen, Tunesien, Ägypten, Pakistan, Jemen, der Region Kurdistan im Irak und Kasachstan negativ beeinflussen.

• Ausfälle von Rohöllieferungen aus Libyen und Jemen könnten das Geschäft der OMV negativ beeinflussen.

• Der Geschäftsgang der Petrom könnte beeinträchtigt werden, wenn die Förderlizenzen der Petrom nicht erneuert werden.

• Der Geschäftsgang der Petrom könnte beeinträchtigt werden, wenn Petrom die rumänischen Vergabebestimmungen einhalten muss.

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• Petrom ist Partei eines Arbeitsstreitverfahrens und könnte mit weiteren Forderungen von Arbeitnehmern konfrontiert werden; das Mitbestimmungsrecht von Arbeitnehmern der Petrom könnte Restrukturierungsmaßnahmen hemmen, was insgesamt wesentliche nachteilige Auswirkungen auf das Geschäft der Petrom und der OMV haben könnte. Petrom wird vorgeworfen, das rumänische Wettbewerbsrecht verletzt zu haben, es könnten ihr Ausgleichszahlungsansprüche im Zusammenhang mit Enteignungen drohen und sie könnte erhebliche Kosten der Behebung von Umweltschäden zu tragen haben.

• Petrol Ofisi könnten erhebliche Kosten erwachsen, um notwendige Genehmigungen zu erhalten; es könnten Verluste aufgrund fehlender Versicherungs- und Hedgingmaßnahmen drohen.

• Die kürzlich getätigten Akquisitionen der OMV in Tunesien sind aufgrund des derzeitigen politischen Klimas Risiken ausgesetzt.

Umweltrisiken

• Zukünftige klimatische Veränderungen und Kohlenstoffabgaben können zu erhöhten Ausgaben und verringerter Rentabilität führen.

• OMV unterliegt strengen Umwelt-, Gesundheits- und Sicherheitsbestimmungen, deren Einhaltung bzw. damit verbundene Sanierungsmaßnahmen Kosten verursachen, die ihren Geschäftsgang und finanzielle Lage negativ beeinflussen könnten.

• Die Tätigkeiten der OMV hängen von der Zuteilung ausreichender Zertifikate im Rahmen des EU- Emissionshandels ab.

• Die Abhängigkeit der OMV von der Witterung könnte die Nachfrage nach Produkten der OMV beeinträchtigen.

• Veraltete Infrastruktur in den Betrieben der OMV, unsachgemäße Abfallentsorgung und Betriebsstörungen, insbesondere in Zusammenhang mit den Offshore Aktivitäten von OMV, könnten zu Ölausflüssen, Entweichungen und anderen Kontaminierungen führen. Solche Vorfälle und Kontaminierungen könnten zu beträchtlichen umweltbedingten Rekultivierungs- und Wiederherstellungskosten führen und Gemeinden sowie den Ruf der OMV schädigen.

Compliance- und Kontrollrisiken

• Staatliche Intervention und Regulierung könnte sich auf das Geschäft der OMV wesentlich negativ auswirken. OMV könnte nicht in der Lage sein, ihren Verpflichtungen aus Lizenzen nachzukommen.

• Sittenwidriges Verhalten oder die Nichteinhaltung von anwendbarem Recht oder Vorschriften könnten den Ruf der OMV und den Unternehmenswert schädigen.

Operative Risiken

• OMV unterliegt betrieblichen Risiken in Bezug auf Förderung, Produktion, Transport und Speicherung von Erdöl und Erdgas, Raffinerie sowie Verarbeitung und in Zukunft Stromerzeugung. Einige dieser Risiken könnten nicht versichert oder nicht versicherbar sein.

• OMV könnte mit betrieblichen, politischen und/oder technischen Problemen konfrontiert werden, die den Fortschritt von laufenden oder geplanten Projekten verzögern oder verhindern könnten.

• OMV könnte gezwungen sein, Bohrungen einzuschränken, später durchzuführen oder zu streichen.

• Die Nichteinhaltung von Produktqualitätsstandards könnte einen wesentlich nachteiligen Einfluss auf den Geschäftsbetrieb der OMV haben.

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• Unzureichende Notfallpläne oder unzureichendes Krisenmanagement könnten wesentlich nachteilige Auswirkungen auf das Geschäft der OMV haben.

• Terroristische Handlungen könnten das Geschäft der OMV erheblich beeinträchtigen.

• Investitionen von OMV gemeinsam mit Partnern oder in Joint Ventures könnten die Fähigkeit der OMV zur Risiko- und Kostenkontrolle reduzieren.

• Unzulänglichkeiten oder Fehler in den Systemen der OMV, im Risikomanagement, bei internen Überprüfungsprozessen oder bei Personal könnten zu einer Beeinträchtigung des Geschäftes führen.

• Schwerwiegende Störungen der IT Systeme der OMV könnten das Geschäft der OMV erheblich beeinträchtigen.

• OMV ist abhängig von ihren Schlüsselkräften.

• Gerichtliche Streitigkeiten und andere Streitigkeiten können das Geschäft der OMV wesentlich beeinträchtigen.

Finanzielle Risiken

• Schwankungen der Fremdwährungskurse können sich auf den Geschäftsgang und die finanzielle Lage der OMV wesentlich auswirken.

• Schwankungen der Zinsraten können sich auf das Geschäft der OMV wesentlich negativ auswirken.

• Liquiditätsschwierigkeiten könnten das Geschäft der OMV, die Betriebsergebnisse sowie die finanzielle Lage der OMV wesentlich negativ beeinflussen.

• Schwierige Finanzmarktbedingungen können die Refinanzierungsfähigkeit der OMV beeinträchtigen.

• Auf OMV könnten zusätzliche Kosten aus ihren leistungsbezogenen Pensionsplänen zukommen.

• Die Zusicherungen aus den Finanzierungsverträgen der OMV könnten ihre finanzielle und operative Flexibilität beschränken.

• Sofern fällige Zahlungen der Vertragspartner ausbleiben, könnte das Geschäft der OMV wesentlich negativ beeinflussen werden.

• Tatsächliche Ergebnisse könnten von Schätzungen abweichen und diese Abweichungen könnten wesentliche negative Auswirkungen auf das Geschäft der OMV haben.

• Rückläufige und/oder volatile Rohstoffpreise könnten negative Auswirkungen auf den Geschäftsgang der OMV haben.

2. Zusammenfassung der Risikofaktoren, die die Schuldverschreibungen betreffen

Schuldverschreibungen sind möglicherweise kein geeignetes Investment für alle Investoren.

Währungsrisiko/Doppelwährungs-Schuldverschreibungen

Der Gläubiger einer Schuldverschreibung (der "Gläubiger" und zusammen die "Gläubiger"), die auf eine fremde Währung lautet und der Gläubiger von Doppelwährungs-Schuldverschreibungen ist dem Risiko von Wechselkursschwankungen ausgesetzt, welche den Ertrag und/oder Rückzahlungsbetrag dieser Schuldverschreibungen beeinflussen können.

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Liquiditätsrisiko

Es ist nicht sicher, dass ein liquider Sekundärmarkt für die Schuldverschreibungen entstehen wird, oder, sofern er entsteht, dass er fortbestehen wird. In einem illiquiden Markt könnte es sein, dass ein Anleger seine Schuldverschreibungen nicht jederzeit zu angemessenen Marktpreisen veräußern kann. Die Möglichkeit, Schuldverschreibungen zu veräußern, kann zudem in bestimmten Rechtsordnungen durch Währungsbeschränkungen eingeschränkt sein.

Rating der Schuldverschreibungen

Ein Rating der Schuldverschreibungen, falls dieses vorhanden ist, spiegelt möglicherweise nicht sämtliche Risiken einer Anlage in die Schuldverschreibungen wider. Ebenso können Ratings ausgesetzt, herabgestuft oder zurückgezogen werden. Das Aussetzen, Herabstufen oder die Rücknahme eines Ratings können den Marktwert und den Kurs der Schuldverschreibungen beeinträchtigen. Ein Rating stellt keine Empfehlung zum Kauf, Verkauf oder Halten von Wertpapieren dar und kann von der Rating-Agentur jederzeit korrigiert oder zurückgezogen werden.

Risiko der vorzeitigen Rückzahlung

Die Emittentin kann sich während der Laufzeit von Schuldverschreibungen dazu entschließen, diese vorzeitig zurückzuzahlen (sofern der Emittentin entsprechend der Emissionsbedingungen das Recht eingeräumt wird, die Schuldverschreibungen vor Fälligkeit zurückzuzahlen) oder die Schuldverschreibungen können automatisch vorzeitig zurückgezahlt werden (falls eine automatische vorzeitige Rückzahlung anwendbar ist, wie in den maßgeblichen Endgültigen Bedingungen angegeben und falls bestimmte Bedingungen erfüllt sind). Weiterhin können die Schuldverschreibungen aus steuerlichen Gründen vorzeitig zurückgezahlt werden (falls eine vorzeitige Rückzahlung aus steuerlichen Gründen anwendbar ist, wie in den maßgeblichen Endgültigen Bedingungen angegeben). In einer derartigen Situation sind Gläubiger möglicherweise nicht in der Lage, den Rückzahlungsbetrag in Wertpapiere mit einer vergleichbar hohen Effektivverzinsung zu reinvestieren und der Gläubiger dieser Schuldverschreibungen ist dem Risiko ausgesetzt, dass infolge der vorzeitigen Rückzahlung seine Kapitalanlage eine geringere Rendite als erwartet aufweisen wird.

Festverzinsliche Schuldverschreibungen und Stufenzinsschuldverschreibungen

Der Gläubiger einer festverzinslichen Schuldverschreibung oder einer Stufenzinsschuldverschreibung ist dem Risiko ausgesetzt, dass der Kurs einer solchen Schuldverschreibung infolge von Veränderungen des aktuellen Marktzinssatzes fällt.

Variabel verzinsliche Schuldverschreibungen

Der Gläubiger einer variabel verzinslichen Schuldverschreibung ist dem Risiko eines schwankenden Zinsniveaus und ungewisser Zinserträge ausgesetzt. Ein schwankendes Zinsniveau macht es unmöglich, die Rendite von variabel verzinslichen Schuldverschreibungen im Voraus zu bestimmen.

Nullkupon-Schuldverschreibungen

Der Gläubiger einer Nullkupon-Schuldverschreibung ist dem Risiko ausgesetzt, dass der Kurs einer solchen Schuldverschreibung infolge von Veränderungen des Marktzinssatzes fällt. Kurse von Nullkupon- Schuldverschreibungen sind volatiler als Kurse von festverzinslichen Schuldverschreibungen und reagieren wahrscheinlich in höherem Maße auf Veränderungen des Marktzinssatzes als verzinsliche Schuldverschreibungen mit einer ähnlichen Fälligkeit.

Indexgebundene Schuldverschreibungen

Indexgebundene Schuldverschreibungen können als Schuldverschreibungen mit indexgebundenen Zinszahlungen oder als Schuldverschreibungen mit indexgebundenem Rückzahlungsbetrag oder einer

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Kombination aus beidem emittiert werden.

Schuldverschreibungen mit indexgebundenen Zinszahlungen sind Schuldverschreibungen, bei denen die Zinszahlungen nicht im vorhinein feststehen. Die Zinszahlungen hängen vom Marktwert des zugrunde liegenden Index bzw. der zugrunde liegenden Indizes bzw. anderer Faktoren (einschließlich der Preise von Wertpapieren sowie Veränderungen bei Wechselkursen) und/oder einer Formel ab, wie zwischen der Emittentin und den/m betreffenden Platzeur(en) vereinbart (und wie in den jeweiligen Endgültigen Bedingungen angegeben).

Schuldverschreibungen mit indexgebundenem Rückzahlungsbetrag sind Schuldverschreibungen, bei denen der Rückzahlungsbetrag nicht im vorhinein feststeht. Die Zinszahlungen hängen vom Marktwert des zugrunde liegenden Index bzw. der zugrunde liegenden Indizes bzw. anderer Faktoren (einschließlich der Preise von Wertpapieren sowie Veränderungen bei Wechselkursen) und/oder einer Formel ab, wie zwischen der Emittentin und den/m betreffenden Platzeur(en) vereinbart (und wie in den jeweiligen Endgültigen Bedingungen angegeben).

Der Gläubiger einer Schuldverschreibung mit indexgebundener Zinszahlung ist dem Risiko eines schwankenden Zinsniveaus und der Unsicherheit in Bezug auf den Zinsertrag ausgesetzt und wird möglicherweise überhaupt keine Zinsen erhalten. Die Rendite einer Schuldverschreibung mit indexgebundenen Zinszahlungen kann möglicherweise sogar negativ sein. Der Gläubiger einer Schuldverschreibung mit indexgebundenem Rückzahlungsbetrag hat keine Sicherheit in Bezug auf den Rückzahlungsbetrag und ist dem Risiko ausgesetzt, dass die Rendite einer Schuldverschreibung mit indexgebundener Rückzahlung möglicherweise negativ sein könnte. Unsicherheiten in Bezug auf den Zins- und den Rückzahlungsbetrag machen es unmöglich, die Rendite einer indexgebundenen Schuldverschreibung im Voraus zu bestimmen. Je schwankungsanfälliger der betreffende Index ist, desto größer ist die Unsicherheit in Bezug auf die Höhe des Zinsertrages und des Rückzahlungsbetrages.

Währungsbezogene Schuldverschreibungen

Währungsbezogene Schuldverschreibungen beziehen sich auf eine bestimmte Währung oder ein Währungspaar und lassen keine im Vorfeld festgelegten Rückzahlungsbeträge oder Zinszahlungen zu. Derartige Zahlungen hängen von der Marktentwicklung der zugrunde liegenden Währungen ab und können erheblich unter dem Ausgabe- bzw. Kaufpreis liegen.

Schuldverschreibungen abhängig von einer "Constant Maturity Swap" ("CMS")-Spanne oder Schuldverschreibungen abhängig von einer Spanne anderer Referenzzinssätze

Eine Zinszahlung auf Schuldverschreibungen abhängig von einer CMS-Spanne oder auf Schuldverschreibungen abhängig von einer Spanne anderer Referenzzinssätze (ausgenommen für den möglichen Fall von einem in den Emissionsbedingungen vereinbarten Festzins) hängt von der Differenz zwischen Raten für Swap-Vereinbarungen (im Fall von Schuldverschreibungen abhängig von einer CMS- Spanne) oder für andere Referenzzinssätze (im Fall von Schuldverschreibungen abhängig von einer Spanne anderer Referenzzinssätze) mit unterschiedlichen Bedingungen ab.

Investoren haben zwar möglicherweise die Erwartungshaltung, dass die Zinskurve während der Laufzeit von Schuldverschreibungen abhängig von einer CMS-Spanne oder von Schuldverschreibungen abhängig von einer Spanne anderer Referenzzinssätze (i) nicht oder nur moderat abflacht bzw. (ii), abhängig von der Struktur der Schuldverschreibungen abhängig von einer CMS-Spanne oder von einer Spanne anderer Referenzzinssätze, nicht steil ansteigt. Für den Fall, dass sich der Markt jedoch entgegen den Erwartungen des Investors entwickelt, und dass sich die Differenz zwischen den Sätzen für die Swap-Vereinbarungen oder zwischen anderen Referenzzinssätzen mit anderweitigen Bedingungen in einem größeren Umfang als angenommen verringert, wird die Zinszahlung in Bezug auf die Schuldverschreibungen abhängig von einer CMS-Spanne oder von Schuldverschreibungen abhängig von einer Spanne anderer Referenzzinssätze unterhalb des Niveaus liegen, welches zum Zeitpunkt des Kaufs vorherrschte. Im schlechtesten Fall verringert sich die Höhe des Zinses auf null. In einem solchen Fall verringert sich während ihrer Laufzeit der Preis der Schuldverschreibungen abhängig von einer CMS-Spanne bzw. von Schuldverschreibungen abhängig von einer Spanne anderer Referenzzinssätze.

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Schuldverschreibungen abhängig von einer CMS-Spanne oder abhängig von einer Spanne anderer Referenzzinssätze können unter anderem auch in einer "Trigger Lock-In" Variante begeben werden. In einem solchen Fall kann die Zinszahlung auf diese Schuldverschreibungen für die aktuelle und alle folgenden Zinsperioden auf einen bestimmten Festzinssatz fixiert werden, wenn die Differenz zwischen den maßgeblichen Referenzwerten einen bestimmten Wert erreicht. Investoren sollten in diesem Zusammenhang beachten, dass sie nur begrenzt an einer positiven Entwicklung der Referenzwerte partizipieren.

Des Weiteren können Schuldverschreibungen abhängig von einer CMS-Spanne oder von einer Spanne anderer Referenzzinssätze oder einzelner Referenzzinssätze auch in einer "Digital" Variante begeben werden. In einem solchen Fall kann die Zinszahlung zu einem festgelegten Zinssatz für eine oder mehrere Zinsperioden erfolgen, wenn eine bestimmte Bedingung eintritt abhängig von den Referenzzinssätzen oder der Differenz der Referenzzinssätze (beispielsweise kann der Zinssatz (x) gezahlt werden, wenn die Referenzzinssätze oder die Differenz der Referenzzinssätze eine bestimmte Bedingung erfüllen; falls dies nicht der Fall ist, wird der Zinssatz (y) oder überhaupt kein Zins gezahlt).

Schuldverschreibungen mit Zinskorridor

Die Emissionsbedingungen von Schuldverschreibungen mit Zinskorridor können vorsehen, dass eine Zinszahlung (ausgenommen für den möglichen Fall von einem in den Emissionsbedingungen vereinbarten Festzins) von der Anzahl an Tagen abhängt, an denen sich der Referenzzinssatz, der in den Emissionsbedingungen vereinbart wurde, im Rahmen eines bestimmten Zinskorridores bewegt. Die Zinszahlung in Bezug auf die Schuldverschreibungen mit Zinskorridor verringert sich, abhängig von der Anzahl an Bewertungstagen, während dessen sich der Referenzzinssatz außerhalb des Zinskorridores bewegt. In dem Fall, dass der Referenzzinssatz während einer vollständigen Zinsperiode insgesamt oder weitestgehend außerhalb des Zinskorridores bleibt, kann es für diese Zinsperiode(n) zum Ausfall einer Zinszahlung bzw. zur Zahlung nur eines verschwindend geringen Zinsbetrages kommen.

Die Struktur von Schuldverschreibungen mit Zinskorridor können auch mit der Struktur von Schuldverschreibungen abhängig von einer CMS-Spanne oder abhängig von einer Spanne anderer Referenzzinssätze kombiniert werden. In einem solchen Fall errechnet sich der maßgebliche Zinskorridor aus der Differenz der maßgeblichen Referenzwerte.

Zielzins-Schuldverschreibungen mit Zinskorridor

Eine Zinszahlung in Bezug auf Zielzins-Schuldverschreibungen mit einem Zinskorridor (ausgenommen für den möglichen Fall von einem in den Emissionsbedingungen vereinbarten Festzins) hängt von der Anzahl an Tagen ab, an denen sich ein Referenzzinssatz im Rahmen eines bestimmten Zinskorridores bewegt. Die Zinszahlung in Bezug auf Zielzins-Schuldverschreibungen mit einem Zinskorridor verringert sich, abhängig von der Anzahl an Bewertungstagen, während dessen sich der Referenzzinssatz außerhalb des Zinskorridores bewegt. In dem Fall, dass der Referenzzinssatz während einer (oder mehrerer) vollständigen Zinsperiode(n) insgesamt oder weitestgehend außerhalb des Zinskorridores bleibt, kann es für diese Zinsperiode(n) zum Ausfall einer Zinszahlung bzw. zur Zahlung nur eines verschwindend geringen Zinsbetrages kommen. Am Ende der Laufzeit der Zielzins-Schuldverschreibungen mit einem Zinskorridor kann eine Zinszahlung an den Investor in Höhe des Zielzinses erfolgen, vorausgesetzt, dass eine solche in den Emissionsbedingungen vereinbart wurde.

Falls vor dem regulären Ende der Laufzeit der Zielzins-Schuldverschreibungen mit einem Zinskorridor ein Zinssatz erreicht ist, der dem Zielzins entspricht, so werden die Zielzins-Schuldverschreibungen mit einem Zinskorridor frühzeitig zurückgezahlt. Infolgedessen wird dem Investor bestenfalls ein Zins in Höhe des Zielzinses gezahlt.

Zielzins-Schuldverschreibungen

Die Besonderheit des Mechanismus der automatischen vorzeitigen Rückzahlung der Zielzins- Schuldverschreibungen (welche typischerweise durch das Erreichen eines vorher definierten

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Gesamtbetrages an Zinszahlungen vor Ablauf der vorgesehenen Laufzeit der Schuldverschreibungen ausgelöst würde) kann deren Marktwert begrenzen. Ein Investor könnte darüber hinaus nicht in der Lage sein, den Rückzahlungsbetrag zu einem effektiven Zinssatz in gleicher Höhe wieder anzulegen.

Allgemeine Risiken Strukturierter Schuldverschreibungen

Eine Kapitalanlage in Schuldverschreibungen, bei denen sich der Aufschlag und/oder der Zins und/oder der Rückzahlungsbetrag beispielsweise direkt mittelbar oder umgekehrt zu einer oder mehreren Währungen, Zinssätzen oder anderen Indizes oder Formeln bestimmt, kann erhebliche Risiken mit sich bringen, die bei ähnlichen Kapitalanlagen in herkömmliche Schuldtitel nicht auftreten, einschließlich des Risikos, dass der resultierende Zinssatz geringer sein wird als der zur gleichen Zeit auf einen herkömmlichen Schuldtitel zahlbare Zinssatz und/oder dass ein Anleger sein eingesetztes Kapital ganz oder zu einem erheblichen Teil verliert. Sofern nicht in diesem Prospekt beschrieben, werden spezifische Risikofaktoren in Bezug auf solche strukturierten Schuldverschreibungen in den maßgeblichen Endgültigen Bedingungen (oder, soweit dies rechtlich erforderlich ist, in einem Nachtrag zu diesem Prospekt) dargelegt.

Besteuerung

Potentielle Käufer und Verkäufer der Schuldverschreibungen sollten sich vergegenwärtigen, dass sie gegebenenfalls verpflichtet sind, Steuern oder andere Gebühren oder Abgaben nach Maßgabe der Gesetze und Verordnungen des Landes zu zahlen, in das die Schuldverschreibungen übertragen werden, oder sonstiger Rechtsordnungen.

Marktwert von Schuldverschreibungen

Der Marktwert von Schuldverschreibungen wird durch die Bonität der Emittentin, einer Vielzahl von zusätzlichen Faktoren, wie z.B. den Marktzins, Renditen und Marktliquidität sowie durch die noch verbleibende Zeit bis zum Fälligkeitstag sowie im Fall von Indexgebundenen oder Strukturierten Schuldverschreibungen durch zusätzliche Faktoren, wie z.B. durch den Wert eines Index bestimmt, insbesondere durch die Volatilität eines Index und Dividendenzahlungen auf die Wertpapiere, die Bestandteil eines Index sind.

Clearingsysteme

Da Globalurkunden, welche die Schuldverschreibungen verbriefen, von oder namens Clearstream Banking, société anonyme, Luxembourg ("CBL"), Euroclear Bank SA/NV, Brüssel ("Euroclear"), Clearstream Banking AG, Frankfurt am Main ("CBF") oder die Oesterreichische Kontrollbank Aktiengesellschaft ("OeKB") gehalten werden können, gelten für Investoren die dort maßgeblichen Verfahren für Übertragungen, Zahlungen und die Kommunikation mit der Emittentin.

Interessenkonflikte

Interessenkonflikte können den zugrunde liegenden Wert der Schuldverschreibungen negativ beeinflussen.

Einstellung des Handels

Eine Einstellung des Handels in den Schuldverschreibungen kann den Preis der Schuldverschreibungen negativ beeinflussen.

Änderungen des Rechts

Die Bedingungen der Schuldverschreibungen basieren auf deutschem Recht, das zum Datum des Prospekts in Kraft ist. Hinsichtlich der Auswirkungen möglicher Gerichtsentscheidungen oder Änderungen des deutschen Rechts oder Änderungen der Verwaltungspraxis nach dem Datum des Prospekts können keine Zusicherungen abgegeben werden.

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II. Zusammenfassung der Beschreibung der OMV AG

(Innerhalb dieses Abschnitts "Zusammenfassung der Beschreibung der OMV AG" bezeichnet der Begriff "OMV AG" die OMV Aktiengesellschaft. Der Begriff "OMV" umfasst die OMV AG samt all ihren Tochtergesellschaften.)

Überblick

OMV AG ist eine Aktiengesellschaft nach österreichischem Recht mit dem eingetragenen Sitz in Wien und der Geschäftsadresse Trabrennstraße 6-8, 1020 Wien. OMV AG ist im österreichischen Firmenbuch des Handelsgerichtes Wien unter der Nummer FN 93363 z eingetragen. Am Tag der Billigung dieses Prospekts beträgt das Grundkapital der OMV AG EUR 327.272.727. Das Grundkapital ist in 327.272.727 Aktien unterteilt. Alle Aktien sind Inhaberaktien. OMV AG hat zwei Hauptaktionäre, nämlich die Österreichische Industrieholding Aktiengesellschaft ("ÖIAG") und die International Petroleum Investment Company ("IPIC").

OMV AG ist eines der führenden Energieunternehmen in Mittel- und Südosteuropa. Zum 31. Dezember 2010 beschäftigte OMV 31.398 Arbeitnehmer; der Konzernumsatz betrug EUR 23,32 Milliarden. Zum 31. März 2011 beschäftigte OMV 31.142 Arbeitnehmer; der Konzernumsatz betrug EUR 8,07 Milliarden. OMV ist in drei geographischen Märkten, Mittel- und Südosteuropa sowie Türkei, und ausgewählten Förderregionen im Geschäftsbereich Exploration und Produktion tätig. Die operativen Kerngeschäfte der OMV umfassen (i) Exploration und Produktion (von Öl und Gas); (ii) Raffinerien und Marketing inklusive Petrochemie; sowie (iii) Gas und Power. OMV fokussiert sich auf diese drei integrierten Geschäftsbereiche und auf die Stärkung der Nachhaltigkeit des Portfolios durch gezielte Investitionen in die Stromerzeugung und erneuerbare Energieversorgung.

Neben den 100%-Töchtern (das sind, unter anderem, OMV Exploration & Production GmbH, OMV Refining & Marketing GmbH, OMV Gas & Power GmbH und OMV Solutions GmbH) verfügte OMV AG zum Datum dieses Prospektes direkt und indirekt über eine Beteiligung von 51,01 Prozent am rumänischen Erdöl- und Erdgasunternehmen OMV PETROM SA ("Petrom"), über eine Beteiligung von 59,26 Prozent an der Gashandelsgesellschaft EconGas GmbH ("EconGas"), über eine Beteiligung von 45 Prozent am Raffinerieverbund BAYERNOIL Raffineriegesellschaft mbH ("Bayernoil") und über eine Beteiligung von 96,98 Prozent an OMV Petrol Ofisi A.S. ("Petrol Ofisi"), der führenden Marketinggesellschaft in der Türkei. Die Chemie-Aktivitäten der OMV sind in Borealis AG ("Borealis") gebündelt, an der OMV zu 36 Prozent beteiligt ist. Weiters verfügt OMV über einen 10 Prozent Anteil an Pearl Petroleum Company Limited (operativ tätig in der Region Kurdistan im Irak) und eine 40 Prozent Beteiligung an der türkischen Gashandelsgesellschaft Enerco Enerji Sanayi Ve Ticaret A.S. und eine Beteiligung von 100 Prozent an der türkischen Gesellschaft OMV Samsun Elektrik Üretim Sanayi ve Ticaret A.S., die ein 800 MW-Klasse Gaskraftwerk in Samsun errichtet.

Geschäftsbereiche

Exploration und Produktion. Im Geschäftsbereich Exploration und Produktion sucht, findet und fördert OMV Erdöl, Natural Gas Liquids und Erdgas. Im Geschäftsbereich Exploration und Produktion ist OMV in 16 Ländern tätig und konzentriert sich auf die zwei Kernländer Österreich und Rumänien und auf ein internationales Portfolio, das 14 weitere Länder umfasst. Die Tagesproduktion lag im Jahr 2010 bei rund 318.000 Barrel Öläquivalent ("boe") und im Jahr 2009 bei täglich 317.000 boe; die sicheren Erdöl- und Erdgasreserven betragen zum 31. Dezember 2010 rund 1,15 Milliarden boe.

Raffinerien und Marketing, inklusive Petrochemie. Der Geschäftsbereich Raffinerien und Marketing, inklusive Petrochemie, umfasst zwei Raffinerien und integrierte Petrochemieproduktionen in Schwechat (Österreich) und Burghausen (Deutschland) sowie eine Raffinerie in Petrobrazi (Rumänien). Dieser Geschäftsbereich umfasst auch den 45 Prozent Anteil an Bayernoil und OMV’s Tankstellennetz in 12 Ländern in Mittel- und Südosteuropa und in der Türkei. Die Beteiligung der OMV an Petrol Ofisi zählt größtenteils zum Geschäftsbereich Raffinerien und Marketing, inklusive Petrochemie. OMV verfügt über eine Jahres-Raffineriekapazität von rund 22,3 Millionen Tonnen ("t") und betrieb zum 31. Dezember 2010 ein Netz von 4.771 Tankstellen. Zum 31. März 2011 betrieb OMV 4.742 Tankstellen.

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Gas und Power. Im Geschäftsbereich Gas und Power ist OMV entlang der gesamten Gaswertschöpfungskette tätig. Dieses Geschäftsfeld basiert auf vier Säulen: (i) Erdgasversorgung; (ii) Erdgaslogistik, einschließlich Transport und Speicher; (iii) Stromproduktion; und (iv) Marketing und Trading. OMV betreibt Langstreckenleitungsnetze in Österreich und spielt eine wichtige Rolle im Gastransit. Seit 2008 umfasst der Geschäftsbereich Gas und Power auch das Stromgeschäft der OMV. Mit dem Einstieg in das Stromgeschäft soll die Gaswertschöpfungskette auf Strom erweitert werden und selektiv in erneuerbare Energien investiert werden. Zum 31. Dezember 2010 betrugen die Erdgasverkaufsmengen der OMV 18 Milliarden m³ (2009: 13,1 Milliarden m³). In den ersten drei Monaten des Jahres 2011 betrugen die Erdgasverkaufsmengen 6,6 Milliarden m³.

Konzernbereich und Sonstiges. Zusätzlich zu den operativen Geschäftsbereichen sind die Konzernführung, Finanzierungsaktivitäten sowie gewisse Servicefunktionen im Geschäftsbereich Konzernbereich und Sonstiges zusammengefasst.

Strategie

OMV ist in einem herausfordernden Branchenumfeld tätig, das von starken Ölpreisschwankungen, einem großen Investitionsbedarf als Beitrag zum Klimaschutz sowie von der Notwendigkeit, die Energieversorgung zu diversifizieren und abzusichern, gekennzeichnet ist. OMV hat sich in diesem Umfeld als integrierter Marktteilnehmer im "europäischen Wachstumsgürtel" positioniert, der sich laut Definition von OMV von der Ostsee im Norden nach Südosten, über die Länder Mittel- und Südosteuropas bis zur Türkei im Süden erstreckt. Der strategische Rahmen der OMV für nachhaltiges Wachstum ist die "3plus Strategie", wonach sich OMV auf drei integrierte Geschäftsbereiche (Exploration und Produktion, Raffinerien und Marketing, inklusive Petrochemie und Gas und Power) fokussiert, was es OMV erlaubt, durch die integrierte Position von konzernweiten Synergien zu profitieren. OMV ist in den geographischen Märkten Mittel- und Südosteuropa sowie Türkei plus in den Förderregionen tätig, welche die Versorgung dieser Märkte sicherstellen. OMV orientiert sich an drei Werten (Pioneers, Professionals und Partners), die die Basis für die Entwicklung des Portfolios Richtung Nachhaltigkeit darstellen. OMV hat die Vision, die Energieindustrie auch weiterhin folgendermaßen mitzugestalten:

• Optimierung der Downstream-Position innerhalb der Wachstumsmärkte von OMV und Verbindung zu den Lieferregionen;

• Fokus auf Reduktion des natürlichen Produktionsrückgangs und Steigerung der Ausbeuteraten reifer Felder in den Kernländern Österreich und Rumänien, Steigerung der Produktion im bestehenden internationalen Exploration und Produktion-Portfolio auf eine kritische Masse und darüber hinaus in jedem Land, sowie Engagement in neuen Wachstumsgebieten, um ein zukünftiges Exploration und Produktion-Portfolio aufzubauen;

• Anpassung des Unternehmensportfolios durch Stärkung des Geschäftsbereichs Gas und Power und selektives Investment in Stromerzeugung und erneuerbare Energien;

• Realisierung von Ausgaben- und Ertragssynergien durch integriertes Geschäftsmodell und strenger Kosten- und Kapitaldisziplin; und

• Erzielung nachhaltiger Wertschöpfung.

Ausgewählte Finanzdaten der OMV AG

Die nachstehenden Informationen und Daten sind ein Auszug aus (i) den geprüften Konzernabschlüssen der OMV AG für die zum 31. Dezember 2009 und 2010 endenden Geschäftsjahre sowie (ii) aus den ungeprüften Zwischenabschlüssen für die zum 31. März 2011 endende Dreimonatsperiode und stellen lediglich eine Zusammenfassung dar. Diese geprüften Konzernabschlüsse samt Anhängen und den Berichten der Deloitte Audit Wirtschaftsprüfungs GmbH und ungeprüften Zwischenabschlüsse wurden durch Verweis in diesen Prospekt einbezogen. Die folgenden Finanzdaten sind in Verbindung mit den

30 geprüften Konzernabschlüssen, Lageberichten und Anhängen sowie den ungeprüften Zwischenabschlüssen zu lesen.

Geschäftsjahr Dreimonatszeitraum zum 31. Dezember zum 31. März 2009 2010 2011 (in € Millionen) (in € Millionen) geprüft ungeprüft Aktiva Langfristiges Vermögen...... 15.616 18.670 19.378 Latente Steuern ...... 178 190 214 Kurzfristiges Vermögen...... 5.622 7.544 7.474

Passiva Eigenkapital ...... 10.035 11.312 11.547 Langfristige Verbindlichkeiten ...... 6.354 8.335 7.846 Latente Steuern ...... 295 536 796 Kurzfristige Verbindlichkeiten...... 4.732 6.220 6.876

Bilanzsumme ...... 21.415 26.404 27.066

III. Zusammenfassung des Programms

Emittentin

OMV Aktiengesellschaft

Programmvolumen

Euro 3.000.000.000, vorbehaltlich einer Erhöhung von Zeit zu Zeit im Einklang mit anwendbarem Recht und den Vorschriften der abgeänderten und angepassten Platzierungsvereinbarung vom 25. Juli 2011 (die "Platzierungsvereinbarung") betreffend das Programm.

Arrangeur

Barclays Bank PLC

Platzeure

Barclays Bank PLC BNP PARIBAS Crédit Agricole S.A. Deutsche Bank Aktiengesellschaft Erste Group Bank AG J.P. Morgan Securities Ltd. Landesbank Baden-Württemberg Merrill Lynch International Morgan Stanley Bank & Co. International plc Raiffeisen Bank International AG Société Générale UniCredit Bank Austria AG

Emissionen von Schuldverschreibungen können von Zeit zu Zeit mit einem oder mehreren der oben genannten Platzeure (die "Platzeure" und jeweils ein "Platzeur") abgewickelt werden, wobei diese Bezeichnung auch zusätzliche Platzeure einschließt, welche gemäß den Vorschriften der

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Platzierungsvereinbarung für eine bestimmte Emission von Schuldverschreibungen oder dauerhaft als Platzeur(e) unter dem Programm ernannt werden.

Emissionsstelle

Deutsche Bank Aktiengesellschaft

Börsenzulassungsstelle in Luxemburg

Deutsche Bank Luxembourg S.A.

Luxemburger Zahlstelle

Deutsche Bank Luxembourg S.A.

Genehmigung und Notifizierungen

Es wurde ein Antrag auf Genehmigung dieses Prospektes bei der Commission de Surveillance du Secteur Financier (die "CSSF") des Großherzogtums Luxemburg ("Luxemburg") in ihrer Eigenschaft als zuständiger Behörde gemäß dem Luxemburgischen Gesetz betreffend Wertpapierprospekte (loi relative aux prospectus pour valeurs mobilières) (das "Luxemburger Gesetz") gestellt.

Zum Zwecke der Durchführung von öffentlichen Angeboten in Österreich betreffend bestimmten Emissionen von Schuldverschreibungen und/oder zum Zwecke der Zulassung bestimmter Schuldverschreibungen an der Wiener Börse beantragte die Emittentin zudem, gemäß Artikel 19 des Luxemburger Gesetzes die Notifizierung des Prospekts in die Republik Österreich. Zudem kann es sein, dass die Emittentin von Zeit zu Zeit die Notifizierung in weitere Jurisdiktionen gemäß Artikel 19 des Luxemburger Gesetzes beantragt.

Börsenzulassung und Handelsaufnahme

Im Hinblick auf bestimmte Emissionen von Schuldverschreibungen unter dem Programm kann es sein, dass ein Antrag auf Aufnahme in die Offizielle Liste (Official List) der Wertpapierbörse Luxemburg (Bourse de Luxembourg) und die Zulassung zum Handel am Regulierten Markt (Regulated Market) der Wertpapierbörse Luxemburg gestellt wird. Darüber hinaus kann es im Hinblick auf bestimmte Emissionen von Schuldverschreibungen unter dem Programm sein, dass ein Antrag auf Aufnahme an der Wiener Wertpapierbörse und die Zulassung zum Handel des Programms und/oder dieser Schuldverschreibungen am Geregelten Freiverkehr der Wiener Börse gestellt wird. Der Regulierte Markt der Wertpapierbörse Luxemburg und der Geregelte Freiverkehr der Wiener Börse sind jeweils regulierte Märkte im Sinne der Finanzmarktrichtlinie (Market and Financial Instruments Directive) 2004/39/EG. Das Programm sieht auch vor, dass für bestimmte Schuldverschreibungen eine Börsenzulassung an anderen bzw. weiteren Börsen beantragt werden kann, sofern jeweils zwischen der Emittentin und dem/den betreffenden Platzeur(en) hinsichtlich der betreffenden Serie vereinbart, und wie in den jeweiligen Endgültigen Bedingungen angegeben. Schuldverschreibungen können unter dem Programm auch in der Weise emittiert werden, dass keine Zulassung an irgendeiner Börse erfolgt.

Vertrieb

Schuldverschreibungen können im Wege der Privatplatzierung oder im Wege des öffentlichen Angebotes und jeweils auf syndizierter oder nicht-syndizierter Basis vertrieben werden.

Verkaufbeschränkungen

Schuldverschreibungen werden nicht in den Vereinigten Staaten bzw. (an) U.S.-Personen angeboten, verkauft oder geliefert. Zudem ergeben sich bestimmte Beschränkungen im Hinblick auf das Angebot und den Verkauf von Schuldverschreibungen und die Verteilung von Angebotsmaterial im Europäischen

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Wirtschaftsraum bzw. anderen Jurisdiktionen. Für eine Beschreibung dieser und anderer Beschränkungen betreffend den Verkauf und die Übertragung siehe "Übernahme und Verkauf (Subscription and Sale)".

IV. Zusammenfassung in Bezug auf die Schuldverschreibungen

Die nachstehende Beschreibung bestimmter allgemeiner Eigenschaften der Schuldverschreibungen, die unter diesem Programm begeben werden, ist keine vollständige Darstellung. Sie ist im Zusammenhang mit dem Prospekt sowie, in Bezug auf die Emissionsbedingungen einzelner Tranchen von Schuldverschreibungen, mit den Endgültigen Bedingungen, zu lesen.

Schuldverschreibungen können eine Kombination der nachstehend getrennt aufgeführten Eigenschaften aufweisen.

Währungen

Vorbehaltlich der Einhaltung aller betreffenden Gesetze, Vorschriften und Richtlinien, können Schuldverschreibungen in den zwischen der Emittentin und dem(n) betreffenden Platzeur(en) vereinbarten Währungen begeben werden.

Stückelungen

Die Stückelung der Schuldverschreibungen entspricht den jeweiligen Vereinbarungen zwischen der Emittentin und dem(n) betreffenden Platzeur(en) und wird in den betreffenden Endgültigen Bedingungen angegeben, wobei die Mindeststückelung von Schuldverschreibungen Euro 1.000 oder, falls es sich um eine andere Währung als Euro handelt, einen Betrag in dieser anderen Währung, welcher zum Zeitpunkt der Emission der Schuldverschreibungen dem Gegenwert Euro 1.000 entspricht oder diesen übersteigt, betragen wird.

Sofern nicht durch die bestehenden Gesetze und Verordnungen erlaubt, haben Schuldverschreibungen, deren Erlöse von der jeweiligen Emittentin im Vereinigten Königreich vereinnahmt werden, eine Mindeststückelung von GBP 100.000 (bzw. dessen Gegenwert in einer anderen Währung), es sei denn, solche Schuldverschreibungen können nicht vor Ablauf eines Jahres nach ihrer Begebung zurückgezahlt werden.

Form der Schuldverschreibungen

Schuldverschreibungen werden in Form von Globalurkunden (wie nachfolgend definiert) oder, falls in den Endgültigen Bedingungen so angegeben, in Form von effektiven Stücken, jeweils als Inhaberpapiere emittiert. Schuldverschreibungen, auf die die U.S. Treasury Regulation § 1.163-5(c) (2) (i) (c) (die "TEFRA C-Rules") anwendbar ist ("TEFRA C-Schuldverschreibungen"), werden dauerhaft durch eine auf den Inhaber lautende Dauerglobalurkunde ohne Zinsschein mit einem Nennbetrag, der dem Gesamtnennbetrag der Schuldverschreibungen entspricht ("Dauerglobalurkunde"), verbrieft. Schuldverschreibungen, auf die die U.S. Treasury Regulation § 1.163-5(c) (2) (i) (D) (die "TEFRA D- Rules") anwendbar ist ("TEFRA D-Schuldverschreibungen"), werden stets anfänglich durch eine vorläufige Globalurkunde (die "Vorläufige Dauerglobalurkunde" und zusammen mit der Dauerglobalurkunde jeweils eine "Globalurkunde") ausgegeben, die entweder gegen eine oder mehrere die Schuldverschreibungen verbriefende Dauerglobalurkunden oder, falls in den Endgültigen Bedingungen so angegeben, gegen auf den Inhaber lautende effektive Stücke ausgetauscht werden, und zwar nicht früher als 40 Tage und nicht später als 180 Tage nach dem Abschluss der Platzierung der Schuldverschreibungen einer jeweiligen Ziehung und nur gegen Nachweis des Nichtbestehens einer U.S.-Inhaberschaft (certification of non U.S. beneficial ownership), dessen Muster bei der bezeichneten Geschäftsstelle der Hauptzahlstelle erhältlich ist. Schuldverschreibungen mit einer Laufzeit von einem Jahr und weniger, auf die weder die TEFRA C- noch die TEFRA D-Rules anwendbar sind, werden stets durch eine Dauerglobalurkunde verbrieft. Jede Dauerglobalurkunde enthält folgenden Hinweis: "Jede United States Person (wie im Internal Revenue Code definiert), die Inhaber dieser Schuldverschreibung ist, unterliegt Beschränkungen, die von den Einkommenssteuergesetzen der Vereinigten Staaten auferlegt werden, einschließlich der Beschränkungen, welche Sec. 165(j) und 1287(a) des Internal Revenue Code vorsehen."

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Die Bestimmungen des U.S. Internal Revenue Code, auf welche in diesem Hinweis Bezug genommen wird, sehen vor, dass es einem Steuerzahler der Vereinigten Staaten mit einigen Ausnahmen nicht gestattet ist, Verluste steuerlich geltend zu machen, und Gewinne, die beim Verkauf, Umtausch oder bei der Rückzahlung der Schuldverschreibungen angefallen sind, keiner bevorzugten steuerlichen Behandlung unterliegen.

Globalurkunden können, wie in den Endgültigen Bedingungen angegeben, in Form einer neuen Globalurkunde ("NGN") oder in Form einer klassischen Globalurkunde ("CGN") emittiert werden.

Globalurkunden, die in Form einer CGN emittiert werden, wie in den Endgültigen Bedingungen angegeben, können am oder vor dem Valutierungstag bei einer gemeinsamen Verwahrstelle für Euroclear und/oder für CBL eingereicht werden. Globalurkunden, die in Form der NGN emittiert werden, wie in den Endgültigen Bedingungen angegeben, können am oder vor dem Valutierungstag an Euroclear und CBL, in ihrer Eigenschaft als gemeinsame Sicherheitsverwahrstelle, geliefert werden.

Globalurkunden können auch bei CBF oder der OeKB zur Verwahrung eingereicht werden.

Zinsperioden und Zinszahlungstage

Zinszahlungen, falls geschuldet, erfolgen für solche Zinsperioden und/oder an solchen Zinszahlungstagen wie in Bezug auf jede Ausgabe von Schuldverschreibungen zuvor jeweils zwischen der Emittentin und dem/den betreffenden Platzeur(en) bestimmt und werden auf Grundlage des Zinstagequotienten berechnet, die in den maßgeblichen Endgültigen Bedingungen angegeben ist.

Laufzeiten

Die Laufzeiten der Schuldverschreibungen werden jeweils zwischen der Emittentin und dem(n) betreffenden Platzeur(en) vereinbart und in den maßgeblichen Endgültigen Bedingungen angegeben. Bei Schuldverschreibungen, deren Erlöse von der Emittentin im Vereinigten Königreich vereinnahmt und die vor dem ersten Jahrestag ihres jeweiligen Ausgabedatums zurückgezahlt warden müssen, muss (a) der Rückzahlungswert mindestens GBP 100.000 (bzw. einen diesem Wert entsprechenden Betrag, der ganz oder teilweise auf eine andere Währung als Pfund Sterling lautet) betragen, und es muss (b) vorgeschrieben sein, dass eine Übertragung von Teilen dieser Schuldverschreibungen nur zulässig ist, wenn der Rückkaufwert des betreffenden Teils mindestens GBP 100.000 (bzw. dem entsprechenden Betrag) entspricht.

Festverzinsliche Schuldverschreibungen

Festverzinsliche Schuldverschreibungen verbriefen einen festen Zinssatz über die gesamte Laufzeit der Schuldverschreibungen. Der Festzins ist auf der Basis zahlbar, wie von der Emittentin und dem/den maßgeblichem(n) Platzeur(en) vereinbart und wie in den Endgültigen Bedingungen festgelegt. Er wird auf Grundlage des Zinstagequotienten berechnet, der zwischen der Emittentin und dem(n) betreffenden Platzeur(en) vereinbart wurde und in den maßgeblichen Endgültigen Bedingungen angegeben wird.

Stufenzinsschuldverschreibungen

Stufenzinsschuldverschreibungen sind Schuldverschreibungen, die zu unterschiedlichen Sätzen festverzinslich sind, wobei diese Sätze im Falle von Schuldverschreibungen mit einer Höherstufung des Zinssatzes für eine relevante Zinsperiode höher und im Fall von Schuldverschreibungen mit einer Verringerung des Zinssatzes geringer sind als die Sätze für die jeweils vorangegangenen Zinsperioden.

Variabel verzinsliche Schuldverschreibungen

Variabel verzinsliche Schuldverschreibungen werden mit einem Zinssatz verzinst (angepasst durch eine ggf. anwendbare Marge):

(i) der dem variablen Zinssatz einer angenommenen (Referenz-) Zins-Swap Transaktion in der betreffenden festgelegten Währung entspricht, die durch einen Vertrag geregelt wird, welcher die 2000

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oder die 2006 ISDA Definitionen einbezieht (die von der International Swaps and Derivatives Association, Inc. veröffentlicht werden, und zwar in der zum Datum der ersten Tranche der Schuldverschreibungen der betreffenden Serie geltenden ggf. geänderten Fassung),

(ii) der auf einem Referenzsatz basiert, der auf einer vereinbarten Bildschirmseite eines Kursdienstes angezeigt wird, oder

(iii) der jeweils in den anwendbaren Endgültigen Bedingungen angegeben ist.

Eine etwaige Marge bezogen auf einen solchen variablen Zinssatz wird in den Endgültigen Bedingungen für jede Serie von variabel verzinslichen Schuldverschreibungen festgelegt.

Variabel verzinsliche Schuldverschreibungen sehen typischerweise Zinsperioden mit einer Länge von einem, drei, sechs oder zwölf Monaten vor oder einer Länge, wie sie zwischen der Emittentin und dem/den jeweilige(n) Platzeur(en) vereinbart wurde, und wie in den betreffenden Endgültigen Bedingungen angegeben.

CMS variabel verzinsliche Schuldverschreibungen

CMS variabel verzinsliche Schuldverschreibungen werden mit einem variablen Zinssatz, welcher unter Bezugnahme auf die Sätze bestimmter Zins-Swaps ermittelt wird, verzinst.

Schuldverschreibungen abhängig von einer CMS-Spanne oder Schuldverschreibungen abhängig von einer Spanne anderer Referenzzinssätze

Schuldverschreibungen abhängig von einer CMS-Spanne oder Schuldverschreibungen abhängig von einer Spanne anderer Referenzzinssätze sind variabel verzinslich. Die variable Verzinsung ist abhängig von der Entwicklung der Unterschiede (Spannen) bestimmter Swap-Raten (im Fall von Schuldverschreibungen abhängig von einer CMS-Spanne) oder anderer Referenzzinssätze (im Fall von Schuldverschreibungen abhängig von einer Spanne anderer Referenzzinssätze).

Schuldverschreibungen abhängig von einer CMS-Spanne oder abhängig von einer Spanne anderer Referenzzinssätze können unter anderem auch in einer "Trigger Lock-in" Variante begeben werden. In einem solchen Fall kann die Zinszahlung auf diese Schuldverschreibungen für die aktuelle und alle folgenden Zinsperioden auf einen bestimmten Festzinssatz fixiert werden, wenn die Differenz zwischen den maßgeblichen Referenzwerten einen bestimmten Wert erreicht.

Des Weiteren können Schuldverschreibungen abhängig von einer CMS-Spanne oder von einer Spanne anderer Referenzzinssätze oder einzelner Referenzzinssätze auch in einer "Digital" Variante begeben werden. In einem solchen Fall kann die Zinszahlung zu einem festgelegten Zinssatz für eine oder mehrere Zinsperioden erfolgen, wenn eine bestimmte Bedingung eintritt abhängig von den Referenzzinssätzen oder der Differenz der Referenzzinssätze (beispielsweise kann der Zinssatz (x) gezahlt werden, wenn die Referenzzinssätze oder die Differenz der Referenzzinssätze eine bestimmte Bedingung erfüllen; falls dies nicht der Fall ist, wird der Zinssatz (y) oder überhaupt kein Zins gezahlt).

Schuldverschreibungen mit Zinskorridor

Schuldverschreibungen mit Zinskorridor haben eine Verzinsung, die von der Entwicklung einer oder mehrerer Referenzzinssätze, wie in den maßgeblichen Endgültigen Bedingungen angegeben, abhängt. Typischerweise fallen Zinsen für jeden Tag einer Zinsperiode an, an dem der Referenzzinssatz sich, wie in den maßgeblichen Endgültigen Bedingungen ausgeführt, entwickelt. An jedem anderen Tag erfolgt aber keine Verzinsung. Zinsen in Bezug auf Schuldverschreibungen mit Zinskorridor können auch auf der Grundlage eines für eine bestimmte Zinsperiode zuvor festgelegten Satzes, wie in den maßgeblichen Endgültigen Bedingungen ausgeführt, gezahlt werden.

Die Struktur von Schuldverschreibungen mit Zinskorridor kann auch mit der Struktur von Schuldverschreibungen abhängig von einer CMS-Spanne oder abhängig von einer Spanne anderer

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Referenzzinssätze kombiniert werden. In einem solchen Fall errechnet sich der maßgebliche Zinskorridor aus der Differenz der maßgeblichen Referenzwerte.

Zielzins-Schuldverschreibungen

Zielzins-Schuldverschreibungen können mit einem variablen Zinssatz oder mit einer Kombination aus festen und variablen Zinssätzen oder mit einem Zinskorridor ausgestattet sein, wobei der auf die Schuldverschreibungen zahlbare Gesamtzinsbetrag durch einen maximalen Gesamtzinssatz (Zielzins) begrenzt wird. Wenn der unter den Schuldverschreibungen zahlbare Gesamtzinsbetrag den Zielzins erreicht oder überschreitet, werden die Schuldverschreibungen zu ihrem Nennbetrag oder zu dem in den relevanten Endgültigen Bedingungen angegebenen vorzeitigen Rückzahlungsbetrag vorzeitig zurückgezahlt. Falls die Zinszahlungen nicht vor der letzten Zinsperiode den maximalen Gesamtzinssatz ergeben, werden die Schuldverschreibungen am Fälligkeitstag zum Nennbetrag zurückgezahlt. Die Schuldverschreibungen können zum Nennwert zurückgezahlt werden zuzüglich, sofern dies in den maßgeblichen Endgültigen Bedingungen vorgesehen ist, einer Abschlusszahlung, die der Differenz zwischen dem Zielzins und berechneter Gesamtverzinsung entspricht.

Indexgebundene Schuldverschreibungen

Indexgebundene Schuldverschreibungen sind Schuldverschreibungen, bei denen die Zahlung von Zinsen (Schuldverschreibungen mit indexabhängiger Verzinsung) oder Kapital (Schuldverschreibungen mit indexabhängiger Rückzahlung) an einen bestimmten Index, Faktor oder eine bestimmte Formel geknüpft ist.

Schuldverschreibungen mit indexabhängiger Verzinsung

Zinszahlungen auf Schuldverschreibungen mit indexabhängiger Verzinsung erfolgen auf Basis eines einzelnen Index oder anderer Faktoren (einschließlich Kurs- bzw. Preisänderungen von Wertpapieren oder Wechselkursbewegungen) und/oder auf Basis einer von der Emittentin und dem(n) betreffenden Platzeur(en) festgelegten Formel (wie in den maßgeblichen Endgültigen Bedingungen angegeben).

Schuldverschreibungen mit indexabhängiger Rückzahlung

Kapitalzahlungen in Bezug auf Schuldverschreibungen mit indexabhängiger Rückzahlung werden auf Basis eines einzelnen Index oder anderer Faktoren (einschließlich Kurs- bzw. Preisänderungen von Wertpapieren oder Wechselkursbewegungen) und/oder auf Basis einer von der Emittentin und dem(n) betreffenden Platzeur(en) festgelegten Formel berechnet (wie in den maßgeblichen Endgültigen Bedingungen angegeben). Jeder Nennbetrag einer Schuldverschreibung in Höhe der niedrigsten festgelegten Stückelung, wie in den maßgeblichen Endgültigen Bedingungen festgelegt, wird durch Zahlung des Rückzahlungsbetrages eingelöst, der in den maßgeblichen Endgültigen Bedingungen angegeben ist oder gemäß den darin enthaltenen Bestimmungen ermittelt wird.

Doppelwährungs-Schuldverschreibungen

Doppelwährungs-Schuldverschreibungen sind Schuldverschreibungen, bei denen die Kapitalzahlung und die Zinszahlung in unterschiedlichen Währungen erfolgen können. Zahlungen (von Zinsen oder Kapital, sei es zum Rückzahlungstag oder zu einem anderen Zeitpunkt) auf Doppelwährungs-Schuldverschreibungen erfolgen in der Währung und auf der Grundlage der Wechselkurse, die zwischen der Emittentin und dem(n) betreffenden Platzeur(en) vereinbart und in den anwendbaren Endgültigen Bedingungen angegeben wer- den.

Währungsbezogene Schuldverschreibungen

Währungsbezogene Schuldverschreibungen beziehen sich auf eine bestimmte Währung oder ein Währungspaar und lassen keine im Vorfeld festgelegten Rückzahlungsbeträge oder Zinszahlungen zu. Derartige Zahlungen hängen von der Marktentwicklung der zugrunde liegenden Währungen ab und können erheblich unter dem Ausgabe- bzw. Kaufpreis liegen.

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Nullkupon-Schuldverschreibungen

Nullkupon-Schuldverschreibungen können zu ihrem Kapitalbetrag oder mit einem Abschlag begeben wer- den und werden nicht verzinst.

Raten-Schuldverschreibungen

Raten-Schuldverschreibungen sind Schuldverschreibungen, bei denen die Kapitalzahlung in Raten erfolgt. Die Zahlung von Raten erfolgt wie zwischen der Emittentin und dem(n) betreffenden Platzeur(en) verein- bart (und in den maßgeblichen Endgültigen Bedingungen angegeben).

Änderung der Zins-/Zahlungsbasis

Falls die maßgeblichen Endgültigen Bedingungen eine entsprechende Bestimmung enthalten, können die Schuldverschreibungen von einer Zinsbasis bzw. von einer Zahlungsbasis in eine andere umgewandelt werden.

Andere Arten variabel verzinslicher Schuldverschreibungen

Die Endgültigen Bedingungen, die in Bezug auf jede Emission variabel verzinslicher Schuldverschreibun- gen ausgegeben werden, dienen als Grundlage für die Berechnung der zu zahlenden Zinsbeträge, entweder durch Bezugnahme auf einen Referenzzinssatz, Index oder eine Formel oder auf andere Art und Weise, wie in den betreffenden Endgültigen Bedingungen vorgesehen.

Zinsperioden und Zinssätze

Die Dauer der Zinsperioden für die Schuldverschreibungen und der anwendbare Zinssatz oder seine Berechnungsmethode können sich von Zeit zu Zeit ändern oder für eine Serie von Schuldverschreibungen konstant bleiben. Schuldverschreibungen können mit einer Höchstverzinsung, einer Mindestverzinsung oder beidem ausgestattet sein.

Andere Schuldverschreibungen

Andere Arten von Schuldverschreibungen mit anderen Strukturen können nach Maßgabe der in den maßgeblichen Endgültigen Bedingungen festgelegten Bestimmungen ausgegeben werden.

Wahlweise Rückzahlung

Die Endgültigen Bedingungen werden, vorbehaltlich der oben unter "Laufzeiten" aufgeführten Beschränkungen, in Bezug auf jede Emission von Schuldverschreibungen festlegen, ob die jeweiligen Schuldverschreibungen nach Wahl der Emittentin und/oder der Gläubiger vor ihrer festgelegten Fälligkeit (ganz oder teilweise) zurückgezahlt werden können und, soweit dies möglich ist, die anwendbaren Bedingungen für eine solche Rückzahlung festlegen.

Vorzeitige Rückzahlung

Schuldverschreibungen sind, sofern vorstehend unter "Wahlweise Rückzahlung" nicht abweichend angegeben, nach Wahl der Emittentin vor Fälligkeit nur aus steuerlichen Gründen rückzahlbar, falls als Folge einer Änderung oder Ergänzung der Steuer- oder Abgabengesetze und -vorschriften in Österreich (einschließlich einer Änderung oder Ergänzung der Anwendung oder der offiziellen Auslegung dieser Gesetze oder Vorschriften) eine Emittentin zur Zahlung zusätzlicher Beträge verpflichtet ist, wie im Einzelnen in den Emissionsbedingungen der Schuldverschreibungen dargelegt.

Automatische Vorzeitige Rückzahlung

Die Schuldverschreibungen können mit dem Element einer Automatischen Vorzeitigen Rückzahlung ausgestattet sein. In einem solchen Fall werden die Schuldverschreibungen vorzeitig zurückgezahlt, wenn

37 bestimmte Bedingungen, die in den anwendbaren Endgültigen Bedingungen angegeben werden, eintreten. Eine vorherige Benachrichtigung durch die Emittentin erfolgt nicht.

Rückzahlung in Raten/Teilzahlungen

Die Endgültigen Bedingungen werden in Bezug auf Schuldverschreibungen, die in zwei oder mehreren Raten rückzahlbar sind, die Zeitpunkte und die Beträge für deren Rückzahlung festlegen.

Besteuerung

Sämtliche auf die Schuldverschreibungen zu zahlenden Beträge sind an der Quelle ohne Einbehalt oder Abzug von oder aufgrund von gegenwärtigen oder zukünftigen Steuern oder sonstigen Abgaben gleich welcher Art zu leisten, die von oder in Österreich oder für deren Rechnung oder von oder für Rechnung einer politischen Untergliederung oder Steuerbehörde derselben auferlegt oder erhoben werden, es sei denn, ein solcher Einbehalt oder Abzug ist gesetzlich vorgeschrieben. In diesem Fall wird die Emittentin – vorbehaltlich bestimmter, marktüblicher Ausnahmen - diejenigen zusätzlichen Beträge zahlen, die erforderlich sind, damit die den Gläubigern zufließenden Nettobeträge nach einem solchen Einbehalt oder Abzug jeweils den Beträgen entsprechen, die ohne einen solchen Einbehalt oder Abzug von den Gläubigern empfangen worden wären. Sollte für die Emittentin eine Verpflichtung zur Zahlung von zusätzlichen Beträgen entstehen, werden die Endgültigen Bedingungen vorsehen, dass die betreffende Serie von Schuldverschreibungen nach Wahl der Emittentin insgesamt, aber nicht nur teilweise, vorzeitig zurückgezahlt werden kann.

Gläubiger von Schuldverschreibungen sollten berücksichtigen, dass die besonderen Emissionsbedingungen einer bestimmten Serie von Schuldverschreibungen deren steuerliche Behandlung beeinflussen können und sollten ihre Steuerberater um Rat fragen.

Status der Schuldverschreibungen

Die Schuldverschreibungen stellen unbesicherte nicht nachrangige Verbindlichkeiten der Emittentin dar, die untereinander und mit allen anderen unbesicherten und nicht nachrangigen Verbindlichkeiten der Emittentin gleichrangig sind, mit Ausnahme von Verbindlichkeiten, die nach geltenden Rechtsvorschriften vorrangig sind.

Negativverpflichtung

Die Emissionsbedingungen sehen eine Negativverpflichtung der Emittentin vor.

Kündigungsgründe

Die Schuldverschreibungen sehen Kündigungsgründe vor, die die Gläubiger berechtigen, die unverzügliche Rückzahlung der Schuldverschreibungen zu verlangen.

Cross Default-Klausel

Die Emissionsbedingungen sehen eine Cross Default-Klausel vor.

Anwendbares Recht

Die Schuldverschreibungen und alle restlichen zum Programm gehörenden Dokumente unterliegen deutschem Recht.

Gerichtsstand

Gerichtsstand für die Schuldverschreibungen ist Frankfurt am Main, Deutschland.

38

RISK FACTORS

This section "Risk Factors" comprises the following parts:

I. Risk Factors regarding OMV AG;

II. Risk Factors regarding the Notes.

Should one or several of the following risks materialise, this could lead to a material decline in the price of the Notes or, in the worst-case scenario, to a total loss of interest and the amount invested by investors.

Each prospective purchaser of Notes must determine, based on its own independent review and such professional advice as it deems appropriate under the circumstances, that its acquisition of the Notes is fully consistent with its financial needs, objectives and condition, complies and is fully consistent with all investment policies, guidelines and restrictions applicable to it and is a fit, proper and suitable investment for it, notwithstanding the clear and substantial risks inherent in investing in or holding the Notes.

A prospective purchaser may not rely on the Issuer, the Dealer(s) or any of their respective affiliates in connection with its determination as to the legality of its acquisition of the Notes or as to the other matters referred to above.

I. Risk Factors regarding OMV AG

The following is a disclosure of risk factors that may affect OMV AG’s ability to fulfil its obligations under the Notes. Prospective investors should consider these risk factors before deciding to purchase Notes issued under the Programme.

The following statements are not exhaustive. Prospective investors should consider all information provided in this Prospectus, the documents incorporated by reference, any supplement thereto and the relevant Final Terms and consult with their own professional advisers if they consider it necessary. In addition, investors should be aware that the risks described may combine and thus modify one another.

Within this section "Risk Factors regarding OMV AG", the term "OMV" means OMV AG together with all of its subsidiaries.

The Issuer believes that the following factors may affect its ability to fulfil its obligations under the Notes. All of these factors are contingencies which may or may not occur and the Issuer is not in a position to express a view on the likelihood of any such contingency occurring.

Factors which the Issuer believes may be material for the purpose of assessing the market risks associated with the Notes are also described below.

The Issuer believes that the factors described below represent the principal risks inherent in investing in the Notes, but the Issuer may be unable to pay interest, principal or other amounts on or in connection with the Notes for other reasons and the Issuer does not represent that the statements below regarding the risks of holding the Notes are exhaustive. Prospective investors should also read the detailed information set out elsewhere in this Prospectus (including any documents incorporated by reference herein) and reach their own views prior to making any investment decision.

Risks related to the recent financial and economic crisis and volatile economic environment

The global financial and economic crisis and volatile economic environment illustrated the potential impact of certain risks on OMV that can have material adverse effects on OMV’s business, results of operations and financial condition. OMV may ultimately face major challenges in a period of prolonged adverse economic conditions. Oil and gas prices and margins could fall and remain lower than in recent times due to reduced demand; the degree to which producers reduce production could also in part affect prices and margins. At the same time, governments face greater pressure on public finances leading to the risk of increased taxation. Adverse economic conditions may also lead to intensified competition for market share and available margin, with consequential adverse effects on volumes and prices. The financial and economic situation may also have a negative impact on third parties with whom OMV does, or will do, business. If there is an extended period of constraint in the capital or credit markets, at a time when cash flows from OMV’s business operations may be under pressure, this may impact OMV’s ability to fund its operations or maintain its long-term investment program, with a consequent negative effect on its business, and may impact shareholder returns, including dividends or the Issuer’s share price. Changes in OMV’s debt ratings could have a material adverse effect on its cost or sources of financing. Decreases in the funded levels of OMV’s pension plans may increase OMV’s pension funding requirements.

Strategic risks

A decline in the prices of crude oil, natural gas, petroleum products and electricity would have an adverse effect on OMV’s results of operations

The demand for and prices of crude oil, natural gas, petroleum products and electrical power depend on a variety of factors over which OMV has no control, including:

• global and regional economic and political developments in resource-producing regions, in particular in the Middle East; • international supply and demand; • the level of consumer and industry demand; • weather conditions; • the price and availability of alternative products; • actions taken by governments; • governmentally regulated supply tariffs for gas and electrical power; • the impact of certain economic and political events; and • the ability of international cartels (such as OPEC) and oil-producing nations to influence production levels and prices.

Historically, international crude oil and natural gas prices have fluctuated widely. A material decline in the price of crude oil or natural gas would have a material adverse effect on OMV’s results of operations and reserves estimates. Furthermore, lower crude oil and natural gas prices may also reduce the amount of oil and natural gas that OMV can produce economically or reduce the economic viability of projects planned or in development and may have a material adverse effect on OMV’s business, results of operations and financial condition.

Furthermore, rapid material and/or sustained changes in oil, gas and petroleum product and electricity prices can impact the validity of the assumptions on which strategic decisions are based and, as a result, the ensuing actions derived from those decisions may no longer be appropriate. For example, a prolonged period of low oil, gas or petroleum product or electricity prices may affect OMV’s ability to maintain its long-term investment program, which is based on certain assumptions concerning price developments. Price declines could prevent OMV from maintaining earnings and cash flows at a level sufficient to meet its targets and to fund OMV’s planned capital expenditure and may have a material adverse effect on OMV’s business, results of operations and financial condition.

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A decline in refining margins would negatively affect OMV’s results of operations

The operating results of OMV’s refining business depend largely on the spread, or margin, between prices OMV can obtain in the market for its refined petroleum products and prices it pays for crude oil and other feedstocks. The cost to acquire feedstocks and the prices at which OMV can ultimately sell refined products depend on a variety of factors beyond OMV’s control. OMV’s refining margins have fluctuated, and will continue to fluctuate, due to numerous factors, including:

• changes in operating capacity of refineries in the markets OMV serves and the rest of the world; • changes in the differentials between different quality crude oil prices on international markets; • changes in the supply of refined products, including imports (e.g. the proportion of crude oil sourced from Libya, which totaled approximately one fifth of OMV’s crude oil supplies in 2010, may decrease as a result of the current unrest and could disrupt OMV’s refining operations with respect to certain high-quality products and require it to shift to end products with lower prices and margins); • variations in demand for crude oil and refined products in the markets OMV serves as well as global markets; and • changes in environmental or other regulations, which could require OMV to make substantial expenditures without necessarily increasing the capacity or operating efficiency of OMV’s refineries.

Although an increase or decrease in the price of crude oil generally results in a corresponding increase or decrease in the price of the majority of refined products, changes in the prices of refined products generally lag behind upward and downward changes in crude oil prices. As a result, a rapid and significant increase in the market price for crude oil has an adverse impact on refining margins. Accordingly, the oil price increase as a result of the political unrest in a number of countries in the Middle East, in particular Libya, could adversely affect OMV’s refining margins. Furthermore, the movements in the price of crude oil and refining margins may not correlate at any given time. Any such decline in refining margins may have a material adverse effect on OMV’s business, results of operations and financial condition.

OMV is exposed to the cyclicality of the petrochemical industry; future developments of petrochemical product prices are unpredictable and may have a material adverse effect on OMV’s business

OMV produces and markets petrochemical products, such as ethylene and propylene. In addition, OMV owns a 36 per cent. interest (as of 31 December 2010) in Borealis, a leading manufacturer of polyolefins and melamine. Prices of petrochemical products have been cyclical as a result of shifts in European and worldwide production capacity and demand patterns. The petrochemical industry historically has experienced alternating periods of tight supply, causing prices and margins to increase, followed by periods of substantial additions to capacity, resulting in excess supply and declining prices and margins. There can be no assurance that future demand for ethylene and propylene and their by-products will be sufficient to utilise fully OMV’s current and anticipated capacity. Excess capacity, to the extent it occurs, may depress prices and margins. Additions to industry capacity may adversely affect market conditions. Future developments of petrochemical product prices are unpredictable and may have a material adverse effect on OMV’s business, results of operations and financial condition.

OMV must acquire or develop additional oil and gas reserves to sustain its current reserve and production levels

OMV’s future production is dependent on its success in finding and developing or acquiring additional proved oil and natural gas reserves. A material part of OMV’s reserves consists of mature oil fields in Romania and Austria. OMV’s average reserve replacement ratio was 82 per cent. over the past three years. For the year 2010, the ratio was 70 per cent. (2009: 85 per cent.). OMV is currently pursuing the extension or award of new exploration licences. In 2010, OMV’s capital expenditure in the Exploration and Production segment amounted to EUR 1,252 million, which were mainly invested in Romania, Kazakhstan and Yemen. However, OMV’s exploration and development activities or efforts to purchase proved reserves may fail, or its discoveries or purchases may turn out to be insufficient to replenish its current reserves. The

41 challenges to extension of OMV’s reserves are growing due to increasing competition for access to opportunities globally. Additional exploration and production from oil reserves can also be limited by international cartels such as OPEC. If OMV is unsuccessful, it will not meet its production targets and its total proved reserves will decline, which will have a material adverse effect on OMV’s business, results of operations and financial condition.

OMV’s future oil and gas production depends on the success of large projects. In connection with these projects, OMV faces numerous challenges. These include uncertain geology, frontier conditions, availability of new technology and engineering capacity, availability of employees, project delays and cost overruns, as well as technical, fiscal, regulatory, political and other conditions. Such obstacles may impair these projects and, in turn, OMV’s business, results of operations and financial condition.

OMV’s strategy in the Gas and Power business segment significantly depends on the availability of new gas supply on the international markets

In line with OMV’s strategic targets in the Gas and Power business, additional gas supply contracts have to be concluded to increase OMV’s sales volumes and support the transportation, storage and electrical power business. If it is not possible to so secure new natural gas supply sources on reasonable terms or on a timely basis, OMV’s integrated growth strategy in the Gas and Power business segment might fail or may not be realized as planned, which may have a material adverse effect on OMV’s business, results of operations and financial condition.

OMV’s oil and natural gas reserves data presented in this prospectus are only estimates which may vary significantly from the actual quantities of oil and gas reserves that may be recovered

The reserves data set forth in this prospectus represent only estimates and should not be construed as exact quantities. Numerous uncertainties are inherent in estimating quantities of proved reserves, future rates of production, and the timing of development expenditures. The reliability of proved reserve estimates depends on a number of factors, assumptions and variables, many of which are beyond OMV’s control. These include:

• the quality and quantity of available geological, technical and economic data; • whether the prevailing tax rules and other government regulations, contractual conditions, oil, gas and other prices will remain the same as on the date the estimates were made; • the production performance of OMV’s reservoirs; and • extensive engineering interpretation and judgment.

Results of drilling, testing and production after the date of the estimates may require substantial downward revisions in OMV’s reserve data. Any downward adjustment could lead to lower future production and higher depreciation charges, and thus adversely affect OMV’s results of operations, financial condition and future prospects.

OMV is dependent on natural gas supplies from Russia. OMV’s gas supply contracts with Gazprom could be modified or may not be renewed

OMV depends to a large extent on supplies of natural gas from Russia for its gas supply, marketing and trading business. In 2010, approximately 24 per cent. of its total natural gas supplies were sourced from Russia. At the beginning of 2009, for instance, a fortnight-long halt of Russian gas imports affected large parts of Europe and there can be no assurance that OMV will not experience interruptions in the future and that OMV would be able to compensate any disruptions to supply or short delivery.

OMV’s current supply contracts with Gazprom expire in 2027. Furthermore, Gazprom could modify the terms of the agreements under certain circumstances, as such long-term supply contracts contain clauses under which both parties have the right to demand price revisions in case of changing market conditions. If Gazprom fails to perform under OMV’s supply agreements, or if the agreements are modified or not renewed, OMV might not be able to find alternative sources of natural gas on comparable terms or on a

42 timely basis, which may have a material adverse effect on OMV’s business, results of operations and financial condition.

OMV has long-term gas supply contracts in place whose price formulas are based on oil products. These contracts contain clauses under which both parties have the right to demand price revisions in case of changing market conditions. Due to the development of liquid spot markets for natural gas in Europe there is the risk that in situations of gas oversupply prices in the spot markets are below long-term oil-based gas prices. This might result in long-term gas supply contracts becoming uneconomical for a certain period of time.

OMV’s growth strategy through acquisitions exposes it to numerous risks

OMV has completed a number of acquisitions. OMV’s most significant past acquisitions include the acquisition of a substantial number of retail outlets in CE/SEE, a 51.01 per cent. interest in the Romanian oil and gas company Petrom, a 45 per cent. interest in the Bayernoil refining network in Southern Germany, and a 95.72 per cent interest (including the additional 54.14 per cent. interest acquired in December 2010) in Petrol Ofisi, a leading oil marketing firm in Turkey (all as of 31 December 2010). In May 2009, OMV acquired a 10 per cent. share in Pearl Petroleum Company Limited which is active in oil and gas development, exploration and production in the Kurdistan Region of Iraq and, in February 2011, OMV completed the acquisition of two Tunisian Exploration and Production subsidiaries of Pioneer Natural Resources.

OMV continually seeks opportunities to strengthen operations in its markets both through organic growth and further acquisitions. Acquisitions raise significant management and financial challenges, including:

• the need to integrate the acquired company’s infrastructure, including management information systems, risk and asset-liability management systems; • the resolution of outstanding legal, regulatory, contractual or labour issues arising from the acquisition; this includes the risk of administrative fines if e.g. merger control applications are not filed in jurisdictions judged to be of minor significance or where the legal situation is unclear; • the integration of marketing, customer service and product offerings; • the integration of different company and management cultures; and • the realization of targeted synergies.

Moreover, integrating and consolidating acquired operations, personnel and information systems requires the dedication of management resources that may divert attention from its day-to-day business and disrupt key operating activities, difficulties that may be increased by the necessity of coordinating geographically separated organizations.

There can be no assurance that OMV will be able to identify future acquisition targets, that acquired businesses will be fully integrated into OMV or that expected cost savings and revenue generation opportunities will be realised. Therefore, OMV’s past or future acquisitions may fail. Likewise, there can be no assurance that existing or future joint ventures and cooperations will turn out satisfactory and the strategic goals will be reached. In particular, commercial or other problems of OMV’s joint ventures and cooperation partners may have a negative effect on OMV.

If some or all of OMV’s existing or future acquisitions, joint ventures or cooperations prove to be unsuccessful, this may have a material adverse effect on OMV’s business, results of operations and financial condition.

OMV’s development may be affected by slower growth in the markets in which it operates

OMV’s strategy has relied, and will continue to rely, on its ability to identify and enter new product areas, customer segments and geographic markets. OMV has pursued this strategy through a combination of organic growth and various acquisitions. OMV’s organic development will depend in large part on the market conditions of the sectors of its activities in the countries in which OMV operates. The economies in these countries may continue to be restrained in the coming years. The current volatile global market

43 environment could continue to negatively affect the demand for OMV’s products and the prices at which they can be sold and the viability of the markets in which OMV operates, and consequently may have a material adverse effect on OMV’s business, results of operations and financial condition.

OMV’s petrochemicals business is substantially dependent on a single customer for a majority of its sales

Substantially more than half of OMV’s total petrochemical production is sold to a single customer, Borealis, pursuant to long-term agreements under which Borealis has an obligation to purchase certain quantities of OMV’s petrochemical production. If Borealis fails to purchase these quantities as and when required by the agreements for any reason, OMV’s results of operations will be negatively affected, at least in the short term, to the extent OMV is unable to sell in the market at comparable prices the portion of OMV’s petrochemical output currently purchased by Borealis. Such developments may have a material adverse effect on OMV’s business, results of operations and financial condition.

A substantial portion of OMV’s assets and operations outside of Europe are exposed to political and economic risks, and future disruptions may have a material adverse effect on OMV’s business

A significant portion of OMV’s oil and gas assets and of OMV’s supply sources is located in countries outside of the European Union – with developing economies or unstable political environments. As a result, a significant portion of OMV’s revenue is derived from, or is dependent on, countries in which OMV’s operations are exposed to economic and political risks, including expropriation and nationalisation of property, civil strife and acts of war or terrorism. In addition, in certain countries in which OMV is active, it may be difficult to repatriate investment and profits. If it is perceived that OMV is not respecting or advancing the economic and social progress of the communities in which it operates, its reputation and shareholder value could be damaged. Any future disruptions may have a material adverse effect on OMV’s business, results of operations and financial condition.

Violations of sanctions could subject OMV to penalties

Violations of existing European, U.S. or other international sanctions could subject OMV to penalties that could have a material adverse effect on OMV’s ability to obtain goods and services in the international markets or access the U.S. or international capital or bank debt markets, or cause reputational damage. European, U.S. and other international sanctions have been imposed on companies engaging in certain types of transactions with specified countries or companies or individuals in those countries. For example, enterprises operating in certain countries in the Middle East and Africa have been subject to such sanctions. OMV has business dealings with, and conducts operations in, countries such as Libya and Iran which have formerly been or currently are subject to international sanctions. In February 2011 and March 2011, the United Nations Security Council resolved to impose sanctions on the Libyan authorities, including an obligation of all member states to freeze all assets on their territories which are owned or controlled by certain individuals or (under the March 2011 resolution) entities, among others the Libyan National Oil Corporation ("LNOC"), a travel ban on President Muammar al Gaddafi, senior figures in his administration and certain other persons, and an arms embargo. The EU has, in February and March 2011, adopted sanctions implementing the measures called for by the United Nations and, in some areas, going further. In March 2011, the LNOC was placed on the Specially Designated Nationals List administered by the Office of Foreign Assets Control of the US Department of the Treasury. Further sanctions also affecting OMV’s business dealings with Libya may be imposed in the future. Any violation of current or future sanctions imposed on Libya, Iran or other countries by OMV could have a material adverse effect on its business, results of operations and financial condition.

OMV’s activities are subject to antitrust and competition laws and regulations and OMV may be subject to antitrust proceedings or additional new regulations

OMV’s activities are subject to antitrust and competition laws and regulations in many countries of operations, especially in Europe: In 2008, OMV was subject to antitrust proceedings in relation to an alleged abuse of dominant market position by charging excessive fees for jet fuel at the Vienna airport. Following the proceedings, in July 2008, the Austrian Federal Competition Authority issued an expert opinion recommending a constant monitoring of jet fuel prices. In August 2009, based on its monitoring of

44 the liquefied gas market over the past years, the Austrian Federal Competition Authority initiated proceedings with the Cartel Court in relation to an alleged abuse of dominant market position (due to market foreclosure and excessive switching costs) by the existing liquefied gas suppliers (including OMV). In September 2009, the Austrian Federal Competition Authority initiated proceedings before the Cartel Court in connection with the Salzburg Fuelling GmbH, a joint venture envisaged by the Issuer, BP Europa SE (previously BP Austria AG) and Shell Austria Gesellschaft m.b.H. to provide jet fuel storage and fuelling at the Salzburg airport, before it approved the joint venture, albeit subject to a number of conditions (in particular, cost-oriented and undiscriminating pricing for jet fuelling). The Austrian Federal Competition Authority also announced in September 2009 that fuel prices were not sufficiently transparent and requested the introduction of a code of conduct.

OMV may incur significant losses in future years in connection with possible new antitrust and competition proceedings. Furthermore, based on the findings of antitrust proceedings, plaintiffs could seek compensation for any alleged damages as a result of anticompetitive business practices on part of OMV. The occurrence of such events may have a material adverse effect on OMV’s business, results of operations and financial condition.

OMV is exposed to changes in the taxes and tariffs imposed on its operations

OMV operates in more than 20 countries around the world, and any of these countries could modify its tax laws in ways that would adversely affect OMV. OMV is subject, among others, to corporate taxes, energy taxes, petroleum revenue taxes, concessions, royalties, customs surcharges and excise duties, each of which may affect OMV’s sales and earnings. In addition, OMV is exposed to changes in fiscal regimes relating to royalties and taxes imposed on crude oil and gas production such as the expiration of the fiscal stability agreement in Romania in 2014.

Significant changes in the tax regimes of countries in which OMV operates or in the level of production royalties OMV is required to pay may have a material adverse effect on OMV’s business, results of operations and financial condition.

OMV faces competition from other oil and gas companies in all areas of its operations

OMV is under competitive pressure in virtually all parts of its business. OMV faces competition in the Exploration and Production business segment with regard to obtaining exploration and development licences, acquiring oil and gas production properties or acquiring other exploration and production companies. OMV’s petroleum product retail and wholesale marketing business in CE/SEE and Turkey is also highly competitive. In OMV’s CE/SEE and Turkish markets, OMV also competes with local state- related entities. OMV’s competitors include multinational, well-established oil companies with significantly greater financial resources and international operating experience than OMV has. These companies may be able to pay more for exploration prospects, licences, productive oil and gas properties and retail and marketing assets and to generally make larger investments than OMV can. As a result, competition may materially adversely affect OMV’s business, financial results or condition of operations.

OMV has various relationships with different stakeholders, which could result in conflicts of interest

OMV has various business relationships with suppliers, customers, investors and other stakeholders, all of them pursuing their own interests, which, as a rule, deviate from each other and may be incompatible with a shareholder’s interests. Conflicts of interest may further result from

• functions which OMV AG has in its Group companies, e.g. the interests of OMV AG as a shareholder of its less than wholly-owned subsidiaries may differ from the interests of other shareholders of these subsidiaries; • functions which OMV AG’s board members hold in entities with whom OMV AG is doing business, e.g. OMV AG has, in 2010, entered into transactions with Raiffeisen Bank International ("RBI"), of which the supervisory board member Mr. Stepic is chief executive officer, and may from time to time enter into transactions with two Allianz insurance companies, of which the supervisory board member Mr. Littich is chief executive officer or chairman of the supervisory

45

board, respectively, whereby the interests of RBI or the respective Allianz insurance company may conflict with OMV’s or its shareholders’ interests; and • functions of representatives of ÖIAG and IPIC in OMV AG’s supervisory board: Three members of OMV AG’s supervisory board are representatives of ÖIAG and IPIC and will be able to influence important corporate matters as long as ÖIAG and IPIC retain significant ownership in OMV AG’s share capital, whereby the interests of ÖIAG and IPIC may conflict with other investors’ interests.

Country-specific risks

OMV’s global operations expose it to various potential risks that are specific to the different countries in which it operates. The value of OMV’s international investments in energy companies outside Austria may be adversely affected by unfavorable local economic, political, military, legal, regulatory and social trends and developments. Due to its 51.01 per cent. participation in Petrom and 95.72 per cent. participation in Petrol Ofisi (both as of 31 December 2010), OMV is particularly vulnerable to adverse changes in Romania and Turkey. In addition, OMV’s operations in the regions North Africa, the Middle East as well as the Caspian region (Kazakhstan) are subject to greater risks than operations in more developed markets, in particular due to higher political instability, lower security standards and less developed legal systems. The materialization of any of these risks could have a material adverse effect on OMV’s business, financial results or condition of operations.

OMV has made investments in countries in Central and Southeastern Europe ("CE/SEE") which have gone through a recession

A large portion of OMV’s refining and oil product distribution network is located in CE/SEE. The financial crisis that began in autumn 2007 and its resulting economic effects have triggered a recession in most countries in the region. Sharp declines in economic activity, combined with rising unemployment and public debt and financial capital outflows have significantly worsened the economic outlook for the region. Consequently, OMV has experienced and may continue to experience stagnating or declining sales in the region. In addition, OMV’s capital investments in these markets may prove to have been too high in light of economic conditions less favorable than those which OMV assumed when OMV made the investments, which may lead to further asset impairment charges. The recent unfavorable economic developments and their continuation may have a material adverse effect on OMV’s business, results of operations and financial condition.

Economic and political developments in CE/SEE and Turkey and the entrance of new competitors in the regions’ markets may negatively affect the development of OMV’s business

The expansion and development of business activity in the CE/SEE region and Turkey is a central component of the strategy of OMV. The economic development in this region is subject to risks common to all regions that have recently undergone, or are undergoing, political, economic and social change, including currency fluctuations, evolving regulatory environments, inflation, economic recession, local market disruption, labour unrest, changes in disposable income or gross national product, variations in interest rates and taxation policies and levels of economic growth, declines in birth rate and other similar factors. Far-reaching political and economic reforms mean that political and economic tensions could accompany the development of the new democratic and market-oriented systems. The countries in the CE/SEE region in which OMV operates that are not EU member states, and Turkey, are not yet as stable as EU member states and the possibility of significant changes still exists in sectors of the economy and the law, such as taxation, foreign exchange controls and property law. OMV’s competitors could also significantly develop their presence in these markets, in particular in the event that subsidiaries of globally active oil and gas companies with greater financial resources than those available to OMV enter the market. These developments may have a material adverse effect on OMV’s business, results of operations and financial condition.

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The legal systems and procedural safeguards in certain CE/SEE countries and Turkey are not yet fully developed and material changes in law may occur

The legal systems of many CE/SEE countries and Turkey have undergone fundamental changes in recent years. In many cases, the interpretation and procedural safeguards of the new legal and regulatory systems are still being developed, which may result in an inconsistent application of existing laws and regulations and uncertainty as to the application and effect of new laws and regulations. This is especially true for Romania, which joined the EU in 2007. Moreover, in some jurisdictions in which OMV is active, the legal framework for the various lines of business may change at any time, including changes that would include nationalisation of individual lines of business. Additionally, in some circumstances, it may not be possible to obtain the legal remedies provided for under relevant laws and regulations within reasonable time or at all. CE/SEE countries and Turkey may also lack an institutional history, and there may be no generally observed procedural guidelines. As a result, shifts in government policies and regulations tend to be more frequent and less predictable than in EU-15 countries (Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden and United Kingdom). Any such inconsistency, insufficiency or unpredictable change in the legal system of any of these countries may have a material adverse effect on OMV’s business, financial results and conditions of operations.

Bureaucracy, corruption, deficiencies of the legal system, economic contraction and wide-ranging competencies of audit agencies may adversely affect OMV’s operations in Romania

OMV’s business operations in Romania may face a number of adverse conditions and heightened legal, economic and political risks as compared to Western European standards. The relationship between government and business may be impaired by bureaucratic inefficiency, a lack of transparency and instances of corruption. After Greece and Bulgaria, Romania is perceived as the third most corrupt among the EU member states, according to the 2010 Transparency International Corruption Perceptions Index. Its legal and judicial systems may not always provide the same recourse and sanctions (e.g. against corruption) as are found among most EU-15 member states (Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden and United Kingdom), and enforcement may, in practice, be difficult and/or time-consuming.

As a result of the global economic and financial crisis and the related currency losses suffered by the Romanian leu ("RON") and Romania’s downgrade to below investment grade by ratings agencies Fitch and S&P in late 2008, both consumer and corporate purchasing power fell and investment plans were reconsidered. The country’s economic output contracted sharply in 2009 and decreased further in 2010, and the economic crisis may last longer than expected and entail persisting volatile market conditions. These conditions and developments resulted, and may continue to result, in a deterioration of the business and investment climate and would have a material adverse effect on operations in Romania and therefore on OMV’s business, results of operations and financial condition.

Substantial increases in fuel prices in 2010 (in large part due to increased value-added tax) and future adverse (from a consumer perspective) price developments have resulted and may continue to result in protests and boycotts against oil companies such as Petrom.

Furthermore, there are a number of agencies that are authorized to conduct audits (controls) of companies doing business in Romania. These controls are similar in nature to tax audits performed by tax authorities in many countries, but may extend not only to tax matters but to other legal and regulatory matters in which the applicable agency may be interested. In addition, the agencies conducting these controls may be subject to significantly lower regulation and the company under review may have significantly lower safeguards than it is customary in many countries. It is likely that Petrom will continue to be subject to controls from time to time for violations and alleged violations of existing and new laws and regulations. The reviews and controls by agencies and any resulting penalties could have a material adverse effect on OMV’s business, results of operations and financial condition.

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Deficiencies of the legal system, contradictory policies and a deterioration of the investment climate may adversely affect OMV’s operations in Turkey

Turkey is a complex and challenging market, and businesses may face many of the legal, economic, political and security risks that are characteristic of medium-developed countries. The legal and regulatory framework in Turkey may, in some aspects, be inconsistent and in need of reform. Continuing concerns of foreign companies are caused by Turkey’s perceived excessive bureaucracy, unpredictable legal system, weak intellectual property protection and lack of transparency in tenders. Furthermore, the judiciary is declared to be independent, but the need for judicial reform and confirmation of its independence are subjects of open debate. Such perceived legal and regulatory deficiencies as well as contradictory policies and protectionist tendencies existing in many ministries could have material adverse effects on OMV’s business, results of operations and financial condition. In addition, Turkey’s high current account deficit leaves the economy vulnerable to destabilizing shifts in foreign investor confidence. Any adverse change in Turkey’s legal, political or economic environment may have an adverse impact on operations in Turkey and therefore OMV’s business, results of operations and financial condition.

Economic, political, legal and social instability as well as the risk of not being awarded the necessary exploration licences may adversely affect OMV’s operations in Libya, Tunisia, Egypt, Pakistan, Yemen, the Kurdistan Region of Iraq and Kazakhstan (together the "Operating Region")

Not all countries in the Operating Region have made equal progress in increasing their gross domestic product in recent years and there is no guarantee that any positive trends will be sustainable. In addition, there is no assurance that the Operating Region will remain receptive to foreign trade and investment. Any deterioration in the economic conditions or climate for foreign trade and investment in the Operating Region could have a material adverse effect on the Operating Region’s economy which, in turn, may have a negative impact on OMV’s business, results of operations and financial condition. Were any of the following factors, which have been characteristic of the economy in some or all states of the Operating Region at various times during recent years, to recur or continue, this could have a negative influence on the investment climate in the Operating Region and may have a negative impact on OMV’s business, results of operations and financial condition:

• significant declines in gross domestic product and high government debt relative to gross domestic product; • unstable local currencies, high levels of inflation or restrictions on transfers of hard currency outside of states within the Operating Region; • a weak banking system providing limited liquidity to domestic enterprises; • widespread tax evasion; • growth of a black and grey market economy, corruption and extensive penetration of organized crime into the economy; • significant increases in unemployment and underemployment; and • impoverishment of a large portion of the population.

The political climate in the countries of the Operating Region is unstable and security continues to be an important concern, since the potential for attacks on employees and/or facilities, social unrest, including strikes and political protests and demonstrations remains high. A number of countries in North Africa and the Middle East, in particular Yemen, Tunisia, Egypt and Libya, have recently been and may continue to be subject to political unrest, including uprisings and government retaliation. If political instability in one or more of the countries in the Operating Region continues or heightens, it could have wider political, social and economic consequences in the economies of the Operating Region such as regime changes, increased nationalism, restrictions on foreign ownership and possible violence and, as a result, on OMV’s business, results of operations and financial condition.

In addition, OMV’s operations could become subject to the risk of expropriation and nationalization, to which not all countries in the Operating Regions apply the same standards as are commonly found in Western jurisdictions.

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Organized crime, including extortion and fraud, may pose a risk to businesses in the Operating Region. Many countries in the Operating Region still face considerable weaknesses in the fight against corruption and organized crime. Property and employees may become targets of theft, violence or extortion. Threats or incidents of crime may force OMV to cease or alter certain activities or to liquidate certain investments, which may cause losses or have other negative impacts on OMV. OMV’s operations could be adversely affected by illegal activities, corruption or claims implicating OMV in illegal activities. Corruption and theft may also arise within OMV.

The legal systems in the Operating Region may be subject to greater risks and uncertainties than more mature legal systems. In particular, risks associated with the Operating Region’s legal systems include: (i) unavailability of and inconsistencies between and among the countries’ constitutions and various laws, presidential decrees, governmental, ministerial and local orders, decisions, resolutions and other acts; (ii) provisions in the laws and regulations that are ambiguously worded or lack specificity and thereby raise difficulties when implemented or interpreted; and (iii) difficulty in predicting the outcome of judicial application of legislation. The Iraqi government has over the past years contested the legality and validity of all Exploration and Production contracts concluded in the Kurdistan Region of Iraq and uncertainty over their enforceability continues. The independence of the judicial systems of the Operating Region and their immunity from economic and political influences remains questionable. Court systems are often understaffed and underfunded and may have a large backlog of unresolved cases, which often causes proceedings to take several years, and their independence may be threatened by budgetary reliance on the national government. Enforcement of court orders and judgments can, in practice, be very difficult, time- consuming and may fail for a variety of reasons.

Countries in the Operating Region currently have a number of laws related to various taxes imposed by central and local authorities. These tax laws and their implementing regulations may be unclear and subject to frequent changes and amendments. Differing opinions regarding legal interpretations may exist both among and within governmental ministries and organizations, including the tax authorities, creating uncertainties and areas of conflict. Tax declarations/returns, together with other legal compliance areas (e.g. customs and currency control matters), are subject to review and investigation by a number of authorities, which are authorized by law to impose substantial fines, penalties and interest charges. These circumstances generally create tax risks in the Operating Region which are more significant than those typically found in countries with more developed tax systems.

The occurrence of any such event affecting the Operating Region’s economic, political, social, legal and tax systems may make operation in these countries subject to greater risks and uncertainties than in Western European jurisdictions and may have a material adverse effect on OMV’s business, results of operations and financial condition.

Furthermore, OMV is dependent on exploration rights and is, therefore, in each country of the Operating Region subject to the risk that it does not obtain the necessary licences or that such licences are not renewed or are renegotiated on terms unfavorable to OMV. Inability to obtain such rights will considerably affect OMV’s business, results of operations and financial condition.

Shortfalls in crude oil supplies from Libya and Yemen could adversely affect OMV’s business

In the Exploration and Production business segment, due to the current political unrests in Libya and Yemen, OMV is negatively affected by a reduction of its production in these countries. Since March 2011, OMV’s production in Libya has effectively ceased. In 2010, Libya contributed approximately 32,800 boe/d, or about 10 per cent., and Yemen approximately 6,600 boe/d, or about 2 per cent., to OMV’s total production. Concrete impacts of the instability on OMV’s assets and production in Libya and Yemen are continuously under evaluation. In Libya, OMV's presence has been reduced to a few essential staff; in Yemen, production had been stopped in mid-March 2011 due to an attack on an export pipeline. The pipeline has recently been repaired, but production has not yet resumed. If political instability in these countries continues or the political climate further deteriorates, it could have a material adverse effect on OMV’s business, results of operations and financial condition.

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By the end of March 2011, force majeure was declared for all Libyan licences as a result of which all obligations of OMV under the contracts were suspended for a period of up to two years. If the circumstances constituting force majeure are not resolved within a period of two years after the commencement of force majeure and no mutual agreement on a solution is achieved between OMV and LNOC, the contracts will terminate. In case of a termination of the contracts, force majeure should not result in expropriation of OMV. Depending on the circumstances, in case of expropriation OMV’s assets in Libya should be protected by the bilateral investment treaty between Libya and Austria of 2004. If OMV’s licence contracts in Libya are terminated and OMV is expropriated in violation of the investment treaty between Libya and Austria, this could have a material adverse effect on the Group’s business, results of operations and financial condition.

With respect to OMV’s Refining and Marketing business segment, Libya accounted for approximately 4.4 million tonnes, or about one fifth, of OMV’s total crude oil imports in 2010. Certain of OMV’s refining operations, in particular the Burghausen refining complex, which was set up for and is specialised in the refining of Libyan crude oil, are furthermore, to varying degrees, dependent on supplies of high-quality Libyan oil. The substitution of such supplies with crude oil of similar quality would not only pose a logistical challenge for OMV but could require the adaptation of refining processes, disrupt refining operations with regard to certain high-quality products and require OMV to shift to lower-quality end products with lower prices and margins. Accordingly, shortfalls in Libyan oil supplies could disrupt OMV’s operations, decrease refining margins and utilization and may have a material adverse effect on OMV’s business, results of operations and financial condition.

Petrom’s business may be negatively affected if Petrom’s exploration licences are not renewed

Most of Petrom’s exploration licences are set to expire in September 2011. The renewal of such licences is imperative for Petrom’s business. After understanding had been reached with the Romanian mining authorities, the issue has recently become a matter of discussion at government level. Should the licences not be renewed or should their renewal be delayed beyond their expiration date or subject to conditions unfavorable to Petrom, this would have a material adverse effect on Petrom’s and OMV’s business, results of operations and financial condition.

Petrom’s business may be negatively affected if Petrom is required to comply with Romanian public procurement regulations

Petrom may be required to apply public procurement provisions if Petrom is considered to hold special or exclusive rights within the meaning of Romanian public procurement laws. Because Petrom’s exploration licences were granted before its privatization based on its special status as Romania’s national petroleum company, Petrom might be required to comply with public procurement regulations. An obligation to apply public procurement provisions would complicate Petrom’s procurement management, decrease its flexibility and ability to respond quickly to new developments, could result in higher procurement expenses, and ultimately have a material adverse effect on Petrom’s and OMV’s business, results of operations and financial condition.

Petrom is a party to labour related litigation and may face further claims by employees, and co- determination rights of Petrom’s employees could constrain restructuring measures, all of which may have a material adverse effect on Petrom’s and OMV’s business. Petrom is accused of a breach of Romanian competition laws, could be subject to compensation claims in connection with expropriations and may have to bear substantial environmental restoration costs

Petrom is a party to numerous labour related claims with current and former employees. The total allocation to the provision for such claims was RON 1,506 million (i.e. EUR 415 million, using the average EUR/RON exchange rate in 2007 and 2008 for the amounts booked in each year). As of 31 March 2011, the provision amounted to RON 477 million (i.e. EUR 116 million, using the March 2011 closing exchange rate of 4.1221 EUR/RON), following payments made under the claims. In addition, Petrom has outsourced a large number of employment relationships. Violations of Romanian labour law in connection with such outsourcing agreements could lead to claims for re-employment and/or indemnities or require Petrom to make payments in connection with the social security scheme, should the transferred employees be made

50 redundant within a specified time period. These claims and other possible litigations and disputes may have a material adverse effect on Petrom’s and OMV’s business, results of operations and financial condition. In addition, Petrom’s employees have co-determination rights, which could constrain restructuring measures and, therefore, have a material adverse effect on Petrom’s and OMV’s business, results of operations and financial condition.

In 2005, Romanian antitrust authorities initiated investigations relating to a possible breach of antitrust rules by companies active in the Romanian oil and oil related products market. The accusations include the existence of anticompetitive agreements between Romanian market participants regarding abusive sale and resale price fixing as well as market and territory allocations. Penalties and sanctions resulting from these investigations may have a material adverse effect on Petrom’s and OMV’s business, results of operations and financial condition.

Petrom has already made compensation payments to, and might be subject to further compensation claims raised by, former landowners based on a compensation law enacted in 2006 for land owned by Petrom after expropriations by the communist regime. The potential amounts can currently not be estimated and OMV has not established a provision to cover such potential claims. If OMV were to pay significant compensation under such claims, it would have a material adverse effect on OMV’s business, results of operations and financial condition.

In the course of the privatisation of Petrom, the Romanian government agreed to indemnify Petrom for certain costs in connection with Petrom’s decommissioning and environmental restoration obligations. At 31 December 2010, the book value of Petrom’s receivables vis-à-vis the Romanian state for such decommissioning and restoration obligations recorded in the Audited Consolidated Financial Statements was EUR 577 million. To date, the Romanian state has not paid the claimed amounts. Contractual reimbursement procedures are ongoing, however, the recoverability of such receivables cannot be assured. Failure by the Romanian government to pay such costs would have a material adverse effect on OMV’s results of operations and financial condition.

Petrol Ofisi may incur significant costs to obtain necessary permits and could be subject to losses as a result of lacking insurance and hedging measures

Many of Petrol Ofisi’s premises and pipelines have been built before privatization and therefore partly lack zoning, building and/or occupancy permits. Obtaining the requisite permits might involve significant costs. Further risks result from the lack of liability insurance and un-hedged fixed price delivery contracts. As a consequence, uninsured events and adverse price developments in connection with fixed price contracts may have a material adverse effect on Petrol Ofisi’s and OMV’s business, results of operations and financial condition.

OMV’s recent acquisition of additional assets in Tunisia is subject to risks arising from the current political climate

In January 2011, OMV signed an agreement to purchase two Tunisian Exploration and Production subsidiaries from Pioneer Natural Resources for a purchase price of USD 800 million plus working capital of Pioneer Tunisia, which was preliminarily valued at USD 39 million at closing of the transaction on 18 February 2011 (see "General Information on the Issuer and the Group–Exploration and Production– Acquisition of Pioneer Tunisia"). Recently, Tunisia has experienced political and social unrest. Uncertainties surrounding the country’s future political environment could adversely affect the business climate and foreign investment in Tunisia. Prior to the acquisition, OMV has maintained small-scale upstream operations in Tunisia, which will be expanded significantly through the acquisition. Political developments in Tunisia could pose challenges to the financial and operational profile of OMV’s Tunisian assets and a continuation of the political uncertainties or a deterioration of the political climate may have a material adverse effect on OMV’s business, results of operations and financial condition.

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Risks related to the environment

Future climate change and carbon pricing may result in increased expenditure and reduced profitability

Compliance with laws, regulations and obligations relating to climate change and carbon pricing could result in substantial capital expenditure and reduced profitability from higher operating costs and lower revenues and may have a material adverse effect on OMV’s business, results of operations and financial condition.

OMV is subject to stringent environmental and health and safety regulations which result in costs relating to compliance and remediation that may adversely affect its results of operations and financial condition

OMV’s operations are subject to numerous and increasingly stringent environmental laws and regulations relating to the protection of human health and safety and the environment, including, for example, those relating to emissions and waste treatment and disposal. In addition, OMV is generally required to obtain and comply with permits or licences for its operations which cause emissions or discharge of pollutants and for the handling of hazardous substances or waste treatment and disposal. Failure to comply with environmental laws could result in substantial cost and liabilities vis-à-vis third parties or governmental authorities. As environmental laws and regulations become more stringent, the amount and timing of future expenditures required to maintain substantial compliance could vary substantially from their current levels and could adversely affect the availability of funds for capital expenditures and other purposes.

OMV has made, and will continue to make, substantial expenditures to comply with environmental laws and regulations. To the extent that the cost of compliance increases and OMV cannot pass on future increases to its customers, such increases may have an adverse effect on OMV’s results of operations and financial condition.

OMV’s operations are dependent on the allocation of sufficient allowances under the EU Emission Trading Scheme

Under the European Union Emission Trading Scheme launched in January 2005, producers of green house gas emissions are granted limited amounts of emission allowances for free; if the emissions exceed the amount of allocated allowances, producers of green house gases are obliged to reduce their level of emissions or acquire additional allowances.

OMV needs emission allowances for some of its business activities. If OMV’s emissions exceed the amount of allowances allocated to OMV, OMV will have to reduce its emissions and/or acquire additional emission allowances (which may be scarce and consequently only obtainable at high cost). The amount of allowances may therefore prove to be a factor limiting expansion of some of OMV’s facilities. In particular, a tightening of rules in the European Union’s Emission Trading Scheme for 2013 – 2020 might lead to increased production costs, which in turn will significantly affect OMV’s international competitiveness. Shortage of emission allowances or an increase in production costs may have a material adverse effect on OMV’s business, results of operations and financial condition.

OMV’s exposure to weather conditions may negatively affect demand for OMV’s products

Significant changes in weather conditions in Austria and the rest of Europe from year to year may affect demand for natural gas and some refined products. Accordingly, the results of operations of the Gas and Power business segment and, to a lesser extent, the Refining and Marketing business segment, as well as the comparability of results over different periods may be affected by changes in weather conditions. Furthermore, OMV’s operations, particularly offshore production of oil and natural gas, are exposed to extreme weather that can result in material disruption to OMV’s operations and consequent loss or damage of properties and facilities. Any such exposure to changing or adverse weather conditions may have a material adverse effect on OMV’s business, results of operations and financial condition.

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Aging infrastructure in OMV’s operations, improper waste management and operational incidents, in particular in connection with OMV’s offshore activities, may lead to spills, leakages and other contamination. Such incidents and contamination may cause substantial environmental decommissioning and restoration costs and damage communities and OMV’s reputation

OMV’s facilities and pipeline operations require regular monitoring, maintenance and renewal. OMV is regularly faced with aging infrastructure (e.g. Petrom operates approximately 25,000 km of pipelines, mostly aged between 40 and 60 years) and may not always be able to make the necessary replacements and upgrades at all of its facilities to ensure the technical integrity of its operations. This could, among other things, result in spills and leakages. Furthermore, certain of OMV’s real properties, e.g. in Austria, have been classified by the authorities as contaminated and there may be other contaminations of which OMV is currently unaware. Spills, leakages and other contamination resulting from aging infrastructure and other contamination, e.g. as a result of improper waste management, may result in substantial environmental decommissioning and restoration costs and could cause damages to communities and OMV’s reputation.

In addition, spills, leakages and contamination can result from operational incidents, and may be particularly severe in the case of offshore drilling, as shown by BP’s Deepwater Horizon rig accident and the resulting oil spill in the Gulf of Mexico in April 2010. OMV has interests in various offshore drilling undertakings, in particular in New Zealand, Romania, Tunisia and the U.K., Norwegian and Faroe Islands territory of the North Sea (and acts as operator in some of them). In addition, OMV may engage in drilling operations in the Black Sea in a 50:50 joint venture with Exxon in 2011/2012. Due to a vast gap between the potential risk exposure and available risk transfer opportunities in the form of insurance coverage, the bulk share of such risk of operational incidents remains with OMV (and/or the respective operator). As a consequence, any operational incident resulting in environmental contamination could result in substantial financial and reputational damages. In addition, international regulations and insurance requirements may increase as a result of an accident, and offshore operations could become more difficult and expensive in the future. This would have a material adverse effect on OMV’s business, results of operations and financial condition. For additional operational risks in connection with offshore drilling (see "— Operational risks " below).

Compliance and control risks

Government intervention and regulation may have a material adverse effect on OMV’s business. OMV might not be able to comply with its obligations under licences.

The oil and gas industry is subject to regulation and intervention by governments, in particular in matters such as the award of exploration and production interests, restrictions on production and exports, environmental measures, control over the development and abandonment of fields and installations, the nationalization or renationalization of assets, imposition of specific drilling obligations, environmental and health and safety protection controls and other risks relating to changes in local government regimes and policies. In some jurisdictions, gas prices are regulated (e.g. Romania) or the government may be entitled to effect (temporary) price regulations (as was the case in Turkey in summer 2009 for a two months’s period). A change in regulation or the level of intervention in the countries in which OMV conducts operations or distributes its products may have a material adverse effect on OMV’s business, results of operations and financial condition.

In addition, OMV has to comply with conditions contained in licences, such as operating permits. A failure by OMV to comply with substantial conditions might lead to governmental intervention. For example, the Arpechim refinery was temporarily closed by the Romanian authorities in 2007 due to alleged non- compliance with certain operating conditions. Any violations of substantial conditions may therefore have a material adverse effect on OMV’s business, results of operations and financial condition.

OMV buys, sells and trades oil and gas products in certain regulated commodity markets. The oil industry is also subject to the payment of royalties and taxation, which tend to be high compared with those payable in respect of other commercial activities, and operates in certain tax jurisdictions that feature a degree of uncertainty relating to the interpretation of, and changes to, tax law. As a result of new laws and regulations

53 or government interventions, OMV could be required to curtail or cease certain operations, or OMV could incur additional costs, all of which may have a material adverse effect on OMV’s business, results of operations and financial condition.

Incidents of ethical misconduct or non-compliance with applicable laws and regulations could be damaging to OMV’s reputation and shareholder value.

OMV’s reputation is critical to OMV’s ability to maintain its licences to operate and secure new resources. OMV’s code of conduct defines its commitment to integrity, compliance with all applicable legal requirements, ethical standards and the behaviors and actions OMV expects of its businesses and employees. Ethical misconduct or non-compliance with applicable laws and regulations or OMV’s code of conduct could be damaging to OMV’s reputation and shareholder value. Multiple events of non-compliance could call into question the integrity of OMV’s operations and may have a material adverse effect on OMV’s business, results of operations and financial condition.

Operational risks

OMV is subject to operational risks relating to the exploration, production, transportation and storage of oil and gas, crude refining and processing and, in the future, power generation. Some of these risks may be uninsured or uninsurable

Oil, gas, power and chemical activities involve significant hazards. OMV’s operations are subject to risks generally relating to the exploration for and production of oil and gas, including blowouts, fires, equipment failure, tanker accidents, damage or destruction of key assets and other risks that can result in personal injuries, loss of life and property and environmental damage. Offshore operations, in particular, are subject to a wide range of hazards, including capsizing, collision, bad weather and environmental pollution (see also "—Risks related to the environment" above). In addition, OMV’s operations of gas transportation and compression facilities, refinery and petrochemical complexes, oil pipeline systems, storage and loading facilities, chemical facilities and, in the future, power plants subject OMV to the risks generally relating to such operations. In certain circumstances, OMV’s insurance may not cover or be adequate to cover the consequences of such events, or insurance coverage may not be available. Moreover, OMV may not be able to maintain adequate insurance in the future at rates that it considers reasonable. The occurrence of any event that is not fully covered by insurance could have a material adverse effect on OMV’s business, results of operations and financial condition.

OMV may experience operational, political and/or technological problems which may delay or hinder the progress of ongoing and planned projects

OMV develops its business in part through investments in projects designed to improve its competitive position, such as construction of pipelines or upgrading various facilities. OMV may experience operational, political, technological or other problems beyond OMV’s control, both of its own and of its contractual partners, which may delay or hinder the progress of its projects and lead to increased costs, and consequently may have a material adverse effect on OMV’s business, results of operations and financial condition. The Nabucco project is, for instance, contingent upon the availability of gas volumes and, therefore, the conclusion of binding transport agreements. Insufficient gas availability could result in delays or the cancellation of the project and/or increase the costs of the pipeline’s operation.

OMV may be required to curtail, delay or cancel drilling operations

Exploration and production require high levels of investment and are subject to natural hazards and other uncertainties, including those relating to the physical characteristics of an oil or natural gas field. The cost of drilling, completing or operating wells is often uncertain. OMV may be required to curtail, delay or cancel drilling operations because of a variety of factors, including unexpected drilling conditions, pressure or irregularities in geological formations, equipment failures or accidents, adverse weather conditions and compliance with governmental requirements, such as drilling moratoria following an accident. The realization of any of these risks may have a material adverse effect on OMV’s business, results of operations and financial condition.

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Failure to meet product quality standards may have a material adverse effect on OMV’s business

Supplying customers with on-specification products is critical to maintaining OMV’s licence to operate and its reputation in the marketplace. Failure to meet product quality standards throughout the value chain could lead to harm to people and the environment resulting in the loss of customers and, consequently, may have a material adverse effect on OMV’s business, results of operations and financial condition.

Inadequate contingency plans or crisis management may have a material adverse effect on OMV’s business

Contingency plans are required to continue or recover operations following a disruption or incident. Inability to restore or replace critical capacity to an agreed level within an agreed timeframe would prolong the impact of any disruption. Similarly, crisis management plans and capability are essential to deal with emergencies at every level of OMV’s operations to respond in an appropriate manner to either an external or internal crisis. Inadequacies in this regard could severely affect business and operations and consequently may have a material adverse effect on OMV’s business, results of operations and financial condition.

Acts of terrorism could severely disrupt OMV’s business

Security threats require continuous oversight and control. Acts of terrorism against OMV’s plants and other facilities, pipelines, transportation, computer systems or employees could severely disrupt business and operations and cause severe harm to people and, consequently, may have a material adverse effect on OMV’s business, results of operations and financial condition.

OMV’s investment with partners and in joint ventures may reduce its ability to manage risks and costs

Certain of OMV’s major projects and operations are conducted with partners or in joint ventures. OMV’s investment with partners and in joint ventures may reduce its ability to manage risks and costs. OMV could have limited influence over and control of the behavior of its partners and the performance of operations in which it is engaged. This may have a material adverse effect on OMV’s business, results of operations and financial condition.

Shortcomings or failures in OMV’s systems, risk management, internal controls processes or personnel could lead to disruption of its business

In the normal course of business, OMV is subject to operational risk around its treasury and trading activities. Controls over these activities are dependent on OMV’s ability to process, manage and monitor a large number of complex transactions across many markets and currencies. Shortcomings or failures in its systems, risk management, internal controls processes or personnel could lead to disruption of OMV’s business, financial loss, regulatory intervention or damage to its reputation and may have a material adverse effect on OMV’s business, results of operation and financial condition.

Major disruption of OMV’s information technology systems may have a material adverse effect on OMV’s business

OMV’s activities are increasingly dependent on sophisticated information technology ("IT") systems. IT systems are vulnerable to a number of problems, such as software or hardware malfunctions, malicious hacking, physical damage to vital IT centers and computer virus infection. IT systems need regular upgrading to meet the needs of changing business and regulatory requirements and to keep pace with the requirements of OMV’s existing operations and possible expansion into new markets. OMV may not be able to implement necessary upgrades on a timely basis, and upgrades may fail to function as planned. Consequently, any major disruption of its existing IT systems may have a material adverse effect on OMV’s business, results of operations and financial condition.

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OMV is dependent on its key personnel

OMV’s future success depends to a significant extent upon the leadership and performance of the members of the executive board as well as certain other key employees. The Issuer may not be able to retain its executive officers and key personnel or attract additional qualified members to its management team in the future. The loss of the services of members of the executive board could have a material adverse effect on OMV’s business, results of operations and financial condition.

Litigation and disputes may have a material adverse effect on OMV’s business

OMV faces litigation and disputes worldwide. From time to time, cultural and political factors may lead to unprecedented and unanticipated judicial outcomes, which may sometimes even be contrary to local and international law. In addition, certain governments, state and regulatory bodies have, in the opinion of OMV, exceeded their constitutional authority by attempting unilaterally to amend or cancel existing agreements or arrangements, by failing to honor existing contractual commitments and by seeking to adjudicate disputes between private litigants. Litigation and disputes may have a material adverse effect on OMV’s business, results of operations and financial condition.

Financial risks

Movements in foreign currency exchange rates can have a material effect on OMV’s results of operations and financial condition

OMV’s activities, in particular the Exploration and Production business and, to a lesser extent, the distribution of products expose OMV to fluctuations in currencies, in particular the USD, RON and TRY. Such currency risks may have adverse effects on OMV’s cash flow, income statement or balance sheet (translation risk). Translation risk arises on the consolidation of OMV’s subsidiaries preparing their financial statements in currencies other than in EUR. OMV’s largest translation risk exposures result from changes in the value of the RON and the USD against the EUR, but translation exposure also arises from investments in Turkey.

In addition, prices of crude oil, natural gas and refined products are principally fixed in, or tied to, the USD, while a significant portion of OMV’s expenses are denominated in, or tied to, the EUR. Accordingly, a depreciation of the USD against the EUR has an adverse effect on OMV’s results of operations. Certain of OMV’s business segments also export products from countries within the euro zone to countries outside the euro zone and their results of operations may be affected by movements in a local market’s currency against the EUR. Furthermore, fluctuations of the EUR against the USD, RON or TRY can have a negative impact on certain balance sheet items, such as loans. Adverse currency fluctuations may have a material adverse effect on OMV’s business, results of operations and financial condition.

Movements in interest rates may have a material adverse effect on OMV’s business

Interest on OMV’s debt is primarily indexed at a spread to benchmark rates such as the Europe Interbank Offered Rate, "Euribor", and the London Interbank Offered Rate, "Libor". Variable interest rates expose OMV to the risk of increasing interest rates while the risk associated with fixed interest rates lies in a possible decline in interest rate levels. Interest rate swaps are used by OMV from time to time to convert fixed rate debt into floating rate debt, and vice versa. As of December 31, 2010, open positions relating to interest rate swaps had a nominal value of EUR 102 million and a fair value of EUR 3 million. The effect of an interest rate increase of 0.5 percentage points as of December 31, 2010 would have been a EUR 1.3 million reduction in the fair value of such positions. As a consequence, movements in interest rates can have a material impact on OMV’s finance expense in respect to its indebtedness and may have a material adverse effect on OMV’s business, results of operations and financial condition.

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Liquidity problems could have a material adverse effect on OMV’s business, results of operation and financial condition

In the light of the recent financial and economic crisis and restrictions on the availability of credit, liquidity risk management is of particular importance to OMV. Should OMV be unable to ensure its liquidity, that it retains the necessary financial flexibility and maintains sufficient liquidity reserves in form of committed credit lines, this could have a material adverse effect on OMV’s business, results of operation and financial condition.

Adverse financial market conditions may affect OMV’s ability to refinance

The costs and availability of financing have been adversely affected by the crisis in the financial markets. OMV may encounter difficulties in refinancing its financial obligations or may be able to refinance only at increased market rates. It might especially be difficult for OMV to obtain funds on the bank market. The inability of OMV to refinance would have a material adverse effect on its liquidity position and might, in a worst case, result in its insolvency.

OMV may incur future costs with respect to its defined benefit pension plans

The indexed pension commitments in respect of currently active employees of OMV were transferred to an external pension fund managed by APK-Pensionskasse AG in two tranches in 1993 and 1997. As a consequence of the global financial weakness since September 2008, the performance of certain funds in which APK-Pensionskasse AG has invested was negative in 2008. The performance of these funds was positive in 2009 and 2010, but did not reach the rate of return required to avoid payments to cover shortfalls in all cases. Thus, OMV paid EUR 32.0 million in 2011 (2010: EUR 22.6 million; 2009: EUR 24.2 million; 2008: EUR 5.0 million) to cover shortfalls in the respective previous year. If the performance of the pension funds is negative or fails to reach the required rate of return, OMV would be required to contribute additional funds to cover any shortfalls, which may have a material adverse effect on OMV’s business, results of operations and financial condition.

The covenants contained in OMV’s financing arrangements may limit its financial and operating flexibility

OMV’s financing arrangements contain covenants, including maximum leverage ratios, minimum net worth and maximum indebtedness of subsidiaries. These covenants could limit OMV’s ability to finance its future operations and capital needs and its ability to pursue certain business activities that may be in its interest.

If OMV breaches the covenants of any financing arrangement and is unable to cure the breach or obtain a waiver from the lenders, it could be in default under the terms of such arrangement. A default under any single financing arrangement could result in a default under other financing arrangements and could cause lenders under such other arrangements to accelerate all amounts due under such financing arrangements. In addition, in an event of default, the lenders under OMV’s credit lines could terminate their commitments to extend credit, cease making loans, or institute foreclosure proceedings, and OMV could be forced into bankruptcy or liquidation. This would have an immediate material adverse effect on OMV’s liquidity and may have a material adverse effect on OMV’s business, results of operations and financial condition.

The failure of counterparties to pay amounts due may have a material adverse effect on OMV’s business

Credit risk is the potential exposure of OMV to losses in case counterparties fail to perform or pay amounts due. Credit risks arise from both commercial and financial partners. Due to the severity of the recent economic and financial crisis, it is possible that the creditworthiness of some of OMV’s business partners is lower than in the past and/or OMV’s assessments of the creditworthiness of its counterparties outdate rapidly. As a consequence, OMV may experience a higher than normal level of counterparty failure. The realization of such counterparty risk may have a material adverse effect on OMV’s business, results of operations and financial condition.

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Actual results could differ from accounting estimates and such differences may have a material adverse effect on OMV’s business

The preparation of financial statements requires OMV to make certain accounting estimates that are characterized by a high degree of uncertainty, complexity and judgment. These estimates affect the reported amount of OMV’s assets and liabilities, as well as the reported amount of OMV’s income and expenses for a given period. Actual results could differ from such estimates, due to, among other things, the following factors: uncertainty; lack or limited availability of information; the availability of new informative elements; variations in economic conditions such as prices; and the final outcome of legal, environmental or regulatory proceedings. Such differences between the accounting estimates and the final financial statements may have a material adverse effect on OMV’s business, results of operations and financial condition.

Declining and/or volatile commodity prices could have an adverse effect on OMV’s results of operations

Commodity prices can be, and have historically been, subject to considerable fluctuations. OMV uses financial instruments to hedge the main risks associated with the volatility of commodity prices, such as the negative potential impact of low crude oil prices on sales, in accordance with internal corporate guidelines on the management of commodities risks. Due to their limited scope (OMV does not hedge prices for its entire production) and their structure (providing for a corridor or, in 2011, a fixed price with limited protection and a limitation on realizable prices to predetermined levels), these hedges cannot entirely eliminate commodity price risks. In addition, the hedges are entered into for a one-year term and are not a safeguard against adverse price developments in the longer term. Declining and/or volatile commodity prices not covered by OMV’s hedges may result in losses and have a material adverse effect on OMV’s business, results of operations and financial condition.

II. Risk Factors regarding the Notes

The following is a disclosure of risk factors that are material to the Notes issued under the Programme in order to assess the market risk associated with these Notes. Prospective investors should consider these risk factors before deciding to purchase Notes issued under the Programme.

The following statements are not exhaustive. Prospective investors should consider all information provided in this Prospectus, the documents incorporated by reference, any supplement thereto and the relevant Final Terms and consult with their own professional advisers (including their financial, accounting, legal and tax advisers) if they consider it necessary. In addition, investors should be aware that the risks described may combine and thus intensify one another.

In respect of Notes which require, in view of their specific structure, a special description of risk factors, risk factors in addition to, or in substitution for those mentioned below, the applicable risk factors will be described in the Final Terms relating to such Notes.

The purchase of certain Notes issued under the Programme may involve substantial risks and may only be suitable for investors who have the knowledge and experience in financial and business matters necessary to enable them to evaluate such risks and the merits of an investment in such Notes. Certain Notes issued under the Programme may not be principal protected and accordingly, there is no guarantee that Noteholders will be entitled to the return at maturity of the principal amount invested.

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:

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(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 or any applicable supplement;

(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 risks of an investment in the relevant 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 relevant Notes and be familiar with the behaviours of any relevant indices and financial markets;

(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; and

(vi) recognise that it may not be possible to dispose of the Notes for a substantial period of time, if at all, before maturity.

Markets Conditions

The market for debt securities issued by European companies is influenced by economic and market conditions in Europe and, to varying degrees, by market conditions, interest rates, currency exchange rates and inflation rates in other countries. There can be no assurance that events in Europe or elsewhere will not cause market volatility or that such volatility will not adversely affect the price of Notes or that economic and market conditions will not have any other adverse effect.

Currency Risk/Dual Currency Notes

A Noteholder of a Note denominated in a foreign currency or a Noteholder of Dual Currency Notes is exposed to the risk of changes in currency exchange rates which may affect the yield of such Notes. A change in the value of any foreign currency against the Euro, for example, will result in a corresponding change in the Euro value of a Note denominated in a currency other than Euro and a corresponding change in the Euro value of interest and principal payments made in a currency other than Euro in accordance with the terms of such Note. If the underlying exchange rate falls and the value of the Euro correspondingly rises, the price of the Note and the value of interest and principal payments made thereunder expressed in Euro falls.

Liquidity Risk

Application may be made to list the Notes to be issued under the Programme on the Luxembourg Stock Exchange and/or the Vienna Stock Exchange and to admit to trading such Notes on the regulated market of the Luxembourg Stock Exchange and/or the Regulated Market (Geregelter Freiverkehr) of the Vienna Stock Exchange. In addition, the Programme provides that Notes may be listed on other or further stock exchanges or may not be listed at all. Regardless of whether the Notes are listed or not, there can be no assurance that a liquid secondary market for the Notes will develop or, if it does develop, that it will continue. The fact that the Notes may be listed does not necessarily lead to greater liquidity than if they were not listed. If the Notes are not listed on any exchange, pricing information for such Notes may, however, be more difficult to obtain which may affect the liquidity of the Notes adversely. 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 due to currency restrictions.

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Rating of the Notes

A rating of Notes, if any, may not adequately reflect all risks of the investment in such Notes. Equally, ratings may be suspended, downgraded or withdrawn. Such suspension, downgrading or withdrawal may have an adverse effect on the market value and trading price of the Notes. A credit rating is not a recommendation to buy, sell or hold securities and may be revised or withdrawn by the rating agency at any time.

Risk of Early Redemption

The applicable Final Terms will indicate whether (i) the Issuer may have the right to call the Notes prior to maturity for reasons of taxation; (ii) at the option of the Issuer (optional call right) or whether (iii) an automatic early redemption is applicable. If the Issuer redeems any Note prior to maturity or if the Notes are automatically early redeemed, a Noteholder of such Note is exposed to the risk that due to early redemption his investment may have a lower than expected yield. Noteholders may be subject to the risk that interest earned from an investment in the Notes may not in the event of early redemption of any Notes be able to be reinvested in such a way that they earn the same rate of return as the redeemed Notes. The Issuer might exercise his optional call right or the Notes may be automatically early redeemed if the yield on comparable Notes in the capital market falls which means that the investor may only be able to reinvest the redemption proceeds in Notes with a lower yield.

Unless in the case of any particular Tranche of Notes the relevant Final Terms specify otherwise, in the event that the Issuer would be obliged to increase the amounts payable in respect of any Notes due to any withholding or deduction for or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or on behalf of Austria or the United Kingdom or any political subdivision thereof or any authority therein or thereof having power to tax, the Issuer may redeem all outstanding Notes in accordance with the Terms and Conditions.

Fixed Rate Notes and Step-up/Step-down Notes

A Noteholder of a Fixed Rate Note is exposed to the risk that the price of such Note 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 applicable Final Terms is fixed during the life of such Note, 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 a Fixed Rate Note also changes, but in the opposite direction. If the market interest rate increases, the price of a Fixed Rate Note typically falls, until the yield of such Note is approximately equal to the market interest rate. If the market interest rate falls, the price of a Fixed Rate Note typically increases, until the yield of such Note is approximately equal to the market interest rate. If the Noteholder of a Fixed Rate Note holds such Note until maturity, changes in the market interest rate are without relevance to such Noteholder as the Note will be redeemed at a specified redemption amount, usually the principal amount of such Note. The same risks apply to Step-up and Step-down Notes if the market interest rates in respect of comparable Notes are higher than the rates applicable to such Notes.

Floating Rate Notes

A Noteholder of a Floating Rate Note is exposed to the risk of fluctuating interest rate levels and uncertain interest income. Fluctuating interest rate levels make it impossible to determine the yield of Floating Rate Notes in advance.

Zero Coupon Notes

Zero Coupon Notes do not pay current interest but are typically issued at a discount from their nominal value. Instead of periodical interest payments, the difference between the redemption price and the issue price constitutes interest income until maturity and reflects the market interest rate. A Noteholder of a Zero Coupon Note is exposed to the risk that the price of such Note falls as a result of changes in the market interest rate. Prices of Zero Coupon Notes are more volatile than prices of Fixed Rate Notes and are likely

60 to respond to a greater degree to market interest rate changes than interest bearing notes with a similar maturity.

Index Linked Notes

Index Linked Notes may be issued as Index Linked Interest Notes or Index Linked Redemption Notes or a combination of both.

Index Linked Interest Notes are debt securities which do not provide for predetermined interest payments. Payments of interest will be made by reference to an underlying index or indices or other factors (including changes in the price of securities or movements in exchange rates) and/or such formula as may be specified by the Issuer and the relevant Dealer(s) (as indicated in the applicable Final Terms).

Index Linked Redemption Notes are debt securities which do not provide for a predetermined redemption amount. Index Linked Redemption Notes are debt securities where payment of principal will be calculated by reference to an underlying index or indices or other factors (including changes in the price of securities or movements in exchange rates) and/or such formula as may be specified by the Issuer and the relevant Dealer(s) (as indicated in the applicable Final Terms).

A Noteholder of an Index Linked Interest Note is exposed to the risk of fluctuating interest rate levels and uncertain interest income or may even receive no interest at all which may have the effect that the yield of an Index Linked Interest Note is negative. A Noteholder of an Index Linked Redemption Note is exposed to the risk that the repayment amount is uncertain or that there will be no repayment at all; and depending on the calculation of the repayment amount, the yield of an Index Linked Redemption Note may even be negative. The more volatile the relevant index is, the greater is the uncertainty in respect of interest income and repayment amount. Uncertainty with respect to interest and repayment amount make it impossible to determine the yield of Index Linked Notes in advance.

Currency Linked Notes

Currency Linked Notes refer to a specific currency or dual currency and do not provide for a predetermined redemption or interest amount. Such payments depend on the performance of the underlying currency(ies) and may be substantially less than the issue or purchase price.

CMS Spread-linked Notes or other Reference Rates Spread-linked Notes

The Terms and Conditions of the Notes may provide for a variable interest rate (except for a possible agreed fixed rate payable to the extent provided for in the Terms and Conditions of the Notes) which is dependent on the difference between rates for swaps (in the case of CMS Spread-linked Notes) or other reference rates (in the case of other Reference Rates Spread-linked Notes) having different terms.

Investors purchasing CMS Spread-linked Notes or other Reference Rates Spread-linked Notes might expect that, during the term of the CMS Spread-linked Notes or other Reference Rates Spread-linked Notes, (i) the interest curve will not, or only moderately, flatten out, or (ii), depending on the structure of CMS Spread- linked Notes or other Reference Rate Spread-linked Notes, expect that the interest curve will not steepen, as the case may be. In the event that the market does not develop as anticipated by investors and that the difference between rates for swaps or other reference rates having different terms decreases to a greater extent than anticipated, the interest rate payable on the Notes will be lower than the interest level prevailing as at the date of purchase. In a worst case scenario, no interest will be payable. In such cases, the price of the CMS Spread-linked Notes or other Reference Rates Spread-linked Notes will also decline during the term.

CMS Spread-linked Notes or other Reference Rate Spread-linked Notes may also be issued, inter alia, as "Trigger Lock-in" alternative. In such case, interest payable on such Notes for a prevailing and all following interest periods will be fixed to a fixed interest rate, if the difference between the relevant reference values reaches a certain level. Investors should bear in mind in such context that they will participate on the positive performance of the reference values up to a certain limit only.

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Furthermore, CMS Spread-linked Notes or other Reference Rate Spread linked Notes or Reference Rate linked Notes may also be issued as "Digital" alternative. In such case, interest payable may be effected at a certain interest rate for one or more interest periods depending on the reference values or the difference of the reference values (e.g. interest rate (x) will be paid if the difference of the reference values meets a certain condition; if that is not the case interest (y) or no interest at all is paid).

Range Accrual Notes

The Terms and Conditions of the Notes may provide for the interest payable (except for a possible agreed fixed rate payable to the extent provided for in the Terms and Conditions of the Notes) to be dependent on the number of days during which the reference rate specified in the Terms and Conditions of the Notes is within a certain interest range. The interest payable on the Notes decreases depending on the number of determination dates during which the reference rate remains outside the interest range. No interest or hardly any interest may be payable in the event that the reference rate increases or decreases significantly and remains outside the interest range throughout (an) entire interest period(s) or most of the relevant interest period(s).

As the interest payable is calculated by reference to the reference rate, the investors are subjected to interest rate fluctuations, and the amount of interest income is uncertain. Owing to the fluctuations in the reference rate, it is impossible to calculate the interest income and the yield for the entire term in advance.

The structure of Range Accrual Notes may also be combined with the structure of CMS Spread-linked or other Reference Rate Spread-linked Notes. In such case, the relevant interest range will be determined by the difference of the relevant reference values.

Target Interest Range Accrual Notes

The interest payable on the Target Interest Range Accrual Notes (except for the possible agreed fixed rate payable to the extent provided for in the Terms and Conditions of the Notes) is dependent on the number of days during which the reference rate specified in the Terms and Conditions of the Notes remains within a certain interest range. The interest payable on the Target Interest Range Accrual Notes decreases depending on the number of determination dates during which the reference rate remains outside the interest range. No interest or hardly any interest may even be payable in the event that the reference rate remains outside the interest range throughout one (or more) entire interest period(s) or most of the relevant interest period(s). At the end of the term of the Target Interest Range Accrual Notes, investors may be paid a total interest at the rate of the target interest as provided for in the Terms and Conditions of the Notes.

Once the total interest paid or payable has equaled or exceeded the target interest during the term of the Target Interest Range Accrual Notes, the Target Interest Range Accrual Notes will be redeemed early at their principal amount. An early redemption of the Target Interest Range Accrual Notes entails the risk that the investor might not be able to invest the redemption amounts on comparable conditions, as a result of which the investor’s yield may be lower.

Target Interest Notes

The automatic redemption feature of Target Interest Notes may limit their market value. Due to the overall maximum amount of interest paid under Target Interest Notes, even in a favourable market/interest environment, their market value may not rise substantially above the price at which they can be redeemed. The automatic redemption may take place when the cost of borrowing is generally lower than at the issue date of the Notes. At those times, an investor generally would not be able to reinvest the redemption proceeds at an effective interest rate as high as the interest rate on the Target Redemption Notes being redeemed and may only be able to do so at a significantly lower rate. Potential investors should consider reinvestment risk in light of other investments available at that time.

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General Risks in respect of Structured Notes

In general, an investment in Notes by which the premium and/or the interest and/or principal is determined by reference to one or more values of currencies, interest rates or other indices or formulae, i.e. directly or inversely, may entail significant risks not associated with similar investments in a conventional debt security. Such risks include the risks that the Noteholder of such Note will receive no interest at all, or that the resulting interest rate will be less than that payable on a conventional debt security at the same time and/or that the Noteholder of such Note could lose all or a substantial portion of the principal of his Notes. In addition, investors should be aware that the market price of such Notes may be very volatile (depending on the volatility of the relevant currency, interest rate, index or formula). Specific risk factors relating to such structured Notes will be set out in the relevant Final Terms (or in a supplement to this Prospectus, if legally required) unless specified in the Prospectus.

Neither the current nor the historical value of the relevant currencies, interest rates or other indices or formulae should be taken as an indication of future performance of such currencies, interest rates or other indices or formulae during the term of any Note.

Legality of Purchase

Neither the Issuer, the Dealers nor any of their respective affiliates has or assumes responsibility for the lawfulness of the acquisition of the Notes by a prospective purchaser of the Notes, whether under the laws of the jurisdiction of its incorporation or the jurisdiction in which it operates (if different) or for compliance by that prospective purchaser with any laws, regulation or regulatory policy applicable to it. A prospective purchaser may not rely on the Issuer, the Dealers or any of their respective affiliates in connection with its determination as to the legality of its acquisition of the Notes.

Taxation

Potential purchasers and sellers of the Notes should be aware that they may be required to pay taxes or other documentary charges or duties in accordance with the laws and practices of the country where the Notes are transferred or other jurisdictions. In some jurisdictions, no official statements of the tax authorities or court decisions may be available for innovative financial instruments such as the Notes. Potential investors are advised not to rely upon the tax summary contained in this document and/or in the Final Terms but to ask for their own tax adviser’s advice on their individual taxation with respect to the acquisition, sale and redemption of the Notes. Only these advisers are in a position to duly consider the specific situation of the potential investor. This investment consideration has to be read in connection with the section "Taxation" on pages 178 to 185 of this Prospectus and the tax sections contained in the Final Terms.

Market Value of Notes

The market value of Notes will be affected by the creditworthiness of the Issuer and a number of additional factors including, but not limited to, market interest and yield rates, market liquidity and the time remaining to the maturity date and, in case of Index Linked or Structured Notes, as the case may be, by additional factors, including, but not limited to, the value of an index, the volatility of an index, or the dividend on the securities taken up in an index, or financial results and prospects of an issuer of securities comprised in an index.

The value of the Notes or an index depends on a number of interrelated factors, including economic, financial and political events in Austria, the United Kingdom or elsewhere, including factors affecting capital markets generally and the stock exchanges on which reference assets, the securities taken up in an index, or an index, are traded. The price at which a Noteholder will be able to sell the Notes prior to maturity may be at a discount, which could be substantial, from the relevant issue price of the Notes or the purchase price paid by such purchaser. The historical market prices of an index should not be taken as an indication of an index’s future performance during the term of any Note.

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Because the Global Notes (each as defined in "Summary of the Prospectus") may be held by or on behalf of Euroclear, CBF, CBL and OeKB (each as defined in "Summary of the Prospectus"), investors will have to rely on their procedures for transfer, payment and communication with the Issuer

Notes issued under the Programme may be represented by one or more Global Note(s). Such Global Notes, if not intended to be issued in NGN form, may be deposited with a common depositary for Euroclear, CBF, CBL and OeKB. Global Notes intended to be issued in NGN form may be deposited on the issue date with a common safekeeper for Euroclear and CBL. Global Notes may also be deposited with CBF or OeKB. Except in the circumstances described in the relevant Final Terms investors will not be entitled to receive definitive Notes. Euroclear, CBF, CBL and OeKB will maintain records of the beneficial interests in the Global Notes. While the Notes are represented by one or more Global Note(s) investors will be able to trade their beneficial interests only through Euroclear, CBF, CBL or OeKB.

While the Notes are represented by one or more Global Note(s) the Issuer will discharge its payment obligations under the Notes by making payments to the common depositary or to the common service provider (in the case of Notes issued in NGN form), as the case may be, for Euroclear, CBF and CBL for distribution to their accountholders. A Noteholder of a beneficial interest in a Global Note must rely on the procedures of Euroclear, CBF, CBL or OeKB to receive payments under the relevant Notes. The Issuer has no responsibility or liability for the records relating to, or payments made in respect of, beneficial interests in the Global Notes.

Conflicts of interest may have a negative impact on the underlying value to the Notes

In case of Notes linked to an underlying (such as an index, a currency, or a basket), each of the Issuer, the Dealer(s) or any of their respective affiliates may from time to time engage in transactions relating to such underlying for their own accounts or for the accounts of third parties and may issue other financial products in respect of such underlying. Such activities could create conflicts of interest and may have a negative impact on the underlying value.

Certain of the Dealer(s) and their affiliates have engaged in, and may in the future engage, in investment banking and/or commercial banking transactions and may perform services for the Issuer and their affiliates in the ordinary course of business.

A suspension of trading in the Notes could adversely affect the price of the Notes

The Austrian Financial Market Authority (Finanzmarktaufsicht, "FMA") is authorised to suspend or request the relevant regulated market on which the Notes are admitted to trading to suspend such securities from trading due to various reasons. The FMA is further authorised to instruct the Vienna Stock Exchange to suspend trading in an issuer’s securities in connection with measures taken against market manipulation and insider trading. The operator of a regulated market over which the FMA has supervisory jurisdiction shall suspend trading in securities which no longer comply with the rules of the regulated market unless such a step would be very likely to cause significant damage to the investors’ interest or the orderly functioning of the market. If the operator of the regulated market does not do so, the FMA shall demand the suspension of trading in securities, if it is in the interest of the orderly functioning of the market and does not damage investors’ interests. Any suspension in the trading of the Notes on the Vienna Stock Exchange could adversely affect the price of the Notes.

Change of law

The terms and conditions of the Notes are based on German law in effect as at the date of this Prospectus. No assurance can be given as to the impact of any possible judicial decision or change to German law or administrative practice after the date of this Prospectus.

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RESPONSIBILITY STATEMENT OF OMV AG

OMV Aktiengesellschaft, with its registered office in Vienna, Austria, is solely responsible for the information given in this Prospectus.

The Issuer 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 import.

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IMPORTANT NOTICE

This Prospectus should be read and understood in conjunction with any supplement thereto, if any, and with the documents incorporated by reference. Full information on the Issuer and any tranche of notes is only available on the basis of the combination of the Prospectus, any supplement thereto, if any, and relevant final terms (the "Final Terms").

The Issuer confirms that this Prospectus contains all information with regard to each of the Issuer and the Notes which is material in the context of the Programme and the issue and offering of Notes thereunder; that the information contained herein with respect to the Issuer and the Notes is accurate in all material respects and is not misleading; that the opinions and intentions expressed herein are honestly held; that there are no other facts with respect to the Issuer or the Notes, the omission of which would make this Prospectus as a whole or any of such information or the expression of any such opinions or intentions misleading and that all reasonable enquiries have been made to ascertain all facts material for the purposes aforesaid.

The Issuer has undertaken with the dealers (each a "Dealer" and together the "Dealers") to amend or supplement this Prospectus or, if appropriate in light of the information and/or the changes to be introduced, publish a new Prospectus if and when the information herein should become materially inaccurate or incomplete, and has further agreed with the Dealers to furnish such supplement to the Prospectus or new Prospectus, as the case may be, mentioning every significant new factor, material mistake or inaccuracy to the information included in this Prospectus which is capable of affecting the assessment of the Notes and which arises or is noted between the time when this Prospectus has been approved and the closing of any tranche of Notes offered to the public or, as the case may be, when trading of any tranche of Notes on a regulated market begins, in respect of Notes issued on the basis of this Prospectus.

No person has been authorised to give any information which is not contained in, or not consistent with, this Prospectus or any other document entered into in relation to the Programme or any information supplied by the Issuer or such other information as in the public domain and, if given or made, such information must not be relied upon as having been authorised by the Issuer, the Dealers or any of them.

Neither the Arranger nor any Dealer nor any other person mentioned in this Prospectus, excluding the Issuer, is responsible for the information contained in this Prospectus or any supplement thereto, or any Final Terms or any other document incorporated herein by reference, and accordingly, and to the extent permitted by the laws of any relevant jurisdiction, none of these persons accepts any responsibility for the accuracy and completeness of the information contained in any of these documents.

This Prospectus and any supplement thereto as well as any Final Terms reflect the status as of their respective dates of issue. The delivery of this Prospectus, any supplement thereto, or any Final Terms and the offering, sale or delivery of any Notes may not be taken as an implication that the information contained in such documents is accurate and complete subsequent to their respective dates of issue or that there has been no adverse change in the financial situation of the Issuer since that date or that any other information supplied in connection with the Programme is accurate at any time subsequent to the date on which it is supplied or, if different, the date indicated in the document containing the same.

The distribution of this Prospectus and any Final Terms and the offering, sale and delivery of the Notes in certain jurisdictions may be restricted by law.

Persons into whose possession this Prospectus or any Final Terms comes are required to inform themselves about and observe any such restrictions. For a description of restrictions applicable in the United States of America, Japan, the European Economic Area and the United Kingdom see "Subscription and Sale". In particular, the Notes have not been and will not be registered under the United States Securities Act of 1933, as amended, and are subject to tax law requirements of the United States of America; subject to certain exceptions, Notes may not be offered, sold or delivered within the United States of America or to U.S. persons.

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This Prospectus has been drafted in the English language and, subject to the following paragraph, the English language shall be the prevailing language of this Prospectus.

Where parts of this Prospectus are drafted in a bilingual format reflecting both an English language version and a German language version, for purposes of reading and construing the contents of this Prospectus, the English language version shall prevail, provided, however, that certain parts of this Prospectus (in particular the terms and conditions of the Notes) reflect documents which have been, or will be, executed as separate documents with the German language version being the prevailing version thereof.

This Prospectus may only be used for the purpose for which it has been published. This Prospectus and any Final Terms may not be used for the purpose of an offer or solicitation by and to anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is unlawful to make such an offer or solicitation.

This Prospectus any supplements thereto and any Final Terms do not constitute an offer or an invitation to subscribe for or purchase any of the Notes.

In connection with the issue and distribution of any Tranche of Notes under the Programme, the Dealer(s) who is/are specified in the relevant Final Terms as the stabilising manager(s) (or persons acting on its/their behalf) may over-allot Notes or effect transactions with a view to supporting the market price of the Notes at a level higher than that which might otherwise prevail. However, there is no assurance that such Dealer(s) (or any person acting on its/their behalf) will undertake stabilisation action. Any stabilisation action may begin at any time after the adequate public disclosure of the Final Terms of the offer of Notes and, if begun, may be ended at any time, but it must end no later than the earlier of 30 days after the Issue Date and 60 days after the date of the allotment of the Notes.

Any such stabilisation action so taken will be, in all material respects, permitted by or otherwise in accordance with all relevant requirements applicable to such actions in the jurisdictions where such actions are effected (including rules and other regulatory requirements governing any stock exchange where such Notes are listed).

Certain figures included in this Prospectus have been subject to rounding adjustments; accordingly, figures shown for the same category presented in different tables may vary slightly and may not be an arithmetic aggregation for the figures that preceded them.

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GENERAL DESCRIPTION OF THE PROGRAMME

Under the Programme, the Issuer may from time to time issue Notes denominated in any currency agreed between the Issuer and the relevant Dealer(s). The Issuer may increase the amount of the Programme in accordance with the terms of the Dealer Agreement from time to time, subject to publication of a supplement to this Prospectus.

The current maximum aggregate principal amount of all Notes at any one time outstanding under the Programme will not exceed Euro 3,000,000,000 (or its equivalent in other currencies). Notes will be issued in such denominations as may be agreed and specified in the relevant Final Terms, save that the minimum denomination of the Notes will be Euro 1,000 or, if any currency other than Euro, in an amount in such other currency equal to or exceeding the equivalent of Euro 1,000 at the time of the issue of the Notes.

Notes will be issued on a continuous basis in Tranches with no minimum issue size, each Tranche consisting of Notes which are identical in all respects. One or more Tranches, which are expressed to be consolidated and forming a single series and identical in all respects, but having different issue dates, interest commencement dates, issue prices and dates for first interest payments may form a series ("Series") of Notes. Further Notes may be issued as part of existing Series. The specific terms of each Tranche will be set forth in the applicable Final Terms.

The Notes may be issued to one or more of the Dealers and any additional dealer appointed under the Programme from time to time, which appointment may be for a specific issue or on an ongoing basis and may be sold on a syndicated and non-syndicated basis pursuant to respective subscription agreements.

Notes may be distributed by way of public offer or private placements and, in each case, on a syndicated or non-syndicated basis. The method of distribution of each Tranche will be stated in the relevant Final Terms.

Notes may be issued at their principal amount or at a discount or premium to their principal amount.

Deutsche Bank Aktiengesellschaft will be acting as Fiscal Agent under the Programme.

Application may be made to list Notes issued under the Programme on the Official List of the Luxembourg Stock exchange and to admit to trading such notes on the Regulated Market of the Luxembourg Stock Exchange (Bourse de Luxembourg). Furthermore, application may be made to list Notes issued under the Programme on the Vienna Stock Exchange and to admit to trading the Programme and/or such Notes on the Regulated Market (Geregelter Freiverkehr) of the Vienna Stock Exchange. The Programme provides that Notes may be listed on other or further stock exchanges, as may be agreed between the Issuer and the relevant Dealer(s); in relation to each Series, as specified in the relevant Final Terms. Notes may further be issued under the Programme without being listed on any stock exchange.

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TERMS AND CONDITIONS OF THE NOTES AND RELATED INFORMATION

This section "Terms and Conditions of the Notes and Related Information" comprises the following parts:

I. General Information applicable to the Notes;

II. the Terms and Conditions of the Notes; and

III. the Form of Final Terms.

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I. General Information applicable to the Notes

General

The Issuer and the relevant Dealer(s) will agree on the terms and conditions applicable to each particular Tranche of Notes (the "Conditions"). The Conditions will be constituted by the set of terms and conditions of the relevant Notes (the "Terms and Conditions") as completed, modified or replaced by the provisions of the Final Terms (the "Final Terms"). The Final Terms relating to each Tranche of Notes will specify whether the Conditions are to be Long-Form Conditions or Integrated Conditions (each as described below).

As to whether Long-Form Conditions or Integrated Conditions will apply, the Issuer anticipates that:

● Long-Form Conditions will generally be used for Notes sold on a non-syndicated basis and which are not publicly offered.

● Integrated Conditions will generally be used for Notes sold and distributed on a syndicated basis. Integrated Conditions will be required where the Notes are to be publicly offered, in whole or in part, or are to be distributed, in whole or in part, to non-professional investors.

Long-Form Conditions

If the Final Terms specify that Long-Form Conditions are to apply to the Notes, the provisions of the applicable Final Terms and the relevant set of Terms and Conditions, taken together, shall constitute the Conditions. Such Conditions will be constituted as follows:

● the blanks in the provisions of the set of Terms and Conditions which are applicable to the Notes will be deemed to be completed by the information contained in the Final Terms as if such information were inserted in the blanks of such provisions;

● the relevant set of Terms and Conditions will be modified, completed or replaced by the text of any provisions of the Final Terms modifying, completing or replacing, in whole or in part, the provisions of the relevant set of Terms and Conditions;

● alternative or optional provisions of the relevant set of Terms and Conditions as to which the corresponding provisions of the Final Terms are not completed or are deleted will be deemed to be deleted from the Conditions; and

● all instructions and explanatory notes set out in square brackets in the relevant set of Terms and Conditions and any footnotes and explanatory text in the Final Terms will be deemed to be deleted from the Conditions.

Where Long-Form Conditions apply, each Global Note representing the Notes of the relevant Series will have the Final Terms and the relevant set of Terms and Conditions attached. Where Definitive Notes are delivered in respect of a Series of Notes, they will have endorsed thereon either (i) the Final Terms and the Terms and Conditions in full, (ii) the Final Terms and the Terms and Conditions in a form simplified by the deletion of non-applicable provisions, or (iii) Integrated Conditions, as the Issuer may determine.

Integrated Conditions

If the Final Terms specify that Integrated Conditions are to apply to the Notes, the Conditions in respect of such Notes will be constituted as follows:

● all of the blanks in all applicable provisions of the relevant set of Terms and Conditions will be completed according to the information contained in the Final Terms and all non-applicable provisions

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of the relevant set of Terms and Conditions (including the instructions and explanatory notes set out in square brackets) will be deleted; and/or

● the relevant set of Terms and Conditions will be otherwise modified, completed or replaced, in whole or in part, according to the information set forth in the Final Terms.

Where Integrated Conditions apply, the Integrated Conditions alone will constitute the Conditions of the Notes. The Integrated Conditions will be attached to each Global Note representing Notes of the relevant Series and will be endorsed on any Definitive Notes exchanged for any such Global Note.

ISDA Definitions

The Notes may be governed by terms which will be extracted from, and have substantially the same meaning as set forth in the 2000 ISDA Definitions or the 2006 ISDA Definitions, as the case may be and as specified in the relevant Final Terms and each as published by the International Swaps and Derivatives Association, Inc. Index Linked Notes will be governed by terms which may be extracted and have substantially the same meaning as set forth in the 2002 ISDA Equity Derivatives Definitions, published by the International Swaps and Derivatives Association, Inc.

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II. Terms and Conditions of the Notes

TERMS AND CONDITIONS OF THE NOTES

(ENGLISH LANGUAGE VERSION)

The Terms and Conditions of the Notes (the "Terms and Conditions of the Notes") are set forth below in two Parts:

PART I sets out the basic terms (the "Basic Terms") comprising the Terms and Conditions that apply to Tranches or Series, as the case may be, of Notes which are represented by global Notes in bearer form.

PART II sets forth an appendix (the "Appendix") which is supplemental to the provisions of Part I of the Basic Terms and which contains provisions that apply to Notes represented by definitive Notes in bearer form.

The Basic Terms and the Appendix thereto together constitute the Terms and Conditions of the Notes.

This Tranche or Series, as the case may be, of Notes is issued pursuant to an agency agreement dated as of 25 July 2011 (the "Agency Agreement") between, inter alios, OMV Aktiengesellschaft (the "Issuer") and Deutsche Bank Aktiengesellschaft as fiscal agent (the "Fiscal Agent", which expression shall include any successor fiscal agent thereunder) and the other parties named therein. Copies of the Agency Agreement may be obtained free of charge at the specified office of any Paying Agent and at the principal office of the Issuer and in electronic form at the registered office of the Fiscal Agent.

[In the case of Long-Form Conditions, if the Terms and Conditions of the Notes and Final Terms are to be attached, insert:

The provisions of these Terms and Conditions of the Notes apply to the Notes as completed, modified, supplemented or replaced, in whole or in part, by the terms of the final terms attached hereto (the "Final Terms").

The blanks in the provisions of these Terms and Conditions of the Notes which are applicable shall be deemed to be completed by the information contained in the Final Terms as if such information were inserted in the blanks of such provisions.

Any provisions of the Final Terms modifying, supplementing or replacing, in whole or in part, the provisions of these Terms and Conditions of the Notes shall be deemed to so modify, supplement or replace the provisions of these Terms and Conditions of the Notes.

Alternative or optional provisions of these Terms and Conditions of the Notes as to which the corresponding provisions of the Final Terms are not completed or are deleted shall be deemed to be deleted from these Terms and Conditions of the Notes.

All provisions of these Terms and Conditions of the Notes which are inapplicable to the Notes (including instructions, explanatory notes and text set out in square brackets) shall be deemed to be deleted from these Terms and Conditions of the Notes, as required to give effect to the terms of the Final Terms.

Copies of the Final Terms may be obtained free of charge at the specified office of the Fiscal Agent and at the specified office of any Paying Agent provided that, in the case of Notes which are not listed on any stock exchange, copies of the relevant Final Terms will only be available to holders of such Notes.]

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PART I - BASIC TERMS

TERMS AND CONDITIONS OF NOTES IN BEARER FORM

§ 1 CURRENCY, DENOMINATION, FORM, TITLE CERTAIN DEFINITIONS

(1) Currency, Denomination. This tranche [insert tranche number] of Notes (the "Notes") which itself or, together with one or more other tranches, shall comprise a "Series" of OMV Aktiengesellschaft is being issued in [insert specified currency] (the "Specified Currency") in the aggregate principal amount [in the case the Global Note is in an NGN insert: (subject to § 1(6))] of [insert aggregate principal amount] (in words: [insert aggregate principal amount in words]) in denominations of [insert Specified Denominations] (the "Specified Denominations").

(2) Form. The Notes are being issued in bearer form.

[In the case of Notes which are exclusively represented by a Permanent Global Note insert:

(3) Permanent Global Note.

(a) The Notes are represented by a permanent global note (the "Permanent Global Note" or "Global Note") without coupons. The Permanent Global Note shall be signed manually or in facsimile by two authorised signatories of the Issuer and shall be authenticated by or on behalf of the Fiscal Agent. Definitive Notes and interest coupons will not be issued.]

[In the case of Notes which are initially represented by a Temporary Global Note insert:

(3) Temporary Global Note - Exchange

(a) The Notes are initially represented by a temporary global note (the "Temporary Global Note") without coupons. The Temporary Global Note will be exchangeable for Notes in Specified Denominations represented by a permanent global note (the "Permanent Global Note") without coupons. The Temporary Global Note and the Permanent Global Note (each a "Global Note") shall each be signed manually or in facsimile by two authorised signatories of the Issuer and shall each be authenticated by or on behalf of the Fiscal Agent. Definitive Notes and interest coupons will not be issued.

(b) The Temporary Global Note shall be exchanged for the Permanent Global Note on a date (the "Exchange Date") not later than 180 days after the date of issue of the Temporary Global Note. The Exchange Date shall not be earlier than 40 days after the date of issue of the Temporary Global Note. Such exchange shall only be made upon delivery of certifications to the effect that the beneficial owner or owners of the Notes represented by the Temporary Global Note is not a U.S. person (other than certain financial institutions or certain persons holding Notes through such financial institutions). Payment of interest on Notes represented by a Temporary Global Note will be made only after delivery of such certifications. A separate certification shall be required in respect of each such payment of interest. Any such certification received on or after the 40th day after the date of issue of the Temporary Global Note will be treated as a request to exchange such Temporary Global Note pursuant to subparagraph (b) of this § 1 (3). Any securities delivered in exchange for the Temporary Global Note shall be delivered only outside of the United States (as defined in § 4 (3)).]

(4) Clearing System. [The] [Each] [Temporary] Global Note [(if it will not be exchanged) and/or Permanent Global Note] will be kept in custody by or on behalf of a Clearing System until all obligations of the Issuer under the Notes have been satisfied. "Clearing System" means [if more than one Clearing System insert: each of] the following: [Clearstream Banking AG, Frankfurt am Main ("CBF")] [Clearstream Banking, société anonyme, Luxembourg ("CBL")] [Euroclear Bank SA/NV ("Euroclear")] [CBL and Euroclear each an "ICSD" and together the "ICSDs"] [Oesterreichische Kontrollbank Aktiengesellschaft ("OeKB")] [,] [and]

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[specify other Clearing System] or any successor in respect of the functions performed by [if more than one Clearing System insert: each of the Clearing Systems] [if one Clearing System insert: the Clearing System].

[In the case of Notes kept in custody on behalf of the ICSDs insert:

[In the case the Global Note is a NGN insert:

The Notes are issued in new global note ("NGN") form and are kept in custody by a common safekeeper on behalf of both ICSDs.]

[In the case the Global Note is a CGN insert:

The Notes are issued in classical global note ("CGN") form and are kept in custody by a common depositary on behalf of both ICSDs.]

(5) Noteholders. "Noteholder" means any holder of a proportionate co-ownership or other beneficial interest or right in the Notes.

[In the case of the Global Note is an NGN insert:

[(6) Records of the ICSDs. The aggregate principal amount of Notes represented by the Global Note shall be the aggregate amount from time to time entered in the records of both ICSDs. The records of the ICSDs (which expression means the records that each ICSD holds for its customers which reflect the amount of such customer’s interest in the Notes) shall be conclusive evidence of the aggregate principal amount of Notes represented by the Global Note and, for these purposes, a statement issued by an ICSD stating the aggregate principal amount of Notes so represented at any time shall be conclusive evidence of the records of the relevant ICSD at that time.

On any redemption or payment of an instalment or interest being made in respect of, or purchase and cancellation of, any of the Notes represented by the Global Note the Issuer shall procure that details of such redemption, payment or purchase and cancellation (as the case may be) in respect of the Global Note shall be entered pro rata in the records of the ICSDs and, upon any such entry being made, the aggregate principal amount of the Notes recorded in the records of the ICSDs and represented by the Global Note shall be reduced by the aggregate principal amount of the Notes so redeemed or purchased and cancelled or by the aggregate amount of such instalment so paid.]

[In the case the Temporary Global Note is a NGN insert: On an exchange of a portion only of the Notes represented by a Temporary Global Note, the issuer shall procure that details of such exchange shall be entered pro rata in the records of the ICSDs.]]

[(6)][(7)] Title.

(a) A Noteholder will (except as otherwise required by applicable laws or regulatory requirements) be treated as its absolute owner for all purposes (whether or not it is overdue and regardless of any notice of ownership, trust or any interest thereof or therein, any writing thereon, or any theft or loss thereof) and no person shall be liable for so treating such Noteholder.

(b) The transfer of title to Notes is effected by agreement on the transfer among the relevant parties and by delivery or otherwise in accordance with any applicable laws and regulations including the rules of any relevant Clearing System. References herein to "Noteholders" of Notes are to the bearers of such Notes.

[(7)][(8)] Business Day. In these Terms and Conditions, "Business Day" means a day which is a day (other than a Saturday or a Sunday) on which both (i) the Clearing System, and (ii) [if the Specified Currency is Euro insert: [TARGET (as defined below)] [and commercial banks and foreign exchange markets in [insert all relevant financial centres]] [if the Specified Currency is not Euro insert: commercial banks and foreign exchange markets in [insert all relevant financial centres]] settle payments.

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["TARGET" means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system 2 or any successor system thereto.]

§ 2 STATUS, NEGATIVE PLEDGE

(1) Status. The obligations under the Notes constitute direct, unconditional and unsecured obligations of the Issuer which will at all times rank pari passu among themselves and at least pari passu with all other present and future unsecured obligations of the Issuer, save for such obligations as may be preferred by provisions of law that are both mandatory and of general application.

(2) Negative Pledge. So long as any Note remains outstanding, the Issuer shall not, and the Issuer shall procure that its Material Subsidiaries shall not create, or have outstanding, any mortgage, charge, lien, pledge or other security interest, upon the whole or any part of its present or future assets to secure any Relevant Indebtedness, or any guarantee or indemnity in respect of any Relevant Indebtedness without at the same time, or prior thereto, securing such Notes equally and rateably therewith.

"Material Subsidiary" means any Subsidiary:

(a) whose net income for the year (consolidated in the case of a Subsidiary preparing consolidated financial statements and non-consolidated in the case of a Subsidiary preparing non-consolidated financial statements) or whose total assets (consolidated in the case of a Subsidiary preparing consolidated financial statements and non consolidated in the case of a Subsidiary preparing non- consolidated financial statements) represent not less than 10 per cent. of the consolidated net income for the year, or, as the case may be, the consolidated total assets of the Issuer and its Subsidiaries taken as a whole, all as calculated respectively by reference to the latest financial statements (consolidated or, as the case may be, unconsolidated) of the Subsidiary and the then latest audited consolidated financial statements of the Issuer; provided that in the case of a Subsidiary acquired after the end of the financial period to which the then latest audited consolidated financial statements of the Issuer relate for the purposes of applying each of the foregoing tests, the reference to the Issuer′s latest audited consolidated financial statements shall be deemed to be a reference to such financial statements as if such Subsidiary had been shown in such financial statements by reference to its then latest relevant financial statements, adjusted as deemed appropriate by the auditors for the time being of the Issuer after consultation with the Issuer; or

(b) to which is transferred all or substantially all of the business, undertaking and assets of another Subsidiary which immediately prior to such transfer is a Material Subsidiary, whereupon (i) in the case of a transfer by a Material Subsidiary, the transferor Material Subsidiary shall immediately cease to be a Material Subsidiary and (ii) the transferee Subsidiary shall immediately become a Material Subsidiary, provided that on or after the date on which the relevant financial statements for the financial period current at the date of such transfer are published, whether such transferor Subsidiary or such transferee Subsidiary is or is not a Material Subsidiary shall be determined pursuant to the provisions of sub-paragraph (a) above.

A report by two duly authorised persons of the Issuer that in their opinion (making such adjustments (if any) as they shall deem appropriate) a Subsidiary is or is not or was or was not at any particular time or during any particular period a Material Subsidiary shall, in the absence of manifest error, be conclusive and binding on the Issuer and the Noteholders.

"Relevant Indebtedness" means any indebtedness which is in the form of, or represented or evidenced by, bonds, notes, debentures, loan stock or other securities which for the time being are, or are intended to be or capable of being, quoted, listed or dealt in or traded on any stock exchange or over-the-counter or other securities market.

"Subsidiary" means any entity whose financial statements at any time are required by law or in accordance with generally accepted accounting principles to be fully consolidated with those of the Issuer.

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"outstanding" means, in relation to the Notes, all the Notes issued except (a) those which have been redeemed in accordance with these Terms and Conditions, (b) those in respect of which the date for redemption has occurred and the redemption moneys (including all interest accrued on such Notes to the date for such redemption and any interest payable under these Terms and Conditions after such date) have been duly paid to the Fiscal Agent and remain available for payment against presentation and surrender of Notes, (c) those in respect of which claims have become void, (d) those which have been purchased and cancelled as provided in these Terms and Conditions, (e) those mutilated or defaced Notes which have been surrendered in exchange for replacement Notes, (f) (for the purpose only of determining how many Notes are outstanding and without prejudice to their status for any other purpose) those Notes alleged to have been lost, stolen or destroyed and in respect of which replacement Notes have been issued, and (g) the Temporary Global Note to the extent that it shall have been exchanged for the Permanent Global Note pursuant to its provisions and the Permanent Global Note to the extent that it shall have been exchanged for definitive Notes pursuant to its provisions.]

§ 3 [INTEREST]INDEXATION]

[(A) In the case of Fixed Rate Notes insert:

(1) Rate of Interest and Interest Payment Dates. The Notes shall bear interest on their principal amount [in case of Notes other than step-up or step-down Notes insert: at the rate of [insert Rate of Interest] per cent. per annum from (and including) [insert Interest Commencement Date] (the "Interest Commencement Date") to (but excluding) the Maturity Date (as defined in § 5 (1)). [in case of step- up or step-down Notes insert: at the rates and for the periods set out below:

Periods / relating Interest Rates] [insert]]

Interest shall be payable in arrears on [insert Fixed Interest Date or Dates] in each year (each such date, an "Interest Payment Date"), subject to adjustment in accordance with § 4 (5). The first payment of interest shall, subject to adjustment in accordance with § 4 (5), be made on [insert First Interest Payment Date] [if First Interest Payment Date is not first anniversary of Interest Commencement Date insert: and will amount to [insert Initial Broken Amount per first Specified Denomination] per Note in a denomination of [insert first Specified Denomination] and [insert further Initial Broken Amount(s) per further Specified Denominations] per Note in a denomination of [insert further Specified Denominations]]. [If the Maturity Date is not a Fixed Interest Date insert: Interest in respect of the period from [insert Fixed Interest Date preceding the Maturity Date] (inclusive) to the Maturity Date (exclusive) will amount to [insert Final Broken Amount per first Specified Denomination] per Note in a denomination of [insert first Specified Denomination] and [insert further Final Broken Amount(s) per further Specified Denominations] per note in a denomination of [insert further Specified Denominations]. [If Actual/Actual (ICMA) insert: The number of interest determination dates per calendar year (each a "Determination Date" is [insert number of regular interest payment dates per calendar year]].

(2) Accrual of Interest. The Notes shall cease to bear interest from the day preceding their due date for redemption. If the Issuer shall fail to redeem the Notes when due, interest shall continue to accrue on the outstanding principal amount of the Notes beyond the due date until the day preceding the day of actual redemption of the Notes. This does not affect any additional rights that might be available to the Noteholders.

(3) Calculation of Interest for Partial Periods. If interest is required to be calculated for a period of less than a full year, such interest shall be calculated on the basis of the Day Count Fraction (as defined below).]

[(B) In the case of Floating Rate Notes insert:

(1) Interest Payment Dates.

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(a) The Notes bear interest on their principal amount from [insert Interest Commencement Date] (inclusive) (the "Interest Commencement Date") to the first Interest Payment Date (exclusive) and thereafter from each Interest Payment Date (inclusive) to the next following Interest Payment Date (exclusive). Interest on the Notes shall be payable on each Interest Payment Date.

(b) "Interest Payment Date" means, subject to adjustment in accordance with § 4 (5),

[(i) in the case of Specified Interest Payment Dates insert: each [insert Specified Interest Payment Dates].]

[(ii) in the case of Specified Interest Periods insert: each date which (except as otherwise provided in these Terms and Conditions of the Notes) falls [insert number] [weeks] [months] [insert other specified periods] after the preceding Interest Payment Date or, in the case of the first Interest Payment Date, after the Interest Commencement Date.]

(2) Rate of Interest. [In the case of Screen Rate Determination insert:

[(i)] [in the case of Floating Rate Notes other than Constant Maturity Swap ("CMS") floating rate Notes insert: The rate of interest (the "Rate of Interest") for each Interest Period (as defined below) will, except as provided below, be either:

(a) the [insert relevant term]-[EURIBOR] [LIBOR] offered quotation (expressed as a percentage rate per annum) for deposits in the Specified Currency (if there is only one quotation on the Screen Page (as defined below)); or

(b) the arithmetic mean (rounded if necessary to the nearest one [if the Reference Rate is EURIBOR insert: thousandth of a percentage point, with 0.0005] [if the Reference Rate is not EURIBOR insert: hundred-thousandth of a percentage point, with 0.000005] being rounded upwards) of the offered quotations, (expressed as a percentage rate per annum) for deposits in the Specified Currency for that Interest Period which appears or appear, as the case may be, on the Screen Page as at 11.00 a.m. ([Brussels] [London] time) on the Interest Determination Date (as defined below) [in the case of Margin insert: [plus] [minus] the Margin (as defined below)], all as determined by the Calculation Agent.]

[(ii)] [in the case of CMS floating rate Notes insert: The rate of interest (the "Rate of Interest") for each Interest Period (as defined below) will be, except as provided below, the [include relevant number of years] year swap rate (the middle swap rate against the 6 month-EURIBOR, expressed as a percentage rate per annum) (the "[include relevant number of years] - Year Swap Rate") which appears on the Screen Page as at 11:00 a.m. ([Frankfurt am Main] [insert other relevant location] time) on the Interest Determination Date (as defined below) [in the case of Factor insert: multiplied by [insert factor]], [in the case of Margin insert: [plus] [minus] the Margin (as defined below)] all as determined by the Calculation Agent.]

"Interest Period" means each period from (and including) the Interest Commencement Date to (but excluding) the first Interest Payment Date and from (and including) each Interest Payment Date to (but excluding) the following Interest Payment Date.

"Interest Determination Date" means the [second] [insert other applicable number of days] [TARGET] [London] [insert other relevant reference] Business Day prior to the commencement of the relevant Interest Period. [In case of a TARGET Business Day insert: "TARGET Business Day" means a day on which TARGET (as defined below) is operating.] [In case of a non-TARGET Business Day insert: "[London] [insert other relevant location] Business Day" means a day which is a day (other than a Saturday or Sunday) on which commercial banks are open for business (including dealings in foreign exchange and foreign currency) in [London] [insert other relevant location].]

["TARGET" means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system 2 or any successor system thereto.]

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[In the case of Margin insert: "Margin" means [insert relevant number] per cent. per annum.]

"Screen Page" means [insert relevant Screen Page].

If, in the case of (b) above, five or more such offered quotations are available on the Screen Page, the highest (or, if there is more than one such highest rate, only one of such rates) and the lowest (or, if there is more than one such lowest rate, only one of such rates) shall be disregarded by the Calculation Agent for the purposes of determining the arithmetic mean (rounded as provided above) of such offered quotations and this rule shall apply throughout this subparagraph (2).

[in the case of Floating Rate Notes other than CMS Floating Rate Notes insert:

If the Screen Page is not available or if, in the case of (a) above, no such quotation appears or, in the case of (b) above, fewer than three such offered quotations appear, in each case as at such time, the Calculation Agent shall request the principal [Euro-zone] [London] [insert other relevant location] office of each of the Reference Banks (as defined below) to provide the Calculation Agent with its offered quotation (expressed as a percentage rate per annum) for deposits in the Specified Currency for the relevant Interest Period to leading banks in the [London] [insert other relevant location] interbank market [of the Euro-zone] at approximately 11.00 a.m. ([Brussels] [London] time) on the Interest Determination Date. If two or more of the Reference Banks provide the Calculation Agent with such offered quotations, the Rate of Interest for such Interest Period shall be the arithmetic mean (rounded if necessary to the nearest one [if the Reference Rate is EURIBOR insert: thousandth of a percentage point, with 0.0005] [if the Reference Rate is not EURIBOR insert: hundred-thousandth of a percentage point, with 0.000005] being rounded upwards) of such offered quotations [in the case of Margin insert: [plus] [minus] the Margin], all as determined by the Calculation Agent.

If on any Interest Determination Date only one or none of the Reference Banks provides the Calculation Agent with such offered quotations as provided in the preceding paragraph, the Rate of Interest for the relevant Interest Period shall be the rate per annum which the Calculation Agent determines as being the arithmetic mean (rounded if necessary to the nearest one [if the Reference Rate is EURIBOR insert: thousandth of a percentage point, with 0.0005] [if the Reference Rate is not EURIBOR insert: hundred-thousandth of a percentage point, with 0.000005] being rounded upwards) of the rates, as communicated to (and at the request of) the Calculation Agent by the Reference Banks or any two or more of them, at which such banks were offered, as at 11.00 a.m. ([Brussels] [London] time) on the relevant Interest Determination Date, deposits in the Specified Currency for the relevant Interest Period by leading banks in the [London] [insert the relevant location] interbank market [of the Euro-zone] [in the case of Margin insert: [plus] [minus] the Margin] or, if fewer than two of the Reference Banks provide the Calculation Agent with such offered rates, the offered rate for deposits in the Specified Currency for the relevant Interest Period, or the arithmetic mean (rounded as provided above) of the offered rates for deposits in the Specified Currency for the relevant Interest Period, at which, on the relevant Interest Determination Date, any one or more banks (which bank or banks is or are in the opinion of the Calculation Agent and the Issuer suitable for such purpose) inform(s) the Calculation Agent it is or they are quoting to leading banks in the [London] [insert the relevant location] interbank market [of the Euro-zone] (or, as the case may be, the quotations of such bank or banks to the Calculation Agent) [in the case of Margin insert: [plus] [minus] the Margin]. If the Rate of Interest cannot be determined in accordance with the foregoing provisions of this paragraph, the Rate of Interest shall be the offered quotation or the arithmetic mean of the offered quotations on the Screen Page, as described above, on the last day preceding the Interest Determination Date on which such quotations were offered [in the case of Margin insert: [plus] [minus] the Margin (though substituting, where a different Margin is to be applied to the relevant Interest Period from that which applied to the last preceding Interest Period, the Margin relating to the relevant Interest Period in place of the Margin relating to that last preceding Interest Period)].

As used herein, "Reference Banks" means [if no other Reference Banks are specified in the Final Terms, insert:, in the case of (a) above, those offices of four of such banks whose offered rates were used to determine such quotation when such quotation last appeared on the Screen Page and, in the case of (b) above, those banks whose offered quotations last appeared on the Screen Page when no fewer than three such offered quotations appeared] [if other Reference Banks are specified in the Final Terms, insert names here].

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[in the case of CMS Floating Rate Notes insert:

If at such time the Screen Page is not available or if no [include relevant number of years] year swap rate appears, the Calculation Agent shall request each of the Reference Banks (as defined below) to provide the Calculation Agent with its [include relevant number of years]-Year Swap Rates to leading banks in the interbank swapmarket in the Euro-Zone at approximately 11.00 a.m. [(Frankfurt am Main [insert other relevant location] time)] on the Interest Determination Date. If two or more of the Reference Banks provide the Calculation Agent with such [include relevant number of years]-Year Swap Rates, the Rate of Interest for such Interest Period shall be the arithmetic mean (rounded up or down if necessary to the nearest one thousandth of a percentage point, with 0.0005 being rounded upwards) of such [include relevant number of years]-Year Swap Rate [in the case of Factor insert: multiplied with [insert factor] [in the case of Margin insert: [plus][minus] the Margin], all as determined by the Calculation Agent.

If on any Interest Determination Date only one or none of the Reference Banks provides the Calculation Agent with such [include relevant number of years] Year Swap Rates as provided in the preceding paragraph, the Rate of Interest for the relevant Interest Period shall be the rate per annum which the Calculation Agent determines as being the arithmetic mean (rounded up or down if necessary to the nearest one thousandth of a percentage point, with 0.0005 being rounded upwards) of the [include relevant number of years] Year Swap Rates, as communicated to (and at the request of) the Calculation Agent by the Reference Banks or any two or more of them, at which such banks were offered, as at 11.00 a.m. [(Frankfurt am Main [insert other relevant location] time)] on the relevant Interest Determination Date by leading banks in the interbank swap market in the Euro-Zone [in case of Factor insert: multiplied with [insert factor][in case of Margin insert: [plus][minus] the Margin] or, if fewer than two of the Reference Banks provide the Calculation Agent with such [include relevant number of years] Year Swap Rates, the [include relevant number of years] year swap rate, or the arithmetic mean (rounded as provided above) of the [include relevant number of years] Year Swap Rate, at which, on the relevant Interest Determination Date, any one or more banks (which bank or banks is or are in the opinion of the Calculation Agent and the Issuer suitable for such purpose) inform(s) the Calculation Agent it is or they are quoting to leading banks in the interbank swap market in the Euro-Zone (or, as the case may be, the quotations of such bank or banks to the Calculation Agent) [in the case of Factor insert: multiplied with [insert factor] [in the case of Margin insert: [plus][minus] the Margin]. If the Rate of Interest cannot be determined in accordance with the foregoing provisions of this paragraph, the Rate of Interest shall be the [include relevant number of years] year swap rate or the arithmetic mean of the [include relevant number of years] Year Swap Rates on the Screen Page, as described above, on the last day preceding the Interest Determination Date on which such [include relevant number of years] Year Swap Rates were offered [in the case of Factor insert: multiplied with [insert factor] [in the case of Margin insert: [plus][minus] the Margin].

As used herein, "Reference Banks" means, those offices of at least four of such banks in the swap market whose [include relevant number of years] Year Swap Rates were used to determine such [include relevant number of years] Year Swap Rates when such [include relevant number of years] Year Swap Rate last appeared on the Screen Page.

[In case of the Interbank market in the Euro-Zone insert: "Euro-Zone" means the region comprised of those member states of the European Union that adopted, or will adopt from time to time, the single currency introduced at the start of the third stage of the European economic and monetary union, and as defined in Article 2 of Council Regulation (EC) No. 974/98 of 3 May 1998 on the introduction of the euro.]]

[If Reference Rate is other than EURIBOR, LIBOR or CMS, insert relevant details in lieu of the provisions of this paragraph (2)]

[If ISDA Determination applies insert the relevant provisions and attach the 2000 ISDA Definitions or the 2006 ISDA Definitions, as applicable, published by the International Swaps and Derivatives Association]

[If other method of determination applies, insert herein and in the relevant Final Terms relevant details in lieu of the provisions of this paragraph (2)]

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[If Minimum and/or Maximum Rate of Interest applies insert:

(3) [Minimum] [and] [Maximum] Rate of Interest.

[If Minimum Rate of Interest applies insert: If the Rate of Interest in respect of any Interest Period determined in accordance with the above provisions is less than [insert Minimum Rate of Interest], the Rate of Interest for such Interest Period shall be [insert Minimum Rate of Interest].]

[If Maximum Rate of Interest applies insert: If the Rate of Interest in respect of any Interest Period determined in accordance with the above provisions is greater than [insert Maximum Rate of Interest], the Rate of Interest for such Interest Period shall be [insert Maximum Rate of Interest].]

[(4)] Interest Amount. The Calculation Agent will, on or as soon as practicable after each date at which the Rate of Interest is to be determined, calculate the amount of interest (the "Interest Amount") payable on the Notes in respect of each Specified Denomination for the relevant Interest Period. Each Interest Amount shall be calculated by applying the Rate of Interest and the Day Count Fraction (as defined below) to each Specified Denomination and rounding the resulting figure [if the Specified Currency is Euro insert: to the nearest Euro 0.01, Euro 0.005 being rounded upwards.] [if the Specified Currency is not Euro insert: to the nearest minimum unit of the Specified Currency, with 0.5 of such unit being rounded upwards].

[(5)] Notification of Rate of Interest and Interest Amount. The Calculation Agent will cause the Rate of Interest, each Interest Amount for each Interest Period, each Interest Period and the relevant Interest Payment Date to be notified to the Issuer and to the Noteholders in accordance with § 12 as soon as possible after their determination, but in no event later than the fourth [if Calculation Agent is required to maintain a Specific Office in a Required Location insert: Business Day which is a Business Day at the place of the Specified Office of the Calculation Agent] [if Calculation Agent is not required to maintain a Specific Office in a Required Location insert: [TARGET-] [London] Business Day] thereafter and, if required by the rules of any stock exchange on which the Notes are from time to time listed, to such stock exchange, as soon as possible after their determination, but in no event later than the first day of the relevant Interest Period. Each Interest Amount and Interest Payment Date so notified may subsequently be amended (or appropriate alternative arrangements made by way of adjustment) without notice in the event of an extension or shortening of the Interest Period. Any such amendment will be promptly notified to any stock exchange on which the Notes are then listed and to the Noteholders in accordance with § 12.

[(6)] Determinations Binding. All certificates, communications, opinions, determinations, calculations, quotations and decisions given, expressed, made or obtained for the purposes of the provisions of this § 3 by the Calculation Agent shall (in the absence of manifest error) be binding on the Issuer, the Fiscal Agent, the Paying Agents and the Noteholders.

[(7)] Accrual of Interest. The Notes shall cease to bear interest from the day preceding their due date for redemption. If the Issuer shall fail to redeem the Notes when due, interest shall continue to accrue on the outstanding principal amount of the Notes beyond the due date until the day preceding the day of actual redemption of the Notes. The applicable Rate of Interest will be determined in accordance with this § 3. This does not affect any additional rights that might be available to the Noteholders.]

[(C) In the case of other structures of Notes with variable interest, insert relevant provisions here.]

[(D) In the case of Zero Coupon Notes insert:

(1) No Periodic Payments of Interest. There will not be any periodic payments of interest on the Notes.

(2) Accrual of Interest. If the Issuer shall fail to redeem the Notes when due, interest shall accrue on the outstanding principal amount of the Notes as from the due date to the date of actual redemption at the rate of [insert Amortisation Yield] per annum.]

[(D) In the case of Dual Currency Notes, Index Linked Notes, Instalment Notes, or other types of Notes set forth applicable provisions herein.]

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[([insert number of paragraph)] Day Count Fraction. "Day Count Fraction" means, in respect of the calculation of an amount of interest on any Note for any period of time (the "Calculation Period"):]

[in the case of Actual/Actual (ICMA) insert:

1. in the case of Notes where the number of days in the relevant period from (and including) the most recent Interest Payment Date (or, if none, the Interest Commencement Date) to (but excluding) the relevant payment date (the "Accrual Period") is equal to or shorter than the Determination Period during which the Accrual Period ends, the number of days in such Accrual Period divided by the product of (1) the number of days in such Determination Period and (2) the number of Determination Dates (as specified in § 3 (1)) that would occur in one calendar year; or

2. in the case of Notes where the Accrual Period is longer than the Determination Period during which the Accrual Period ends, the sum of:

- the number of days in such Accrual Period falling in the Determination Period in which the Accrual Period begins divided by the product of (x) the number of days in such Determination Period and (y) the number of Determination Dates (as specified in § 3 (1)) that would occur in one calendar year; and

- the number of days in such Accrual Period falling in the next Determination Period divided by the product of (x) the number of days in such Determination Period and (y) the number of Determination Dates (as specified in § 3 (1)) that would occur in one calendar year.

"Determination Period" means the period from (and including) an Interest Payment Date or, if none, the Interest Commencement Date to, but excluding, the next or first Interest Payment Date.]

[in the case of Fixed Rate Notes and if 30/360 insert: the number of days in the period from and including the most recent Interest Payment Date (or, if none, the Interest Commencement Date) to but excluding the relevant payment date (such number of days being calculated on the basis of 12 30-day months) divided by 360.]

[in the case of Actual/Actual (Actual/365) insert: the actual number of days in the Calculation Period divided by 365 (or, if any calculation portion of that period falls in a leap year, the sum of (A) the actual number of days in that portion of the Calculation Period falling in a leap year divided by 366 and (B) the actual number of days in that portion of the Calculation Period not falling in a leap year divided by 365).]

[in the case of Actual/Actual 365 (Fixed) insert: the actual number of days in the Calculation Period divided by 365.]

[in the case of Actual/360 insert: the actual number of days in the Calculation Period divided by 360.]

[in the case of 30/360, 360/360 or Bond Basis insert: the number of days in the Calculation Period divided by 360, the number of days to be calculated on the basis of a year of 360 days with 12 30-day months (unless (A) the last day of the Calculation Period is the 31st day of a month but the first day of the Calculation Period is a day other than the 30th or 31st day of a month, in which case the month that includes that last day shall not be considered to be shortened to a 30-day month, or (B) the last day of the Calculation Period is the last day of the month of February in which case the month of February shall not be considered to be lengthened to a 30-day month).]

[in the case of 30E/360 or Eurobond Basis insert: the number of days in the Calculation Period divided by 360 (the number of days to be calculated on the basis of a year of 360 days with 12 30-day months, without regard to the date of the first day or last day of the Calculation Period unless, in the case of the final Calculation Period, the Maturity Date is the last day of the month of February, in which case the month of February shall not be considered to be lengthened to a 30-day month).]

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§ 4 PAYMENTS

(1)[(a)] Payment of Principal. Payment of principal in respect of Notes shall be made, subject to paragraph (2) below, to the Clearing System or to its order for credit to the accounts of the relevant accountholders of the Clearing System upon presentation and (except in the case of partial payment) surrender of the Global Note representing the Notes at the time of payment at the specified office of the Fiscal Agent outside the United States.

[In the case of Notes other than Zero Coupon Notes insert:

(b) Payment of Interest. Payment of interest on Notes shall be made, subject to subparagraph (2), to the Clearing System or to its order for credit to the relevant accountholders of the Clearing System.

[In the case of interest payable on a Temporary Global Note insert: Payment of interest on Notes represented by the Temporary Global Note shall be made, subject to paragraph (2), to the Clearing System or to its order for credit to the relevant accountholders of the Clearing System, upon due certification as provided in § 1 (3) (b).]]

(2) Manner of Payment. Subject to applicable fiscal and other laws and regulations, payments of amounts due in respect of the Notes shall be made in the freely negotiable and convertible currency which on the respective due date is the currency of the country of the Specified Currency [in the case of Dual Currency Notes insert: or the currency of another country the currency of which was specified for payments under the Notes.].

(3) United States. For purposes of [in the case of TEFRA D Notes insert: § 1 (3) and] paragraph (1) of this § 4, "United States" means the United States of America (including the States thereof and the District of Columbia) and its territories (including Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and Northern Mariana Islands) and possessions and other areas subject to its jurisdiction.

(4) Discharge. The Issuer shall be discharged by payment to, or to the order of, the Clearing System.

(5) Payment Business Day. If the date for payment of any amount in respect of any Note is not a Payment Business Day then:

[in the case of Modified Following Business Day Convention insert: the Noteholder shall not be entitled to payment until the next day which is a Payment Business Day unless it would thereby fall into the next calendar month, in which event the payment date shall be the immediately preceding Business Day.]

[in the case of FRN Convention insert: the Noteholder shall not be entitled to payment until the next Payment Business Day unless it would thereby fall into the next calendar month, in which event (i) the payment date shall be the immediately preceding Business Day and (ii) each subsequent Interest Payment Date shall be the last Business Day in the month which falls [[insert number] [months] [insert other specified periods] after the preceding applicable payment date.]

[in the case of Following Business Day Convention insert: the Noteholder shall not be entitled to payment until the next day which is a Payment Business Day.]

[in the case of Preceding Business Day Convention insert: the Noteholder shall be entitled to payment on the immediately preceding Payment Business Day.]

The Noteholder shall not be entitled to further interest or other payment in respect of such delay.

For these purposes, "Payment Business Day" means a day which is a day (other than a Saturday or a Sunday) on which both (i) the Clearing System, and (ii) [if the Specified Currency is not Euro insert: commercial banks and foreign exchange markets in [insert all relevant financial centres]] [if the Specified Currency is

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Euro insert: [TARGET (as defined below)] [and commercial banks and foreign exchange markets in [insert all relevant financial centres]]] settle payments.

["TARGET" means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system 2 or any successor system thereto.]

(6) References to Principal and Interest. References in these Terms and Conditions of the Notes to principal in respect of the Notes shall be deemed to include, as applicable: the Final Redemption Amount of the Notes; the Early Redemption Amount of the Notes; [if redeemable at the option of the Issuer for other than Reasons for Taxation insert: the Call Redemption Amount of the Notes; [if redeemable at the option of the Noteholder insert: the Put Redemption Amount of the Notes;] [in the case of Zero Coupon Notes insert: the Amortised Face Amount of the Notes;] [in the case of Instalment Notes insert: the Instalment Amount(s) of the Notes;] and any premium and any other amounts which may be payable under or in respect of the Notes. References in these Terms and Conditions of the Notes to interest in respect of the Notes shall be deemed to include, as applicable, any Additional Amounts which may be payable under § 7.

§ 5 REDEMPTION

(1) Redemption at Maturity.

[In the case of Notes other than Instalment Notes insert:

Unless previously redeemed in whole or in part or purchased and cancelled, the Notes shall be redeemed [in the case of Notes other than Index Linked Notes and Currency Linked Notes insert: at their Final Redemption Amount on [in the case of a specified Maturity Date insert such Maturity Date] [in the case of a Redemption Month and Year insert: the Interest Payment Date falling in [insert Redemption Month and Year]] (the "Maturity Date").] [in the case of Index Linked Notes and Currency Linked Notes insert: pursuant to § 5(b).] The Final Redemption Amount in respect of each Note shall be [if the Notes are redeemed at their principal amount insert: its principal amount] [[otherwise insert Final Redemption Amount per denomination].] per specified [insert specified denomination].]

[In the case of Instalment Notes insert:

Unless previously redeemed in whole or in part or purchased and cancelled, the Notes shall be redeemed on the Instalment Date(s) and in the Instalment Amount(s) set forth below:

Instalment Date(s)/Instalment Amounts (per Specified Denomination)

[insert]]

(2) Early Redemption for Reasons of Taxation. If as a result of any change in, or amendment to, the 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, or any change in, or amendment to, an official interpretation or application of such laws or regulations, which amendment or change is effective on or after the date on which the last tranche of this Series of Notes was issued, the Issuer is required to pay Additional Amounts pursuant to § 7 (1) [in the case of Notes other than Zero Coupon Notes insert: on the next succeeding Interest Payment Date (as defined in § 3 (1))] [in the case of Zero Coupon Notes insert: at maturity or upon the sale or exchange of any Note], the Notes may be redeemed, in whole but not in part, at the option of the Issuer, upon not less than 30 days’ prior notice of redemption given to the Fiscal Agent and, in accordance with § 12, to the Noteholders, at their Early Redemption Amount (as defined below) together with interest, if any, accrued to the date fixed for redemption.

Any such notice shall be given in accordance with § 12. It shall be irrevocable, must specify the date fixed for redemption and must set forth a statement in summary form of the facts constituting the basis for the right of the Issuer so to redeem.

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[If Notes are subject to Early Redemption at the Option of the Issuer insert:

[(3)] Early Redemption at the Option of the Issuer.

(a) The Issuer may, not less than 15 Business Days before the giving of a notice to the Paying Agent and upon notice given in accordance with clause (b), redeem [all] [or] [some] of the Notes on the Call Redemption Date[s] at the Call Redemption Amount[s] set forth below together with accrued interest, if any, to (but excluding) the relevant Call Redemption Date. [If Minimum Redemption Amount or Higher Redemption Amount applies insert: Any such redemption must be of a principal amount equal to [at least [insert [Minimum Redemption Amount] [Higher Redemption Amount].]

Call Redemption Date[s]/ Call Redemption Amount[s]

[insert]

[If Notes are subject to Early Redemption at the Option of the Noteholder insert: The Issuer may not exercise such option in respect of any Note which is the subject of the prior exercise by the Noteholder thereof of its option to require the redemption of such Note under subparagraph [(4)] of this § 5.]

(b) Notice of redemption shall be given by the Issuer to the Noteholders in accordance with § 12. Such notice shall specify:

(i) the Tranche or Series, as the case may be, of Notes subject to redemption;

(ii) whether such Tranche or Series, as the case may be, is to be redeemed in whole or in part only and, if in part only, the aggregate principal amount of the Notes which are to be redeemed;

(iii) the Call Redemption Date, which shall be not less than [insert Minimum Notice to Noteholders] nor more than [insert Maximum Notice to Noteholders] days after the date on which notice is given by the Issuer to the Noteholders; and

(iv) the Call Redemption Amount at which such Notes are to be redeemed.

(c) In the case of a partial redemption of Notes, Notes to be redeemed shall be selected in accordance with the rules of the relevant Clearing System [in case of an issue of Notes in NGN form insert:] and such redemption shall be reflected in the records of CBL and/or Euroclear as either a pool factor or a reduction in nominal amount, at the discretion of CBL and Euroclear].

[If the Notes are subject to Early Redemption at the Option of a Noteholder insert:

[(4)] Early Redemption at the Option of a Noteholder.

(a) The Issuer shall, at the option of a Noteholder, redeem such Note on the Put Redemption Date[s] at the Put Redemption Amount[s] set forth below together with accrued interest, if any, to (but excluding) the Put Redemption Date.

Put Redemption Date[s]/ Put Redemption Amount[s]

[insert]

The Noteholder may not exercise the option for Early Redemption in respect of any Note which is the subject of the prior exercise by the Issuer of its option to redeem such Note under this § 5.

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(b) In order to exercise the option for Early Redemption, the Noteholder must, not less than [insert Minimum Notice to Issuer] nor more than [insert Maximum Notice to Issuer] days before the Put Redemption Date on which such redemption is required to be made as specified in the Put Notice (as defined below), submit during normal business hours at the specified office of the Fiscal Agent a duly completed early redemption notice ("Put Notice") in the form available from the specified office of the Fiscal Agent. No option so exercised may be revoked or withdrawn. If these Notes are held through Euroclear or CBL, to exercise the right to require redemption of these Notes the Noteholder must, within the notice period, give notice to the Fiscal Agent of such exercise in accordance with the standard procedures of Euroclear and CBL (which may include notice being given on his instruction by Euroclear or CBL or any common depositary for them to the Fiscal Agent by electronic means) in a form acceptable to Euroclear and CBL from time to time.]

[If the Notes are subject to Early Redemption as a result of a Change of Control Event insert:

[(5)] Early Redemption for Reasons of a Change of Control Event.

(a) In the event that a Change of Control Event (as defined below) occurs:

(i) any Noteholder may, by submitting a redemption notice (the "Early Redemption Notice"), demand from the Issuer redemption as of the Effective Date (as defined under subparagraph (a)(ii)(B) below) of any or all of its Notes which are or were not otherwise declared due for early redemption, at their principal amount plus interest accrued until (but excluding) the Effective Date. Each Early Redemption Notice must be received by the Fiscal Agent no less than 30 days prior to the Effective Date; and

(ii) the Issuer will (A) immediately after becoming aware of the Change of Control Event, publish this fact by way of a notice pursuant to § 12, and (B) determine and publish pursuant to § 12 the effective date for the purposes of Early Redemption Notice (the "Effective Date"). The Effective Date must be a Business Day not less than 60 and not more than 90 days after publication of the notice regarding the Change of Control Event pursuant to subparagraph (a)(ii)(A).

(b) Any Early Redemption Notice shall be made in writing in German or English and shall be delivered by hand or by registered mail to the Fiscal Agent at its specified office. The Early Redemption Notice must be accompanied by evidence showing that the relevant Noteholder is the holder of the relevant Note at the time the Early Redemption Notice is delivered. Such evidence may be provided in the form of a certificate issued by the Custodian (as defined in § 13 [(4)]) or in any other suitable manner. Early Redemption Notices shall be irrevocable.

(c) A "Change of Control Event" occurs if:

(i) (1) the Issuer receives information from the relevant shareholder (A) on the obtaining of a controlling holding in it pursuant to § 22b of the Austrian Takeover Act (Übernahmegesetz) and/or (B) on the obtaining of a controlling holding in it pursuant to § 22(1) of the Austrian Takeover Act (Übernahmegesetz) or (2) an Austrian court or an Austrian administrative authority takes a final and binding decision on the obtaining of a controlling holding in the Issuer pursuant to § 22(1) or § 22b of the Austrian Takeover Act (Übernahmegesetz) or (3) a voluntary tender offer for the obtaining of control pursuant to § 25a of the Austrian Take Over Act (Übernahmegesetz) has been completed successfully or (4) if the Issuer sells or transfers all or substantially all of its asset to any Person or Persons, other than to one or more wholly-owned Subsidiaries of the Issuer (each such event being a "Change of Control"; changes in the syndicate of the core shareholders (e.g. changes in the shareholding, accession of third persons) shall not constitute Change of Control, as long as the core shareholders Österreichische Industrieholding AG and International Petroleum Investment Company, jointly or severally, hold more than 30 per cent. of the share capital of the Issuer); and

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(ii) on the date (the "Relevant Announcement Date") that is the earlier of (1) the date of the first public announcement of the relevant Change of Control and (2) the date of the earliest Relevant Potential Change of Control Announcement (if any), the Notes:

(A) carry an investment grade credit rating (Baa3/BBB-, or equivalent, or better) from any Rating Agency, and such rating is, within the Change of Control Period, either downgraded to a non-investment grade credit rating (Ba1/BB+, or equivalent, or worse) (a "Non- Investment Grade Rating") or withdrawn and is not within the Change of Control Period reinstated to an investment grade credit rating by such Rating Agency; or

(B) carry a Non-Investment Grade Rating from any Rating Agency and such rating is, within the Change of Control Period, either downgraded by one or more rating categories (by way of example, Ba1 to Ba2 being one rating category) or withdrawn and is not within the Change of Control Period reinstated to at least the same credit rating applied to the Notes immediately prior to such downgrading by such Rating Agency; or

(C) carry no rating from any Rating Agency and the Issuer is unable to obtain such a rating of at least investment grade by the end of the Change of Control Period; and

(iii) in making any decision to downgrade or withdraw a credit rating pursuant to paragraphs (ii)(A) and (ii)(B) above, the relevant Rating Agency announces publicly or confirms in writing that such decision(s) resulted, in whole or in part, from the occurrence of the Change of Control or the Relevant Potential Change of Control Announcement.

(iv) If the rating designations employed by any of Moody’s, Standard & Poor’s or Fitch are changed from those which are described in subparagraph (ii) above, or if a rating is procured from a Substitute Rating Agency, the Issuer shall determine the rating designations of Moody’s, Standard & Poor’s or Fitch or such Substitute Rating Agency (as appropriate) as are most equivalent to the prior rating designations of Moody’s, Standard & Poor’s or Fitch.

(d) "Change of Control Period" means the period commencing on the Relevant Announcement Date and ending 90 days after the Change of Control (or such longer period for which the Notes are under consideration (such consideration having been announced publicly within the period ending 90 days after the Change of Control) for rating review or, as the case may be, rating by a Rating Agency, such period not to exceed 60 days after the public announcement of such consideration).

(e) "Control" means the right to give directions to the management of a Subsidiary and to take decisions on matters of principle (including, but not limited to, the right to appoint the executive management board (or an equivalent body) and/or the supervisory board, if applicable) of such Subsidiary, whether by way of voting rights, rights arising out of the respective articles of association and/or shareholders’ agreement(s), contract or general law or for any other reason.

(f) "Person" means any individual, company, corporation, firm, partnership, joint venture, undertaking, association, organisation, trust, state or agency of a state, in each case whether or not being a separate entity.

(g) "Rating Agency" means Moody’s Investors Service, Inc. ("Moody’s"), Standard & Poor′s Rating Services, a division of The McGraw-Hill Companies Inc. ("Standard & Poor′s") or Fitch Ratings Ltd. ("Fitch") or any of their respective successors or any other rating agency of comparable international standing (a "Substitute Rating Agency") substituted for any of them by the Issuer from time to time.

(h) "Relevant Potential Change of Control Announcement" means any public announcement or statement by the Issuer, any actual or potential bidder or any adviser acting on behalf of any actual or potential bidder relating to any potential Change of Control where within 180 days following the date of such announcement or statement, a Change of Control occurs.

(i) "Subsidiary" means a company over which the Issuer exercises Control, whether directly or indirectly.

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[If the Notes are linked to an underlying insert if applicable:

[(6)] Early Redemption following the occurrence of a Change in Law, Hedging Disruption and/or Increased Cost of Hedging [insert further events]. The Issuer may redeem the Notes at any time prior to the Maturity Date following the occurrence of a Change in Law and/or a Hedging Disruption and/or an Increased Cost of Hedging [insert further events]. The Issuer will redeem the Notes in whole (but not in part) on the [second] [insert other number] [days] [Business Day] after the notice of early redemption in accordance with § 12 has been published and provided that such date does not fall later than [two] [insert other number] [days’] [Business Days’] prior to the Maturity Date (the "Early Redemption Date") and will pay or cause to be paid the Early Redemption Amount in respect of such Notes to the relevant Noteholders for value of such Early Redemption Date, subject to any applicable fiscal or other laws or regulations and subject to and in accordance with these Terms and Conditions and the applicable Final Terms. Payments of any applicable taxes and redemption expenses will be made by the relevant Noteholder and the Issuer shall not have any liability in respect thereof.

Whereby:

"Change in Law" means that, on or after the Issue Date of the Notes (A) due to the adoption of or any change in any applicable law or regulation (including, without limitation, any tax law), or (B) due to the promulgation of or any change in the interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law or regulation (including any action taken by a taxing authority), the Issuer determines in good faith that (i) it has become illegal to hold, acquire or dispose of the [securities underlying the Index] [underlying securities relating to the Notes] [specify others], or (ii) it will incur a materially increased cost in performing its obligations under the Notes (including, without limitation, due to any increase in tax liability, decrease in tax benefit or other adverse effect on its tax position);

"Hedging Disruption" means that the Issuer is unable, after using commercially reasonable efforts, to (A) acquire, establish, re-establish, substitute, maintain, unwind or dispose of any transaction(s) or asset(s) it deems necessary to hedge price risks of issuing and performing its obligations with respect to the Notes, or (B) realise, recover or remit the proceeds of any such transaction(s) or asset(s); and

"Increased Cost of Hedging" means that the Issuer would incur a materially increased (as compared with circumstances existing on the Issue Date) amount of tax, duty, expense or fee (other than brokerage commissions) to (A) acquire, establish, re-establish, substitute, maintain, unwind or dispose of any transaction(s) or asset(s) it deems necessary to hedge the equity price risk of issuing and performing its obligations with respect to the Notes, or (B) realise, recover or remit the proceeds of any such transaction(s) or asset(s), provided that any such materially increased amount that is incurred solely due to the deterioration of the creditworthiness of the Issuer shall not be deemed an Increased Cost of Hedging.

[insert further events/definitions]

[In the case of Notes other than Zero Coupon Notes insert:

[(7)] Early Redemption Amount.

For purposes of paragraph (2) of this § 5 and § 9, the Early Redemption Amount of a Note shall be its Final Redemption Amount.]

[In the case of Zero Coupon Notes insert:

(a) The Amortised Face Amount of a Note shall be an amount equal to the sum of:

(i) [insert Reference Price] (the "Reference Price") and

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(ii) the product of [insert Amortisation Yield] (compounded annually) and the Reference Price from (and including) [insert Issue Date] to (but excluding) the date fixed for redemption or (as the case may be) the date upon which the Notes become due and payable.

Where such calculation is to be made for a period which is not a whole number of years, the calculation in respect of the period of less than a full year (the "Calculation Period") shall be made on the basis of the Day Count Fraction (as defined in § 3).

(b) If the Issuer fails to pay the Early Redemption Amount when due, the Amortised Face Amount of a Note shall be calculated as provided herein, except that references in subparagraph (a) (ii) above to the date fixed for redemption or the date on which such Note becomes due and repayable shall refer to the earlier of (i) the date on which upon due presentation and surrender of the relevant Note (if required), payment is made, and (ii) the fourteenth day after notice has been given by the Fiscal Agent in accordance with § 12 that the funds required for redemption have been provided to the Fiscal Agent.]

[In the case of Index Linked Notes insert:

§ 5a DEFINITIONS

["Basket" means, in respect of an Index Basket Transaction, a basket composed of [insert Indices] [each Index specified in the Final Terms] in the relative proportions [of [specify proportion of each Index] [specified in the Final Terms]]].

"Disrupted Day" means [in the case of a single exchange index or indices: any Scheduled Trading Day on which a relevant Exchange or any Related Exchange fails to open for trading during its regular trading session or on which a Market Disruption Event has occurred.] [in the case of a multi exchange index or indices: any Scheduled Trading Day on which (i) the Index Sponsor fails to publish the level of the Index or (ii) the Related Exchange fails to open for trading during its regular trading session or (iii) on which a Market Disruption Event has occurred.] [in the case of a single exchange index or indices and a multi exchange index or indices insert a combination of the afore-mentioned definitions]

["Early Closure" means [in the case of a single exchange index or indices: the closure on any Exchange Business Day of the relevant Exchange or any Related Exchange(s) prior to its Scheduled Closing Time unless such earlier closing time is announced by such Exchange(s) or Related Exchange(s) at least one hour prior to the earlier of (i) the actual closing time for the regular trading session on such Exchange(s) or Related Exchange(s) on such Exchange Business Day and (ii) the submission deadline for orders to be entered into the Exchange or Related Exchange system for execution at the Valuation Time on such Exchange Business Day.] [in the case of a multi exchange index or indices: the closure on any Exchange Business Day of the Exchange in respect of any Index Component or the Related Exchange prior to its Scheduled Closing Time, unless such earlier closing is announced by such Exchange or Related Exchange (as the case may be) at least one hour prior to the earlier of: (i) the actual closing time for the regular trading session on such Exchange or Related Exchange (as the case may be) on such Exchange Business Day and (ii) the submission deadline for orders to be entered in the Exchange or Related Exchange system for execution at the relevant Valuation Time on such Exchange Business Day.] [in the case of a single exchange index or indices and a multi exchange index or indices insert a combination of the afore- mentioned definitions]]

"Exchange" means [in the case of a single exchange index or indices: each exchange or quotation system specified as such for the Index any successor to such exchange or quotation system or any substitute exchange or quotation system to which trading in the shares underlying the Index has temporarily relocated (provided that the Determination Agent has determined that there is comparable liquidity relative to the [share[s]] [insert other underlying[s]] underlying the Index on such temporary substitute exchange or quotation system as on the original Exchange).] [in the case of a multi exchange index or indices: in respect of each Index Component the principal exchange or principal quotation system on which such Index Component is principally traded, as determined by the Determination Agent.] [in the case of a single

88 exchange index or indices and a multi exchange index or indices insert a combination of the afore- mentioned definitions]

"Exchange Business Day" means [in the case of a single exchange index or indices: any Scheduled Trading Day on which each Exchange and Related Exchange are open for trading during their respective regular trading sessions, notwithstanding any such Exchange or Related Exchange closing prior to its Scheduled Closing Time.] [in the case of a multi exchange index or indices: any Scheduled Trading Day on which (i) the Index Sponsor publishes the level of the Index and (ii) the Related Exchange is open for trading during its regular trading session, notwithstanding such Related Exchange closing prior to its Scheduled Closing Time.] [in the case of a single exchange index or indices and a multi exchange index or indices insert a combination of the afore-mentioned definitions]

["Exchange Disruption" means [in the case of a single exchange index or indices: any event (other than an Early Closure) that disrupts or impairs (as determined by the Determination Agent) the ability of market participants in general (i) to effect transactions in, or obtain market values for securities on any relevant Exchange relating to securities that comprise 20 per cent. or more of the level of the Index, or (ii) to effect transactions in, or obtain market values for, futures or options contracts relating to the Index on any relevant Related Exchange.] [in the case of a multi exchange index or indices: any event (other than an Early Closure) that disrupts or impairs (as determined by the Determination Agent) the ability of market participants in general to effect transactions in, or obtain market values for (i) any Index Component on the Exchange in respect of such Index Component or (ii) futures or options contracts relating to the Index on any Related Exchange.] [in the case of a single exchange index or indices and a multi exchange index or indices insert a combination of the afore-mentioned definitions]]

["Extraordinary Event" means an Index Adjustment Event.]

"Index" means [insert Index or Indices].

"Index Adjustment Event" means an Index Modification, Index Cancellation or Index Disruption, all as defined in §5c(2) below.

["Index Basket Level" means an amount calculated by the Determination Agent by multiplying the Index Level for each Index contained in the Basket with the proportion (expressed as a percentage rate) specified for such Index [in the relevant Final Terms].

["Index Basket Transaction" means [this issue of Notes] [an issue of Notes specified as such in the relevant Final Terms].]

"Index Business Day" means any day that is (or, but for the occurrence of a Market Disruption Event, would have been) a trading day on each Exchange and each Related Exchange, other than a day on which trading on any such Exchange or Related Exchange is scheduled to close prior to its regular weekday closing time.

"Index Component" means those securities, assets or reference values of which the Index is comprised from time to time.

"Index Level" means the level of the Index as determined by the Determination Agent at the relevant Valuation Time on [each Index Valuation Date] [insert date and/or period] by reference to the level of the Index published by the Index Sponsor.

"Index Linked Redemption Amount" means [an amount [, which shall never be less than the Protection Amount,] determined by the Determination Agent on the Final Index Valuation Date in accordance with the following formula [specify redemption formula] and which shall always be equal to or greater than zero and, in the event that such amount will be less than zero, shall be deemed to be zero [if so specified in the Final Terms]] [insert other determination method or amount].

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"Index Sponsor" means [insert name of sponsor] which is the corporation or other entity that is responsible for setting and reviewing the rules and procedures and the methods of calculation and adjustments, if any, related to the relevant Index and announces (directly or through an agent) the level of the relevant Index on a regular basis during each Scheduled Trading Day; where reference to the Index Sponsor shall include a reference to the "Successor Index Sponsor" defined in §5c(1) below.

"Index Valuation Date(s)" means [insert Valuation Time and Financial Center] on [insert date] where [insert date] shall be the "Final Index Valuation Date".

["Market Disruption Event" means [in the case of a single exchange index or indices: the occurrence or existence of (i) a Trading Disruption, (ii) an Exchange Disruption, which in either case the Determination Agent determines is material, at any time during the one hour period that ends at the relevant Valuation Time, or (iii) an Early Closure. For the purposes of determining whether a Market Disruption Event in respect of an Index exists at any time, if a Market Disruption Event occurs in respect of a security included in the Index at any time, then the relevant percentage contribution of that security to the level of the Index shall be based on a comparison of (x) the portion of the level of the Index attributable to that security and (y) the overall level of the Index, in each case immediately before the occurrence of such Market Disruption Event.] [in the case of a multi exchange index or indices: the occurrence or existence in respect of any Index Component, of (i) a Trading Disruption, (ii) an Exchange Disruption, which in either case the Determination Agent determines is material, at any time during the one hour period that ends at the relevant determination time in respect of an Exchange on which such Index Component is principally traded, or (iii) an Early Closure and the aggregate of all Index Component in respect of which a Trading Disruption, an Exchange Disruption or an Early Closure occurs or exists comprises 20 per cent. or more of the level of the Index or the occurrence or existence, in respect of futures or options contracts relating to the Index of: (1) a Trading Disruption, (2) an Exchange Disruption, which in either case the Determination Agent determines is material, at any time during the one hour period that ends at the relevant determination time in respect of the Related Exchange or (3) an Early Closure. For the purposes of determining whether a Market Disruption Event exists in respect of the Index at any time, if a Market Disruption event occurs in respect of an Index Component at that time, then the relevant percentage contribution of that Index Component to the level of the Index shall be based on a comparison of (x) the portion of the level of the Index attributable to that Index Component and (y) the overall level of the Index, in each case using the official opening weightings as published by the relevant Index Sponsor as part of the market "opening data".] [in the case of a single exchange index or indices and a multi exchange index or indices insert a combination of the afore-mentioned definitions]]

["Protection Amount" means [ ].]

"Related Exchange(s)" means [insert exchange or quotation system which is specified in the Final Terms] or any successor to such exchange or quotation system or any substitute exchange or quotation system to which trading in futures or options contracts relating to the Index has temporarily relocated (provided that the Determination Agent has determined that there is comparable liquidity relative to the futures or options contracts relating to the Index on such temporary substitute exchange or quotation system as on the original Related Exchange).] [[In cases where the Final Terms specify "All Exchanges" as the Related Exchange insert the following:] each exchange or quotation system (as the Determination Agent may select) where trading has a material effect (as determined by the Determination Agent) on the overall market for futures or options contracts relating to such Index or, in any such case, any transferee or successor exchange of such exchange or quotation system.]

"Scheduled Closing Time" means, in respect of an Exchange or Related Exchange and any day on which each Exchange and each Related Exchange are scheduled to be open for trading for their respective regular trading sessions, the scheduled weekday closing time of such Exchange or Related Exchange on such Scheduled Trading Day, without regard to after hours or any other trading outside of the regular trading session hours.

"Scheduled Trading Day" means [in the case of a single exchange index or indices: any day on which each Exchange and each Related Exchange specified are scheduled to be open for trading for their respective regular trading sessions.] [in the case of a multi exchange index or indices: any day on which

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(i) the Index Sponsor is scheduled to publish the level of the Index and (ii) each Exchange and each Related Exchange are scheduled to be open for trading for their respective regular trading sessions. [in the case of a single exchange index or indices and a multi exchange index or indices insert a combination of the afore-mentioned definitions]

"Trading Disruption" means [in the case of a single exchange index or indices: any suspension of or limitation imposed on trading by the relevant Exchange or Related Exchange or otherwise and whether by reason of movements in price exceeding limits permitted by the relevant Exchange or Related Exchange or otherwise (i) relating to securities that comprise 20 per cent. or more of the level of the Index on any relevant Exchange or (ii) in futures or options contracts relating to the Index on any relevant Related Exchange.] [in the case of a multi exchange index or indices: any suspension of or limitation imposed on trading by the relevant Exchange or Related Exchange or otherwise and whether by reason of movements in price exceeding limits permitted by the relevant Exchange or Related Exchange or otherwise (i) relating to any Index Component on the Exchange in respect of such Index Component or (ii) in futures or options contracts relating to the Index on the Related Exchange.] [in the case of a single exchange index or indices and a multi exchange index or indices insert a combination of the afore-mentioned definitions]

"Valuation Date" means [each] [Index Valuation Date] [specify date].

"Valuation Time" means [[specify time and financial center] on the Valuation Date] [the time on the Valuation Date specified for the valuation of the Index as specified in the relevant Final Terms].

[insert further definitions, if applicable]

§ 5b REDEMPTION[. EXTRAORDINARY EVENTS]

(1) The Notes shall be redeemed on [insert Maturity Date] (the "Maturity Date") at the Index Linked Redemption Amount as determined by the Determination Agent in accordance with the provisions hereof [and the Final Terms] and as notified to the Noteholders in accordance with § 12 by the Determination Agent immediately after being determined.

[[If "Cancellation and Payment" is specified in the Final Terms]

(2) Extraordinary Event. In the event of an Extraordinary Event the Issuer may redeem all, or some only, of the Notes then outstanding at the Early Redemption Amount [or any other amount specified in the Final Terms] together, if appropriate, with interest accrued to (but excluding) the date of redemption upon the Issuer having given not less than [5] [specify] [Business Days’] [days’] notice to the Noteholders in accordance with §12; and not less than [7] [specify] [Business Days’] [days’] before the giving of such notice, notice to the Fiscal Agent [(unless the Fiscal Agents acts as Determination Agent)].

§ 5c SUCCESSOR INDEX, DETERMINATION AGENT ADJUSTMENT, CORRECTION OF AN INDEX, DISRUPTED DAYS

(1) Successor Index. If any Index is not calculated and announced by the Index Sponsor but is calculated and announced by a successor to the Index Sponsor (the "Successor Index Sponsor") acceptable to the Determination Agent or replaced by a successor index using, in the determination of the Determination Agent, the same or a substantially similar formula for, and method of, calculation as used in the calculation, of that Index (the "Successor Index"), then such Index shall be deemed to be the index so calculated and announced by the Successor Index Sponsor or that Successor Index, as the case may be.

(2) Determination Agent Adjustment. If, in the determination of the Determination Agent on or before any Index Valuation Date the Index Sponsor (or if applicable) Successor Index Sponsor makes a

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material change in the formula for, or the method of calculating, an Index or in any other way materially modifies an Index (other than a modification prescribed in that formula or method to maintain that Index in the event of changes in constituent securities and capitalisation and other routine events) (an "Index Modification"); or permanently cancels the Index and no Successor Index exists (an "Index Cancellation") or on any Index Valuation Date the Index Sponsor fails to calculate and publish the Index Level (an "Index Disruption"), then the Determination Agent shall calculate the Index Linked Redemption Amount and/or the relevant Interest Amount using, in lieu of a published level for such Index, the Index Level as at the relevant Index Valuation Date as determined by the Determination Agent in accordance with the formula for and method of calculating such Index last in effect before that change or failure, but using only those Index Components that comprised such Index immediately before that change, failure or cancellation, but using only those Index Components that comprised that Index immediately prior to that Index Adjustment Event. The Determination Agent shall notify the Fiscal Agent and the Noteholders thereof in accordance with § 12.

(3) Correction of an Index. In the event that any price or level published on the Exchange or Related Exchange or by the Index Sponsor and which is utilised for any calculation or determination made in relation to the Notes is subsequently corrected and the correction is published by the Exchange or the Index Sponsor before the Maturity Date, the Determination Agent will determine the amount that is payable or deliverable as a result of that correction, and, to the extent necessary, will adjust the terms of such transaction to account for such correction and will notify the Noteholders accordingly pursuant to § 12.

(4) Disrupted Days. If the Determination Agent in its sole and absolute discretion determines that any Index Valuation Date is a Disrupted Day, then the Index Valuation Date shall be the first succeeding Index Business Day that the Determination Agent determines is not a Disrupted Day, unless the Determination Agent determines that each of the five Index Business Days immediately following the original date is a Disrupted Day. In that case:

(a) that fifth Index Business Day shall be deemed to be the Index Valuation Date, notwithstanding the fact that such day is a Disrupted Day; and

(b) the Determination Agent shall determine the Index Level as of the relevant Index Valuation Date on that fifth Index Business Day in accordance with the formula, for and method of, calculating such Index last in effect prior to the commencement of the Market Disruption Event using the exchange-traded price on the relevant Exchange (or, if trading in the relevant security has been materially suspended or materially limited, its good faith estimate of the exchange-traded price that would have prevailed but for the suspension or limitation as of the relevant Index Valuation Date) on that fifth Index Business Day of each security comprising such Index.

[[If "Determination Agent Adjustment" is specified in the Final Terms]

(5) Extraordinary Event. In the event of an Extraordinary Event the Determination Agent shall make such adjustments to the redemption, settlement, payment or any other terms of the Notes as the Determination Agent determines appropriate to account for the economic effect on the Notes of such Extraordinary Event upon the Determination Agent having given not less than [5] [specify] [Business Days’] [days’] notice to the Noteholders in accordance with §12; and not less than [7] [specify] [Business Days] [days] before the giving of such notice, notice to the Fiscal Agent [(unless the Fiscal Agents acts as Determination Agent)]].]

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[In the case of Currency Linked Notes insert:

§ 5a DEFINITIONS

"Averaging Date" means, [specify date] [the date specified in the applicable Final Terms] or if such day is not a Scheduled Trading Day, the next following Scheduled Trading Day).

"Currency Linked Redemption Amount" means [insert amount specified in the Final Terms] [an amount determined in accordance with the following formula: [insert formula]].

"Currency Valuation Date" means [specify date] [the date specified in the applicable Final Terms] (or, if such date is not an Exchange Business Day the next following Exchange Business Day) unless there is a Disrupted Day in respect of any relevant currency on that day in which event § 5c will apply and provided that such date is at least [two] [insert other number] [Business Days] [days] prior to the Maturity Date (other than where the Notes are redeemed early in which case it will be the second Business Day preceding the Early Redemption Date).

"Disrupted Day" means in respect of a Relevant Currency any Scheduled Trading Day on which a relevant Exchange or any Related Exchange fails to open for trading during its regular trading session or on which a Market Disruption Event has occurred.

"Disruption Redemption Amount" means the Redemption Amount or Early Redemption Amount (as the case may be), calculated by the Determination Agent in its sole discretion following the occurrence of a Disruption Event taking into consideration all available information that it deems relevant less the cost to the Issuer of unwinding any underlying related hedging arrangements.

"Dual Exchange Rate" means with respect to any Exchange Rate, that the Exchange Rate splits into dual or multiple currency exchange rates.

"Exchange Business Day" means, any Scheduled Trading Day on which each Exchange and Related Exchange are open for trading during their respective regular trading sessions, notwithstanding any such Exchange or Related Exchange closing prior to its Scheduled Closing Time.

"Exchange Rate Time" means the time or times on the relevant Trade Date at which the relevant exchange rate will be taken for conversion into the currency in which any Redemption Amount or Early Redemption Amount, as the case may be, in respect of an issue of Notes is to be paid.

"Exchange Rate" means the rate of exchange of the currency of [specify country] [one country] for the currency of [specify country] [another country, as specified in the applicable Final Terms].

"Exchange" means in respect of a Relevant Currency, each exchange or quotation system specified as such hereon for such currency, any successor to such exchange or quotation system or any substitute exchange or quotation system to which trading in such currency has temporarily relocated (provided that the Determination Agent has determined that there is comparable liquidity relative to such currency on such temporary substitute exchange or quotation system as on the original Exchange).

"Governmental Authority" means any de facto or de jure government (or any agency or instrumentality thereof), court, tribunal, administrative or other governmental authority or any other entity (private or public) charged with the regulation of the financial market (including the central bank) of the countries for which the Relevant Currencies are the lawful currencies and where the Relevant Currency is issued.

"Illiquidity Disruption" means in relation to an Exchange Rate the occurrence of an event whereby it becomes impossible to obtain a firm quote of the Settlement Rate for an amount to be determined by the Determination Agent on the Currency Valuation Date (or, if different, the day on which rates for that Currency Valuation Date would, in the ordinary course, be published or announced by the relevant price source).

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"Price Source Disruption", means in relation to an Exchange Rate in respect of a Currency Linked Note, it becomes impossible to obtain the Settlement Rate on the Currency Valuation Date (or, if different, the day on which rates for that Currency Valuation Date would, in the ordinary course, be published or announced by the relevant price source).

"Pricing Date" means [specify date] [the date specified in the applicable Final Terms].

"Rate Calculation Date" means the Currency Valuation Date or the Averaging Date, as appropriate.

"Related Exchange(s)" means [[insert exchange or quotation system which is specified in the Final Terms] or any successor to such exchange or quotation system or any substitute exchange or quotation system to which trading in futures or options contracts relating to such currency has temporarily relocated (provided that the Determination Agent has determined that there is comparable liquidity relative to the futures or options contracts relating to such currency on such temporary substitute exchange or quotation system as on the original Related Exchange).] [In cases where the Final Terms specify "All Exchanges" as the Related Exchange insert the following: each exchange or quotation system (as the Determination Agent may select) where trading has a material effect (as determined by the Determination Agent) on the overall market for futures or options contracts relating to such currency or, in any such case, any transferee or successor exchange of such exchange or quotation system.]

"Relevant Currencies" means [specify currencies] [those currencies specified in the relevant Final Terms] which comprise each Exchange Rate.

"Scheduled Trading Day" means in respect of a Relevant Currency, any day on which each Exchange and each Related Exchange specified hereon are scheduled to be open for trading for their respective regular trading sessions.

"Settlement Rate" means, in relation to an Exchange Rate, for any Currency Valuation Date in respect of a Maturity Date or an Early Redemption Date (as the case may be) the currency exchange rate equal to (i) the Settlement Rate specified or otherwise determined as provide in the related Final Terms or, (ii) if a Settlement Rate or a means of determining a Settlement Rate is not so specified, the Spot Rate for that Currency Valuation Date.

"Spot Rate" means, for any date, [the Exchange Rate(s) determined in accordance with the method specified in the relevant Final Terms] [the exchange rate at the time at which such exchange rate(s) is/are to be determined for foreign exchange transactions in the Relevant Currencies for value on that date as determined by the Determination Agent in its sole discretion.]

"Valuation Date" means [insert date].

[insert further definitions, if applicable]

§ 5b REDEMPTION OF CURRENCY LINKED NOTES

The Notes shall be redeemed on [insert Maturity Date] (the "Maturity Date") at the Currency Linked Redemption Amount as determined by the Determination Agent in accordance with the provisions hereof [and the Final Terms] and as notified to the Noteholders in accordance with § 12 by the Determination Agent immediately after being determined.

§ 5c OFFICIAL SUCCESSOR RATE, DETERMINATION AGENT ADJUSTMENT, CORRECTION, DISRUPTION

(1) Official Successor Rate. If any Exchange Rate ceases to exist and is replaced by a successor currency exchange rate which is reported, sanctioned, recognised, published, announced or adopted

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(or other similar action) by a Governmental Authority (the "Official Successor Rate"), then the Spot Rate for the relevant Rate Calculation Date will be determined by the Determination Agent in its sole discretion.

(2) Determination Agent Adjustment. If in the determination of the Determination Agent, any of the Exchange Rates specified in the applicable Final Terms are published or announced by more than one price source and the price source referred to in such applicable Final Terms fails to publish or announce that Exchange Rate on the Rate Calculation Date (or, if different, the day on which rates for that date would, in the ordinary course, be published or announced by such price source), then the Spot Rate for that Rate Calculation Date will be determined by the Determination Agent in its sole discretion.

(3) Correction of an Exchange Rate. For the purposes of determining the Spot Rate for any Rate Calculation Date in any case where the Spot Rate for a Rate Calculation Date is based on information obtained from [Bloomberg Ticker] [and/or] [the Reuters Monitor Money Rates Service] [and/or] [the Dow Jones Telerate Service], the Spot Rate will be subject to the corrections, if any, to that information subsequently displayed by that source within one hour of the time when such rate is first displayed by such notice.

Notwithstanding the preceding paragraph, in any case where the Spot Rate for a Rate Calculation Date is based on the information published or announced by a Governmental Authority in the relevant country, the Spot Rate will be subject to the correction, if any, to that information subsequently published or announced by that source within the shorter of the period of five days from the Rate Calculation Date and the period expiring on the Business Day prior to the Maturity Date or Early Redemption Date, as the case may be.

(4) Disruption. If the Determination Agent in its sole discretion determines that a Disruption Event (as defined below) has occurred and is continuing on any Currency Valuation Date, then such Currency Valuation Date shall be postponed to the first following Business Day in respect of which there is no such Disruption Event; provided, however, that in no event shall the Currency Valuation Date be later than the eighth Business Day after the Maturity Date or the Early Redemption Date, as the case may be, and, if a Disruption Event in relation to an Exchange Rate is continuing on such eighth Business Day, the Currency Valuation Date shall be such eighth Business Day and the Issuer shall pay in lieu of payment of the Redemption Amount or the Early Redemption Amount on the Maturity Date or Early Redemption Date, as the case may be, the Disruption Redemption Amount (as defined below) on the third Business Day following such eighth Business Day. All determinations made by the Determination Agent pursuant to this Condition will be conclusive and binding on the Noteholders and the Issuer except in the case of manifest error. Notice of the Disruption Redemption Amount, determined in accordance with this Condition, shall only be provided to Noteholders affected by the Disruption Event.

"Disruption Event", in respect of Currency Linked Notes, means the occurrence of any of the following events:

(a) Price Source Disruption;

(b) Illiquidity Disruption;

(c) Dual Exchange Rate; or

(d) any other event that, in the opinion of the Determination Agent, materially affects dealings in the Notes of any Series or affects the ability of the Issuer to meet any of its obligations under the Notes of any Series or under any related hedging transactions.]

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§ 6 FISCAL AGENT [,] [AND] PAYING AGENT[S] [[,] AND CALCULATION AGENT] [AND DETERMINATION AGENT]

(1) Appointment; Specified Offices. The initial Fiscal Agent [,] [and] Paying Agent[s] [[,] and the Calculation Agent] [and the Determination Agent] and their respective initial specified offices are:

Fiscal Agent: Deutsche Bank Aktiengesellschaft Group Technology Operations Große Gallusstraße 10 - 14 60272 Frankfurt am Main Germany

Paying Agent[s]: Deutsche Bank Luxembourg S.A. 2, Boulevard Konrad Adenauer L-1115 Luxembourg Luxembourg

[insert other Paying Agents and specified offices]

[Calculation Agent: Deutsche Bank Aktiengesellschaft Group Technology Operations Große Gallusstraße 10 - 14 60272 Frankfurt am Main Germany]

[Determination Agent: insert name and specified office]

The Fiscal Agent [,] [and] the Paying Agent[s] [[,] and the Calculation Agent] [and the Determination Agent] reserve the right at any time to change their respective specified offices to some other specified office in the same city.

(2) Variation or Termination of Appointment. The Issuer reserves the right to vary or terminate the appointment of the Fiscal Agent or any Paying Agent [or the Calculation Agent] and to appoint another Fiscal Agent or additional or other Paying Agents [or another Calculation Agent] [or another Determination Agent]. The Issuer shall at all times maintain (i) a Fiscal Agent [,] [and] (ii) a Paying Agent with a specified office outside the European Union [,] [and] [[(iii)] a Paying Agent (which may be the Fiscal Agent) with a specified office in a continental European city] [,] [and] [(iv)] a Paying Agent (which may be the Fiscal Agent) with a specified office within the Republic of Austria [in the case of Notes listed on a stock exchange insert: [,] [and] [(v)] so long as the Notes are listed on the [name of Stock Exchange], a Paying Agent (which may be the Fiscal Agent) with a specified office in [location of Stock Exchange] and/or in such other place as may be required by the rules of such stock exchange] [in the case of payments in U.S. dollars insert: [,] [and] [(vi)] if payments at or through the offices of all Paying Agents outside the United States (as defined in § 4 (3) hereof) become illegal or are effectively precluded because of the imposition of exchange controls or similar restrictions on the full payment or receipt of such amounts in United States dollars, a Paying Agent with a specified office in New York City] [if any Calculation Agent is to be appointed insert: [,] [and] [(vii)] a Calculation Agent [if Calculation Agent is required to maintain a Specified Office in a Required Location insert: with a specified office located in [insert Required Location] [and] [(viii)] a Determination Agent [if Determination Agent is required to maintain a Specified Office in a Required Location insert: with a specified office located in [insert Required Location]]. Any variation, termination, appointment or change shall only take effect (other than in the case of insolvency, when it shall be of immediate effect) after not less than 30 nor more than 45 days’ prior notice thereof shall have been given to the Noteholders in accordance with § 12.

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(3) Agents of the Issuer. The Fiscal Agent [,] [and] the Paying Agent[s] [[,] and the Calculation Agent] [and the Determination Agent] act solely as agents of the Issuer and do not have any obligations towards or relationship of agency or trust to any Noteholder.

§ 7 TAXATION

(1) Taxation. All amounts payable (whether in respect of principal, interest or otherwise) in respect of the Notes will be made free and clear of and without withholding at source or deduction at source for or on account of any present or future taxes, fees, duties, assessments or governmental charges of whatever nature which are imposed or levied by or on behalf of the Republic of Austria or any political subdivision thereof or any authority or agency therein or thereof having power to tax ("Withholding Tax") (Quellensteuer), unless Withholding Tax is to be deducted or withheld by law or other regulations and to be paid to the responsible authorities. In such event, the Issuer will pay such additional amounts as may be necessary, subject to paragraph (2) below, in order that the net amounts receivable by the Noteholder after the withholding or deduction of such Withholding Tax shall equal the respective amounts which would have been received by such Noteholder had no such Withholding Tax been required.

(2) No Additional Amounts. However, the Issuer shall not be obliged to pay any additional amounts on account of any such taxes, fees, duties, assessments or governmental charges:

(a) which the Noteholder is subject to for any reason other than the mere fact of being a Noteholder, including if the Noteholder is subject to such taxes, fees, duties, assessments or governmental charges based on a personal unlimited or limited tax liability; or

[(b) the Noteholder would not be subject to, if he had presented, or claimed his rights to the respective Paying Agent pursuant to § 6 arising from his Notes for payment within 30 days from the Relevant Date (as defined below); or]

[(c) ][●] which are deducted or withheld by a Paying Agent in one country from a payment if the payment could have been made by another Paying Agent in another country without such withholding or deduction; or

(d) which are to be paid on payments of principal and interest, if any, by any means other than withholding at source or deduction at source; or

[[(e) ][●] which are only deducted or withheld because the relevant Note is being presented for payment at the counter; or]

[(f) ][●] to which a Noteholder is liable by reason of being a resident of or having some other personal or business connection with the Republic of Austria [and not merely by reason of the fact that payments according to these Terms and Conditions of the Notes are derived, or for the purpose of taxation are deemed to be derived, from sources in the Republic of Austria]; or

[[(g) ][●] which are imposed or withheld by reason of the failure by the Noteholder or the beneficial owner of a Note to comply with any requirement (including the requirement to produce necessary forms and/or other documentation) under a statute, treaty, regulation, or administrative practice of the tax jurisdiction to establish entitlement to exemption from all or part of such tax, fee, duty, assessment, or other governmental charge to the extent such compliance is required as precondition to relief or exemption from such tax, fee, duty, assessment or other governmental charge; or]

[(h) ][●] which are imposed on a payment to an individual and are required to be made pursuant to the EU Savings Directive dated 3 June 2003 concerning the EU-wide exchange of Information and the taxation applicable to interest, or pursuant to any law or provision, implementing or complying with the requirements of such Directive or the conclusions of the ECOFIN Council meeting reached on 13

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December 2001, or pursuant to any law or provision that is introduced in order to conform to such Directive; or

[(i) ][●] any combination of items (a), [(b)], [(c)][●], [(d)][●], [[(e)][●],] [(f)][●], [[(g)][●],] and [(h)][●]; nor shall any additional amounts be paid with respect to any payment on a Note to a Noteholder who is a fiduciary or partnership or who is other than the sole beneficial owner of such payment to the extent such payment would be required by the laws of the Republic of Austria to be included in the income, for tax purposes, of a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner who would not have been entitled to such additional amounts had such beneficiary, settlor, member or beneficial owner been the Noteholder of the Notes.

(3) Relevant Date. As used herein, the "Relevant Date" means the date on which such payment first becomes due, except that, if the full amount of the moneys payable has not been duly received by the relevant Agent on or prior to such due date, it means the date on which, the full amount of such moneys having been so received by the relevant Agent, notice to that effect is duly given to the Noteholders in accordance with § 12.

§ 8 DEPOSIT IN COURT, PRESENTATION PERIOD, PRESCRIPTION PERIOD

(1) Deposit in Court. The Issuer may deposit with the lower court (Amtsgericht) of Frankfurt am Main principal and interest, if any, not claimed by Noteholders within twelve months after having become due, together with a waiver of the right to withdraw such deposit, even if the Noteholders are not in default of acceptance; such deposit will be at the risk and cost of such Noteholders. Upon such deposit, with such waiver of the right to withdraw, all claims of such Noteholders against the Issuer and against third parties which are liable for its obligations shall cease.

(2) Presentation Period. The presentation period provided in § 801 paragraph 1, sentence 1 BGB (German Civil Code) is reduced to ten years.

(3) Prescription Period. The prescription period for Notes presented for payment during the presentation period shall be two years beginning at the end of the relevant presentation period.

§ 9 EVENTS OF DEFAULT

(1) Events of Default. Each Noteholder is entitled to declare due and payable by notice to the Fiscal Agent his entire claims arising from the Notes and demand payment of the Early Redemption Amount, together with accrued interest (if any) to the date of repayment, calculated in accordance with § 5, if

(a) the Issuer, for any reason whatsoever, fails to pay (i) within seven days after the relevant due date principal, or (ii) within 14 days after the relevant due date interest, if any, on the Notes, including additional amounts pursuant to § 7 (1), if any; or

(b) the Issuer, for any reason whatsoever, fails to duly perform any other obligation under these Notes and such failure is incapable of remedy or continues for more than 30 days after receipt of a written notice from a Noteholder by the Fiscal Agent; or

(c) (i) any other present or future indebtedness of the Issuer or any of its Material Subsidiaries (as defined in § 2 (2) for or in respect of moneys borrowed or raised becomes due and payable prior to its stated maturity by reason of any actual or potential default, event of default or the like (howsoever described), or (ii) any such indebtedness is not paid when due or, as the case may be, within any applicable grace period, or (iii) the Issuer or any of its Material Subsidiaries (as defined in § 2 (2) fails to pay when due any amount payable by it under any present or future guarantee for, or indemnity in respect of, any indebtedness for or in respect of moneys borrowed or raised provided that the aggregate amount of the relevant indebtedness, guarantees and indemnities in respect of which one or more of the events mentioned above in this paragraph (c) have occurred equals or exceeds Euro 25,000,000 or its equivalent

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(on the basis of the middle spot rate for the relevant currency against the Euro as quoted by any leading bank on the day on which this paragraph operates); or

(d) a distress, attachment, execution or other legal process is levied, enforced or sued out on or against any part of the property, assets or revenues of the Issuer or any of its Material Subsidiaries (as defined in § 2 (2) and is not discharged or stayed within 30 days; or

(e) any mortgage, charge, pledge, lien or other encumbrance, present or future, created or assumed by the Issuer or any of its Material Subsidiaries (as defined in § 2 (2) becomes enforceable and any step is taken to enforce it (including the taking of possession or the appointment of a receiver, manager or other similar person); or

(f) bankruptcy or insolvency proceedings (or similar proceedings) are commenced by a court in the relevant place of jurisdiction against the Issuer or any of its Material Subsidiaries (as defined in § 2 (2) which shall not have been reversed or stayed within 60 days or the Issuer or the relevant Material Subsidiary (as defined in § 2 (2) itself institutes such proceedings, or offers or makes an arrangement for the benefit of creditors generally; or

(g) the Issuer or any of its Material Subsidiaries (as defined in § 2 (2), whereby the undertaking and assets of the Material Subsidiary are transferred to or otherwise vested in the Issuer or another of its Subsidiaries (as defined in § 2 (2), is wound up or dissolved or shall take any action for the purpose of liquidation unless such liquidation is to take place in connection with a merger, consolidation or any other form of combination with another company and such company in the case of the Issuer assumes all obligations arising from these Terms and Conditions of the Notes; or

(h) the Issuer stops payment completely or ceases to carry on its business; or

(i) it is or will become unlawful for the Issuer to perform or comply with any one or more of its obligations under any of the Notes; or

(j) any event occurs which under the laws of any relevant jurisdiction has an analogous effect to any of the events referred to in any of the foregoing paragraphs.

(2) Notice. Such notice for repayment shall be sent to the Fiscal Agent by registered mail; such notice will become effective upon receipt by the Fiscal Agent. Claims fall due 14 days after receipt of such notice unless, in the case of paragraph (1)(a) or (1)(b), the obligation has been satisfied or performed prior thereto.

§ 10 SUBSTITUTION

(1) Substitution. The Issuer shall be entitled at any time without the consent of the Noteholders to be substituted as Issuer by any other company appointed as Issuer under this Programme (the "New Issuer") in respect of all obligations arising from or in connection with the Notes, if;

(a) the New Issuer assumes all obligations of the Issuer arising from or in connection with the Notes;

(b) the Issuer and the New Issuer have obtained any necessary authorisation from the competent authorities to the effect that the New Issuer may transfer to the relevant Paying Agent in the Specified Currency or other relevant currency without the withholding at source or deduction at source of any taxes, fees, duties, assessments or other governmental charges in the country of its incorporation and, if different where it is treated as resident for tax purposes, all amounts required for the performance of the payment obligations arising from or in connection with the Notes;

(c) the Issuer irrevocably and unconditionally guarantees such obligations of the New Issuer in the same form and with the same content as the Notes have originally been guaranteed by the Issuer.

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(2) Change of References. In the event of such substitution, any reference in these Terms and Conditions of the Notes to the Issuer shall from then on be deemed to refer to the New Issuer and any reference to the country of incorporation of the Issuer shall from then on be deemed to refer to the country of incorporation of the New Issuer and, if different, to the country where it is treated as resident for tax purposes.

(3) Notice. Any substitution effected in accordance with subparagraph 1 of this § 10 shall be binding on the Noteholders and shall be notified to them in accordance with § 12 not less than 15 Business Days before such substitution comes into effect.

§ 11 FURTHER ISSUES, PURCHASES AND CANCELLATION

(1) Further Issues. The Issuer reserves the right from time to time without the consent of the Noteholders to issue additional notes so that the same shall be consolidated, form a single issue (Series) of Notes with and increase the aggregate principal amount of this Tranche of Notes. The Notes of each Tranche shall have identical Terms and Conditions and identical features. The Notes of each Series shall also have identical Terms and Conditions and identical features, except (in the case of more than one Tranche) for the Issue Date, the Interest Commencement Date and the Issue Price. References to "Notes" shall be construed as references to such Tranche or Series.

(2) Purchases and Cancellation. The Issuer and any of its subsidiaries is entitled to purchase Notes in the market or otherwise. Notes purchased or otherwise acquired by the Issuer or any of the subsidiaries may be held or resold or, at the discretion of the Issuer, surrendered to the relevant Paying Agent for cancellation.

§ 12 NOTICES

[In the case of Notes which are listed on a Stock Exchange insert:

[(1)] Publication. All notices concerning the Notes will be published in a leading daily newspaper having general circulation in [Austria] [Germany] [Luxembourg] [London] [specify other location]. This newspaper is expected to be the [Amtsblatt zur Wiener Zeitung] [Börsen-Zeitung] [Luxemburger Wort] [Tageblatt] [Financial Times] [insert other applicable newspaper having general circulation] in the German or English language.] [on the website of the Luxembourg Stock Exchange under "www.bourse.lu"]. [Any notice so given will be deemed to have been validly given on the date of such publication (or, if published more than once, on the date of the first such publication).]]

[if notices may be given by means of electronic publication on the website of the relevant stock exchange insert:

All notices concerning the Notes can also be made by means of electronic publication on the website of the [insert relevant stock exchange] (www.[insert internet address]). Any notice so given will be deemed to have been validly given on the day of such publication (or, if published more than once, on the first day of such publication).]

[(2)] Notification to Clearing System.

[in the case of Notes which are unlisted insert: The Issuer shall deliver all notices concerning the Notes to the Clearing System for communication by the Clearing System to the Noteholders. Any such notice shall be deemed to have been given to the Noteholders on the seventh day after the day on which said notice was given to the Clearing System.]

In the case of Notes which are listed on the Luxembourg Stock Exchange insert: So long as any Notes are listed on the Luxembourg Stock Exchange, subparagraph (1) shall apply. In the case of notices regarding the Rate of Interest or, if the Rules of the Luxembourg Stock Exchange so permit, the Issuer may deliver the relevant notice to the Clearing System for communication by the Clearing System to the Noteholders in lieu of publication in the newspapers set forth in subparagraph (1) above; any such notice shall be deemed to have

100 been given to the Noteholders on the seventh day after the day on which the said notice was given to the Clearing System.]

[In the case of Notes which are listed on a Stock Exchange other than the Luxembourg Stock Exchange insert: The Issuer may, in lieu of publication set forth in subparagraph (1) above, deliver the relevant notice to the Clearing System, for communication by the Clearing System to the Noteholders, provided that the rules of the stock exchange on which Notes are listed permit such form of notice. Any such notice shall be deemed to have been given to the Noteholders on the seventh day after the day on which said notice was given to the Clearing System.]

§ 13 APPLICABLE LAW, PLACE OF JURISDICTION AND ENFORCEMENT

(1) Applicable Law. The form and content of the Notes and the Global Note(s) and all the rights and duties arising therefrom shall be governed exclusively by the laws of the Federal Republic of Germany.

(2) Submission to Jurisdiction. For all litigation arising from legal relations established in these Terms and Conditions of the Notes, the Noteholders are entitled to assert their claims, to the exclusion of all other venues, at their discretion either before the competent courts in the relevant country of incorporation of the Issuer or before the competent courts in Frankfurt am Main, Federal Republic of Germany. It is agreed that such courts shall apply exclusively the laws of the Federal Republic of Germany.

(3) Enforcement. A Noteholder may in any proceedings against the Issuer, or to which such Noteholder and the Issuer are parties, in his own name enforce his rights arising under such Notes on the basis of (i) a statement issued by the Custodian with whom such Noteholder maintains a securities account in respect of Notes (a) stating the full name and address of the Noteholder, (b) specifying the aggregate principal amount of Notes credited to such securities account on the date of such statement and (c) confirming that the Custodian has given written notice to the Clearing System containing the information pursuant to (a) and (b) or (ii) a copy of the Note in global form certified as being a true copy by a duly authorised officer of the Clearing System or a depositary of the Clearing System, without the need for production in such proceedings of the actual records or the global note representing the Notes. For purposes of the foregoing, "Custodian" means any bank or other financial institution of recognised standing authorised to engage in securities custody business with which the Noteholder maintains a securities account in respect of the Notes and includes the Clearing System. Each Noteholder may, without prejudice of the foregoing, protect and enforce his rights under the Notes also in any other way which is permitted in the country in which the proceedings are initiated.

(4) Annulment. The German courts shall have exclusive jurisdiction over the annulment of lost or destroyed Global Notes.

§ 14 PARTIAL INVALIDITY

Should any of the provisions contained in these Terms and Conditions of the Notes be or become invalid or unenforceable, the validity or enforceability of the remaining provisions shall not in any way be affected or impaired thereby. In this case, the invalid or unenforceable provision shall be deemed to be replaced by a provision which to the extent legally possible provides for an interpretation in keeping with the meaning and the economic purpose of these Terms and Conditions of the Notes at the time of the issue of the Notes. Under circumstances in which these Terms and Conditions of the Notes prove to be incomplete, a supplementary interpretation in accordance with the meaning and the purpose of these Terms and Conditions of the Notes under due consideration of the legitimate interests of the parties involved shall be applied.

§ 15 LANGUAGE

[These Terms and Conditions of the Notes are written in the German language. [An English language translation shall be provided. The German text shall be prevailing and binding. The English language translation is provided for convenience only.]]

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[These Terms and Conditions of the Notes are written in the English language. [A German language translation shall be provided. The English text shall be prevailing and binding. The German language translation is provided for convenience only.]]

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PART II - APPENDIX TO THE BASIC TERMS

DEFINITIVE NOTES IN BEARER FORM

If the relevant Final Terms provide for the issue of definitive Notes in bearer form the Terms and Conditions of Notes set out in PART I shall be supplemented, to the extent specified below, subject to all of the relevant Final Terms.

[§ 1 (3) (a) (Currency, Denomination, Form, Title, Certain Definitions - Temporary Global Note - Exchange to be replaced by:

(a) The Notes are initially represented by a temporary global note (the "Temporary Global Note") without coupons. The Temporary Global Note will be exchangeable for [if Temporary Global Note is exchangeable for Definitive Notes only insert: individual Notes in the Specified Denominations in definitive form ("Definitive Notes") [if the Notes are issued with Coupons, Talons and/or Receipts insert: with attached [interest coupons ("Coupons") [and talons ("Talons") for further Coupons] [and] [payment receipts ("Receipts") in respect of the instalments of principal payable]]] [if Temporary Global Note is exchangeable for Definitive Notes and Collective Global Notes insert: if such exchange is acceptable to the relevant Clearing System(s) in part, individual Notes in the Specified Denominations in definitive form ("Definitive Notes") [if the Notes are issued with Coupons, Talons and/or Receipts insert: with attached [interest coupons ("Coupons")] [and talons ("Talons") for further Coupons] [and] [payment receipts ("Receipts") in respect of the instalments of principal payable] and in the other part, one or more collective global Notes (each, a "Collective Global Note") [if the Collective Global Notes are issued with Coupons insert: with attached global interest coupons ("Global Interest Coupons")]. The Temporary Global Note [if Temporary Global Note is exchangeable for Definitive Notes and Collective Global Notes insert: if such exchange is acceptable to the relevant Clearing System(s) and any Collective Global Note [if the Collective Global Notes are issued with Coupons insert: and any Global Interest Coupon]] shall be signed manually by two authorised signatories of the Issuer and the Temporary Global Note [and any Collective Global Note] shall be authenticated by or on behalf of the Fiscal Agent. Definitive Notes [if the Notes are issued with Coupons, Talons and/or Receipts insert: and [Coupons] [and] [,] [Talons] [and Receipts] shall be signed manually or in facsimile by two authorised signatories of the Issuer and the Definitive Notes shall be authenticated by or on behalf of the Fiscal Agent.

[In the case of Notes other than TEFRA D Notes, replace § 1 (3) (b) Currency, Denomination, Form, Title, Certain Definitions - Temporary Global Note - Exchange by:

(b) The Temporary Global Note shall be exchanged for Notes in the form provided in Clause (a) above on a date (the "Exchange Date") not later than 180 days after the date of issue of the Temporary Global Note.]

[In the case of TEFRA D Notes, replace § 1 (3) (b) Currency, Denomination, Form, Title, Certain Definitions - Temporary Global Note - Exchange by:

(b) The Temporary Global Note shall be exchanged for Notes in the form and subject to the conditions provided in Clause (a) above on a date (the "Exchange Date") not later than 180 days after the date of issue of the Temporary Global Note. The Exchange Date shall not be earlier than 40 days after the date of issue of the Temporary Global Note. Such exchange shall only be made upon delivery of certifications to the effect that the beneficial owner or owners of the Notes represented by the Temporary Global Note is not a U.S. person (other than certain financial institutions or certain persons holding Notes through such financial institutions). Payment of interest on Notes represented by a Temporary Global Note will be made only after delivery of such certifications. A separate certification shall be required in respect of each such payment of interest.

Any such certification received on or after the 40th day after the date of issue of the Temporary Global Notes will be treated as a request to exchange such Temporary Global Note pursuant to subparagraph (b) of this

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§ 1 (3). Any securities delivered in exchange for the Temporary Global Note shall be delivered only outside of the United States (as defined in § 4 (3)).]

[§ 1 (4) and (5) Currency, Denomination, Form, Title, Certain Definitions - Clearing System/ Noteholders to be replaced by:

(4) Clearing System. "Clearing System" as used herein means [if more than one Clearing System insert: each of] the following: [Clearstream Banking AG, Frankfurt am Main ("CBF")] [Clearstream Banking, société anonyme, Luxembourg ("CBL")] [Euroclear Bank SA/NV ("Euroclear")] [Oesterreichische Kontrollbank Aktiengesellschaft("OeKB")] [,] [and] [specify other Clearing System] or any successor in respect of the functions performed by [if more than one Clearing System insert: each of the Clearing Systems] [if one Clearing System insert: [Clearing System]].

(5) Noteholders. "Noteholder" as used herein means, in respect of Notes deposited with any Clearing System or other central securities depository, any holder of a proportionate co-ownership or other beneficial interest or right in the Notes so deposited and otherwise in the case of Definitive Notes the bearer of a Definitive Note.

[After § 1 (7) Currency, Denomination, Form, Title, Certain Definitions - Business Day, a new paragraph (8) is to be inserted:

(8) References to Notes. References herein to the "Notes" include (unless the context otherwise requires) references to any global note representing the Notes and any Definitive Notes [if the Notes are issued with Coupons, Talons and/or Receipts insert: and the [Coupons] [,] [and] [Global Interest Coupons] [,] [and] [Talons] [and Receipts] appertaining thereto].]

[In the case of Fixed Rate Notes replace § 3 (2) Interest - Accrual of Interest by:

(2) Accrual of Interest. The Notes shall cease to bear interest from the day preceding the due date for their redemption. If the Issuer shall fail to redeem the Notes when due, interest shall continue to accrue on the outstanding principal amount of the Notes beyond the due date until the day preceding the day of actual redemption of the Notes, but not beyond the fourteenth day after notice has been given by the Fiscal Agent in accordance with § 12 that the funds required for redemption have been provided to the Fiscal Agent. This does not affect any additional rights that might be available to the Noteholders.]

[In the case of Floating Rate Notes replace § 3 [(7)] Interest - Accrual of Interest by:

[(7)] Accrual of Interest. The Notes shall cease to bear interest from their due date for redemption. If the Issuer shall fail to redeem the Notes when due, interest shall continue to accrue on the outstanding principal amount of the Notes beyond the due date until actual redemption of the Notes, but not beyond the fourteenth day after notice has been given by the Fiscal Agent in accordance with § 12 that the funds required for redemption have been provided to the Fiscal Agent. The applicable Rate of Interest will be determined in accordance with this § 3. This does not affect any additional rights that might be available to the Noteholders.]

[In the case of Zero Coupon Notes replace § 3 (2) Interest - Accrual of Interest by:

(2) Accrual of Interest. If the Issuer shall fail to redeem the Notes when due, interest shall accrue on the outstanding principal amount of the Notes as from the due date until the date of actual redemption at the rate of [insert Amortisation Yield] per annum, but not beyond the fourteenth day after notice has been given by the Fiscal Agent in accordance with § 12 that the funds required for redemption have been provided to the Fiscal Agent. This does not affect any additional rights that might be available to the Noteholders.]

[§ 4 (1) [(a)] Payments - Payment of Principal to be replaced by:

(1) [(a)] Payment of Principal. Payment of principal in respect of Notes shall be made, subject to paragraph (2) below, against presentation and (except in the case of partial payment) surrender of the relevant

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Note at the specified office of the Fiscal Agent outside the United States or at the specified office of any other Paying Agent outside the United States.]

[In the case of Instalment Notes insert:

Payment of Instalment Amounts in respect of an Instalment Note with Receipts will be made against presentation of the Note together with the relevant Receipt and surrender of such Receipt and, in the case of the final Instalment Amount, surrender of the Note at the specified office of any Paying Agent outside the United States. Receipts are not documents of title and, if separated from the Note to which they relate, shall not represent any obligation of the Issuer. Accordingly, the presentation of an Instalment Note without the relevant Receipt or the presentation of a Receipt without the Note to which it pertains shall not entitle the Noteholder to any payment in respect of the relevant Instalment Amount.]

[In the case of Notes other than Zero Coupon Notes replace § 4 (1) (b) (PAYMENTS - Payment of Interest) by:

(b) Payment of Interest. Payment of interest on Notes shall be made, subject to subparagraph (2) below, against presentation and surrender of the relevant Coupons or in the case of Notes in respect of which Coupons have not been issued or in the case of interest due otherwise than on a scheduled date for the payment of interest, against presentation of the relevant Notes, at the specified office of the Fiscal Agent outside the United States or at the specified office of any other Paying Agent outside the United States.

[In the case of TEFRA D Notes insert: Payment of interest on Notes represented by a Temporary Global Note shall be made outside the United States, subject to subparagraph (2), to the Clearing System or to its order for credit to the relevant accountholders of the Clearing System, upon due certification as provided in § 1 (3) (b).]]

[In the case of Notes with Coupons, Talons and/or Receipts insert as § 4 (1) (c) (PAYMENTS - Surrender of [Coupons] [,] [and] [Talons] [and Receipts]):

(c) Surrender of [Coupons] [,] [and] [Talons] [and Receipts]. Each Note initially delivered with [Coupons] or [Talons] [or Receipts] attached thereto must be presented and, except in the case of partial payment of the redemption amount, surrendered for final redemption together with all unmatured [Coupons] [,] [and] [Talons] [and Receipts] relating thereto, failing which

[In the case of Fixed Rate Notes insert: the amount of any missing unmatured Coupons (or, in the case of a payment not being made in full, that portion of the amount of such missing Coupon which the redemption amount paid bears to the total redemption amount due) shall be deducted from the amount otherwise payable on such final redemption [,] [and] [.]]

[In the case of Floating Rate Notes insert: all unmatured Coupons relating to such Notes (whether or not surrendered therewith) shall become void and no payment shall be made thereafter in respect of them [,] [and] [.]]

[In the case of Notes initially delivered with Talons insert: all unmatured Talons (whether or not surrendered therewith) shall become void and no payment shall be made thereafter in respect of them [,] [and] [.]]

[In the case of Notes initially delivered with Receipts insert: all Receipts relating to such Notes in respect of payment of an Instalment Amount which (but for such redemption) would have fallen due on a date after such due date for redemption (whether or not surrendered therewith) shall become void and no payment shall be made thereafter in respect to them.]

[In the case of Fixed Rate Notes initially delivered with Coupons insert: If the Notes are issued with a maturity date and an interest rate or rates such that, on the presentation for payment of any such Note without any unmatured Coupons attached thereto or surrendered therewith, the amount required to be deducted in accordance with the foregoing would be greater than the redemption amount otherwise due for payment, then

105 upon the due date for redemption of any such Notes, such unmatured Coupons (whether or not attached) shall become void (and no payment shall be made in respect thereof) as shall be required so that the amount required to be deducted in accordance with the foregoing would not be greater than the redemption amount otherwise due for payment. Where the application of the preceding sentence requires some but not all of the unmatured Coupons relating to a Note to become void, the relevant Paying Agent shall determine which unmatured Coupons are to become void, and shall select for such purpose Coupons maturing on later dates in preference to Coupons maturing on earlier dates.]

[In the case of Notes initially delivered with Talons insert:

On or after the Interest Payment Date on which the final Coupon in any Coupon sheet matures, the Talon comprised in the Coupon sheet may be surrendered at the specified office of any Paying Agent, in exchange for a further Coupon sheet (including any appropriate further Talon). Each Talon shall, for the purpose of these Terms and Conditions of the Notes, be deemed to mature on the Interest Payment Date on which the final Coupon in the relative Coupon sheet matures.]

[§ 4 (2) PAYMENTS - Manner of Payment to be replaced by:

(2) Manner of Payment. Subject to applicable fiscal and other laws and regulations, payments of amounts due in respect of the Notes shall be made in the freely negotiable and convertible currency which on the respective due date is the currency in the country of the Specified Currency.

[In the case of payments in a currency other than Euro, or U.S. dollars insert: by cheque payable in such currency drawn on a bank in the principal financial centre of the country of a Specified Currency or, at the option of the payee, by transfer to an account denominated in such currency maintained by the payee with a bank in such financial centre.]

[In the case of payments in Euro insert: by Euro cheque drawn on, or, at the option of the payee, by transfer to a Euro account maintained by the payee with, a bank in a principal financial centre of a country which has become a participating member state in the European Economic and Monetary Union as contemplated by the treaty on European Union which was signed at Maastricht on 7 February 1992.]

[In the case of payments in U.S. dollars insert: by U.S. dollar cheque drawn on a bank in New York City or, at the option of the payee, by transfer to a U.S. dollar account maintained by the payee at a bank outside the United States.]]

[§ 4 (3) PAYMENTS - United States to be replaced by:

(3) United States. For purposes of [in the case of TEFRA D Notes insert: § 1 (3) and] subparagraph (1) [in the case of payments in U.S. dollars insert: and (2)] of this § 4, "United States" means the United States of America (including the States thereof and the District of Columbia) and its territories (including Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and Northern Mariana Islands) and possessions and other areas subject to its jurisdiction.]

[§4 (4) PAYMENTS - Discharge to be replaced by:

(4) Discharge. In the case of any Notes held through any Clearing System, the Issuer shall be discharged by payment to, or to the order of, the Clearing System.]

[§ 4 (5) PAYMENTS - Payment Business Day to be replaced by:

(5) Payment Business Day. If the date for payment of any amount in respect of any Note is not a Payment Business Day then:

[in the case of Modified Following Business Day Convention insert: the Noteholder shall not be entitled to payment until the next day which is a Payment Business Day unless it would thereby fall into the next calendar month, in which event the payment date shall be the immediately preceding Business Day.]

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[in the case of FRN Convention insert: the Noteholder shall not be entitled to payment until the next Payment Business Day unless it would thereby fall into the next calendar month, in which event (i) the payment date shall be the immediately preceding Business Day and (ii) each subsequent Interest Payment Date shall be the last Business Day in the month which falls [insert number] [months] [insert other specified periods] after the preceding applicable payment date.]

[in the case of Following Business Day Convention insert: the Noteholder shall not be entitled to payment until the next day which is a Payment Business Day.]

[in the case of Preceding Business Day Convention insert: the Noteholder shall be entitled to payment on the immediately preceding Payment Business Day.]

A Noteholder shall not be entitled to further interest or other payment in respect of such delay. For these purposes, "Payment Business Day" means a day which is a day (other than a Saturday or a Sunday) on which (i) commercial banks and foreign exchange markets settle payments in the relevant place of presentation, and both (ii) the Clearing System, and (iii) [if the Specified Currency is not Euro insert: commercial banks and foreign exchange markets in [insert all relevant financial centres]] [if the Specified Currency is Euro insert: [TARGET (as defined below)] [and commercial banks and foreign exchange markets in [insert all relevant financial centres]]] settle payments.]

["TARGET" means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system 2 or any successor system thereto.]

[§ 5 [(8)] (b) (ii) Redemption - Early Redemption at the Option of the Issuer to be replaced by:

(ii) whether such Tranche or Series, as the case may be, is to be redeemed in whole or in part only and, if in part only, the aggregate principal amount of the Notes and the Tranche numbers of the Notes which are to be redeemed;]

[§ 5 [(8)] (c) Redemption - Early Redemption at the Option of the Issuer to be replaced by:

(c) In the case of a partial redemption of Notes, Notes to be redeemed shall be drawn by lot or identified in such other manner as the Fiscal Agent may in its sole discretion deem appropriate and fair.]

[§ 5 [(9)] (b) Redemption - Early Redemption at the Option of a Noteholder to be replaced by:

(b) In order to exercise such option, the Noteholder must, not less than [insert Minimum Notice to Issuer] days and not more than [insert Maximum Notice to Issuer] days before the Put Redemption Date on which such redemption is required to be made as specified in the Put Notice (as defined below), submit during normal business hours at the specified office of the Fiscal Agent or any other Paying Agent a duly completed early redemption notice ("Put Notice") in the form available from a specified office of the Fiscal Agent or any of the other Paying Agents and deposit the relevant Note at such office with the Put Notice. No option so exercised or Note so deposited may be revoked or withdrawn. If these Notes are held through Euroclear or CBL to exercise the right to require redemption of these Notes the Noteholder must, within the notice period, give notice to the Fiscal Agent of such exercise in accordance with the standard procedures of Euroclear and CBL (which may include notice being given on his instruction by Euroclear or CBL or any common depositary for them to the Fiscal Agent by electronic means) in a form acceptable to Euroclear and CBL from time to time.]

[Insert after § 6 (2) Fiscal Agent [,] [and] Paying Agent[s] [,] [and Calculation Agent] [and Determination Agent] - Variation or Termination of Appointment:

The Issuer shall maintain a Paying Agent in a Member State of the European Union that is not obliged to withhold or deduct tax pursuant to European Council Directive 2003/48/EC or any other Directive implementing the conclusions of the ECOFIN Council meeting of 26-27 November 2000 on the taxation of

107 savings income or any law implementing or complying with, or introduced in order to conform to, such Directive].

[In § 7 Taxation insert subparagraph [(i)][●], replace the old subparagraph [(i)][●] and insert new subparagraph [(j)][●]:

[(i)][●] would not be payable if the Notes had been kept safe in custody with, and the payments had been collected by, a banking institution; or

[(j)][●] any combination of items (a), [(b)], [(c)][●], [(d)][●], [[(e)][●],] [(f)][●], [[(g)][●],] [(h)][●] [(i)][●] and [(j)][●];]

[§ 8 Deposit in Court, Presentation Period, Prescription Period to be replaced by:

§ 8 PRESENTATION PERIOD, REPLACEMENT OF NOTES [If the Notes are issued with Coupons insert: AND COUPONS]

The presentation period provided in § 801 paragraph 1, sentence 1 BGB (German Civil Code) is reduced to ten years for the Notes. [If the Notes are issued with Coupons insert: The presentation period for the Coupons shall, in accordance with § 801 paragraph 2 BGB (German Civil Code), be four years, beginning with the end of the calendar year in which the relevant Coupon falls due.] Should any Note [If the Notes are issued with Coupons insert: or Coupon] be lost, stolen, mutilated, defaced or destroyed, it may be replaced at the specified office of the Fiscal Agent, subject to the relevant stock exchange requirements and all applicable laws, upon payment by the claimant of such costs and expenses as may be incurred in connection therewith and on such terms as to evidence, security and indemnity and otherwise as the Issuer may reasonably require. Mutilated or defaced Notes [If the Notes are issued with Coupons insert: or Coupons] must be surrendered before replacement will be issued.

[If the Notes are issued with Coupons add an additional § 11 (3) Further Issues, Purchases and Cancellation - Cancellation as follows:

(3) Cancellation. All Notes redeemed in full shall be cancelled forthwith together with all unmatured Coupons surrendered therewith or attached thereto and may not be reissued or resold.]

[§ 12 (2) Notices - Notification to Clearing System to be deleted]

[§ 13 (1) Applicable Law, Place of Performance, Place of Jurisdiction and Enforcement - Enforcement to be replaced by:

(4) Enforcement. A Noteholder of Notes held through a Clearing System may in any proceedings against the Issuer, or to which such Noteholder and the Issuer are parties, protect and enforce in his own name his rights arising under such Notes on the basis of (i) a statement issued by the Custodian with whom such Noteholder maintains a securities account in respect of the Notes (a) stating the full name and address of the Noteholder, (b) specifying the aggregate principal amount of Notes credited to such securities account on the date of such statement and (c) confirming that the Custodian has given written notice to the Clearing System containing the information pursuant to (a) and (b) or (ii) a copy of the Note in global or definitive form certified as being a true copy by a duly authorised officer of the Clearing System or a depository of the Clearing System, without the need for production in such proceedings of the actual records or the Temporary Global Note or Definitive Note. For purposes of the foregoing, "Custodian" means any bank or other financial institution of recognised standing authorised to engage in securities custody business with which the Noteholder maintains a securities account in respect of the Notes and includes the Clearing System. Each Noteholder may, without prejudice of the forgoing, protect and enforce his rights under the Notes also in any other way which is permitted in the country in which the proceedings are initiated.]

[§ 13 [(1)] Applicable Law, Place of Performance, Place of Jurisdiction and Enforcement - Annulment to be replaced by:

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(5) Annulment. The German courts shall have exclusive jurisdiction over the annulment of lost or destroyed Notes [If the Notes are issued with Coupons insert: or Coupons].

[§ 15 Language to be supplemented by:

[The English language translation will not be printed on the Definitive Notes.]

[The German language translation will not be printed on the Definitive Notes.]]

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TERMS AND CONDITIONS OF THE NOTES (GERMAN LANGUAGE VERSION)

Die Emissionsbedingungen (die "Emissionsbedingungen") der Schuldverschreibungen sind nachfolgend in zwei Teile gegliedert:

TEIL I enthält als Grundbedingungen (die "Grundbedingungen") Emissionsbedingungen für Tranchen bzw. Serien von Schuldverschreibungen, die durch auf den Inhaber lautende Globalurkunden verbrieft sind.

TEIL II enthält einen Zusatz (der "Zusatz") zu Teil I der Grundbedingungen, der diesen ergänzt und Bedingungen für Schuldverschreibungen enthält, die durch auf den Inhaber lautende Einzelurkunden verbrieft sind.

Die Grundbedingungen und der dazugehörige Zusatz bilden zusammen die Emissionsbedingungen.

Diese Tranche bzw. Serie von Schuldverschreibungen wird gemäß einem Agency Agreement vom 25. Juli 2011 (das "Agency Agreement") zwischen u.a. OMV Aktiengesellschaft (die "Emittentin") und Deutsche Bank Aktiengesellschaft als Emissionsstelle (die "Emissionsstelle", wobei dieser Begriff die nach dem Agency Agreement etwa nachfolgenden Emissionsstellen einschließt) und den anderen darin genannten Parteien begeben. Kopien des Agency Agreement können kostenlos bei den bezeichneten Geschäftsstellen einer jeden Zahlstelle sowie am Sitz der Emittentin bezogen werden und in elektronischer Form am Sitz der Emissionsstelle bezogen werden.

[Bei nicht-konsolidierten Bedingungen, wenn die Emissionsbedingungen und die Endgültigen Bedingungen beigefügt werden sollen, einfügen:

Die Bestimmungen dieser Emissionsbedingungen gelten für diese Schuldverschreibungen so, wie sie durch die beigefügten endgültigen Bedingungen (die "Endgültigen Bedingungen") vervollständigt, geändert, ergänzt oder ganz oder teilweise ersetzt werden.

Die Leerstellen in den anwendbaren Bestimmungen dieser Emissionsbedingungen gelten als durch die in den Endgültigen Bedingungen enthaltenen Angaben ausgefüllt, so als ob die Leerstellen in den betreffenden Bestimmungen durch diese Angaben ausgefüllt wären.

Sofern die Endgültigen Bedingungen Änderungen, Ergänzungen oder die (vollständige oder teilweise) Ersetzung bestimmter Emissionsbedingungen vorsehen, gelten die betreffenden Bestimmungen der Emissionsbedingungen als entsprechend geändert, ergänzt oder ersetzt.

Alternative oder wählbare Bestimmungen dieser Emissionsbedingungen, deren Entsprechungen in den Endgültigen Bedingungen nicht ausdrücklich ausgefüllt oder die gestrichen sind, gelten als aus diesen Emissionsbedingungen gestrichen.

Sämtliche auf die Schuldverschreibungen nicht anwendbaren Bestimmungen dieser Emissionsbedingungen (einschließlich der Anweisungen, Anmerkungen und der Texte in eckigen Klammern) gelten als aus diesen Emissionsbedingungen gestrichen, so dass die Bestimmungen der Endgültigen Bedingungen Geltung erhalten.

Kopien der Endgültigen Bedingungen sind kostenlos bei der bezeichneten Geschäftsstelle der Emissionsstelle und bei den bezeichneten Geschäftsstellen einer jeden Zahlstelle erhältlich; bei nicht an einer Börse notierten Schuldverschreibungen sind Kopien der betreffenden Endgültigen Bedingungen allerdings ausschließlich für die Inhaber solcher Schuldverschreibungen erhältlich.]

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TEIL I - GRUNDBEDINGUNGEN

EMISSIONSBEDINGUNGEN FÜR INHABERSCHULDVERSCHREIBUNGEN

§ 1 WÄHRUNG, STÜCKELUNG, FORM, EIGENTUM, DEFINITIONEN

(1) Währung, Stückelung. Diese Tranche [Tranchen-Nummer einfügen] von Schuldverschreibungen (die "Schuldverschreibungen") der OMV Aktiengesellschaft, die für sich oder mit einer oder mehreren Tranchen gemeinsam eine "Serie" bilden kann, wird in [festgelegte Währung einfügen] (die "festgelegte Währung") im Gesamtnennbetrag [falls die Globalurkunde eine NGN ist, einfügen: (vorbehaltlich § 1(6))] von [Gesamtnennbetrag einfügen] (in Worten: [Gesamtnennbetrag in Worten einfügen]) in Stückelungen von [festgelegte Stückelungen einfügen] (die "festgelegten Stückelungen") begeben.

(2) Form. Die Schuldverschreibungen lauten auf den Inhaber.

[Bei Schuldverschreibungen, die durch eine Dauerglobalurkunde verbrieft sind, einfügen:

(3) Dauerglobalurkunde.

(a) Die Schuldverschreibungen sind durch eine Dauerglobalurkunde (die "Dauerglobalurkunde" oder "Globalurkunde") ohne Zinsscheine verbrieft. Die Dauerglobalurkunde trägt die eigenhändigen oder faksimilierten Unterschriften zweier ordnungsgemäß bevollmächtigter Vertreter der Emittentin und ist von der Emissionsstelle oder in deren Namen mit einer Kontrollunterschrift versehen. Einzelurkunden und Zinsscheine werden nicht ausgegeben.]

[Bei Schuldverschreibungen, die anfänglich durch eine vorläufige Globalurkunde verbrieft sind, einfügen:

(3) Vorläufige Globalurkunde - Austausch.

(a) Die Schuldverschreibungen sind anfänglich durch eine vorläufige Globalurkunde (die "Vorläufige Globalurkunde") ohne Zinsscheine verbrieft. Die vorläufige Globalurkunde wird gegen Schuldverschreibungen in den festgelegten Stückelungen, die durch eine Dauerglobalurkunde (die "Dauerglobalurkunde") ohne Zinsscheine verbrieft sind, ausgetauscht. Die vorläufige Globalurkunde und die Dauerglobalurkunde (jeweils eine "Globalurkunde") tragen jeweils die eigenhändigen oder faksimilierten Unterschriften zweier ordnungsgemäß bevollmächtigter Vertreter der Emittentin und sind jeweils von der Emissionsstelle oder in deren Namen mit einer Kontrollunterschrift versehen. Einzelurkunden und Zinsscheine werden nicht ausgegeben.

(b) Die vorläufige Globalurkunde wird an einem Tag (der "Austauschtag") gegen die Dauerglobalurkunde ausgetauscht, der nicht mehr als 180 Tage nach dem Tag der Ausgabe der vorläufigen Globalurkunde liegt. Der Austauschtag für einen solchen Austausch darf nicht weniger als 40 Tage nach dem Tag der Ausgabe der vorläufigen Globalurkunde liegen. Ein solcher Austausch darf nur nach Vorlage von Bescheinigungen erfolgen, wonach der oder die wirtschaftlichen Eigentümer der durch die vorläufige Globalurkunde verbrieften Schuldverschreibungen keine U.S.-Personen sind (ausgenommen bestimmte Finanzinstitute oder bestimmte Personen, die Schuldverschreibungen über solche Finanzinstitute halten). Zinszahlungen auf durch eine vorläufige Globalurkunde verbriefte Schuldverschreibungen erfolgen erst nach Vorlage solcher Bescheinigungen. Eine gesonderte Bescheinigung ist hinsichtlich einer jeden solchen Zinszahlung erforderlich. Jede Bescheinigung, die am oder nach dem 40. Tag nach dem Tag der Ausgabe der vorläufigen Globalurkunde eingeht, wird als ein Ersuchen behandelt werden, diese vorläufige Globalurkunde gemäß Absatz (b) dieses § 1 (3) auszutauschen. Wertpapiere, die im Austausch für die vorläufige Globalurkunde geliefert werden, sind nur außerhalb der Vereinigten Staaten (wie in § 4 (3) definiert) zu liefern.]

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(4) Clearing System. [Die][Jede] [vorläufige] Globalurkunde [(falls diese nicht ausgetauscht wird) und/oder jede Dauerglobalurkunde] wird solange von einem oder im Namen eines Clearing Systems verwahrt, bis sämtliche Verbindlichkeiten der Emittentin aus den Schuldverschreibungen erfüllt sind. "Clearing System" bedeutet [bei mehr als einem Clearing System einfügen: jeweils] Folgendes: [Clearstream Banking AG, Frankfurt am Main ("CBF")] [Clearstream Banking, société anonyme, Luxembourg ("CBL")] [Euroclear Bank SA/NV ("Euroclear")] [CBL und Euroclear jeweils ein "ICSD" und zusammen die "ICSDs"] [Oesterreichische Kontrollbank Aktiengesellschaft ("OeKB")] [,] [und] [anderes Clearing System angeben] oder jeder Funktionsnachfolger.

[Im Fall von Schuldverschreibungen, die im Namen der ICSDs verwahrt werden, einfügen:

[Falls die Globalurkunde eine NGN ist, einfügen: Die Schuldverschreibungen werden in Form einer new global note ("NGN") ausgegeben und von einer gemeinsamen Sicherheitsverwahrstelle (common safekeeper) im Namen beider ICSDs verwahrt.]

[Falls die Globalurkunde eine CGN ist, einfügen: Die Schuldverschreibungen werden in Form einer classical global note ("CGN") ausgegeben und von einer gemeinsamen Verwahrstelle im Namen beider ICSDs verwahrt.]

(5) Inhaber von Schuldverschreibungen. "Inhaber" bezeichnet jeden Inhaber eines Miteigentumsanteils oder anderen Rechts an den Schuldverschreibungen.

[Falls die Globalurkunde eine NGN ist, einfügen:

[(6) Register der ICSDs. Der Gesamtnennbetrag der durch die Globalurkunde verbrieften Schuldverschreibungen entspricht dem jeweils in den Registern beider ICSDs eingetragenen Gesamtbetrag. Die Register der ICSDs (unter denen man die Register versteht, die jeder ICSD für seine Kunden über den Betrag ihres Anteils an den Schuldverschreibungen führt) sind schlüssiger Nachweis über den Gesamtnennbetrag der durch die Globalurkunde verbrieften Schuldverschreibungen, und eine zu diesen Zwecken von einem ICSD jeweils ausgestellte Bestätigung mit dem Gesamtnennbetrag der so verbrieften Schuldverschreibungen ist ein schlüssiger Nachweis über den Inhalt des Registers des jeweiligen ICSD zu diesem Zeitpunkt.

Bei Rückzahlung oder Zahlung einer Rate oder einer Zinszahlung bezüglich der durch die Globalurkunde verbrieften Schuldverschreibungen bzw. bei Kauf und Entwertung der durch die Globalurkunde verbrieften Schuldverschreibungen stellt die Emittentin sicher, dass die Einzelheiten über Rückzahlung und Zahlung bzw. Kauf und Löschung bezüglich der Globalurkunde pro rata in die Unterlagen der ICSDs eingetragen werden, und dass nach dieser Eintragung vom Gesamtnennbetrag der in die Register der ICSDs aufgenommenen und durch die Globalurkunde verbrieften Schuldverschreibungen der Gesamtnennbetrag der zurückgekauften bzw. gekauften und entwerteten Schuldverschreibungen bzw. der Gesamtbetrag der so gezahlten Raten abgezogen wird.]

[Falls die vorläufige Globalurkunde eine NGN ist, einfügen: Bei Austausch eines Anteils von ausschließlich durch eine vorläufige Globalurkunde verbrieften Schuldverschreibungen wird die Emittentin sicherstellen, dass die Einzelheiten dieses Austauschs pro rata in die Aufzeichnungen der ICSDs aufgenommen werden.]]

[(6)][(7)] Eigentum.

(a) Der Inhaber von Schuldverschreibungen gilt (soweit nicht zwingende Gesetzes- oder Verwaltungsbestimmungen entgegenstehen) in jeder Hinsicht als Alleineigentümer (ob fällig oder nicht fällig, und unabhängig von irgendwelchen Mitteilungen bezüglich des Eigentums, möglichen Treuhandschaften oder anderen Ansprüchen hieran oder hieraus, etwaigen Vermerken auf der Urkunde oder einem Diebstahl oder Verlust) und niemand kann dafür verantwortlich gemacht werden, dass er den Inhaber als Alleineigentümer angesehen hat.

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(b) Die Übertragung des Eigentums an Schuldverschreibungen geschieht durch Einigung der beteiligten Parteien über den Eigentumsübergang und durch die Übergabe oder auf andere Weise in Übereinstimmung mit den jeweils anzuwendenden Gesetzen und Vorschriften einschließlich der Regeln beteiligter Clearing Systeme. Bezugnahmen in diesen Emissionsbedingungen auf "Inhaber" von Schuldverschreibungen sind Bezugnahmen auf die Inhaber solcher Schuldverschreibungen.

[(7)][(8)] Geschäftstag. In diesen Emissionsbedingungen bezeichnet "Geschäftstag" einen Tag (außer einem Samstag oder Sonntag), an dem (i) das Clearing System und (ii) [falls die festgelegte Währung Euro ist, einfügen: [TARGET (wie nachstehend definiert)] [und Geschäftsbanken und Devisenmärkte in [sämtliche relevante Finanzzentren einfügen]]] [falls die festgelegte Währung nicht Euro ist, einfügen: Geschäftsbanken und Devisenmärkte in [sämtliche relevanten Finanzzentren einfügen]] Zahlungen abwickeln.

["TARGET" bedeutet das Trans-European Automated Real-time Gross Settlement Express Transfer- Zahlungssystem 2 oder jedes Nachfolgesystem.]

§ 2 STATUS, NEGATIVERKLÄRUNG

(1) Status. Die Verpflichtungen aus den Schuldverschreibungen begründen direkte, unbedingte und unbesicherte Verpflichtungen der Emittentin, die jederzeit gleichrangig untereinander und mindestens gleichrangig mit allen anderen gegenwärtigen und zukünftigen unbesicherten Verpflichtungen der Emittentin bestehen. Hiervon sind solche Verpflichtungen ausgenommen, die aufgrund zwingender und allgemein anwendbarer gesetzlicher Bestimmungen vorrangig sind.

(2) Negativerklärung. Solange Schuldverschreibung ausstehen, wird die Emittentin ihre gegenwärtigen oder zukünftigen Vermögenswerte nicht mit Grundpfandrechten, Pfandrechten oder sonstigen Sicherungsrechten zur Besicherung einer Maßgeblichen Fremdkapitalverbindlichkeit oder Garantie bzw. Freistellungsverpflichtung im Hinblick auf eine Maßgebliche Fremdkapitalverbindlichkeit belasten oder solche Rechte zu diesem Zweck bestehen lassen, ohne gleichzeitig oder vorher die Schuldverschreibungen auf gleiche Weise und anteilig damit zu besichern und die Emittentin wird dafür Sorge tragen, dass ihre Wesentlichen Tochtergesellschaften gleichermaßen ihre gegenwärtigen oder zukünftigen Vermögenswerte nicht mit Grundpfandrechten, Pfandrechten oder sonstigen Sicherungsrechten zur Besicherung einer Maßgeblichen Fremdkapitalverbindlichkeit oder Garantie bzw. Freistellungsverpflichtung im Hinblick auf eine Maßgebliche Fremdkapitalverbindlichkeit belasten oder solche Rechte zu diesem Zweck bestehen lassen, ohne gleichzeitig oder vorher die Schuldverschreibungen auf gleiche Weise und anteilig damit zu besichern.

"Wesentliche Tochtergesellschaft" bezeichnet jede Tochtergesellschaft, auf die Folgendes zutrifft:

(a) ihr (bei einen Konzernabschluss erstellenden Tochtergesellschaften: konsolidierter bzw. bei keinen Konzernabschluss erstellenden Tochtergesellschaften: nicht konsolidierter) Jahresüberschuss oder ihre (bei einen Konzernabschluss erstellenden Tochtergesellschaften: konsolidierte bzw. bei keinen Konzernabschluss erstellenden Tochtergesellschaften: nicht konsolidierte) Bilanzsumme beträgt mindestens 10 % des Konzernjahresüberschusses oder gegebenenfalls der Konzern-Bilanzsumme der Emittentin und ihrer Tochtergesellschaften zusammengenommen. Die Berechnung erfolgt jeweils auf Grundlage des aktuellsten (konsolidierten bzw. nicht konsolidierten) Abschlusses der Tochtergesellschaft und des zu diesem Zeitpunkt aktuellsten geprüften Konzernabschlusses der Emittentin. Wurde eine Tochtergesellschaft nach Ablauf des Berichtszeitraums erworben, auf den sich der zu diesem Zeitpunkt aktuellste geprüfte Konzernabschluss der Emittentin (für die Anwendung der vorstehend beschriebenen Überprüfung) bezieht, so gilt die Bezugnahme auf den aktuellsten geprüften Konzernabschluss der Emittentin als Bezugnahme auf diesen Abschluss, so als wäre die entsprechende Tochtergesellschaft unter Zugrundelegung ihres zu diesem Zeitpunkt aktuellsten Abschlusses darin ausgewiesen (nach Anpassung durch den jeweils aktuellen Abschlussprüfer der Emittentin nach dessen Ermessen in Absprache mit der Emittentin); oder

(b) die Geschäftstätigkeit, Betriebe und Vermögenswerte wurden in ihrer Gesamtheit oder im Wesentlichen in ihrer Gesamtheit von einer anderen Tochtergesellschaft, bei der es sich unmittelbar

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vor der Übertragung um eine Wesentliche Tochtergesellschaft handelte, an diese Tochtergesellschaft übertragen, wobei (i) im Falle der Übertragung durch eine Wesentliche Tochtergesellschaft die übertragende Wesentliche Tochtergesellschaft umgehend den Status als Wesentliche Tochtergesellschaft verliert und (ii) die aufnehmende Tochtergesellschaft umgehend zu einer Wesentlichen Tochtergesellschaft wird. Dabei gilt, dass an oder nach dem Zeitpunkt der Veröffentlichung des entsprechenden Abschlusses für den Berichtszeitraum, in dem die Übertragung stattfindet, die Frage, ob es sich bei der übertragenden oder der aufnehmenden Tochtergesellschaft jeweils um eine Wesentliche Tochtergesellschaft handelt, gemäß den Vorgaben der vorstehenden Ziffer (a) zu entscheiden ist.

Die in einem Bericht getroffene Feststellung durch zwei ordnungsgemäß ermächtigte Personen der Emittentin, dass es sich bei einer Tochtergesellschaft ihrer Auffassung nach (gegebenenfalls unter Vornahme ihnen angemessen erscheinender Anpassungen) zu einem gegebenen Zeitpunkt oder während eines gegebenen Zeitraums um eine Wesentliche Tochtergesellschaft handelt(e) oder nicht um eine solche handelte, ist (außer im Falle offensichtlicher Fehler) endgültig und bindend für die Emittentin und die Inhaber.

"Maßgebliche Fremdkapitalverbindlichkeiten" bezeichnet jegliche Fremdkapitalverbindlichkeiten in Form von (oder verbrieft durch) Anleihen, Schuldverschreibungen, Schuldtitel, festverzinsliche Schuldtitel oder sonstige Wertpapiere, soweit sie an einer Börse oder im Freiverkehr oder in einem anderen Wertpapiermarkt notiert, zugelassen oder gehandelt werden oder notiert, zugelassen oder gehandelt werden können oder deren Notierung, Zulassung oder Handel beabsichtigt ist.

"Tochtergesellschaft" bezeichnet einen Rechtsträger, dessen Abschluss aufgrund gesetzlicher Vorgaben oder nach Maßgabe allgemein anerkannter Rechnungslegungsgrundsätze zu einem beliebigen Zeitpunkt mit dem der Emittentin zu konsolidieren ist (Vollkonsolidierung).

"ausstehend" bezeichnet in Bezug auf die Schuldverschreibungen alle begebenen Schuldverschreibungen, mit Ausnahme (a) derjenigen, die gemäß diesen Emissionsbedingungen zurückgezahlt wurden, (b) derjenigen, für die der Rückzahlungstag eingetreten ist und die Rückzahlungsgelder (einschließlich aller bis zu dem Tag dieser Rückzahlung angefallenen Zinsen sowie aller nach diesem Tag gemäß diesen Emissionsbedingungen zu zahlenden Zinsen) ordnungsgemäß an die Emissionsstelle gezahlt wurden und weiterhin zur Auszahlung gegen Vorlage und Einreichung von Schuldverschreibungen zur Verfügung stehen, (c) derjenigen, in Bezug auf welche Ansprüche nichtig geworden sind, (d) derjenigen, die gemäß diesen Emissionsbedingungen erworben und eingezogen wurden, (e) derjenigen Schuldverschreibungen, die beschädigt wurden oder unbrauchbar geworden sind und im Tausch gegen Ersatz-Schuldverschreibungen eingereicht wurden, (f) (lediglich zur Ermittlung, wie viele Schuldverschreibungen ausstehen und bei wie vielen der Status nicht für andere Zwecke beeinträchtigt ist) derjenigen Schuldverschreibungen, die für verloren, gestohlen oder zerstört erklärt wurden und für die Ersatz-Schuldverschreibungen ausgegeben wurden, sowie (g) der Vorläufigen Globalurkunde, soweit diese gemäß ihren Bestimmungen gegen die Dauerglobalurkunde ausgetauscht wurde, und der Dauerglobalurkunde, soweit diese gemäß ihren Bestimmungen gegen Einzelurkunden ausgetauscht wurde.]

§ 3 [ZINSEN] [INDEXIERUNG]

[(A) Bei festverzinslichen Schuldverschreibungen einfügen:

(1) Zinssatz und Zinszahlungstage. Die Schuldverschreibungen werden in Höhe ihres Nennbetrages verzinst, [im Fall von Schuldverschreibungen, die keine Stufenzinsschuldverschreibungen sind, einfügen: und zwar vom [Verzinsungsbeginn einfügen] (der "Verzinsungsbeginn") (einschließlich) bis zum Fälligkeitstag (wie in § 5 Absatz 1 definiert) (ausschließlich) mit jährlich [Zinssatz einfügen] %.] [Im Fall von Stufenzinsschuldverschreibungen einfügen: und zwar in Bezug auf die unten angegebenen Perioden zu den unten angegebenen Zinssätzen:

Perioden / dazugehörige Zinssätze [einfügen]]

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Die Zinsen sind nachträglich am [Festzinstermin(e) einfügen] eines jeden Jahres, vorbehaltlich einer Anpassung gemäß § 4 Absatz 5, zahlbar (jeweils ein "Zinszahlungstag"). Die erste Zinszahlung erfolgt am [ersten Zinszahlungstag einfügen]) vorbehaltlich einer Anpassung gem. § 4 Absatz 5 [sofern der erste Zinszahlungstag nicht der erste Jahrestag des Verzinsungsbeginns ist, einfügen: und beläuft sich auf [anfänglichen Bruchteilszinsbetrag pro erste festgelegte Stückelung einfügen] je Schuldverschreibung im Nennbetrag von [erste festgelegte Stückelung einfügen] und [weitere anfängliche Bruchteilszinsbeträge für jede weitere festgelegte Stückelung einfügen] je Schuldverschreibung im Nennbetrag von [weitere festgelegte Stückelungen einfügen]]. [Sofern der Fälligkeitstag kein Festzinstermin ist, einfügen: Die Zinsen für den Zeitraum vom [den letzten dem Fälligkeitstag vorausgehenden Festzinstermin einfügen] (einschließlich) bis zum Fälligkeitstag (ausschließlich) belaufen sich auf [abschließenden Bruchteilzinsbetrag pro erste festgelegte Stückelung einfügen] je Schuldverschreibung im Nennbetrag von [erste festgelegte Stückelung einfügen] und [weitere abschließende Bruchteilzinsbeträge für jede weitere festgelegte Stückelung einfügen] je Schuldverschreibung im Nennbetrag von [weitere festgelegte Stückelungen einfügen]. [Im Fall von Actual/Actual (ICMA) einfügen: Die Anzahl der Feststellungstermine im Kalenderjahr (jeweils ein "Feststellungstermin") beträgt [Anzahl der regulären Zinszahlungstage im Kalenderjahr einfügen]].

(2) Zinslauf. Der Zinslauf der Schuldverschreibungen endet an dem Tag, der dem Tag vorangeht, an dem sie zur Rückzahlung fällig werden. Falls die Emittentin die Schuldverschreibungen bei Fälligkeit nicht einlöst, endet die Verzinsung des ausstehenden Nennbetrages der Schuldverschreibungen nicht an dem Tag, der dem Tag der Fälligkeit vorangeht, sondern erst an dem Tag, der dem Tag der tatsächlichen Rückzahlung der Schuldverschreibungen vorangeht. Weitergehende Ansprüche der Inhaber bleiben unberührt.

(3) Unterjährige Berechnung der Zinsen. Sofern Zinsen für einen Zeitraum von weniger als einem Jahr zu berechnen sind, erfolgt die Berechnung auf der Grundlage des Zinstagequotienten (wie nachstehend definiert).]

[(B) Bei variabel verzinslichen Schuldverschreibungen einfügen:

(1) Zinszahlungstage.

(a) Die Schuldverschreibungen werden in Höhe ihres Nennbetrags ab dem [Verzinsungsbeginn einfügen] (der "Verzinsungsbeginn") (einschließlich) bis zum nächstfolgenden Zinszahlungstag (ausschließlich) und danach von jedem Zinszahlungstag (einschließlich) bis zum nächstfolgenden Zinszahlungstag (ausschließlich) verzinst. Zinsen auf die Schuldverschreibungen sind an jedem Zinszahlungstag zahlbar.

(b) "Zinszahlungstag" bedeutet, vorbehaltlich einer Anpassung gemäß § 4 Absatz 5,

[(i) im Fall von festgelegten Zinszahlungstagen einfügen: jeder [festlegte Zinszahlungstage einfügen].]

[(ii) im Fall von festgelegten Zinsperioden einfügen: (soweit diese Emissionsbedingungen keine abweichenden Bestimmungen vorsehen) jeweils der Tag, der [Zahl einfügen] [Wochen] [Monate] [andere festgelegte Zeiträume einfügen] nach dem vorausgehenden Zinszahlungstag liegt, oder im Falle des ersten Zinszahlungstages, nach dem Verzinsungsbeginn.]

(2) Zinssatz. [Bei Bildschirmfeststellung einfügen:

[(i)] [im Falle von variabel verzinslichen Schuldverschreibungen, die nicht Constant Maturity Swap ("CMS") variabel verzinsliche Schuldverschreibungen sind, einfügen: Der Zinssatz (der "Zinssatz") für jede Zinsperiode (wie nachstehend definiert) ist, sofern nachstehend nichts Abweichendes bestimmt wird, entweder:

(a) der [[relevante Laufzeit einfügen] -][EURIBOR-] [LIBOR-] Angebotssatz (ausgedrückt als Prozentsatz per annum) für Einlagen in der festgelegten Währung (wenn nur ein Angebotssatz auf der Bildschirmseite (wie nachstehend definiert) angezeigt ist), oder

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(b) das arithmetische Mittel (falls erforderlich, auf- oder abgerundet auf das nächste ein [falls der Referenzsatz EURIBOR ist, einfügen: Tausendstel Prozent, wobei 0,0005] [falls der Referenzsatz nicht EURIBOR ist, einfügen: Hunderttausendstel Prozent, wobei 0,000005] aufgerundet wird) der Angebotssätze, (ausgedrückt als Prozentsatz per annum) für Einlagen in der festgelegten Währung für die jeweilige Zinsperiode, der bzw. die auf der Bildschirmseite am Zinsfestlegungstag (wie nachstehend definiert) gegen 11.00 Uhr ([Brüsseler] [Londoner] Ortszeit) angezeigt werden [im Fall einer Marge einfügen: [zuzüglich] [abzüglich] der Marge (wie nachstehend definiert)], wobei alle Festlegungen durch die Berechnungsstelle erfolgen.]

[(ii)] [im Fall von CMS variabel verzinslichen Schuldverschreibungen einfügen: Der Zinssatz (der "Zinssatz") für jede Zinsperiode (wie nachstehend definiert) ist, sofern nachstehend nichts Abweichendes bestimmt wird, der [maßgebliche Anzahl von Jahren einfügen] -Jahres-Swapsatz (der mittlere Swapsatz gegen den 6-Monats EURIBOR, ausgedrückt als Prozentsatz per annum) (der "[maßgebliche Anzahl von Jahren einfügen] -Jahres-Swapsatz"), der auf der Bildschirmseite am Zinsfestlegungstag (wie nachstehend definiert) gegen 11.00 Uhr ([Frankfurter [zutreffenden anderen Ort einfügen] Ortszeit]) angezeigt wird, [im Fall eines Faktors einfügen: multipliziert mit [Faktor einfügen]], [im Fall einer Marge einfügen: [zuzüglich] [abzüglich] der Marge (wie nachstehend definiert)] wobei alle Festlegungen durch die Berechnungsstelle erfolgen.]

"Zinsperiode" bezeichnet den Zeitraum von dem Verzinsungsbeginn (einschließlich) bis zum ersten Zinszahlungstag (ausschließlich) bzw. von jedem Zinszahlungstag (einschließlich) bis zum jeweils darauffolgenden Zinszahlungstag (ausschließlich).

"Zinsfestlegungstag" bezeichnet den [zweiten] [zutreffende andere Zahl von Tagen einfügen] [TARGET-] [Londoner] [zutreffende andere Bezugnahmen einfügen] Geschäftstag vor Beginn der jeweiligen Zinsperiode. [Im Fall eines TARGET-Geschäftstages einfügen: "TARGET-Geschäftstag" bezeichnet einen Tag, an dem TARGET (wie nachstehend definiert) betriebsbereit [ist][sind]]. [Im Fall eines anderen Geschäftstages als ein TARGET-Geschäftstages einfügen: "[Londoner][zutreffenden anderen Ort einfügen] Geschäftstag" bezeichnet einen Tag (außer einem Samstag oder Sonntag), an dem Geschäftsbanken in [London] [zutreffenden anderen Ort einfügen] für Geschäfte (einschließlich Devisen- und Sortengeschäfte) geöffnet sind.]

["TARGET" bedeutet das Trans-European Automated Real-time Gross Settlement Express Transfer- Zahlungssystem 2 oder jedes Nachfolgesystem.]

[Im Fall einer Marge einfügen: Die "Marge" beträgt [maßgeblichen Betrag einfügen] % per annum.]

"Bildschirmseite" bedeutet [Bildschirmseite einfügen].

Wenn im vorstehenden Fall (b) auf der maßgeblichen Bildschirmseite fünf oder mehr Angebotssätze angezeigt werden, werden der höchste (falls mehr als ein solcher Höchstsatz angezeigt wird, nur einer dieser Sätze) und der niedrigste (falls mehr als ein solcher Niedrigstsatz angezeigt wird, nur einer dieser Sätze) von der Berechnungsstelle für die Bestimmung des arithmetischen Mittels der Angebotssätze (das wie vorstehend beschrieben auf- oder abgerundet wird) außer Acht gelassen; diese Regel gilt entsprechend für diesen gesamten Absatz (2).

[Im Fall von variabel verzinslichen Schuldverschreibungen, die nicht CMS variabel verzinsliche Schuldverschreibungen sind, einfügen:

Sollte die maßgebliche Bildschirmseite nicht zur Verfügung stehen, oder wird im Fall von (a) kein Angebotssatz, oder werden im Fall von (b) weniger als drei Angebotssätze angezeigt (dort jeweils zur genannten Zeit), wird die Berechnungsstelle von den [Londoner] [zutreffenden anderen Ort einfügen] Hauptniederlassungen jeder der Referenzbanken (wie nachstehend definiert) [in der Euro-Zone] deren jeweilige Angebotssätze (jeweils als Prozentsatz per annum ausgedrückt) für Einlagen in der festgelegten Währung für die betreffende Zinsperiode gegenüber führenden Banken im [Londoner] [zutreffenden anderen Ort einfügen] Interbanken-Markt [in der Euro-Zone] um ca. 11.00 Uhr ([Brüsseler] [Londoner] Ortszeit) am Zinsfestlegungstag anfordern. Falls zwei oder mehr Referenzbanken der Berechnungsstelle

116 solche Angebotssätze nennen, ist der Zinssatz für die betreffende Zinsperiode das arithmetische Mittel (falls erforderlich, auf- oder abgerundet auf das nächste ein [falls der Referenzsatz EURIBOR ist, einfügen: Tausendstel Prozent, wobei 0,0005] [falls der Referenzsatz nicht EURIBOR ist, einfügen: Hunderttausendstel Prozent, wobei 0,000005] aufgerundet wird) dieser Angebotssätze [Im Fall einer Marge einfügen: [zuzüglich] [abzüglich] der Marge], wobei alle Festlegungen durch die Berechnungsstelle erfolgen.

Falls an einem Zinsfestlegungstag nur eine oder keine der Referenzbanken der Berechnungsstelle solche im vorstehenden Absatz beschriebenen Angebotssätze nennt, ist der Zinssatz für die betreffende Zinsperiode der Satz per annum, den die Berechnungsstelle als das arithmetische Mittel (falls erforderlich, auf- oder abgerundet auf das nächste ein [falls der Referenzsatz EURIBOR ist, einfügen: Tausendstel Prozent, wobei 0,0005] [falls der Referenzsatz nicht EURIBOR ist, einfügen: Hunderttausendstel Prozent, wobei 0,000005] aufgerundet wird) der Angebotssätze ermittelt, die die Referenzbanken bzw. zwei oder mehrere von ihnen der Berechnungsstelle auf deren Anfrage als den jeweiligen Satz nennen, zu dem ihnen um ca. 11.00 Uhr ([Brüsseler] [Londoner] Ortszeit) an dem betreffenden Zinsfestlegungstag Einlagen in der festgelegten Währung für die betreffende Zinsperiode von führenden Banken im [Londoner] [zutreffenden anderen Ort einfügen] Interbanken-Markt [in der Euro-Zone] angeboten werden Im Fall einer Marge einfügen: [zuzüglich] [abzüglich] der Marge]; falls weniger als zwei der Referenzbanken der Berechnungsstelle solche Angebotssätze nennen, dann ist der Zinssatz für die betreffende Zinsperiode der Angebotssatz für Einlagen in der festgelegten Währung für die betreffende Zinsperiode oder das arithmetische Mittel (gerundet wie oben beschrieben) der Angebotssätze für Einlagen in der festgelegten Währung für die betreffende Zinsperiode, den bzw. die eine oder mehrere Banken (die nach Ansicht der Berechnungsstelle und der Emittentin für diesen Zweck geeignet sind) der Berechnungsstelle als Sätze bekannt geben, die sie an dem betreffenden Zinsfestlegungstag gegenüber führenden Banken am [Londoner] [zutreffenden anderen Ort einfügen] Interbanken-Markt [in der Euro-Zone] nennen (bzw. den diese Banken gegenüber der Berechnungsstelle nennen) [Im Fall einer Marge einfügen: [zuzüglich] [abzüglich] der Marge]. Für den Fall, dass der Zinssatz nicht gemäß den vorstehenden Bestimmungen dieses Absatzes ermittelt werden kann, ist der Zinssatz der Angebotssatz oder das arithmetische Mittel der Angebotssätze auf der Bildschirmseite, wie vorstehend beschrieben, an dem letzten Tag vor dem Zinsfestlegungstag, an dem diese Angebotssätze angezeigt wurden [Im Fall einer Marge einfügen: [zuzüglich] [abzüglich] der Marge (wobei jedoch, falls für die relevante Zinsperiode eine andere Marge als für die unmittelbar vorhergehende Zinsperiode gilt, die relevante Marge an die Stelle der Marge für die vorhergehende Zinsperiode tritt)].

"Referenzbanken" bezeichnen [falls in den Endgültigen Bedingungen keine anderen Referenzbanken bestimmt werden, einfügen: im vorstehenden Fall (a) diejenigen Niederlassungen von vier derjenigen Banken, deren Angebotssätze zur Ermittlung des maßgeblichen Angebotssatzes zu dem Zeitpunkt benutzt wurden, als solch ein Angebot letztmals auf der maßgeblichen Bildschirmseite angezeigt wurde, und im vorstehenden Fall (b) diejenigen Banken, deren Angebotssätze zuletzt zu dem Zeitpunkt auf der maßgeblichen Bildschirmseite angezeigt wurden, als nicht weniger als drei solcher Angebotssätze angezeigt wurden] [falls in den Endgültigen Bedingungen andere Referenzbanken bestimmt werden, sind sie hier einzufügen].

[Im Fall von CMS variabel verzinslichen Schuldverschreibungen einfügen:

Sollte die maßgebliche Bildschirmseite nicht zur Verfügung stehen oder wird zu der genannten Zeit kein [maßgebliche Anzahl von Jahren einfügen] Jahres-Swapsatz angezeigt, wird die Berechnungsstelle von den Referenzbanken (wie nachstehend definiert) deren jeweilige [maßgebliche Anzahl von Jahren einfügen] Jahres-Swapsätze gegenüber führenden Banken im Interbanken-Swapmarkt in der Euro-Zone (um ca. 11.00 Uhr [(Frankfurter [zutreffenden anderen Ort einfügen] Ortszeit)] am Zinsfestlegungstag anfordern. Falls zwei oder mehr Referenzbanken der Berechnungsstelle solche [maßgebliche Anzahl von Jahren einfügen] Jahres-Swapsätze nennen, ist der Zinssatz für die betreffende Zinsperiode das arithmetische Mittel (falls erforderlich, auf- oder abgerundet auf das nächste ein Tausendstel Prozent, wobei 0,0005 aufgerundet wird) dieser [maßgebliche Anzahl von Jahren einfügen] Jahres-Swapsätze [im Falle eines Faktors einfügen: multipliziert mit [Faktor einfügen] [im Fall einer Marge einfügen: [zuzüglich][abzüglich] der Marge], wobei alle Festlegungen durch die Berechnungsstelle erfolgen.

Falls an einem Zinsfestlegungstag nur eine oder keine der Referenzbanken der Berechnungsstelle solche im vorstehenden Absatz beschriebenen [maßgebliche Anzahl von Jahren einfügen] Jahres-Swapsätze nennt, ist der Zinssatz für die betreffende Zinsperiode der Satz per annum, den die Berechnungsstelle als das

117 arithmetische Mittel (falls erforderlich, auf- oder abgerundet auf das nächste ein Tausendstel Prozent, wobei 0,0005 aufgerundet wird) der [maßgebliche Anzahl von Jahren einfügen] Jahres-Swapsätze ermittelt, die die Referenzbanken bzw. zwei oder mehrere von ihnen der Berechnungsstelle auf deren Anfrage als den jeweiligen Satz nennen, zu dem ihnen um ca. 11.00 Uhr [(Frankfurter [zutreffenden anderen Ort einfügen] Ortszeit)] an dem betreffenden Zinsfestlegungstag von führenden Banken im Interbanken-Swapmarkt in der Euro-Zone angeboten werden, [im Falle eines Faktors einfügen multipliziert mit [Faktor einfügen] [im Falle einer Marge einfügen: [zuzüglich] [abzüglich] der Marge.]; falls weniger als zwei der Referenzbanken der Berechnungsstelle solche [maßgebliche Anzahl von Jahren einfügen] Jahres-Swapsätze nennen, dann soll der Zinssatz für die betreffende Zinsperiode der [maßgebliche Anzahl von Jahren einfügen] Jahres-Swapsatz oder das arithmetische Mittel (gerundet wie oben beschrieben) der [maßgebliche Anzahl von Jahren einfügen] Jahres-Swapsätze sein, den bzw. die eine oder mehrere Banken (die nach Ansicht der Berechnungsstelle und der Emittentin für diesen Zweck geeignet sind) der Berechnungsstelle als Sätze bekannt geben, die sie an dem betreffenden Zinsfestlegungstag gegenüber führenden Banken am Interbanken-Swapmarkt in der Euro-Zone nennen (bzw. den diese Banken gegenüber der Berechnungsstelle nennen), [im Falle eines Faktors einfügen multipliziert mit [Faktor einfügen] [im Fall einer Marge einfügen:[zuzüglich][abzüglich] der Marge]. Für den Fall, dass der Zinssatz nicht gemäß den vorstehenden Bestimmungen dieses Absatzes ermittelt werden kann, ist der Zinssatz der [maßgebliche Anzahl von Jahren einfügen] Jahres-Swapsatz oder das arithmetische Mittel der [maßgebliche Anzahl von Jahren einfügen] Jahres-Swapsätze auf der Bildschirmseite, wie vorstehend beschrieben, an dem letzten Tag vor dem Zinsfestlegungstag, an dem die [maßgebliche Anzahl von Jahren einfügen] Jahres-Swapsätze angezeigt wurden, [im Falle eines Faktors einfügen: multipliziert mit [Faktor einfügen] [im Falle einer Marge: einfügen [zuzüglich] [abzüglich] der Marge].

"Referenzbanken" bezeichnen diejenigen Niederlassungen von mindestens vier derjenigen Banken im Swapmarkt, deren [maßgebliche Anzahl von Jahren einfügen] Jahres-Swapsätze zur Ermittlung des maßgeblichen [maßgebliche Anzahl von Jahren einfügen] Jahres-Swapsatz zu dem Zeitpunkt benutzt wurden, als solch ein [maßgebliche Anzahl von Jahren einfügen] Jahres-Swapsatz letztmals auf der maßgeblichen Bildschirmseite angezeigt wurde.

[Im Fall des Interbanken-Marktes in der Euro-Zone einfügen: "Euro-Zone" bezeichnet das Gebiet derjenigen Mitgliedstaaten der Europäischen Union, die die einheitliche Währung, die zu Beginn der Dritten Phase der Europäischen Wirtschafts- und Währungsunion eingeführt wurde und die in der Verordnung (EG) Nr. 974/98 des Rates vom 3. Mai 1998 über die Einführung des Euro, in ihrer aktuellsten Fassung, definiert ist, angenommen haben oder jeweils annehmen werden.]]

[Wenn der Referenzsatz ein anderer ist als EURIBOR, LIBOR oder CMS, sind die erforderlichen Bestimmungen anstelle der Bestimmungen dieses Absatzes (2) einzufügen]

[Sofern ISDA-Feststellung gelten soll, sind die betreffenden Bestimmungen einzufügen und die von der International Swaps und Derivatives Association veröffentlichten 2000 ISDA-Definitionen bzw. 2006 ISDA-Definitionen beizufügen]

[Sofern eine andere Methode der Feststellung anwendbar ist, sind die erforderlichen Bestimmungen anstelle der Bestimmungen dieses Absatzes (2) hier und in den betreffenden Endgültigen Bedingungen einzufügen]

[Falls ein Mindest- und/oder Höchstzinssatz gilt, einfügen:

(3) [Mindest-] [und] [Höchst-] Zinssatz.

[Falls ein Mindestzinssatz gilt, einfügen: Wenn der gemäß den obigen Bestimmungen für eine Zinsperiode ermittelte Zinssatz niedriger ist als [Mindestzinssatz einfügen], so ist der Zinssatz für diese Zinsperiode [Mindestzinssatz einfügen].]

[Falls ein Höchstzinssatz gilt: Wenn der gemäß den obigen Bestimmungen für eine Zinsperiode ermittelte Zinssatz höher ist als [Höchstzinssatz einfügen], so ist der Zinssatz für diese Zinsperiode [Höchstzinssatz einfügen].]

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[(4)] Zinsbetrag. Die Berechnungsstelle wird zu oder baldmöglichst nach jedem Zeitpunkt, an dem der Zinssatz zu bestimmen ist, den auf die Schuldverschreibungen zahlbaren Zinsbetrag in Bezug auf jede festgelegte Stückelung (der "Zinsbetrag") für die entsprechende Zinsperiode berechnen. Der Zinsbetrag wird ermittelt, indem der Zinssatz und der Zinstagequotient (wie nachstehend definiert) auf jede festgelegte Stückelung angewendet werden, wobei der resultierende Betrag [falls die festgelegte Währung Euro ist einfügen: auf den nächsten Euro 0,01 auf oder abgerundet wird, wobei Euro 0,005 aufgerundet werden] [falls die festgelegte Währung nicht Euro ist, einfügen: auf die kleinste Einheit der festgelegten Währung auf- oder abgerundet wird, wobei 0,5 solcher Einheiten aufgerundet werden].

[(5)] Mitteilungen von Zinssatz und Zinsbetrag. Die Berechnungsstelle wird veranlassen, dass der Zinssatz, der Zinsbetrag für die jeweilige Zinsperiode, die jeweilige Zinsperiode und der relevante Zinszahlungstag der Emittentin und den Inhabern gemäß § 12 baldmöglichst, aber keinesfalls später als am vierten auf die Berechnung jeweils folgenden [falls die Berechnungsstelle eine bezeichnete Geschäftsstelle an einem vorgeschriebenen Ort zu unterhalten hat, einfügen: Geschäftstag, am Ort der bezeichneten Geschäftsstelle der Berechnungsstelle ist,] [falls die Berechnungsstelle keine bezeichnete Geschäftsstelle an einem vorgeschriebenen Ort zu unterhalten hat, einfügen: [TARGET-] [Londoner] Geschäftstag] und jeder Börse, an der die betreffenden Schuldverschreibungen zu diesem Zeitpunkt notiert sind und deren Regeln eine Mitteilung an die Börse verlangen, umgehend, aber keinesfalls später als zu Beginn der jeweiligen Zinsperiode mitgeteilt werden. Im Falle einer Verlängerung oder Verkürzung der Zinsperiode können der mitgeteilte Zinsbetrag und Zinszahlungstag ohne Vorankündigung nachträglich angepasst (oder andere geeignete Anpassungsregelungen getroffen) werden. Jede solche Anpassung wird umgehend allen Börsen, an denen die Schuldverschreibungen zu diesem Zeitpunkt notiert sind, sowie den Inhabern gemäß § 12 mitgeteilt.

[(6)] Verbindlichkeit der Festsetzungen. Alle Bescheinigungen, Mitteilungen, Gutachten, Festsetzungen, Berechnungen, Quotierungen und Entscheidungen, die von der Berechnungsstelle für die Zwecke dieses § 3 gemacht, abgegeben, getroffen oder eingeholt werden, sind (sofern nicht ein offensichtlicher Irrtum vorliegt) für die Emittentin, die Emissionsstelle, die Zahlstellen und die Inhaber bindend.

[(7)] Zinslauf. Der Zinslauf der Schuldverschreibungen endet an dem Tag, der dem Tag vorangeht, an dem sie zur Rückzahlung fällig werden. Sollte die Emittentin die Schuldverschreibungen bei Fälligkeit nicht einlösen, endet die Verzinsung des ausstehenden Nennbetrags der Schuldverschreibungen nicht an dem Tag, der dem Fälligkeitstag vorangeht, sondern erst an dem Tag, der dem Tag der tatsächlichen Rückzahlung der Schuldverschreibungen vorangeht. Der jeweils geltende Zinssatz wird gemäß diesem § 3 bestimmt. Weitergehende Ansprüche der Inhaber bleiben unberührt.]

[(C) Im Fall sonstiger strukturierter variabel verzinslicher Schuldverschreibungen hier relevante Vorschriften einfügen.]

[(D) Bei Nullkupon-Schuldverschreibungen einfügen:

(1) Keine periodischen Zinszahlungen. Es werden keine periodischen Zinszahlungen auf die Schuldverschreibungen vorgenommen.

(2) Auflaufende Zinsen. Sollte die Emittentin die Schuldverschreibungen bei Fälligkeit nicht einlösen, fallen auf den ausstehenden Nennbetrag der Schuldverschreibungen ab dem Fälligkeitstag bis zum Tag der tatsächlichen Rückzahlung Zinsen in Höhe von [Emissionsrendite einfügen] per annum an.]

[(D) Bei Doppelwährungs-Schuldverschreibungen, Indexbezogene Schuldverschreibungen, Raten-Schuldverschreibungen oder einer anderen Art von Schuldverschreibungen anwendbare Bestimmungen hier einfügen.]

[([Nummer des Absatzes einfügen])] Zinstagequotient. "Zinstagequotient" bezeichnet im Hinblick auf die Berechnung des Zinsbetrages auf eine Schuldverschreibung für einen beliebigen Zeitraum (der "Zinsberechnungszeitraum"):]

[Im Fall von Actual/Actual (ICMA) einfügen:

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1. Im Falle von Schuldverschreibungen, bei denen die Anzahl der Tage in der betreffenden Periode ab dem letzten Zinszahlungstag (oder, wenn es keinen solchen gibt, ab dem Verzinsungsbeginn) (jeweils einschließlich desselben) bis zum betreffenden Zahlungstag (ausschließlich desselben) (der "Zinsberechnungszeitraum") kürzer ist als die Feststellungsperiode in die das Ende des Zinsberechnungszeitraumes fällt oder ihr entspricht, die Anzahl der Tage in dem betreffenden Zinsberechnungszeitraum geteilt durch das Produkt (1) der Anzahl der Tage in der Feststellungsperiode und (2) der Anzahl der Feststellungstermine (wie in § 3 Absatz 1 angegeben) in einem Kalenderjahr; oder

2. Im Falle von Schuldverschreibungen, bei denen der Zinsberechnungszeitraum länger ist als die Feststellungsperiode, in die das Ende des Zinsberechnungszeitraumes fällt, die Summe

- der Anzahl der Tage in dem Zinsberechnungszeitraum, die in die Feststellungsperiode fallen, in welcher der Zinsberechnungszeitraum beginnt, geteilt durch das Produkt (1) der Anzahl der Tage in der Feststellungsperiode und (2) der Anzahl der Feststellungstermine (wie in § 3 Absatz 1 angegeben) in einem Kalenderjahr; und

- der Anzahl der Tage in dem Zinsberechnungszeitraum, die in die nächste Feststellungsperiode fallen, geteilt durch das Produkt (1) der Anzahl der Tage in dieser Feststellungsperiode und (2) der Anzahl der Feststellungstermine (wie in § 3 Absatz 1 angegeben) in einem Kalenderjahr.

"Feststellungsperiode" ist die Periode ab einem Zinszahlungstag oder, wenn es keinen solchen gibt, ab dem Verzinsungsbeginn (jeweils einschließlich desselben) bis zum nächsten oder ersten Zinszahlungstag (ausschließlich desselben).]

[Im Fall von festverzinslichen Schuldverschreibungen und 30/360 einfügen: die Anzahl von Tagen in der Periode ab dem letzten Zinszahlungstag (oder wenn es keinen solchen gibt, ab dem Verzinsungsbeginn) (jeweils einschließlich desselben) bis zum betreffenden Zahlungstag (ausschließlich desselben) (wobei die Zahl der Tage auf der Basis von 12 Monaten zu jeweils 30 Tagen berechnet wird), geteilt durch 360.]

[Im Fall von Actual/Actual (Actual/365) einfügen: die tatsächliche Anzahl von Tagen im Zinsberechnungszeitraum dividiert durch 365 (oder falls ein Teil des Zinsberechnungszeitraumes in ein Schaltjahr fällt, die Summe von (A) der tatsächlichen Anzahl von Tagen in dem Teil des Zinsberechnungszeitraums, die in das Schaltjahr fallen, dividiert durch 366 und (B) die tatsächliche Anzahl von Tagen in dem Teil des Zinsberechnungszeitraums, die nicht in ein Schaltjahr fallen, dividiert durch 365).]

[Im Fall von Actual/365 (Fixed) einfügen: die tatsächliche Anzahl von Tagen im Zinsberechnungszeitraum dividiert durch 365.]

[Im Fall von Actual/360 einfügen: die tatsächliche Anzahl von Tagen im Zinsberechnungszeitraum dividiert durch 360.]

[Im Fall von 30/360, 360/360 oder Bond Basis einfügen: die Anzahl von Tagen im Zinsberechnungszeitraum dividiert durch 360, wobei die Anzahl der Tage auf der Grundlage eines Jahres von 360 Tagen mit zwölf Monaten zu je 30 Tagen zu ermitteln ist (es sei denn, (A) der letzte Tag des Zinsberechnungszeitraums fällt auf den 31. Tag eines Monats, während der erste Tag des Zinsberechnungszeitraums weder auf den 30. noch auf den 31. Tag eines Monats fällt, wobei in diesem Fall der den letzten Tag enthaltende Monat nicht als ein auf 30 Tage gekürzter Monat zu behandeln ist, oder (B) der letzte Tag des Zinsberechnungszeitraums fällt auf den letzten Tag des Monats Februar, wobei in diesem Fall der Monat Februar nicht als ein auf 30 Tage verlängerter Monat zu behandeln ist).]

[Im Fall von 30E/360 oder Eurobond Basis einfügen: die Anzahl der Tage im Zinsberechnungszeitraum dividiert durch 360 (dabei ist die Anzahl der Tage auf der Grundlage eines Jahres von 360 Tagen mit 12 Monaten zu 30 Tagen zu ermitteln, und zwar ohne Berücksichtigung des Datums des ersten oder letzten Tages des Zinsberechnungszeitraums, es sei denn, der Fälligkeitstag des letzten Zinsberechnungszeitraums ist der

120 letzte Tag des Monats Februar, wobei in diesem Fall der Monat Februar nicht als ein auf 30 Tage verlängerter Monat zu behandeln ist).]

§ 4 ZAHLUNGEN

(1) [(a)] Zahlungen auf Kapital. Zahlungen von Kapital auf die Schuldverschreibungen erfolgen nach Maßgabe des nachstehenden Absatzes (2) an das Clearing System oder dessen Order zur Gutschrift auf den Konten der jeweiligen Kontoinhaber des Clearing Systems gegen Vorlage und (außer im Fall von Teilzahlungen) Einreichung der Schuldverschreibungen zum Zeitpunkt der Zahlung verbriefenden Globalurkunde bei der bezeichneten Geschäftsstelle der Emissionsstelle außerhalb der Vereinigten Staaten.

[Bei Schuldverschreibungen, die keine Nullkupon-Schuldverschreibungen sind, einfügen:

(b) Zahlungen von Zinsen. Die Zahlung von Zinsen auf Schuldverschreibungen erfolgt nach Maßgabe von Absatz 2 an das Clearing System oder dessen Order zur Gutschrift auf den Konten der jeweiligen Kontoinhaber des Clearing Systems.

[Bei Zinszahlungen auf eine vorläufige Globalurkunde einfügen: Die Zahlung von Zinsen auf Schuldverschreibungen, die durch die vorläufige Globalurkunde verbrieft sind, erfolgt nach Maßgabe von Absatz (2) an das Clearing System oder dessen Order zur Gutschrift auf den Konten der jeweiligen Kontoinhaber des Clearing Systems, und zwar nach ordnungsgemäßer Bescheinigung gemäß § 1 Absatz 3 (b).]]

(2) Zahlungsweise. Vorbehaltlich geltender steuerlicher und sonstiger gesetzlicher Regelungen und Vorschriften erfolgen zu leistende Zahlungen auf die Schuldverschreibungen in der frei handelbaren und konvertierbaren Währung, die am entsprechenden Fälligkeitstag die Währung des Staates der festgelegten Währung [im Falle einer Doppelwährungs-Schuldverschreibung einfügen: oder die Währung eines Landes ist, welche für Zahlungen unter den Schuldverschreibungen vorgesehen wurde,] ist.

(3) Vereinigte Staaten. Für die Zwecke des [Im Fall von TEFRA D Schuldverschreibungen einfügen: § 1 Absatz [(3)] und des] Absatzes 1 dieses § 4 bezeichnet "Vereinigte Staaten" die Vereinigten Staaten von Amerika (einschließlich deren Bundesstaaten und des "District of Columbia") sowie deren Territorien (einschließlich Puerto Ricos, der U.S. Virgin Islands, Guam, American Samoa, Wake Island und Northern Mariana Islands) und Besitzungen und sonstigen ihrer Jurisdiktion unterliegenden Gebiete.

(4) Erfüllung. Die Emittentin wird durch Leistung der Zahlung an das Clearing System oder dessen Order von ihrer Zahlungspflicht befreit.

(5) Zahltag. Fällt der Fälligkeitstag einer Zahlung in Bezug auf eine Schuldverschreibung auf einen Tag, der kein Zahltag ist, dann:

[bei Anwendung der Modifizierte Folgender Geschäftstag-Konvention einfügen: hat der Inhaber keinen Anspruch auf Zahlung vor dem nächstfolgenden Zahltag, es sei denn jener würde dadurch in den nächsten Kalendermonat fallen; in diesem Fall wird der Zinszahlungstag auf den unmittelbar vorausgehenden Geschäftstag vorgezogen.]

[bei Anwendung der FRN-Konvention einfügen: hat der Inhaber keinen Anspruch auf Zahlung vor dem nächstfolgenden Zahltag, es sei denn, jener würde dadurch in den nächsten Kalendermonat fallen; in diesem Fall (i) wird der Zahltag auf den unmittelbar vorausgehenden Geschäftstag vorgezogen und (ii) ist jeder nachfolgende Zahltag der jeweils letzte Geschäftstag des Monats, der [[Zahl einfügen] Monate] [andere festgelegte Zeiträume einfügen] nach dem vorausgehenden anwendbaren Zahltag liegt.]

[bei Anwendung der Folgender Geschäftstag-Konvention einfügen: hat der Inhaber keinen Anspruch vor dem nachfolgenden Zahltag.]

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[bei Anwendung der Vorangegangener Geschäftstag-Konvention einfügen: wird der Zahltag auf den unmittelbar vorausgehenden Zahltag vorgezogen.]

Der Inhaber ist nicht berechtigt, weitere Zinsen oder sonstige Zahlungen aufgrund verspäteter Zahlung zu verlangen.

Für diese Zwecke bezeichnet "Zahltag" einen Tag (außer einem Samstag oder Sonntag), an dem (i) das Clearing System und (ii) [falls die festgelegte Währung nicht Euro ist, einfügen: Geschäftsbanken und Devisenmärkte in [sämtliche relevante Finanzzentren einfügen]] [falls die festgelegte Währung Euro ist, einfügen: [TARGET (wie nachstehend definiert)] [und Geschäftsbanken und Devisenmärkte in [sämtliche relevante Finanzzentren einfügen]]] Zahlungen abwickeln.

["TARGET" bedeutet das Trans-European Automated Real-time Gross Settlement Express Transfer- Zahlungssystem 2 oder jedes Nachfolgesystem.]

(6) Bezugnahmen auf Kapital und Zinsen. Bezugnahmen in diesen Emissionsbedingungen auf Kapital der Schuldverschreibungen schließen, soweit anwendbar, die folgenden Beträge ein: den Rückzahlungsbetrag der Schuldverschreibungen; den vorzeitigen Rückzahlungsbetrag der Schuldverschreibungen; [falls die Emittentin das Wahlrecht hat, die Schuldverschreibungen aus anderen als steuerlichen Gründen vorzeitig zurückzuzahlen, einfügen: den Wahl-Rückzahlungsbetrag (Call) der Schuldverschreibungen;] [falls der Inhaber ein Wahlrecht hat, die Schuldverschreibungen vorzeitig zu kündigen, einfügen: den Wahl-Rückzahlungsbetrag (Put) der Schuldverschreibungen;] [Im Fall von Nullkupon-Schuldverschreibungen einfügen: den Amortisationsbetrag von Schuldverschreibungen;] [Im Fall von Raten-Schuldverschreibungen einfügen: die auf die Schuldverschreibungen zu leistende(n) Rate(n);] sowie jeden Aufschlag sowie sonstige auf oder in Bezug auf die Schuldverschreibungen zahlbaren Beträge. Bezugnahmen in diesen Emissionsbedingungen auf Zinsen auf Schuldverschreibungen schließen, soweit anwendbar, sämtliche gemäß § 7 zahlbaren zusätzlichen Beträge ein.

§ 5 RÜCKZAHLUNG

(1) Rückzahlung bei Endfälligkeit.

[Bei Schuldverschreibungen, die keine Raten-Schuldverschreibungen sind, einfügen:

Soweit nicht zuvor bereits ganz oder teilweise zurückgezahlt oder angekauft und entwertet, werden die Schuldverschreibungen [bei Schuldverschreibungen, die keine Indexbezogenen Schuldverschreibungen oder Währungsbezogene Schuldverschreibungen sind, einfügen: zu ihrem Rückzahlungsbetrag am [im Fall eines festgelegten Fälligkeitstages Fälligkeitstag einfügen] [im Fall eines Rückzahlungsmonats und -jahres einfügen: in den [Rückzahlungsmonat und -jahr einfügen] fallenden Zinszahlungstag] (der "Fälligkeitstag")] [bei Schuldverschreibungen, die Indexbezogenen Schuldverschreibungen oder Währungsbezogene Schuldverschreibungen sind, einfügen: gemäß § 5(b)] zurückgezahlt. Der Rückzahlungsbetrag in Bezug auf jede Schuldverschreibung entspricht [falls die Schuldverschreibungen zu ihrem Nennbetrag zurückgezahlt werden, einfügen: dem Nennbetrag der Schuldverschreibungen] [[ansonsten den Rückzahlungsbetrag für die jeweilige Stückelung einfügen] je festgelegte [Stückelung einfügen].]

[Bei Raten-Schuldverschreibungen einfügen:

Soweit nicht zuvor bereits ganz oder teilweise zurückgezahlt oder angekauft und entwertet, werden die Schuldverschreibungen an dem/den nachstehenden Ratenzahlungstermin(en) zu der/den folgenden Rate(n) zurückgezahlt:

Ratenzahlungstermin(e)/Raten (je festgelegte Stückelung)

[einfügen]]

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(2) Vorzeitige Rückzahlung aus steuerlichen Gründen. Die Schuldverschreibungen können insgesamt, jedoch nicht teilweise, nach Wahl der Emittentin mit einer Kündigungsfrist von nicht weniger als 30 Tagen gegenüber der Emissionsstelle und gemäß § 12 gegenüber den Inhabern vorzeitig gekündigt und zu ihrem vorzeitigen Rückzahlungsbetrag (wie nachstehend definiert) zuzüglich bis zum für die Rückzahlung festgesetzten Tag aufgelaufener Zinsen zurückgezahlt werden, falls die Emittentin als Folge einer Änderung oder Ergänzung der Steuer- oder Abgabengesetze und -vorschriften der Republik Österreich oder deren politischen Untergliederungen oder Steuerbehörden oder als Folge einer Änderung oder Ergänzung der Anwendung oder der offiziellen Auslegung dieser Gesetze und Vorschriften (vorausgesetzt diese Änderung oder Ergänzung wird am oder nach dem Tag, an dem die letzte Tranche dieser Serie von Schuldverschreibungen begeben wird, wirksam) [Im Fall von Schuldverschreibungen, die nicht Nullkupon-Schuldverschreibungen sind, einfügen: am nächstfolgenden Zinszahlungstag (wie in § 3 Absatz 1 definiert)] [Im Fall von Nullkupon-Schuldverschreibungen einfügen: bei Fälligkeit oder im Falle des Kaufs oder Tauschs einer Schuldverschreibung] zur Zahlung von zusätzlichen Beträgen gemäß § 7 Absatz 1 verpflichtet sein wird.

Eine solche Kündigung hat gemäß § 12 zu erfolgen. Sie ist unwiderruflich, muss den für die Rückzahlung festgelegten Termin nennen und eine zusammenfassende Erklärung enthalten, die das Rückzahlungsrecht der Emittentin begründenden Umstände darlegt.

[Falls die Emittentin das Wahlrecht hat, die Schuldverschreibungen vorzeitig zurückzuzahlen, einfügen:

[(3)] Vorzeitige Rückzahlung nach Wahl der Emittentin.

(a) Die Emittentin kann, unter Einhaltung einer Ankündigungsfrist von 15 Geschäftstagen gegenüber der Emissionsstelle und nachdem sie gemäß Absatz (b) gekündigt hat, die Schuldverschreibungen [insgesamt] [oder] [teilweise] [am Wahl-Rückzahlungstag] [an den Wahl-Rückzahlungstagen] (Call) [zum Wahl-Rückzahlungsbetrag] [zu den Wahl-Rückzahlungsbeträgen] (Call), wie nachstehend angegeben, nebst etwaigen bis zum betreffenden Wahl-Rückzahlungstag (Call) (ausschließlich) aufgelaufenen Zinsen zurückzahlen. [Bei Geltung eines Mindestrückzahlungsbetrages oder eines erhöhten Rückzahlungsbetrages einfügen: Eine solche Rückzahlung muss in Höhe eines Nennbetrages von [mindestens [Mindestrückzahlungsbetrag einfügen]] [erhöhter Rückzahlungsbetrag] erfolgen.]

Wahl-Rückzahlungstag[e] (Call)/ [Wahl-Rückzahlungsbetrag] [Wahl-Rückzahlungsbeträge] (Call)

[einfügen]

[Falls der Inhaber ein Wahlrecht hat, die Schuldverschreibungen vorzeitig zu kündigen, einfügen: Der Emittentin steht dieses Wahlrecht nicht in Bezug auf eine Schuldverschreibung zu, deren Rückzahlung bereits der Inhaber in Ausübung seines Wahlrechts nach Absatz [4] dieses § 5 verlangt hat.]

(b) Die Kündigung ist den Inhabern der Schuldverschreibungen durch die Emittentin gemäß § 12 bekanntzugeben. Sie beinhaltet die folgenden Angaben:

(i) die zurückzuzahlende Tranche bzw. Serie von Schuldverschreibungen;

(ii) eine Erklärung, ob diese Tranche bzw. Serie ganz oder teilweise zurückgezahlt wird und im letzteren Fall den Gesamtnennbetrag der zurückzuzahlenden Schuldverschreibungen;

(iii) den Wahl-Rückzahlungstag (Call), der nicht weniger als [Mindestkündigungsfrist einfügen] und nicht mehr als [Höchstkündigungsfrist einfügen] Tage nach dem Tag der Kündigung durch die Emittentin gegenüber den Inhabern liegen darf; und

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(iv) den Wahl-Rückzahlungsbetrag (Call), zu dem Schuldverschreibungen zurückgezahlt werden.

(c) Wenn die Schuldverschreibungen nur teilweise zurückgezahlt werden, werden die zurückzuzahlenden Schuldverschreibungen nach den Regeln des betreffenden Clearing Systems ausgewählt. [Im Fall einer Emission von Schuldverschreibungen in NGN Form einfügen: und eine solche Rückzahlung wird nach freiem Ermessen von CBL und Euroclear entweder als Pool Faktor (pool factor) oder als Reduzierung des Gesamtnennbetrages in den Aufzeichnungen von CBL und/oder Euroclear reflektiert].

[Falls der Inhaber ein Wahlrecht hat, die Schuldverschreibungen vorzeitig zu kündigen, einfügen:

[(4)] Vorzeitige Rückzahlung nach Wahl des Inhabers.

(a) Die Emittentin hat eine Schuldverschreibung nach Ausübung des entsprechenden Wahlrechts durch den Inhaber [am Wahl-Rückzahlungstag] [an den Wahl-Rückzahlungstagen] (Put) [zum Wahl- Rückzahlungsbetrag] [zu den Wahl-Rückzahlungsbeträgen] (Put), wie nachstehend angegeben, nebst etwaigen bis zum Wahl-Rückzahlungstag (Put) (ausschließlich) aufgelaufener Zinsen zurückzuzahlen.

Wahl-Rückzahlungstag[e] (Put) [Wahl-Rückzahlungsbetrag] [Wahl-Rückzahlungsbeträge] (Put)

[einfügen]

Dem Inhaber steht das Recht zur vorzeitigen Rückzahlung oder das Wahlrecht nicht in Bezug auf eine Schuldverschreibung zu, deren Rückzahlung die Emittentin zuvor in Ausübung ihres Wahlrechts nach diesem § 5 verlangt hat.

(b) Um dieses Wahlrecht auszuüben, hat der Inhaber nicht weniger als [Mindestkündigungsfrist einfügen] Tage und nicht mehr als [Höchstkündigungsfrist einfügen] Tage vor dem Wahl-Rückzahlungstag (Put), an dem die Rückzahlung gemäß der Ausübungserklärung (wie nachstehend definiert) erfolgen soll, bei der bezeichneten Geschäftsstelle der Emissionsstelle während der normalen Geschäftszeiten eine ordnungsgemäß ausgefüllte Mitteilung zur vorzeitigen Rückzahlung, ("Ausübungserklärung"), wie sie von der bezeichneten Geschäftsstelle der Emissionsstelle erhältlich ist, zu hinterlegen. Die Ausübung des Wahlrechts kann nicht widerrufen werden. Um das Recht, Rückzahlung verlangen zu können, auszuüben, muss der Inhaber dann, wenn die Schuldverschreibungen über Euroclear oder CBL gehalten werden, innerhalb der Kündigungsfrist die Emissionsstelle über eine solche Rechtsausübung in Übereinstimmung mit den Richtlinien von Euroclear und CBL in einer für Euroclear und CBL im Einzelfall akzeptablen Weise in Kenntnis setzen (wobei diese Richtlinien vorsehen können, dass die Emissionsstelle auf Weisung des Inhabers von Euroclear oder CBL oder einer gemeinsamen Verwahrstelle in elektronischer Form über die Rechtsausübung in Kenntnis gesetzt wird).]

[Falls die Schuldverschreibungen im Falle eines Kontrollwechsels vorzeitig kündbar sind, einfügen:

[(5)] Vorzeitige Rückzahlung aufgrund eines Kontrollwechsels.

(a) Für den Fall, dass ein Kontrollwechselereignis (wie nachfolgend definiert) eintritt:

(i) erhält jeder Gläubiger das Recht, von der Emittentin durch Erklärung eines Rückzahlungsverlangens (das "Vorzeitige Rückzahlungsverlagen") zum Stichtag (wie nachstehend unter Absatz (a)(ii)(B) definiert) die Rückzahlung seiner Schuldverschreibungen, deren vorzeitige Rückzahlung nicht bereits auf andere Weise erklärt worden ist, ganz oder teilweise, zu deren Nennbetrag einschließlich Zinsen bis zum Stichtag (ausschließlich) zu verlangen. Jedes Vorzeitige Rückzahlungsverlagen muss der Emissionsstelle nicht weniger als 30 Tage vor dem Stichtag zugehen; und

(ii) wird die Emittentin (A) unmittelbar nachdem sie von dem Kontrollwechselereignis Kenntnis erlangt hat, dies gemäß § 12 unverzüglich bekannt machen, und (B) einen Zeitpunkt für die Zwecke des Vorzeitigen Rückzahlungsverlangens (der "Stichtag") bestimmen und diesen gemäß § 12 bekannt machen. Der Stichtag muss ein Geschäftstag sein und darf nicht weniger als 60 und nicht mehr als 90

124

Tage nach der gemäß Absatz (a)(ii)(A) erfolgten Bekanntmachung des Kontrollwechselereignisses liegen.

(b) Das Vorzeitige Rückzahlungsverlangen ist schriftlich in deutscher oder englischer Sprache gegenüber der Emissionsstelle zu erklären und persönlich oder per Einschreiben an dessen bezeichnete Geschäftsstelle zu übermitteln. Dem Vorzeitigen Rückzahlungsverlangen ist ein Nachweis beizufügen, aus dem sich ergibt, dass der betreffende Gläubiger zum Zeitpunkt der Abgabe des Vorzeitigen Rückzahlungsverlangens Inhaber der betreffenden Schuldverschreibung ist. Der Nachweis kann durch eine Bescheinigung der Depotbank (wie in § 13 Absatz [4] definiert) oder auf andere geeignete Weise erbracht werden. Ein Vorzeitiges Rückzahlungsverlangen ist unwiderruflich.

(c) Ein "Kontrollwechselereignis" tritt ein, wenn:

(i) (1) die Emittentin vom betreffenden Aktionär Informationen erhält über (A) die Erlangung einer kontrollierenden Beteiligung nach § 22b des österreichischen Übernahmegesetzes (ÜbG) und/oder (B) die Erlangung einer kontrollierenden Beteiligung nach § 22 Abs. 1 ÜbG, (2) durch ein österreichisches Gericht oder eine österreichische Verwaltungsbehörde ein endgültiges und verbindliches Urteil über die Erlangung einer kontrollierenden Beteiligung an der Emittentin nach § 22 Abs. 1 oder § 22b ÜbG ergeht, (3) ein Übernahmeangebot zum Erwerb der kontrollierenden Beteiligung nach § 25a ÜbG erfolgreich abgeschlossen wurde, oder (4) die Emittentin alle oder im Wesentlichen alle ihre Vermögenswerte an eine Person oder Personen überträgt, bei denen es sich nicht um eine oder mehrere hundertprozentige Tochtergesellschaften der Emittentin handelt (wobei jedes dieser Ereignisse als "Kontrollwechsel" bezeichnet wird; Änderungen im Syndikat der Kernaktionäre (etwa Anteilsverschiebungen, Beitritt von Dritten) gelten nicht als Kontrollwechsel, solange die Kernaktionäre Österreichische Industrieholding AG und International Petroleum Investment Company jeweils einzeln oder gemeinsam mehr als 30 % des Grundkapitals der Emittentin halten); und

(ii) an dem Tag (der "Maßgebliche Bekanntgabetag"), bei dem es sich um den früheren der folgenden Tage handelt: (1) dem Tag der ersten öffentlichen Bekanntgabe des jeweiligen Kontrollwechsels und (2) dem Tag der frühesten Maßgeblichen Bekanntgabe des Möglichen Kontrollwechsels, die Schuldverschreibungen:

(A) über ein Investment-Grade-Rating (Baa3/BBB- oder ein entsprechendes oder besseres Kreditrating) einer beliebigen Ratingagentur verfügen und dieses Rating innerhalb des Kontrollwechselzeitraums entweder auf ein Rating unterhalb von Investment Grade (Ba1/BB+ oder ein entsprechendes oder schlechteres Rating) herabgestuft (das "Nicht- Investment-Grade-Rating") oder zurückgenommen wird und nicht innerhalb des Kontrollwechselzeitraums durch diese Ratingagentur wieder auf Investment Grade angehoben wird; oder

(B) über ein Nicht-Investment-Grade-Rating einer beliebigen Ratingagentur verfügen und dieses Rating innerhalb des Kontrollwechselzeitraums entweder um einen oder mehrere Ratingstufen herabgestuft (beispielsweise wäre eine Herabstufung von Ba1 auf Ba2 eine Herabstufung um eine Ratingstufe) oder zurückgenommen wird und nicht innerhalb des Kontrollwechselzeitraums wieder auf mindestens das Kreditrating angehoben wird, über das die Schuldverschreibungen unmittelbar vor dieser Herabstufung durch die jeweilige Ratingagentur verfügten; oder

(C) nicht über ein Rating durch eine beliebige Ratingagentur verfügen, und es der Emittentin nicht möglich ist, bis zum Ende des Kontrollwechselzeitraums ein Rating von mindestens Investment Grade zu erhalten; und

(iii) die jeweilige Ratingagentur bei ihrer Entscheidung zur Herabstufung oder Zurücknahme eines Kreditratings gemäß den obigen Ziffern (ii)(A) und (ii)(B) öffentlich bekannt gibt oder schriftlich bestätigt, dass diese Entscheidung(en) ganz oder teilweise aufgrund des Eintritts des

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Kontrollwechsels oder der Maßgeblichen Bekanntgabe des Möglichen Kontrollwechsels erfolgte(n).

(iv) verwenden Moody’s, Standard & Poor’s oder Fitch andere Ratingstufen als die oben unter (ii) genannten, oder wird ein Rating von einer Ersatz-Ratingagentur erhalten, so hat die Emittentin diejenigen Ratingstufen von Moody’s, Standard & Poor’s oder Fitch bzw. dieser Ersatz- Ratingagentur zu ermitteln, die den vorherigen Ratingstufen von Moody’s, Standard & Poor’s oder Fitch am genausten entsprechen.

(d) "Kontrollwechselzeitraum" bezeichnet den Zeitraum ab dem Maßgeblichen Bekanntgabetag bis 90 Tage nach dem Kontrollwechsel (oder einen längeren Zeitraum, innerhalb dessen in Bezug auf die Schuldverschreibungen eine Überprüfung des Ratings oder gegebenenfalls die Zuteilung eines Ratings durch eine Ratingagentur erwogen wird (wobei diese Erwägung innerhalb des Zeitraums öffentlich gemacht wurde, der 90 Tage nach dem Kontrollwechsel endet), der jedoch eine Dauer von 60 Tagen nach der öffentlichen Bekanntgabe dieser Erwägung nicht überschreiten darf).

(e) "Kontrolle" bezeichnet das Direktionsrecht gegenüber der Geschäftsführung einer Tochtergesellschaft sowie das Recht, Entscheidungen in grundsätzlichen Angelegenheiten dieser Tochtergesellschaft zu treffen (einschließlich des Rechts zur Ernennung eines etwaigen Vorstands oder vergleichbaren Organs und/oder eines etwaigen Aufsichtsrats), gleich ob dies auf Stimmrechten, satzungsmäßigen Rechten, Rechten aus Gesellschafterverträgen, Rechten aus dem Vertragsrecht oder dem allgemein geltenden Recht oder auf anderen Umständen beruht.

(f) "Person" bezeichnet eine natürliche Person, eine Gesellschaft, eine Kapitalgesellschaft, ein Unternehmen, eine Personengesellschaft, ein Joint Venture, einen Betrieb, eine Personenvereinigung, eine Organisation, ein Treuhandvermögen (trust), einen Staat oder eine Behörde eines Staates, jeweils gleich ob es sich dabei um einen eigenständigen Rechtsträger handelt.

(g) "Ratingagentur" bezeichnet Moody’s Investors Service, Inc. ("Moody’s"), Standard & Poor′s Rating Services, ein Unternehmen von The McGraw-Hill Companies Inc. ("Standard & Poor’s") oder Fitch Ratings Ltd. ("Fitch") oder ihre jeweiligen Rechtsnachfolger oder jede andere Ratingagentur mit vergleichbarem internationalem Ruf, durch die die Emittentin sie jeweils ersetzt (eine "Ersatz- Ratingagentur").

(h) "Maßgebliche Bekanntgabe des Möglichen Kontrollwechsels" bezeichnet eine öffentliche Bekanntgabe oder Erklärung der Emittentin, eines tatsächlichen oder potenziellen Bieters oder eines Beraters, der für einen tatsächlichen oder potenziellen Bieter handelt, in Bezug auf einen möglichen Kontrollwechsel, wenn innerhalb von 180 Tagen nach dem Tag dieser Bekanntgabe oder Erklärung ein Kontrollwechsel eintritt.

(i) "Tochtergesellschaft" bezeichnet eine Gesellschaft, an der die Emittentin eine mittelbare oder unmittelbare Kontrolle ausübt.

[Sofern die Schuldverschreibungen an einen Basiswert gebunden sind, einfügen, sofern anwendbar:

[(6)] Vorzeitige Kündigung bei Vorliegen einer Rechtsänderung, einer Hedging-Störung und/oder Gestiegenen Hedging-Kosten [weitere Ereignisse einfügen]. Die Emittentin kann die Schuldverschreibungen jederzeit vor dem Fälligkeitstag bei Vorliegen einer Rechtsänderung und/oder Hedging-Störung und/oder Gestiegenen Hedging-Kosten [weitere Ereignisse einfügen] vorzeitig zurückzahlen. Die Emittentin wird die Schuldverschreibungen vollständig (aber nicht nur teilweise) am [zweiten] [andere Anzahl einfügen] [Tag] [Geschäftstag], nachdem die Benachrichtigung der vorzeitigen Rückzahlung gemäß § 12 veröffentlicht wurde, vorausgesetzt, dass die maßgeblichen Endgültigen Bedingungen nichts anderes bestimmt und vorausgesetzt, dass dieser Tag nicht später als [zwei] [andere Anzahl einfügen] [Tage] [Geschäftstage] vor dem Fälligkeitstag liegt (der "Vorzeitige Rückzahlungstag"), zurückzahlen und wird den Vorzeitigen Rückzahlungsbetrag im Hinblick auf die Schuldverschreibungen mit Wertstellung dieses vorzeitigen Rückzahlungstags an die entsprechenden Gläubiger zahlen oder eine entsprechende Zahlung, im Einklang mit den maßgeblichen Steuergesetzen oder

126 sonstigen gesetzlichen oder behördlichen Vorschriften und in Einklang mit und gemäß diesen Emissionsbedingungen und den Bestimmungen der maßgeblichen Endgültigen Bedingungen veranlassen. Zahlungen von Steuern oder vorzeitigen Rückzahlungsgebühren sind von den entsprechenden Gläubigern zu tragen und die Emittentin übernimmt hierfür keine Haftung.

Wobei:

"Rechtsänderung" bedeutet, dass (A) aufgrund des Inkrafttretens von Änderungen der Gesetze oder Verordnungen (einschließlich aber nicht beschränkt auf Steuergesetze) oder (B) der Änderung der Auslegung von gerichtlichen oder behördlichen Entscheidungen, die für die entsprechenden Gesetze oder Verordnungen relevant sind (einschließlich der Aussagen der Steuerbehörden), die Emittentin nach Treu und Glauben feststellt, dass (i) das Halten, der Erwerb oder die Veräußerung der [auf den Index bezogenen Basiswerte] [auf die Schuldverschreibungen bezogenen Basiswerte] [andere spezifizieren] rechtswidrig geworden ist oder (ii) die Kosten, die mit den Verpflichtungen unter den Schuldverschreibungen verbunden sind, wesentlich gestiegen sind (einschließlich aber nicht beschränkt auf Erhöhungen der Steuerverpflichtungen, der Senkung von steuerlichen Vorteilen oder anderen negativen Auswirkungen auf die steuerrechtliche Behandlung), falls solche Änderungen an oder nach dem Begebungstag wirksam werden;

"Hedging-Störung" bedeutet, dass die Emittentin nicht in der Lage ist unter Anwendung wirtschaftlich vernünftiger Bemühungen, (A) Transaktionen abzuschließen, fortzuführen oder abzuwickeln bzw. Vermögenswerte zu erwerben, auszutauschen, zu halten oder zu veräußern, welche die Emittentin zur Absicherung von Preisrisiken im Hinblick auf ihre Verpflichtungen aus den entsprechenden Schuldverschreibungen für notwendig erachtet oder sie (B) nicht in der Lage ist, die Erlöse aus den Transaktionen bzw. Vermögenswerten zu realisieren, zurückzugewinnen oder weiterzuleiten; und

"Gestiegene Hedging-Kosten" bedeutet, dass die Emittentin im Vergleich zum Begebungstag einen wesentlich höheren Betrag an Steuern, Abgaben, Aufwendungen und Gebühren (außer Maklergebühren) entrichten muss, um (A) Transaktionen abzuschließen, fortzuführen oder abzuwickeln bzw. Vermögenswerte zu erwerben, auszutauschen, zu halten oder zu veräußern, welche die Emittentin zur Absicherung von aktienbezogenen Preisrisiken im Hinblick auf ihre Verpflichtungen aus den entsprechenden Schuldverschreibungen für notwendig erachtet oder (B) Erlöse aus den Transaktionen bzw. Vermögenswerten zu realisieren, zurückzugewinnen oder weiterzuleiten, unter der Voraussetzung, dass Beträge, die sich nur erhöht haben, weil die Kreditwürdigkeit der Emittentin zurückgegangen ist, nicht als Gestiegene Hedging-Kosten angesehen werden.

[weitere Ereignisse/Definitionen einfügen]

[Bei Schuldverschreibungen (außer Nullkupon-Schuldverschreibungen) einfügen:

[(7)] Vorzeitiger Rückzahlungsbetrag.

Für die Zwecke von Absatz 2 dieses § 5 und § 9, entspricht der vorzeitige Rückzahlungsbetrag einer Schuldverschreibung dem Rückzahlungsbetrag.

[Bei Nullkupon-Schuldverschreibungen einfügen:

(a) Der Amortisationsbetrag einer Schuldverschreibung entspricht der Summe aus:

(i) [Referenzpreis einfügen] (der "Referenzpreis") und

(ii) dem Produkt aus [Emissionsrendite einfügen] (jährlich kapitalisiert) und dem Referenzpreis ab dem (und einschließlich) [Tag der Begebung einfügen] bis zu (aber ausschließlich) dem vorgesehenen Rückzahlungstag oder (je nachdem) dem Tag, an dem die Schuldverschreibung fällig und rückzahlbar werden.

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Wenn diese Berechnung für einen Zeitraum, der nicht vollen Jahren entspricht, durchzuführen ist, hat sie im Falle des nicht vollständigen Jahres (der "Zinsberechnungszeitraum") auf der Grundlage des Zinstagequotienten (wie vorstehend in § 3 definiert) zu erfolgen.

(b) Falls die Emittentin den vorzeitigen Rückzahlungsbetrag bei Fälligkeit nicht zahlt, wird der Amortisationsbetrag einer Schuldverschreibung wie vorstehend beschrieben berechnet, jedoch mit der Maßgabe, dass die Bezugnahmen in Unterabsatz (a) (ii) auf den für die Rückzahlung vorgesehenen Rückzahlungstag oder den Tag, an dem diese Schuldverschreibungen fällig und rückzahlbar werden, durch den früheren der nachstehenden Zeitpunkte ersetzt werden: (i) der Tag, an dem die Zahlung gegen ordnungsgemäße Vorlage und Einreichung der betreffenden Schuldverschreibungen (sofern erforderlich) erfolgt, und (ii) der vierzehnte Tag, nachdem die Emissionsstelle gemäß § 12 mitgeteilt hat, dass ihr die für die Rückzahlung erforderlichen Mittel zur Verfügung gestellt wurden.]

[Bei Indexbezogenen Schuldverschreibungen einfügen:

§ 5a DEFINITIONEN

["Korb" bedeutet im Hinblick auf eine Indexkorb-Transaktion einen Korb zusammengestellt aus [Indizes einfügen] [allen in den Endgültigen Bedingungen bezeichneten Indizes] in der [in den Endgültigen Bedingungen bezeichneten] prozentualen Zusammensetzung [von [proportionale Zusammensetzung einfügen]].]

"Störungstag" bedeutet [im Fall eines Index oder mehrerer Indizes, dessen/deren Indexbestandteile sich auf eine Börse beziehen: einen planmäßigen Handelstag, an dem eine betreffende Börse oder eine verbundene Börse während ihrer üblichen Geschäftszeiten nicht geöffnet hat oder eine Markstörung eingetreten ist.] [im Fall eines Index oder mehrerer Indizes, dessen/deren Indexbestandteile sich auf mehrere Börsen beziehen: einen planmäßigen Handelstag, an dem (i) der Index Sponsor keinen Indexstand veröffentlicht oder (ii) eine verbundene Börse während ihrer üblichen Geschäftszeiten nicht geöffnet hat oder (iii) eine Markstörung eingetreten ist.] [im Fall eines Index oder mehrerer Indizes, dessen/deren Indexbestandteile sich auf eine Börse beziehen, und einem Index oder mehrerer Indizes, dessen/deren Indexbestandteile sich auf mehrere Börsen beziehen, eine Kombination der vorbezeichneten Definitionen einfügen]

["Frühzeitige Schließung" bedeutet [im Fall eines Index oder mehrerer Indizes, dessen/deren Indexbestandteile sich auf eine Börse beziehen: an einem Börsengeschäftstag die Schließung der betreffenden Börse oder der maßgeblichen Verbundenen Börse vor dem planmäßigen Börsenschluss, es sei denn, diese Schließung ist von dieser Börse oder maßgeblichen Verbundenen Börse eine Stunde vor (i) der tatsächlichen Schlusszeit der planmäßigen Börsensitzung an dieser Börse oder maßgeblichen Verbundenen Börse an diesem Börsengeschäftstag, oder, falls dieser Zeitpunkt früher liegt, (ii) dem Annahmeschluss zur Übermittlung von Aufträgen in die Handelssysteme der Börse oder maßgeblichen Verbundenen Börse zur Ausführung zum Bewertungszeitpunkt an diesem Börsengeschäftstag angekündigt worden.] [im Fall eines Index oder mehrerer Indizes, dessen/deren Indexbestandteile sich auf mehrere Börsen beziehen: an einem Börsengeschäftstag die Schließung der Börse, an der Indexbestandteile gehandelt werden oder der Verbunden Börse vor dem planmäßigen Börsenschluss, es sei denn, diese Schließung ist von dieser Börse bzw. der Verbundenen Börse eine Stunde vor (i) der tatsächlichen Schlusszeit der planmäßigen Börsensitzung an dieser Börse bzw. der Verbundenen Börse an diesem Börsengeschäftstag, oder, falls dieser Zeitpunkt früher liegt, (ii) dem Annahmeschluss zur Übermittlung von Aufträgen in die Handelssysteme der Börse bzw. der Verbundenen Börse zur Ausführung zum Feststellungszeitpunkt an diesem Börsengeschäftstag angekündigt worden.] [im Fall eines Index oder mehrerer Indizes, dessen/deren Indexbestandteile sich auf eine Börse beziehen, und einem Index oder mehrerer Indizes, dessen/deren Indexbestandteile sich auf mehrere Börsen beziehen, eine Kombination der vorbezeichneten Definitionen einfügen]]

"Börse" bedeutet [im Fall eines Index oder mehrerer Indizes, dessen/deren Indexbestandteile sich auf eine Börse beziehen: jede Börse oder jedes Handelssystem, welche(s) als solche(s) für den Index bestimmt worden ist, jeden Rechtsnachfolger einer solchen Börse oder eines solchen Handelssystems und jede

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Ersatzbörse oder jedes Ersatzhandelssystem, auf welche der Handel in den im Index enthaltenen Aktien vorübergehend übertragen worden ist (vorausgesetzt, dass nach Feststellung der Berechnungsstelle an dieser Ersatzbörse oder an diesem Ersatzhandelssystem eine der ursprünglichen Börse vergleichbare Liquidität in den im Index enthaltene[n] Aktie[n] [andere[n] Basiswert[e] einfügen] vorhanden ist).] [im Fall eines Index oder mehrerer Indizes, dessen/deren Indexbestandteile sich auf mehrere Börsen beziehen: die Hauptbörse oder das Haupt-Handelssystem, an die Indexbestandteile gehandelt werden (wie von der Festlegungsstelle bestimmt).] [im Fall eines Index oder mehrerer Indizes, dessen/deren Indexbestandteile sich auf eine Börse beziehen, und einem Index oder mehrerer Indizes, dessen/deren Indexbestandteile sich auf mehrere Börsen beziehen, eine Kombination der vorbezeichneten Definitionen einfügen]

"Börsengeschäftstag" bedeutet [im Fall eines Index oder mehrerer Indizes, dessen/deren Indexbestandteile sich auf eine Börse beziehen: jeder planmäßige Handelstag, an dem die Börse und die verbundene Börse für den Handel während ihrer üblichen Börsensitzungszeit geöffnet sind, auch wenn diese Börse oder verbundene Börse vor ihrem planmäßigen Börsenschluss schließt.] [im Fall eines Index oder mehrerer Indizes, dessen/deren Indexbestandteile sich auf mehrere Börsen beziehen: jeden planmäßigen Handelstag, an dem (i) der Index Sponsor den Indexstand veröffentlicht und (ii) die Verbundene Börse für den Handel während ihrer üblichen Börsensitzungszeit geöffnet ist, auch wenn die Verbundene Börse vor ihrem planmäßigen Börsenschluss schließt.] [im Fall eines Index oder mehrerer Indizes, dessen/deren Indexbestandteile sich auf eine Börse beziehen, und einem Index oder mehrerer Indizes, dessen/deren Indexbestandteile sich auf mehrere Börsen beziehen, eine Kombination der vorbezeichneten Definitionen einfügen]

["Börsenstörung" bedeutet [im Fall eines Index oder mehrerer Indizes, dessen/deren Indexbestandteile sich auf eine Börse beziehen: ein Ereignis (außer der frühzeitigen Schließung), welches (i) die Fähigkeit der Marktteilnehmer stört oder beeinträchtigt (wie von der Festlegungsstelle bestimmt), an irgendeiner betreffenden Börse, an der Wertpapiere gehandelt werden, die mindestens 20 % des Indexstands dieses Index’ ausmachen, Geschäfte auszuführen oder Marktwerte zu erhalten, oder (ii) in auf den Index bezogenen Futures- oder Optionskontrakten an einer betreffenden maßgeblichen Verbundenen Börse Geschäfte auszuführen oder Marktwerte zu erhalten.] [im Fall eines Index oder mehrerer Indizes, dessen/deren Indexbestandteile sich auf mehrere Börsen beziehen: jedes Ereignis (außer der frühzeitigen Schließung) welches die Fähigkeit der Marktteilnehmer Transaktionen durchzuführen stört oder beeinträchtigt (wie von der Festlegungsstelle bestimmt), oder, welches zur einer Störung oder Beeinträchtigung führt (i) für einen Indexbestandteil einen Marktwert an der Börse für einen solchen Indexbestandteil zu erhalten oder (ii) Futures- oder Optionskontrakte hinsichtlich des Index an einer Verbundenen Börse zu erhalten.] [im Fall eines Index oder mehrerer Indizes, dessen/deren Indexbestandteile sich auf eine Börse beziehen, und einem Index oder mehrerer Indizes, dessen/deren Indexbestandteile sich auf mehrere Börsen beziehen, eine Kombination der vorbezeichneten Definitionen einfügen]]

["Außerordentliches Ereignis" ist eine Index-Anpassung.]

"Index" bedeutet [Index oder Indizes einfügen].

"Index-Anpassung" bedeutet jede Veränderung des Index, Einstellung des Index oder Unterbrechung des Index, wie jeweils im Folgenden § 5c(2) definiert.

["Stand des Index-Korbs" ist ein Wert, der von der Festlegungsstelle durch Multiplikation des Index- Stands für jeden im Korb enthaltenen Index mit dem für diesen Index [in den Endgültigen Bedingungen festgelegten] (als Prozentsatz ausgedrückten) Anteil ermittelt wird.]

["Indexkorb-Transaktion" bedeutet [diese Emission von Schuldverschreibungen] [eine Emission von Schuldverschreibungen, die in den Endgültigen Bedingungen als solche gekennzeichnet ist].]

"Index-Geschäftstag" bezeichnet jeden Tag, der ein Handelstag an der maßgeblichen Börse oder verbundenen Börse ist (oder ohne den Eintritt einer Marktstörung gewesen wäre), außer einem Tag, an dem der Handelsschluß planmäßig vor dem regulären Handelsschluss an Wochentagen liegt.

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"Index-Komponente" bezeichnet diejenigen Wertpapiere, Vermögenswerte oder Bezugswerte, aus denen der Index jeweils zusammengesetzt ist.

"Index-Stand" ist der Stand des Index, wie er von der Festlegungsstelle zum Bewertungszeitpunkt an [jedem Index-Bewertungstag] [Datum und/oder Zeitraum einfügen] unter Bezugnahme auf den vom Index-Sponsor veröffentlichten Stand des Index festgestellt wird.

"Indexbezogener Rückzahlungsbetrag" ist [ein Betrag, [der keinesfalls kleiner als der Kapitalschutz ist und] der von der Festlegungsstelle am letzten Index-Bewertungstag nach der folgenden Formel ermittelt wird [Formel einfügen] und der in jedem Fall größer als oder gleich Null sein wird und, sollte dieser Betrag negativ sein, als Null gilt[, wenn dies in den Endgültigen Bedingungen bestimmt ist]] [andere Festelegung oder Betrag einfügen].

"Index-Sponsor" ist [Name des Sponsors einfügen], welches die Gesellschaft oder Person ist, welche die Regelungen und Vorgehensweisen und Methoden der Berechnung des maßgeblichen Index und, soweit vorhanden, zu Anpassungen dieses Index aufstellt und überwacht, und welche regelmäßig an jedem planmäßigen Handelstag den Stand des maßgeblichen Index (entweder unmittelbar oder durch eine beauftragte Stelle) veröffentlicht; dabei gilt jede Bezugnahme auf den ‘Index-Sponsor’ auch als Bezugnahme auf den "Index-Sponsor-Nachfolger" wie nachfolgend in § 5c(1) definiert.

"Index-Bewertungstag(e)" bedeutet [Bewertungszeitpunkt und Finanzzentrum einfügen] am [Datum einfügen], wobei [Datum einfügen] der "letzte Index-Bewertungstag" ist.

["Marktstörung" bedeutet [im Fall eines Index oder mehrerer Indizes, dessen/deren Indexbestandteile sich auf eine Börse beziehen: das Entstehen oder Bestehen (i) einer Handelsaussetzung, (ii) einer Börsenstörung, soweit diese in beiden Fällen von der Festlegungsstelle als erheblich eingestuft werden, innerhalb der letzten Stunde vor dem maßgeblichen Bewertungszeitpunkt, oder (iii) eine Frühzeitige Schließung. Zum Zweck der Bestimmung des Bestehens einer Marktstörung im Hinblick auf den Index ist, im Fall des Auftretens einer Marktstörung bezüglich eines im Index enthaltenen Wertpapiers, der prozentuale Beitrag dieses Wertpapiers zum Indexstand anhand eines Vergleichs zwischen (x) dem diesem Wertpapier zurechenbaren prozentualen Anteil am Indexstand und (y) dem gesamten Indexstand jeweils unmittelbar vor dem Auftreten der Marktstörung zu bestimmen.] [im Fall eines Index oder mehrerer Indizes, dessen/deren Indexbestandteile sich auf mehrere Börsen beziehen: das Entstehen oder Bestehen bezogen auf jeden Indexbestandteil von (i) einer Handelsaussetzung, (ii) einer Börsenstörung, soweit diese in beiden Fällen von der Festlegungsstelle als erheblich eingestuft werden, innerhalb der letzten Stunde vor dem maßgeblichen Feststellungszeitpunkt bezogen auf eine Börse, an der ein solcher Indexbestandteil überwiegend gehandelt wird, oder (iii) eine frühzeitige Schließung und die Indexbestandteile insgesamt, auf die sich die Handelsaussetzung, die Börsenstörung oder die frühzeitige Schließung bezieht, 20 % oder mehr vom Indexstand ausmachen oder das Entstehen oder Bestehen (i) einer Handelsaussetzung, (ii) einer Börsenstörung, soweit diese in beiden Fällen von der Festlegungsstelle als erheblich eingestuft werden, innerhalb der letzten Stunde vor dem maßgeblichen Feststellungszeitpunkt an der Verbunden Börse, oder (iii) eine frühzeitige Schließung. Zum Zweck der Bestimmung des Bestehens einer Marktstörung im Hinblick auf den Index ist, im Fall des Auftretens einer Marktstörung bezüglich eines Indexbestandteils, der prozentuale Beitrag dieses Wertpapiers zum Indexstand anhand eines Vergleichs zwischen (x) dem diesem Wertpapier zurechenbare prozentuale Anteil am entsprechenden Index und (y) dem gesamten Indexstand jeweils auf der Grundlage der anfänglichen Gewichtungen, die von dem maßgeblichen Index Sponsor als Teil der "Markteröffnungsdaten" veröffentlicht wurden. zu bestimmen.] [im Fall eines Index oder mehrerer Indizes, dessen/deren Indexbestandteile sich auf eine Börse beziehen, und einem Index oder mehrerer Indizes, dessen/deren Indexbestandteile sich auf mehrere Börsen beziehen, eine Kombination der vorbezeichneten Definitionen einfügen]]

["Kapitalschutz" bezeichnet [ ].]

"Verbundene Börse" bedeutet [die in den Endgültigen Bedingungen bestimmte Börse oder das Handelssystem einfügen] oder jeden Rechtsnachfolger einer solchen Börse oder eines solchen Handelssystems und jede Ersatzbörse oder jedes Ersatzhandelssystem, auf welche der Handel in Futures-

130 oder Optionskontrakten bezogen auf den Index vorübergehend übertragen worden ist (vorausgesetzt, dass nach Feststellung der Festlegungsstelle an dieser Ersatzbörse oder an diesem Ersatzhandelssystem eine der ursprünglichen Börse vergleichbare Liquidität in den auf den Index bezogenen Futures- oder Optionskontrakten vorhanden ist).] [[Falls in den Endgültigen Bedingungen "alle Börsen" als verbundene Börse angegeben sind, wie folgt einfügen:] jede Börse oder jedes Handelssystem (wie von der Festlegungsstelle bestimmt), an der oder dem der Handel eine erhebliche Auswirkung auf den Gesamtmarkt in auf den Index bezogenen Futures- oder Optionskontrakte hat (wie von der Festlegungsstelle bestimmt) oder, in jedem dieser Fälle, ein Übernehmer oder Rechtsnachfolger einer solchen Börse oder eines solchen Handelssystems.]

"Planmäßiger Börsenschluss" bedeutet bezüglich einer Börse oder einer maßgeblichen Verbundenen Börse und bezüglich jedem Tag, an dem diese Börse oder verbundene Börse planmäßig zum Handel in der jeweiligen regulären Börsensitzung geöffnet ist die planmäßige Schlusszeit dieser Börse oder maßgeblichen Verbundenen Börse an Wochentagen an solch einem Börsenhandelstag, ohne Berücksichtigung von Überstunden oder einem Handel außerhalb der regulären Börsensitzungszeiten.

"Planmäßiger Handelstag" bedeutet [im Fall eines Index oder mehrerer Indizes, dessen/deren Indexbestandteile sich auf eine Börse beziehen: jeden Tag, an dem die Börse oder verbundene Börse planmäßig zum Handel in der jeweiligen regulären Börsensitzung für diesen Wert geöffnet sind.] [im Fall eines Index oder mehrerer Indizes, dessen/deren Indexbestandteile sich auf mehrere Börsen beziehen: jeden Tag, (i) an dem der Index Sponsor den Indexstand veröffentlichen muss und (ii) jede Börse oder Verbundene Börse planmäßig zum Handel in der jeweiligen regulären Börsensitzung geöffnet hat.] [im Fall eines Index oder mehrerer Indizes, dessen/deren Indexbestandteile sich auf eine Börse beziehen, und einem Index oder mehrerer Indizes, dessen/deren Indexbestandteile sich auf mehrere Börsen beziehen, eine Kombination der vorbezeichneten Definitionen einfügen]

"Handelsaussetzung" bedeutet [im Fall eines Index oder mehrerer Indizes, dessen/deren Indexbestandteile sich auf eine Börse beziehen: jede von der maßgeblichen Börse oder verbundenen Börse verhängte oder anderweitig verfügte Aussetzung oder Begrenzung des Handels, sei es wegen der Begrenzung der maßgeblichen Börse oder verbundenen Börse überschreitender Kursausschläge oder wegen sonstiger Gründe, (i) in den Wertpapieren, die 20 % oder mehr zum Indexstand des Index an einer maßgeblichen Börse beitragen, oder (ii) in auf den Index bezogenen Futures- oder Optionskontrakten an jeder maßgeblichen verbundenen Börse.] [im Fall eines Index oder mehrerer Indizes, dessen/deren Indexbestandteile sich auf mehrere Börsen beziehen: jede von der maßgeblichen Börse oder Verbundenen Börse verhängte oder anderweitig verfügte Aussetzung oder Begrenzung des Handels, sei es wegen die Begrenzungen der maßgeblichen Börse oder verbundenen Börse überschreitender Kursausschläge oder wegen sonstiger Gründe (i) in Indexbestandteilen, die an der Börse gehandelt werden oder (ii) in auf den Index bezogenen Futures- oder Optionskontrakten an der Verbundenen Börse.] [im Fall eines Index oder mehrerer Indizes, dessen/deren Indexbestandteile sich auf eine Börse beziehen, und einem Index oder mehrerer Indizes, dessen/deren Indexbestandteile sich auf mehrere Börsen beziehen, eine Kombination der vorbezeichneten Definitionen einfügen]

"Bewertungstag" ist [jeder] [Index-Bewertungstag] [Tag einfügen].

"Bewertungszeitpunkt" ist [[Zeitpunkt und Finanzzentrum einfügen] am Bewertungstag] [der in den Endgültigen Bedingungen festgelegte Zeitpunkt für die Bewertung des Index am Bewertungstag].

[weitere Definitionen einfügen, sofern anwendbar]

§ 5b RÜCKZAHLUNG[, AUSSERORDENTLICHES EREIGNIS]

[(1)] Die Schuldverschreibungen werden am [Fälligkeitstag einfügen] (der "Fälligkeitstag") zum [Indexbezogenen Rückzahlungsbetrag] zurückgezahlt, wie er von der Festlegungsstelle unter Beachtung dieser Emissionsbedingungen [und den Bestimmungen in den Endgültigen Bedingungen] ermittelt und den Gläubigern gemäß § 12 unverzüglich nach der Feststellung bekanntgegeben worden ist.

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[[Im Fall, dass "Kündigung und Zahlung" in den Endgültigen Bedingungen bestimmt ist:]

(2) Außerordentliches Ereignis. Im Fall eines außerordentlichen Ereignisses kann die Emittentin alle oder nur einige der ausstehenden Schuldverschreibungen zu ihrem vorzeitigen Rückzahlungsbetrag [oder einem anderen in den Endgültigen Bedingungen festgelegten Betrag] zusammen, falls zutreffend, mit bis (ausschließlich) zum Tag der Rückzahlung aufgelaufenen Zinsen zurückzahlen, wenn die Emittentin die Gläubiger spätestens [5] [Anzahl der Tage angeben] [Geschäftstage] [Tage] vorher gemäß §12 darüber unterrichtet hat, und spätestens [7] [Anzahl der Tage angeben] [Geschäftstage] [Tage] vor dieser Unterrichtung der Hauptzahlstelle eine Mitteilung übersandt hat (es sei denn, die Hauptzahlstelle handelt als Festlegungsstelle).]

§ 5c NACHFOLGE-INDEX, ANPASSUNGEN DURCH DIE FESTLEGUNGSSTELLE, KORREKTUR DES INDEX, STÖRUNGSTAGE

(1) Nachfolge-Index. Wird ein Index nicht durch den Index-Sponsor berechnet und veröffentlicht, jedoch durch einen aus Sicht der Festlegungsstelle akzeptablen Nachfolger des Index-Sponsor (den "Index-Sponsor-Nachfolger") berechnet und veröffentlicht, oder durch einen Nachfolge- Index ersetzt, der nach Feststellung der Festlegungsstelle anhand derselben oder in wesentlichen Teilen ähnlichen Berechnungsformel und -methodik wie dieser Index bestimmt wird (der "Nachfolge- Index"), tritt der durch den Index-Sponsor-Nachfolger ermittelte Index beziehungsweise der Nachfolge-Index an die Stelle dieses Index.

(2) Anpassungen durch die Festlegungsstelle. Stellt die Festlegungsstelle vor einem Index- Bewertungstag fest, dass der Index-Sponsor (oder, falls anwendbar, der Index-Sponsor- Nachfolger) eine erhebliche Veränderung in der zur Berechnung eines Index verwandten Formel oder Berechnungsmethode vornimmt oder auf andere Weise den Index erheblich verändert (außer, dass es sich dabei um eine in einer solchen Formel oder Berechnungsmethode vorgesehene Anpassung handelt, die den Index im Fall von Veränderungen der enthaltenen Wertpapiere, der Kapitalisierung und anderen routinemäßigen Ereignissen erhalten sollen) (eine "Veränderung des Index"), oder die Berechnung des Index dauerhaft einstellt, ohne dass ein Nachfolge-Index existiert (eine "Einstellung des Index"), oder dass der Index-Sponsor an einem Index-Bewertungstag den Index- Stand nicht berechnet und veröffentlicht hat (eine "Unterbrechung des Index"), so wird die Festlegungsstelle zur Berechnung des Indexbezogenen Rückzahlungsbetrags und/oder des maßgeblichen Zinsbetrags an Stelle des veröffentlichten Standes des Index den Index-Stand zum Index-Bewertungstag gemäß der unmittelbar vor der Veränderung oder der Einstellung gültigen Berechnungsformel und Berechnungsmethode ermitteln, wird dazu aber nur diejenigen Index- Komponenten heranziehen, aus denen sich der Index unmittelbar vor der Index-Anpassung zusammengesetzt hat. Die Festlegungsstelle wird die Hauptzahlstelle und die Gläubiger gemäß § 12 hiervon unterrichten.

(3) Korrektur des Index. Sollte ein an der Börse oder verbundenen Börse oder durch den Index-Sponsor veröffentlichter Kurs oder Stand, der für irgendeine Berechnung oder Feststellung in bezug auf die Schuldverschreibungen verwandt worden ist, nachträglich korrigiert werden und wird diese Korrektur durch die Börse oder den Index-Sponsor vor dem Fälligkeitstag veröffentlicht, so wird die Festlegungsstelle den aufgrund dieser Korrektur zahlbaren oder lieferbaren Betrag bestimmen und, falls erforderlich, die Bedingungen der Transaktion zur Berücksichtigung dieser Korrektur anpassen und die Gläubiger gemäß § 12 entsprechend unterrichten.

(4) Störungstage. Wenn die Festlegungsstelle nach alleinigem und alleinigem Ermessen feststellt, dass ein Index-Bewertungstag ein Störungstag ist, dann ist der Index-Bewertungstag der nächstfolgende Index-Geschäftstag, an dem die Festlegungsstelle feststellt, dass kein Störungstag vorliegt, es sei denn, die Festlegungsstelle stellt fest, dass an jedem der fünf Index-Geschäftstage, die unmittelbar auf den ursprünglichen Tag folgen, ein Störungstag vorliegt. Im letzteren Falle:

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(a) gilt der entsprechende fünfte Index-Geschäftstag als Index-Bewertungstag, ungeachtet der Tatsache, dass dieser Tag ein Störungstag ist; und

(b) bestimmt die Festlegungsstelle den Index-Stand zum maßgeblichen Index-Bewertungstag an diesem fünften Index-Geschäftstag in Übereinstimmung mit der vor Beginn der Marktstörung gültigen Berechnungsformel und Berechnungsmethode, indem sie den Börsenkurs der maßgeblichen Börse (oder, falls der Handel im betreffenden Wertpapier erheblich unterbrochen oder erheblich eingeschränkt worden ist, eine nach Treu und Glauben erfolgte Schätzung des Börsenkurses, der nach Ansicht der Festlegungsstelle ohne eine solche Unterbrechung oder Einschränkung zustande gekommen wäre) jedes im Index enthaltenen Wertpapiers an diesem fünften Index-Geschäftstag verwendet.

[[Falls "Anpassung durch die Festlegungsstelle" in den Endgültigen Bedingungen bestimmt ist:]

(5) Außerordentliches Ereignis. Im Fall eines außerordentlichen Ereignisses wird die Festlegungsstelle diejenigen Anpassungen der Tilgungs-, Lieferungs-, Zahlungs- und sonstigen Bedingungen der Schuldverschreibungen vornehmen, die sie als angemessen dafür bestimmt, den wirtschaftlichen Auswirkungen eines solchen außerordentlichen Ereignisses auf die Schuldverschreibungen Rechnung zu tragen, wenn die Festlegungsstelle die Gläubiger spätestens [5] [Anzahl der Tage angeben] [Geschäftstage] [Tage] vorher gemäß § 12 darüber unterrichtet hat, und spätestens [7] [Anzahl der Tage angeben] [Geschäftstage] [Tage] vor dieser Unterrichtung der Hauptzahlstelle eine Mitteilung übersandt hat (es sei denn, die Hauptzahlstelle handelt als Festlegungsstelle).]

[Bei Währungsbezogenen Schuldverschreibungen einfügen:

§ 5a DEFINITIONEN

"Durchschnittstag" ist [Datum angeben] [der in den maßgeblichen Endgültigen Bedingungen bezeichnete Tag] oder falls dieser Tag nicht auf einen Börsengeschäftstag fällt, der nächstfolgende Börsengeschäftstag.

"Währungsbezogener Rückzahlungsbetrag" bedeutet [den in den Endgültigen Bedingungen angegebenen Betrag einfügen] [einen Betrag, der nach der folgenden Formel festgelegt wird: [Formel einfügen]].

"Währungsbewertungstag(e)" bedeutet [Bewertungszeitpunkt einfügen] [den im Konditionenblatt angegebenen Zeitpunkt] oder (falls dieser Tag nicht auf einen Börsengeschäftstag fällt) den nächstfolgenden Geschäftstag, außer bei diesem handelt es sich um einen Störungstag in Bezug auf eine Relevante Währung. Dann findet, sofern dieser Tag mindestens zwei Tage vor dem Fälligkeitstag liegt, § 5c(4) Anwendung.

"Störungstag" bedeutet in Bezug auf einen Wechselkurs, einen planmäßigen Handelstag, an dem eine betreffende Börse oder eine verbundene Börse während ihrer üblichen Geschäftszeiten nicht geöffnet hat oder eine Markstörung eingetreten ist.

"Störungsrückzahlungsbetrag" ist der von der Festlegungsstelle nach alleinigem Ermessen unter Berücksichtigung aller verfügbaren und für relevant erachteten Informationen ermittelte Rückzahlungsbetrag bzw. Vorzeitige Rückzahlungsbetrag abzüglich der der Emittentin entstehenden Kosten für zugrunde liegende Sicherungsgeschäfte.

"Doppelwechselkurs" bedeutet, dass der jeweilige Wechselkurs sich aus zwei oder mehr Devisenkursen zusammensetzt.

"Börsengeschäftstag" bedeutet jeder planmäßige Handelstag, an dem die Börse und die verbundene Börse für den Handel während ihrer üblichen Börsensitzungszeit geöffnet sind, auch wenn diese Börse oder verbundene Börse vor ihrem planmäßigen Börsenschluss schließt.

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"Wechselkurszeit" ist der jeweilige Zeitpunkt am Handelstag der für die Umrechnung in die Währung des für die Zahlung des Rückzahlungsbetrages bzw. Vorzeitigen Rückzahlungsbetrages entsprechend der Schuldverschreibungen herangezogen wird.

"Wechselkurs" ist der Kurs zu welchem die Währung [von [Land angeben]] [eines Landes in die Währung [von [Land angeben]] [eines anderen Landes, wie in den Endgültigen Bedingungen beschrieben] getauscht wird.

"Börse" bedeutet im Hinblick auf einen Wechselkurs jede Börse oder jedes Handelssystem, welche(s) als solche(s) für diesen Wechselkurs bestimmt worden ist, jeden Rechtsnachfolger einer solchen Börse oder eines solchen Handelssystems und jede Ersatzbörse oder jedes Ersatzhandelssystem, auf welche der Handel in diesen Währungen vorübergehend übertragen worden ist (vorausgesetzt, dass nach Feststellung der Festlegungsstelle an dieser Ersatzbörse oder an diesem Ersatzhandelssystem eine der ursprünglichen Börse vergleichbare Liquidität in diesen Währungen vorhanden ist).

Eine "Behörde" ist jede faktische und rechtmäßige Regierung (oder jede ihr untergeordnete Verwaltungsstelle), jedes Gericht, Tribunal, oder jede Verwaltungs- oder Regierungseinheit oder jede andere privat- oder öffentlich-rechtliche Körperschaft der Länder, in denen die Relevanten Währungen gesetzliches Zahlungsmittel sind, die mit der Regulierung der Finanzmärkte befasst ist (dies beinhaltet die Zentralbank) und wo die Relevante Währung ausgegeben wird.

Eine "Zahlungsstörung" in Bezug auf den Wechselkurs liegt dann vor, wenn ein Ereignis am Bewertungstag (bzw. an einem Tag an dem normalerweise der Kurs veröffentlicht oder bekannt gemacht würde) die Erlangung der sicheren Feststellung des Abschlusskurses durch die Bewertungsstelle unmöglich macht.

Eine "Preisquellenstörung" in Bezug auf den Wechselkurs bezüglich [einer] Währungsbezogen[er] Schuldverschreibung(en) liegt dann vor, wenn es am Bewertungstag (bzw. an einem Tag an dem normalerweise der Kurs veröffentlicht oder bekannt gemacht würde) unmöglich ist, einen Schlusskurs zu erhalten.

"Preistag" bezeichnet [Datum einfügen] [das in den maßgeblichen Endgültigen Bedingungen angegebene Datum].

"Handelstag" ist [Datum angeben] [der in den maßgeblichen Endgültigen Bedingungen bezeichnete Tag].

"Kursberechnungstag" ist entweder der Bewertungstag oder der Durchschnittstag.

"Verbundene Börse" bedeutet [[die in den Endgültigen Bedingungen bestimmte Börse oder das Handelssystem, einfügen] oder jeden Rechtsnachfolger einer solchen Börse oder eines solchen Handelssystems und jede Ersatzbörse oder jedes Ersatzhandelssystem, auf welche der Handel in Futures- oder Optionskontrakten bezogen auf diesen Kurs vorübergehend übertragen worden ist (vorausgesetzt, dass nach Feststellung der Festlegungsstelle an dieser Ersatzbörse oder an diesem Ersatzhandelssystem eine der ursprünglichen Börse vergleichbare Liquidität in den auf diesen Kurs bezogenen Futures- oder Optionskontrakten vorhanden ist).] [Falls in den Endgültigen Bedingungen "alle Börsen" als verbundene Börse angegeben sind, wie folgt einfügen:] jede Börse oder jedes Handelssystem (wie von der Festlegungsstelle bestimmt), an der oder dem der Handel eine erhebliche Auswirkung auf den Gesamtmarkt in auf diesen Kurs bezogenen Futures- oder Optionskontrakte hat (wie von der Festlegungsstelle bestimmt) oder, in jedem dieser Fälle, ein Übernehmer oder Rechtsnachfolger einer solchen Börse oder eines solchen Handelssystems.]

"Relevante Währungen" sind [Währungen einfügen] [solche, die in den Endgültigen Bedingungen als solche genannt werden, die den Wechselkurs bestimmen.

"Planmäßiger Handelstag" bedeutet im Hinblick auf einen Wechselkurs jeden Tag, an dem die Börse oder verbundene Börse planmäßig zum Handel in der jeweiligen regulären Börsensitzung für diesen Wert geöffnet sind.

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"Schlusskurs" ist der Wechselkurs für den Bewertungstag vor dem Fälligkeitstag bzw. dem Vorzeitigen Rückzahlungstag, der gemäß den Bestimmungen der Endgültigen Bedingungen oder anderweitigen Bestimmungen ermittelt wird oder ist eine solche Bestimmung nicht in den Endgültigen Bedingungen getroffen, ist der Schlusskurs der Kassakurs des Bewertungstages.

"Kassakurs" bezeichnet in Bezug auf ein Datum [den Wechselkurs, der in Übereinstimmung mit der in den Endgültigen Bedingungen angegebenen Methode ermittelt wurde] [den Wechselkurs zu der Zeit, zu der ein solche(r)(e) Wechselkurs(e) für Fremdwährungsgeschäfte in der Relevanten Währung mit Wertstellung zum Zeitpunkt der Berechnung nach alleinigen Ermessen der Festlegungsstelle festgelegt werden.]

"Bewertungstag" bedeutet [Datum einfügen].

[weitere Definitionen einfügen, sofern anwendbar]

§ 5b RÜCKZAHLUNG VON WÄHRUNGSGEBUNDENEN SCHULDVERSCHREIBUNGEN

Die Schuldverschreibungen werden am [Fälligkeitstag einfügen] (der "Fälligkeitstag") zum Währungsbezogenen Rückzahlungsbetrag] zurückgezahlt, wie sie von der Festlegungsstelle unter Beachtung dieser Emissionsbedingungen [und den Bestimmungen in den Endgültigen Bedingungen] ermittelt und den Gläubigern gemäß § 12 unverzüglich nach der Feststellung bekanntgegeben worden ist.

§ 5c OFFIZIELLER NACHFOLGEKURS, ANPASSUNGEN DURCH DIE FESTLEGUNGSSTELLE, KORREKTUR DES KURSES, STÖRUNGEN

(1) Offizieller Nachfolgekurs. Wird ein Kurs eingestellt und durch einen nachfolgenden Wechselkurs (der "Offizielle Nachfolgekurs") ersetzt, welcher durch die zuständige Behörde bekannt gemacht, sanktioniert, veröffentlicht, verlautbart angenommen wurde, so ermittelt die Berechungsstelle den Kassakurs für einen Kursberechnungstag nach alleinigem Ermessen.

(2) Anpassungen durch die Festlegungsstelle. Stellt die Festlegungsstelle an einem Kursberechnungstag fest, dass einer der nach den Endgültigen Bedingungen spezifischen Devisenkurse von der dort genannten Preisquelle nicht veröffentlicht oder bekannt gegeben wird und dieser Kurs zugleich von mehr als einer Preisquelle veröffentlicht oder bekannt gegeben wird so ermittelt sie den Kassakurs nach alleinigem Ermessen.

(3) Korrektur des Kurses. Sollte ein auf Basis der Informationen bei [Bloomberg Ticker] [und/oder] [Reuters Monitor Money Rates Service] [und/oder] [Dow Jones Telerate Service] berechneter Kurs später verändert angezeigt werden, so unterliegen diese Kassakurse der nachträglichen Anpassung, bis zu einer Stunde nach der ersten Anzeige des Kurses.

Ungeachtet des vorangehenden Absatzes unterliegen Kassakurse die auf amtlichen Informationen der Behörden des jeweiligen Landes beruhen, der nachträglichen Abänderbarkeit binnen fünf Tagen nach dem Kursberechnungstag und dem Zeitraum der an dem Geschäftstag vor dem Fälligkeitstag bzw. Vorzeitigen Rückzahlungstag endet.

(4) Störung. Wenn die Festlegungsstelle nach alleinigem und alleinigem Ermessen feststellt, dass an einem Währungsbewertungstag ein Störungsereignis (wie nachfolgend definiert) auftritt und fortbesteht, dann wird der Währungsbewertungstag auf den ersten Geschäftstag verschoben, an dem kein Störungsereignis mehr vorliegt. Keinesfalls wird der Währungsbewertungstag mehr als acht Tage nach dem Fälligkeitsdatum oder dem vorzeitigen Rückzahlungsdatum liegen, sollte ein Störungsereignis bezüglich des Wechselkurses bis zu diesem achten Geschäftstag fortdauern, so ist dieser Tag der Währungsbewertungstag. In einem solchen Fall zahlt die Emittentin am dritten Tag nach diesem achten Geschäftstag an Stelle des Rückzahlungsbetrages bzw. des vorzeitigen Rückzahlungsbetrages den Störungsrückzahlungsbetrag (wie nachfolgend definiert). Alle

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Feststellungen der Festlegungsstelle gemäß dieser Regelung sind für die Anleger und die Emittentin endgültig und bindend, falls kein offenkundiger Fehler vorliegt. Der Störungsrückzahlungsbetrag wird nur denjenigen Anlegern mitgeteilt, die entsprechend dieser Bestimmung von dem Störungsereignis betroffen sind.

″Störungsereignis″ bedeutet in Bezug auf die Währungsbezogenen Schuldverschreibungen jedes der folgenden Ereignisse:

(a) Preisquellenstörung,

(b) Zahlungsstörung,

(c) Doppelwechselkurs oder

(d) Jedes andere Ereignis, welches nach Auffassung der Festlegungsstelle den Handel mit den Schuldverschreibungen, die Möglichkeit der Emittentin ihre Verpflichtungen aus den Schuldverschreibungen oder damit zusammenhängenden Sicherungsgeschäften zu erfüllen, erheblich erschweren würde.

§ 6 DIE EMISSIONSSTELLE [UND] [,] DIE ZAHLSTELLE[N] [[,] UND DIE BERECHNUNGSSTELLE] [UND DIE BERECHNUNGSSTELLE]

(1) Bestellung; bezeichnete Geschäftsstelle. Die anfänglich bestellte Emissionsstelle [,] [und] die Zahlstelle[n] [[,] und die Berechnungsstelle] [und die Festlegungsstelle] und deren anfänglich bezeichneten Geschäftsstellen lauten wie folgt:

Emissionsstelle: Deutsche Bank Aktiengesellschaft Group Technology Operations Große Gallusstraße 10 - 14 60272 Frankfurt am Main Deutschland

Zahlstelle[n]: Deutsche Bank Luxembourg S.A. 2, Boulevard Konrad Adenauer L-1115 Luxemburg Luxemburg

[andere Zahlstellen und bezeichnete Geschäftsstellen einfügen]

[Berechnungsstelle: Deutsche Bank Aktiengesellschaft Group Technology Operations Große Gallusstraße 10 - 14 60272 Frankfurt am Main Deutschland]

[Festlegungsstelle: Namen und bezeichnete Geschäftsstelle einfügen]

Die Emissionsstelle[,] [und] die Zahlstelle[n] [[,] und die Berechnungsstelle] [und die Festlegungsstelle] behalten sich das Recht vor, jederzeit die bezeichnete Geschäftsstelle durch eine andere bezeichnete Geschäftsstelle in derselben Stadt zu ersetzen.

(2) Änderung der Bestellung oder Abberufung. Die Emittentin behält sich das Recht vor, die Bestellung der

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Emissionsstelle oder einer Zahlstelle [oder der Berechnungsstelle] zu ändern oder zu beenden und eine andere Emissionsstelle oder zusätzliche oder andere Zahlstellen [oder eine andere Berechnungsstelle] [oder eine andere Festelegungsstelle] zu bestellen. Die Emittentin wird jederzeit (i) eine Emissionsstelle unterhalten [,] [und] (ii) eine Zahlstelle mit bezeichneter Geschäftsstelle außerhalb der Europäischen Union unterhalten [,] [und] [[(iii)] eine Zahlstelle (die die Emissionsstelle sein kann) mit bezeichneter Geschäftsstelle in einer kontinentaleuropäischen Stadt unterhalten] [,] [und] [(iv)] eine Zahlstelle (die die Emissionsstelle sein kann) mit bezeichneter Geschäftsstelle innerhalb der Republik Österreich unterhalten [im Fall von Schuldverschreibungen, die an einer Börse notiert sind, einfügen:[,] [und] [(v)] solange die Schuldverschreibungen an der [Name der Börse] notiert sind, eine Zahlstelle (die die Emissionsstelle sein kann) mit bezeichneter Geschäftsstelle in [Sitz der Börse] und/oder an solchen anderen Orten unterhalten, die die Regeln dieser Börse verlangen] [im Fall von Zahlungen in U.S.-Dollar einfügen: [,] [und] [(vi)] falls Zahlungen bei den oder durch die Geschäftsstellen aller Zahlstellen außerhalb der Vereinigten Staaten (wie in § 4 Absatz 3 definiert) aufgrund der Einführung von Devisenbeschränkungen oder ähnlichen Beschränkungen hinsichtlich oder vollständigen Zahlung oder des Empfangs der entsprechenden Beträge in U.S.-Dollar widerrechtlich oder tatsächlich ausgeschlossen werden, eine Zahlstelle mit bezeichneter Geschäftsstelle in New York City unterhalten] [falls eine Berechnungsstelle bestellt werden soll, einfügen: [,] [und] [(vii)] eine Berechnungsstelle [falls die Berechnungsstelle eine bezeichnete Geschäftsstelle an einem vorgeschriebenen Ort zu unterhalten hat, einfügen: mit bezeichneter Geschäftsstelle in [vorgeschriebenen Ort einfügen]] [und] [(viii)] eine Festlegungsstelle [falls die Festlegungsstelle eine bezeichnete Geschäftsstelle an einem vorgeschriebenen Ort zu unterhalten hat, einfügen: mit bezeichneter Geschäftsstelle in [vorgeschriebenen Ort einfügen]] unterhalten]. Eine Änderung, Abberufung, Bestellung oder ein sonstiger Wechsel wird nur wirksam (außer im Insolvenzfall, in dem eine solche Änderung sofort wirksam wird), sofern die Inhaber hierüber gemäß § 12 vorab unter Einhaltung einer Frist von mindestens 30 und nicht mehr als 45 Tagen informiert wurden.

(3) Beauftragte der Emittentin. Die Emissionsstelle[,] [und] die Zahlstelle[n] [[,] und die Berechnungsstelle] [und die Festlegungsstelle] handeln ausschließlich als Beauftragte der Emittentin und übernehmen keinerlei Verpflichtungen gegenüber den Inhabern; es wird kein Auftrags- oder Treuhandverhältnis zwischen ihnen und den Inhabern begründet.

§ 7 STEUERN

(1) Steuern. Alle in Bezug auf die Schuldverschreibungen zu zahlenden Beträge (Kapital, Zinsen und zusätzliche Beträge) sind ohne Einbehalt an der Quelle oder Abzug an der Quelle von irgendwelchen gegenwärtigen oder zukünftigen Steuern, Gebühren oder Abgaben gleich welcher Art, die von oder in der Republik Österreich oder irgendeiner ihrer Gebietskörperschaften oder Behörden mit Steuerhoheit erhoben werden ("Quellensteuer"), zu zahlen, es sei denn, die Quellensteuer ist kraft Gesetzes oder einer sonstigen Rechtsvorschrift abzuziehen oder einzubehalten und an die zuständigen Behörden abzuführen. In diesem Fall trägt die Emittentin vorbehaltlich des Absatzes 2 diejenigen zusätzlichen Beträge, die erforderlich sind, dass die von jedem Inhaber zu empfangenden Nettobeträge nach einem solchen Abzug oder Einbehalt von Quellensteuer den Beträgen entsprechen, die der Inhaber ohne einen solchen Abzug oder Einbehalt von Quellensteuer erhalten hätte.

(2) Keine zusätzlichen Beträge. Die Emittentin ist jedoch zur Zahlung zusätzlicher Beträge wegen solcher Steuern, Gebühren oder Abgaben nicht verpflichtet:

(a) denen der Inhaber der Schuldverschreibungen aus irgendeinem anderen Grund als der bloßen Tatsache unterliegt, dass er Inhaber von Schuldverschreibungen ist und zwar insbesondere, wenn der Inhaber von Schuldverschreibungen aufgrund einer persönlichen unbeschränkten oder beschränkten Steuerpflicht derartigen Steuern, Gebühren oder Abgaben unterliegt; oder

[(b) denen der Inhaber von Schuldverschreibungen nicht unterläge, wenn er seine Schuldverschreibungen bzw. Zinsansprüche innerhalb von 30 Tagen nach dem jeweiligen Fälligkeitstag oder nach dem maßgeblichen Tag, wie unten definiert, der jeweiligen Zahlstelle i.S.v. § 6 zur Zahlung vorgelegt bzw. geltend gemacht hätte; oder]

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[(c) ][●] die von einer Zahlstelle in einem Land abgezogen oder einbehalten werden, wenn eine andere Zahlstelle in einem anderen Land die Zahlung ohne einen solchen Einbehalt oder Abzug hätte leisten können; oder

[(d) ][●] die auf andere Weise als durch Einbehalt an der Quelle oder Abzug an der Quelle aus Zahlungen von Kapital oder etwaigen Zinsen zu entrichten sind; oder

[[(e) ][●] die nur abgezogen und einbehalten werden, weil die Schuldverschreibungen effektiv zur Einlösung am Schalter vorgelegt werden; oder]

[(f) ][●] denen der Inhaber von Schuldverschreibungen deshalb unterliegt, weil er in der Republik Österreich ansässig ist oder weil er andere persönliche oder geschäftliche Verbindungen zu diesen Ländern hat und nicht lediglich aufgrund der Tatsache, dass Zahlungen gemäß diesen Emissionsbedingungen aus der Republik Österreich stammen oder steuerlich so behandelt werden; oder

[[(g) ][●] wenn irgendwelche Steuern, Gebühren oder Abgaben nur deshalb erhoben oder an der Quelle abgezogen werden, weil der Inhaber der Schuldverschreibungen oder der aus einer Schuldverschreibung wirtschaftlich Berechtigte es versäumt hat, irgendwelche Anforderungen (einschließlich die Verpflichtung zur Beibringung notwendiger Formulare und/oder anderer Unterlagen) aus einem Gesetz, einem Vertrag, einer Bestimmung oder einer administrativen Regelung der Steuergesetzgebung, aufgrund dessen er einen Anspruch auf Erlass der gesamten Steuer, Gebühr oder Abgabe oder eines Teils davon gehabt hätte, zu erfüllen, soweit eine solche Erfüllung als eine Vorbedingung vorausgesetzt wird, um von solchen Steuern, Gebühren, Pflichten, einem solchen Bescheid oder Abgabe abgeholfen oder befreit zu werden; oder]

[(h)] [●] die auf Grundlage der EU-Zinsrichtlinie betreffend die Einführung des EU-weiten Informationsaustauschs und die Besteuerung von Zinseinkünften in der vom Rat der Europäischen Union am 3. Juni 2003 erlassenen Fassung, oder aufgrund irgendeines Gesetzes oder einer Rechtsvorschrift, welche(s) diese Richtlinie beziehungsweise die in der Sitzung des ECOFIN-Rates vom 13. Dezember 2001 erzielten Ergebnisse umsetzt oder deren Anforderungen erfüllt, oder welches erlassen wird, um dieser Richtlinie zu entsprechen, auf eine Zahlung an eine natürliche Person erhoben werden; oder

[(i)]][●] jede Kombination der Absätze (a), [[(b)][●],] [(c)][●], [(d)][●], [[(e)][●],] [(f)][●], [[(g)][●],] und [(h)][●].

Außerdem sind zusätzliche Beträge nicht im Hinblick auf Zahlungen unter den Schuldverschreibungen an solche Gläubiger zu zahlen, die Treuhänder oder Personengesellschaften sind bzw. nicht wirtschaftliche Eigentümer im Hinblick auf eine solche Zahlung sind, sofern eine solche Zahlung nach den Gesetzten der Republik Österreich, unter Steuerzwecken bei der Berücksichtigung des Einkommens eines Berechtigten oder Errichters eines Trusts oder des Gesellschafter einer solchen Personengesellschaft oder eines wirtschaftlichen Eigentümers zu berücksichtigen wäre, die nicht zum Erhalt zusätzlicher Beträge berechtigt wären, wenn ein solcher Berechtigter, Errichter eines Trusts, Gesellschafter einer Personengesellschaft oder wirtschaftlicher Eigentümer Gläubiger der Schuldverschreibungen gewesen wäre.

(3) Maßgeblicher Tag. Der "maßgebliche Tag" im Sinne dieser Emissionsbedingungen ist der Tag, an dem eine solche Zahlung zuerst fällig wird. Wenn jedoch die betreffende Zahlstelle die volle Summe der zu zahlenden Beträge nicht am oder vor dem jeweiligen Zahltag ordnungsgemäß erhalten hat, dann ist der maßgebliche Tag der Tag, an dem die betreffende Zahlstelle die volle Summe der zu zahlenden Beträge erhalten hat und eine Mitteilung hierüber gemäß § 12 an die Inhaber der Schuldverschreibungen ordnungsgemäß übermittelt wurde.

§ 8 HINTERLEGUNG, VORLEGUNGSFRIST, VERJÄHRUNGSFRIST

(1) Hinterlegung. Die Emittentin kann die von Inhabern von Schuldverschreibungen innerhalb von zwölf Monaten nach Fälligkeit nicht geltend gemachten Beträge an Kapital und etwaigen Zinsen auf Gefahr und

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Kosten dieser Inhaber der Schuldverschreibungen beim Amtsgericht Frankfurt am Main unter Verzicht auf das Recht der Rücknahme hinterlegen, auch wenn die Inhaber sich nicht in Annahmeverzug befinden. Mit der Hinterlegung unter Verzicht auf das Recht der Rücknahme erlischt jeglicher Anspruch dieser Inhaber der Schuldverschreibungen gegen die Emittentin und für die Erfüllung von deren Verbindlichkeiten haftende Dritte.

(2) Vorlegungsfrist. Die Vorlegungsfrist gemäß § 801 Absatz 1 Satz 1 BGB wird auf zehn Jahre verkürzt.

(3) Verjährungsfrist. Die Verjährungsfrist für während der Vorlegungsfrist zur Zahlung vorgelegte Schuldverschreibungen beträgt zwei Jahre beginnnend mit dem Ablauf der jeweiligen Vorlegungsfrist.

§ 9 KÜNDIGUNGSGRÜNDE

(1) Kündigungsgründe. Jeder Inhaber von Schuldverschreibungen ist berechtigt, seine sämtlichen Forderungen aus den Schuldverschreibungen durch Kündigung gegenüber der Emissionsstelle fällig zu stellen und Rückzahlung eines gemäß § 5 errechneten Rückzahlungsbetrages zuzüglich etwaiger bis zum Tage der Rückzahlung aufgelaufener Zinsen zu verlangen, wenn

(a) die Emittentin, gleichgültig aus welchen Gründen, (i) Kapital innerhalb von sieben Tagen nach dem betreffenden Fälligkeitstag oder (ii) etwaige Zinsen aus den Schuldverschreibungen einschließlich etwaiger gemäß § 7 Absatz 1 zu zahlender zusätzlicher Beträge, innerhalb von 14 Tagen nach dem betreffenden Fälligkeitstag nicht zahlt; oder

(b) die Emittentin, gleichgültig aus welchen Gründen, mit der Erfüllung einer anderen Verpflichtung aus diesen Schuldverschreibungen länger als 30 Tage nachdem die Emissionsstelle eine schriftliche Mitteilung von einem Inhaber erhalten hat in Rückstand kommt; oder

(c) (i) sonstige gegenwärtige oder zukünftige Fremdkapitalverbindlichkeiten der Emittentin oder einer ihrer Wesentlichen Tochtergesellschaften (gemäß der Definition in § 2 Abs. 2) für oder in Bezug auf aufgenommene Gelder aufgrund eines tatsächlichen oder möglichen Verzugs, Kündigungsgrunds oder ähnlichem Umstand (gleich wie dieser beschrieben ist) vor der angegebenen Fälligkeit zur Zahlung fällig werden oder (ii) die Zahlung entsprechender Fremdkapitalverbindlichkeiten nicht bei Fälligkeit bzw. innerhalb einer etwaigen Nachfrist erfolgt oder (iii) die Emittentin oder eine ihrer Wesentlichen Tochtergesellschaften (gemäß der Definition in § 2 Abs. 2) einen Betrag, der unter einer bestehenden oder zukünftigen Garantie oder Freistellungserklärung im Zusammenhang mit Fremdkapitalverbindlichkeiten für oder in Bezug auf aufgenommene Gelder zu zahlen ist, bei Fälligkeit nicht zahlt, wobei die Gesamthöhe der entsprechenden Fremdkapitalverbindlichkeiten, Garantien und Freistellungen, in Bezug auf die eines oder mehrere der in dieser Ziffer (c) genannten Ereignisse eingetreten sind, EUR 25.000.000 (oder den entsprechenden Gegenwert auf Basis des an dem Tag, für den dieser Absatz gilt, durch eine führende Bank quotierten Kassamittelkurses der jeweiligen Fremdwährung gegenüber dem Euro) übersteigt oder diesem Betrag entsprechen muss; oder

(d) hinsichtlich eines Teils des Vermögens, der Vermögenswerte oder Einkünfte der Emittentin oder einer ihrer Wesentlichen Tochtergesellschaften (gemäß der Definition in § 2 Abs. 2) ein dinglicher Arrest, eine Beschlagnahme, eine Zwangsvollstreckung oder ein sonstiges rechtliches Verfahren eingeleitet, durchgeführt oder vollstreckt und nicht innerhalb von dreißig Tagen aufgegeben oder zurückgenommen wird; oder

(e) durch die Emittentin oder eine ihrer Wesentlichen Tochtergesellschaften (gemäß der Definition in § 2 Abs. 2) bestellte oder übernommene gegenwärtige oder zukünftige Grundpfandrechte, Pfandrechte oder sonstige Belastungen zur Verwertung gelangen und Schritte zu ihrer Verwertung eingeleitet werden (einschließlich der Inbesitznahme oder die Bestellung eines Insolvenzverwalters, Zwangsverwalters oder ähnlichen Person); oder

(f) ein Gericht ein Konkurs- oder Insolvenzverfahren (oder ein vergleichbares Verfahren) gegen die Emittentin in der entsprechenden Rechtsordnung eröffnet worden ist, und diese Entscheidung nicht

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innerhalb von 60 Tagen aufgehoben oder ausgesetzt worden ist, oder die Emittentin von sich aus ein solches Verfahren beantragt oder einen Vergleich mit Inhabern anbietet oder durchführt; oder

(g) die Emittentin oder eine ihrer Wesentliche Tochtergesellschaften (wie in § 2 (2) definiert), wobei der Geschäftsbetrieb oder die Vermögenswerte der Wesentlichen Tochtergesellschaft auf die Emittentin übertragen wurden oder in anderer Weise zu der Emittentin oder einer ihrer Tochtergesellschaften (wie in § 2 (2) definiert) gehören, aufgelöst oder liquidiert wird oder irgendeine Maßnahme zum Zwecke der Liquidation trifft, es sei denn, dass eine solche Liquidation im Zusammenhang mit einer Verschmelzung, Konsolidierung oder einer anderen Form des Zusammenschlusses mit einer anderen Gesellschaft erfolgt und diese Gesellschaft alle Verpflichtungen aus diesen Emissionsbedingungen übernimmt; oder

(h) die Emittentin die Zahlungen ganz oder ihre Geschäftstätigkeit einstellt; oder

(i) es gegen geltendes Recht verstößt, dass die Emittentin ihren Verpflichtungen aus Schuldverschreibungen nachkommt; oder

(j) irgendein Ereignis eintritt, welches nach dem Recht einer relevanten Rechtsordnung mit denen in den vorherigen Paragraphen genannten Ereignissen vergleichbar ist.

(2) Übermittlung. Eine derartige Kündigung zur Rückzahlung ist durch eingeschriebenen Brief an die Emissionsstelle zu richten und wird mit Zugang bei dieser wirksam. Die Fälligkeit tritt ein am 14. Tag nach Zugang der Kündigung, es sei denn, dass im Falle des Absatzes (1)(a) oder (1)(b) die Verpflichtung vorher erfüllt worden ist.

§ 10 SCHULDNERERSETZUNG

(1) Ersetzung. Die Emittentin ist jederzeit berechtigt, ohne Zustimmung der Inhaber von Schuldverschreibungen eine andere Gesellschaft, die als Emittentin unter diesem Programm ernannt wurde, als Emittentin (die "Neue Emittentin") hinsichtlich aller Verpflichtungen aus oder in Verbindung mit den Schuldverschreibungen an die Stelle der Emittentin zu setzen, sofern:

(a) die Neue Emittentin alle Verpflichtungen der Emittentin aus oder in Verbindung mit den Schuldverschreibungen übernimmt;

(b) die Emittentin und die Neue Emittentin alle etwa notwendigen Genehmigungen von den zuständigen Behörden erhalten hat, wonach die Neue Emittentin alle Beträge, die zur Erfüllung der aus oder in Verbindung mit den Schuldverschreibungen entstehenden Zahlungsverpflichtungen erforderlich sind, in der festgelegten Währung oder einer anderen erforderlichen Währung ohne Einbehalt an der Quelle oder Abzug an der Quelle von irgendwelchen Steuern, Gebühren oder Abgaben in dem Land, in dem die Neue Emittentin ansässig ist, an die jeweilige Zahlstelle transferieren darf;

(c) die Emittentin in einer nach Form und Inhalt gleichen Art wie in der ursprünglichen Garantie durch die Emittentin unbedingt und unwiderruflich die Verpflichtungen der Neuen Emittentin garantiert.

(2) Bezugnahmen. Im Falle einer solchen Schuldnerersetzung gilt jede in diesen Emissionsbedingungen enthaltene Bezugnahme auf die Emittentin fortan als auf die Neue Emittentin bezogen, und jede Bezugnahme auf das Land, in dem die Emittentin ihren Sitz hat, gilt fortan als auf das Land, in dem die Neue Emittentin ihren Sitz hat, bezogen, und, soweit hierbei ein Unterschied gemacht werden muss, auf das Land, in dem die Neue Emittentin für steuerliche Zwecke als gebietsansässig betrachtet wird.

(3) Mitteilung. Eine Schuldnerersetzung gemäß Absatz 1 dieses § 10 ist für die Inhaber von Schuldverschreibungen bindend und ist ihnen mit einer Frist von mindestens 15 Geschäftstagen vor Inkrafttreten der Schuldnerersetzung gemäß § 12 öffentlich bekannt zu machen.

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§ 11 BEGEBUNG WEITERER SCHULDVERSCHREIBUNGEN, RÜCKKAUF UND ENTWERTUNG

(1) Begebung weiterer Schuldverschreibungen. Die Emittentin behält sich vor, ohne Zustimmung der Inhaber der Schuldverschreibungen weitere Schuldverschreibungen in der Weise zu begeben, dass sie mit den Schuldverschreibungen dieser Tranche zusammengefasst werden, eine einheitliche Emission (Serie) mit ihnen bilden und ihren Gesamtnennbetrag erhöhen. Die Schuldverschreibungen einer Serie haben identische Emissionsbedingungen und Ausstattungsmerkmale mit Ausnahme (im Fall von mehr als einer Tranche) des Begebungstages, des Verzinsungsbeginns und des Emissionspreises. Bezugnahmen auf "Schuldverschreibungen" gelten in gleicher Weise als Bezugnahmen auf solche Tranchen oder Serien.

(2) Rückkauf und Entwertung. Der Emittentin und jeder ihrer Tochtergesellschaften ist es erlaubt, Schuldverschreibungen im Markt oder auf andere Weise zurückzukaufen. Zurückgekaufte oder auf andere Weise von der Emittentin oder jeweiligen Tochtergesellschaft erworbene Schuldverschreibungen können gehalten, wiederverkauft oder nach Wahl der Emittentin bzw. der betreffenden Tochtergesellschaft der jeweiligen Zahlstelle zur Entwertung überlassen werden.

§ 12 MITTEILUNGEN

[Im Fall von Schuldverschreibungen, die an einer Börse notiert sind, einfügen:

[(1)] Bekanntmachung. Alle die Schuldverschreibungen betreffenden Mitteilungen sind in einer führenden Tageszeitung mit allgemeiner Verbreitung in [Österreich] [Deutschland] [Luxemburg] [London] [anderen Ort einfügen], voraussichtlich [Amtsblatt zur Wiener Zeitung] [die Börsen-Zeitung] [Luxemburger Wort] [Tageblatt] [die Financial Times] [andere Zeitung mit allgemeiner Verbreitung einfügen] in deutscher oder englischer Sprache zu veröffentlichen.] [werden über die Website der Luxemburger Börse unter "www.bourse.lu" veröffentlicht]. [Jede derartige Mitteilung gilt mit dem Tag der Veröffentlichung (oder bei mehreren Veröffentlichungen mit dem Tag der ersten solchen Veröffentlichung) als wirksam erfolgt.]]

[Sofern eine Mitteilung durch Elektronische Publikation auf der Website der betreffenden Börse möglich ist, einfügen:

Alle die Schuldverschreibungen betreffenden Mitteilungen können auch durch elektronische Publikation auf der Website der [betreffende Börse einfügen] (www. [Internetadresse einfügen]). Jede derartige Mitteilung gilt mit dem Tag der Veröffentlichung (oder bei mehreren Veröffentlichungen mit dem Tag der ersten solchen Veröffentlichung) als wirksam erfolgt.]]

[(2)] Mitteilung an das Clearing System.

[im Fall von Schuldverschreibungen, die nicht notiert sind, einfügen: Die Emittentin wird alle die Schuldverschreibungen betreffenden Mitteilungen an das Clearing System zur Weiterleitung an die Inhaber übermitteln. Jede derartige Mitteilung gilt am siebten Tag nach dem Tag der Mitteilung an das Clearing System als den Inhabern mitgeteilt.]

[Im Fall von Schuldverschreibungen, die an der Luxemburger Börse notiert sind, einfügen:

Solange Schuldverschreibungen an der Luxemburger Börse notiert sind, findet Absatz 1 Anwendung. Soweit dies Mitteilungen über den Zinssatz betrifft oder die Regeln der Luxemburger Börse dies zulassen, kann die Emittentin eine Veröffentlichung nach Absatz 1 durch eine Mitteilung an das Clearing System zur Weiterleitung an die Inhaber ersetzen; jede derartige Mitteilung gilt am siebten Tag nach dem Tag der Mitteilung an das Clearing System als den Inhabern mitgeteilt.]

[Im Fall von Schuldverschreibungen, die an einer anderen Börse als der Luxemburger Börse notiert sind, einfügen: Die Emittentin ist berechtigt, eine Veröffentlichung nach Absatz 1 durch eine Mitteilung an das Clearing System zur Weiterleitung an die Inhaber zu ersetzen, vorausgesetzt, dass die Regeln der Börse,

141 an der die Schuldverschreibungen notiert sind, diese Form der Mitteilung zulassen. Jede derartige Mitteilung gilt am siebten Tag nach dem Tag der Mitteilung an das Clearing System als den Inhabern mitgeteilt.]

§ 13 ANWENDBARES RECHT, ERFÜLLUNGSORT, GERICHTSSTAND UND GERICHTLICHE GELTENDMACHUNG

(1) Anwendbares Recht. Form und Inhalt der Schuldverschreibungen und der Globalurkunde(n) sowie alle sich daraus ergebenden Rechte und Pflichten bestimmen sich ausschließlich nach dem Recht der Bundesrepublik Deutschland.

(2) Gerichtsstand. Für alle Rechtsstreitigkeiten, die sich aus den in diesen Emissionsbedingungen geregelten Rechtsverhältnissen ergeben, sind die Inhaber von Schuldverschreibungen berechtigt, ihre Ansprüche nach ihrer Entscheidung entweder vor den zuständigen Gerichten in dem Land des Sitzes der Emittentin oder vor dem zuständigen Gericht in Frankfurt am Main, Bundesrepublik Deutschland, geltend zu machen. Alle anderen Gerichtsstände sind ausgeschlossen. Es gilt als vereinbart, dass diese Gerichte ausschließlich das Recht der Bundesrepublik Deutschland anwenden sollen.

(3) Gerichtliche Geltendmachung. Jeder Inhaber von Schuldverschreibungen ist berechtigt, in jedem Rechtsstreit gegen die Emittentin oder in jedem Rechtsstreit, in dem der Inhaber und die Emittentin Partei sind, seine Rechte aus diesen Schuldverschreibungen im eigenen Namen auf der folgenden Grundlage geltend zu machen: (i) er bringt eine Bescheinigung der Depotbank bei, bei der er für die Schuldverschreibungen ein Wertpapierdepot unterhält, welche (a) den vollständigen Namen und die vollständige Adresse des Inhabers enthält, (b) den Gesamtnennbetrag der Schuldverschreibungen bezeichnet, die unter dem Datum der Bestätigung auf dem Wertpapierdepot verbucht sind und (c) bestätigt, dass die Depotbank gegenüber dem Clearing System eine schriftliche Erklärung abgegeben hat, die die vorstehend unter (a) und (b) bezeichneten Informationen enthält; oder (ii) er legt eine Kopie der die betreffenden Schuldverschreibungen verbriefenden Globalurkunde vor, deren Übereinstimmung mit dem Original eine vertretungsberechtigte Person des Clearing System oder des Verwahrers des Clearing System bestätigt hat, ohne dass eine Vorlage der Originalbelege oder der die Schuldverschreibungen verbriefenden Globalurkunde in einem solchen Verfahren erforderlich wäre. Für die Zwecke des Vorstehenden bezeichnet "Depotbank" jede Bank oder ein sonstiges anerkanntes Finanzinstitut, das berechtigt ist, das Wertpapierverwahrungsgeschäft zu betreiben und bei der/dem der Inhaber ein Wertpapierdepot für die Schuldverschreibungen unterhält, einschließlich des Clearing Systems. Unbeschadet des Vorstehenden kann jeder Inhaber seine Rechte aus den Schuldverschreibungen auch auf jede andere Weise schützen oder geltend machen, die im Land, in dem der Rechtsstreit eingeleitet wird, prozessual zulässig ist.

(4) Kraftloserklärung. Die deutschen Gerichte sind ausschließlich zuständig für die Kraftloserklärung abhanden gekommener oder vernichteter Globalurkunden.

§ 14 TEILUNWIRKSAMKEIT

Sollte eine der vorstehenden Bestimmungen dieser Emissionsbedingungen unwirksam oder undurchführbar sein oder werden, so bleibt die Wirksamkeit und die Durchführbarkeit der übrigen Bestimmungen hiervon unberührt. Anstelle der unwirksamen oder undurchführbaren Bestimmung soll eine, soweit rechtlich möglich, dem Sinn und Zweck dieser Emissionsbedingungen zum Zeitpunkt der Begebung der Schuldverschreibungen entsprechende Regelung gelten. Unter Umständen, unter denen sich diese Emissionsbedingungen als unvollständig erweisen, soll eine ergänzende Auslegung, die dem Sinn und Zweck dieser Emissionsbedingungen entspricht, unter angemessener Berücksichtigung der berechtigten Interessen der beteiligten Parteien erfolgen.

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§ 15 SPRACHE

[Diese Emissionsbedingungen sind in deutscher Sprache abgefasst. [Eine Übersetzung in die englische Sprache ist beigefügt. Der deutsche Text ist bindend und maßgeblich. Die Übersetzung in die englische Sprache ist unverbindlich.]]

[Diese Emissionsbedingungen sind in englischer Sprache abgefasst. [Eine Übersetzung in die deutsche Sprache ist beigefügt. Der englische Text ist bindend und maßgeblich. Die Übersetzung in die deutsche Sprache ist unverbindlich.]]

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TEIL II - ZUSATZ ZU DEN GRUNDBEDINGUNGEN

AUF DEN INHABER LAUTENDE EINZELURKUNDEN

Falls die betreffenden Endgültigen Bedingungen einer Emission von Schuldenverschreibung die Begebung von auf den Inhaber lautenden Einzelurkunden vorsehen, werden die Emissionsbedingungen für Inhaberschuldverschreibungen gemäß TEIL I soweit unten angegeben und nach Maßgabe der betreffenden Endgültigen Bedingungen ergänzt.

[§ 1 (3) (a) Währung, Stückelung, Form, Eigentum, Definitionen - vorläufige Globalurkunde - Austausch ist wie folgt zu ersetzen:

(a) Die Schuldverschreibungen sind anfänglich durch eine vorläufige Globalurkunde (die "vorläufige Globalurkunde") ohne Zinsscheine verbrieft. Die vorläufige Globalurkunde wird [falls die vorläufige Globalurkunde ausschließlich gegen Einzelurkunden ausgetauscht wird, einfügen: gegen Einzelurkunden in den festgelegten Stückelungen ("Einzelurkunden") [falls die Schuldverschreibungen mit Zinsscheinen, Talons und/oder Rückzahlungsscheinen ausgegeben werden, einfügen: mit beigefügten [Zinsscheinen ("Zinsscheine")] [und Talons ("Talons") für weitere Zinsscheine] [und] [Rückzahlungsscheinen ("Rückzahlungsscheine") für die Zahlung der Tilgungsraten]] ausgetauscht] [falls die vorläufige Globalurkunde gegen Einzelurkunden und Sammelglobalurkunden ausgetauscht wird, einfügen:, sofern [das] [die] betreffende[n] Clearing System[e] einen solchen Austausch durchführ[t][en], zum Teil gegen Einzelurkunden in den festgelegten Stückelungen ("Einzelurkunden") [falls die Schuldverschreibungen mit Zinsscheinen, Talons und/oder Rückzahlungsscheinen ausgegeben werden, einfügen: mit beigefügten [Zinsscheinen ("Zinsscheine")] [Talons ("Talons") für weitere Zinsscheine] [und] [Rückzahlungsscheinen ("Rückzahlungsscheine") für die Zahlung der Tilgungsraten]] und zum anderen Teil gegen eine oder mehrere Sammelglobalurkunden (jeweils eine "Sammelglobalurkunde") [falls die Sammelglobalurkunden mit Zinsscheinen ausgegeben werden, einfügen: mit beigefügten Globalzinsscheinen (jeweils ein "Globalzinsschein")] ausgetauscht.]. Die vorläufige Globalurkunde [falls die vorläufige Globalurkunde gegen Einzelurkunden und Sammelglobalurkunden ausgetauscht wird, einfügen: und jede Sammelglobalurkunde [falls die Sammelglobalurkunden mit Zinsscheinen ausgegeben werden, einfügen: und jeder Globalzinsschein]] trägt die eigenhändigen oder faksimilierten Unterschriften zweier ordnungsgemäß bevollmächtigter Vertreter der Emittentin und die vorläufige Globalurkunde [und jede Sammelglobalurkunde] ist von der Emissionsstelle oder in deren Namen mit einer Kontrollunterschrift versehen. Die Einzelurkunden [falls die Schuldverschreibungen mit Zinsscheinen, Talons und/oder Rückzahlungsscheinen ausgegeben werden, einfügen: und die Zinsscheine] [und] [,] [Talons] [und Rückzahlungsscheine]] tragen die faksimilierten Unterschriften zweier ordnungsgemäß bevollmächtigter Vertreter der Emittentin und die Einzelurkunden sind von der Emissionsstelle oder in deren Namen mit einer Kontrollunterschrift versehen.

[Im Fall von Schuldverschreibungen, die keine TEFRA D Schuldverschreibungen sind, ist § 1 (3) (b) Währung, Stückelung, Form, Eigentum, Definitionen - vorläufige Globalurkunde - Austausch wie folgt zu ersetzen:

(b) Die vorläufige Globalurkunde ist an einem Tag (der "Austauschtag"), der nicht später als 180 Tage nach dem Tag der Ausgabe der vorläufigen Globalurkunde liegt, gegen Schuldverschreibungen in der in dem vorstehenden Absatz (a) vorgesehenen Form auszutauschen.]

[Im Fall von TEFRA D Schuldverschreibungen ist § 1 (3) (b) Währung, Stückelung, Form, Eigentum, Definitionen - vorläufige Globalurkunde - Austausch wie folgt zu ersetzen:

(b) Die vorläufige Globalurkunde wird an einem Tag (der "Austauschtag") gegen Schuldverschreibungen in der in dem vorstehenden Absatz (a) vorgesehenen Form und unter den dort aufgestellten Voraussetzungen ausgetauscht, der nicht mehr als 180 Tage nach dem Tag der Ausgabe der vorläufigen Globalurkunde liegt. Der Austauschtag für einen solchen Austausch darf nicht weniger als 40 Tage nach dem Tag der Ausgabe der vorläufigen Globalurkunde liegen. Ein solcher Austausch wird nur nach Vorlage von Bescheinigungen erfolgen, wonach der oder die wirtschaftlichen Eigentümer der durch die

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vorläufige Globalurkunde verbrieften Schuldverschreibungen keine U.S.-Personen sind (ausgenommen bestimmte Finanzinstitute oder bestimmte Personen, die Schuldverschreibungen über solche Finanzinstitute halten).

Zinszahlungen auf durch eine vorläufige Globalurkunde verbriefte Schuldverschreibungen erfolgen erst nach Vorlage solcher Bescheinigungen. Eine gesonderte Bescheinigung ist hinsichtlich einer jeden solchen Zinszahlung erforderlich. Jede Bescheinigung, die am oder nach dem 40. Tag nach dem Tag der Ausgabe der vorläufigen Globalurkunde eingeht, wird als ein Ersuchen behandelt werden, diese vorläufige Globalurkunde gemäß Absatz (b) dieses § 1 Absatz 3 auszutauschen. Wertpapiere, die im Austausch für die vorläufige Globalurkunde geliefert werden, sind nur außerhalb der Vereinigten Staaten (wie in § 4 Absatz 3 definiert) zu liefern.]

[§ 1 (4) und (5) Währung, Stückelung, Form, Eigentum, Definitionen - Clearing System/Inhaber von Schuldverschreibungen ist wie folgt zu ersetzen:

(4) Clearing System. "Clearing System" bedeutet [bei mehr als einem Clearing System einfügen: jeweils] Folgendes: [Clearstream Banking AG, Frankfurt am Main ("CBF")] [Clearstream Banking, société anonyme, Luxembourg ("CBL")] [Euroclear Bank SA/NV, ["Euroclear"] [Oesterreichische Kontrollbank Aktiengesellschaft("OeKB")] [,] [und] [anderes Clearing System angeben] oder jeder Funktionsnachfolger.

(5) Inhaber von Schuldverschreibungen. "Inhaber" bedeutet, in Bezug auf die bei einem Clearing System oder einem sonstigen zentralen Wertpapierverwahrer hinterlegten Schuldverschreibungen, jeder Inhaber eines Miteigentumsanteils oder anderen Rechts an den hinterlegten Schuldverschreibungen und sonst, im Falle von Einzelurkunden, der Inhaber einer Einzelurkunde.

[Nach § 1 (7) Währung, Stückelung, Form, Eigentum, Definitionen - Geschäftstag ist ein neuer Absatz (8) aufzunehmen:

(8) Bezugnahmen auf Schuldverschreibungen. Bezugnahmen in diesen Emissionsbedingungen auf die "Schuldverschreibungen" schließen Bezugnahmen auf jede die Schuldverschreibungen verbriefende Globalurkunde und jede Einzelurkunde [falls die Schuldverschreibungen mit Zinsscheinen, Talons und/oder Rückzahlungsscheinen begeben werden, einfügen: und die zugehörigen [Zinsscheine] [,] [und] [Globalzinsscheine] [,] [und] [Talons] [und Rückzahlungsscheine]] ein, es sei denn, aus dem Zusammenhang ergibt sich etwas anderes.]

[Bei festverzinslichen Schuldverschreibungen ist § 3 (2) Zinsen - Zinslauf wie folgt zu ersetzen:

(2) Zinslauf. Der Zinslauf der Schuldverschreibungen endet an dem Tag, der dem Tag vorangeht, an dem sie zur Rückzahlung fällig werden. Falls die Emittentin die Schuldverschreibungen bei Fälligkeit nicht einlöst, endet die Verzinsung des ausstehenden Nennbetrags der Schuldverschreibungen nicht am Tag der Fälligkeit, sondern erst an dem Tag, der dem Tag der tatsächlichen Rückzahlung der Schuldverschreibungen vorangeht, spätestens jedoch mit Ablauf des vierzehnten Tages nach der Bekanntmachung durch die Emissionsstelle gemäß § 12, dass ihr die für die Rückzahlung der Schuldverschreibungen erforderlichen Mittel zur Verfügung gestellt worden sind. Weitergehende Ansprüche der Inhaber bleiben unberührt.]

[Bei variabel verzinslichen Schuldverschreibungen ist § 3[(7)] Zinsen - Zinslauf wie folgt zu ersetzen:

[(7)] Zinslauf. Der Zinslauf der Schuldverschreibungen endet an dem Tag, an dem sie zur Rückzahlung fällig werden. Sollte die Emittentin die Schuldverschreibungen bei Fälligkeit nicht einlösen, endet die Verzinsung des ausstehenden Nennbetrags der Schuldverschreibungen nicht am Fälligkeitstag, sondern erst mit der tatsächlichen Rückzahlung der Schuldverschreibungen, spätestens jedoch mit Ablauf des vierzehnten Tages nach der Bekanntmachung durch die Emissionsstelle gemäß § 12, dass ihr die für die Rückzahlung der Schuldverschreibungen erforderlichen Mittel zur Verfügung gestellt worden sind. Der jeweils geltende Zinssatz wird gemäß diesem § 3 bestimmt. Weitergehende Ansprüche der Inhaber bleiben unberührt.]

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[Bei Nullkupon-Schuldverschreibungen ist § 3 (2) Zinsen - Auflaufende Zinsen wie folgt zu ersetzen:

(2) Zinslauf. Sollte die Emittentin die Schuldverschreibungen bei Fälligkeit nicht einlösen, fallen auf den ausstehenden Nennbetrag der Schuldverschreibungen ab dem Fälligkeitstag bis zum Tag der tatsächlichen Rückzahlung Zinsen in Höhe von [Emissionsrendite einfügen] per annum an; die Verzinsung endet jedoch spätestens mit Ablauf des vierzehnten Tages nach Bekanntmachung durch die Emissionsstelle gemäß § 12, dass ihr die für die Rückzahlung der Schuldverschreibungen erforderlichen Mittel zur Verfügung gestellt worden sind. Weitergehende Ansprüche der Inhaber bleiben unberührt.]

[§ 4 (1) [(a)] Zahlungen - Zahlungen auf Kapital ist wie folgt zu ersetzen:

(1) [(a)] Zahlungen auf Kapital. Zahlungen auf Kapital in Bezug auf die Schuldverschreibungen erfolgen nach Maßgabe des nachstehenden Absatzes 2 gegen Vorlage und (außer im Falle von Teilzahlungen) Einreichung der entsprechenden Urkunde bei der bezeichneten Geschäftsstelle der Emissionsstelle außerhalb der Vereinigten Staaten oder bei der bezeichneten Geschäftsstelle einer anderen Zahlstelle außerhalb der Vereinigten Staaten.]

[Bei Raten-Schuldverschreibungen einfügen:

Die Zahlung von Raten auf eine Raten-Schuldverschreibung mit Rückzahlungsscheinen erfolgt gegen Vorlage der Schuldverschreibung zusammen mit dem betreffenden Rückzahlungsschein und Einreichung dieses Rückzahlungsscheins und, im Falle der letzten Ratenzahlung gegen Einreichung der Schuldverschreibung bei der bezeichneten Geschäftsstelle einer der Zahlstellen außerhalb der Vereinigten Staaten. Rückzahlungsscheine begründen keinen Titel. Rückzahlungsscheine, die ohne die dazugehörige Schuldverschreibung vorgelegt werden, begründen keine Verpflichtungen der Emittentin. Daher berechtigt die Vorlage einer Raten-Schuldverschreibung ohne den entsprechenden Rückzahlungsschein oder die Vorlage eines Rückzahlungsscheins ohne die dazugehörige Schuldverschreibung den Inhaber nicht, die Zahlung einer Rate zu verlangen.]

[Bei Schuldverschreibungen, die keine Nullkupon-Schuldverschreibungen sind, ist § 4 (1) (b) Zahlungen - Zahlung von Zinsen wie folgt zu ersetzen:

(b) Zahlung von Zinsen. Die Zahlung von Zinsen auf Schuldverschreibungen erfolgt nach Maßgabe von Absatz 2 gegen Vorlage und Einreichung der entsprechenden Zinsscheine oder, im Falle von nicht mit Zinsscheinen ausgestatteten Schuldverschreibungen oder im Falle von Zinszahlungen, die nicht an einem für Zinszahlungen vorgesehenen Tag fällig werden, gegen Vorlage der entsprechenden Schuldverschreibungen bei der bezeichneten Geschäftsstelle der Emissionsstelle außerhalb der Vereinigten Staaten oder bei der bezeichneten Geschäftsstelle einer anderen Zahlstelle außerhalb der Vereinigten Staaten.

[Bei TEFRA D Schuldverschreibungen einfügen: Die Zahlung von Zinsen auf Schuldverschreibungen, die durch eine vorläufige Globalurkunde verbrieft sind, erfolgt außerhalb der Vereinigten Staaten nach Maßgabe von Absatz 2 an das Clearing System oder dessen Order zur Gutschrift auf den Konten der jeweiligen Kontoinhaber des Clearing Systems, und zwar nach ordnungsgemäßer Bescheinigung gemäß § 1 Absatz 3 (b).]]

[Bei Schuldverschreibungen, die mit Zinsscheinen, Talons und/oder Rückzahlungsscheinen begeben werden, ist als § 4 (1) (c) Zahlungen - Einreichung von [Zinsscheinen] [,] [und] [Talons] [und Rückzahlungsscheinen]) einzufügen:

(c) Einreichung von [Zinsscheinen][,][und][Talons] [und Rückzahlungsscheinen]. Jede Schuldverschreibung, die anfänglich mit beigefügten [Zinsscheinen] [oder][Talons] [oder Rückzahlungsscheinen] ausgegeben wurde, ist bei Rückzahlung vorzulegen und, außer im Falle einer Teilzahlung des Rückzahlungsbetrages, zusammen mit allen dazugehörigen noch nicht fälligen [Zinsscheinen][,] [und] [Talons] [und Rückzahlungsscheinen] einzureichen; erfolgt dies nicht

[Bei festverzinslichen Schuldverschreibungen einfügen: wird der Betrag der fehlenden noch nicht fälligen Zinsscheine (oder falls die Zahlung nicht vollständig erfolgt, der Anteil des Gesamtbetrages solcher

146 fehlenden, nicht fälligen Zinsscheine, wie er dem Verhältnis zwischen dem tatsächlich gezahlten Betrag und der fälligen Summe entspricht) von dem ansonsten bei der Rückzahlung fälligen Betrag abgezogen[,] [und] [.]]

[Bei variabel verzinslichen Schuldverschreibungen einfügen: werden alle nicht fälligen zugehörigen Zinsscheine (gleich, ob sie zusammen mit diesen eingereicht werden oder nicht) ungültig, und es erfolgt ab diesem Zeitpunkt keine Zahlung mehr auf sie[,] [und] [.]]

[Bei Schuldverschreibungen, die anfänglich mit Talons ausgegeben werden, einfügen: werden sämtliche nicht fälligen Talons (gleich, ob sie zusammen mit diesen eingereicht werden oder nicht) ungültig und können zu einem späteren Zeitpunkt nicht gegen Zinsscheine ausgetauscht werden[,] [und] [.]]

[Bei Schuldverschreibungen, die anfänglich mit Rückzahlungsscheinen ausgegeben werden, einfügen: werden sämtliche zugehörigen Rückzahlungsscheine, die in Bezug auf die Zahlung einer Rate, die (wäre sie nicht zur Rückzahlung fällig geworden) an einem Tag nach Rückzahlung fällig geworden wäre (gleich, ob sie mit dieser Schuldverschreibung eingereicht wurde oder nicht) ungültig, und bei Vorlage zu einem späteren Zeitpunkt erfolgt auf sie keine Zahlung.]

[Bei festverzinslichen Schuldverschreibungen, die anfänglich mit Zinsscheinen ausgegeben werden, einfügen: Werden Schuldverschreibungen mit einer Fälligkeit und einem Zinssatz oder Zinssätzen begeben, die dazu führen würden, dass bei Vorlage zur Zahlung dieser Schuldverschreibungen ohne dazugehörige noch nicht fällige Zinsscheine der wie vorstehend dargelegt in Abzug zu bringende Betrag den ansonsten zu zahlenden Rückzahlungsbetrag übersteigt, so werden diese noch nicht fälligen Zinsscheine (gleich, ob sie beigefügt sind oder nicht) zum Zeitpunkt der Fälligkeit solcher Schuldverschreibungen ungültig (und es erfolgt auf sie keine Zahlung), insoweit als dies erforderlich ist, damit der gemäß der vorstehenden Regelung in Abzug zu bringende Betrag den vorgesehenen Rückzahlungsbetrag nicht übersteigt. Sofern die Anwendung des letzten Satzes die Entwertung einiger, aber nicht sämtlicher noch nicht fälliger Zinsscheine einer Schuldverschreibung erfordert, bestimmt die betreffende Zahlstelle, welche nicht fälligen Zinsscheine ungültig werden sollten, wobei zu diesem Zwecke später fällige Zinsscheine vor früher fälligen Zinsscheinen für ungültig zu erklären sind.]

[Bei Schuldverschreibungen, die anfänglich mit Talons ausgegeben werden, einfügen: Am oder nach dem Zinszahlungstag, an dem der letzte Zinsschein eines Zinsscheinbogens fällig wird, kann der im Zinsscheinbogen enthaltene Talon bei der bezeichneten Geschäftsstelle einer Zahlstelle im Austausch gegen einen weiteren Zinsscheinbogen (einschließlich ggf. eines weiteren Talons) eingereicht werden. Jeder Talon gilt für die Zwecke dieser Emissionsbedingungen als am Zinszahlungstag fällig, an dem der letzte im jeweiligen Zinsscheinbogen enthaltene Zinsschein fällig wird.]

[§ 4 (2) Zahlungen - Zahlungsweise ist wie folgt zu ersetzen:

(2) Zahlungsweise. Vorbehaltlich geltender steuerlicher und sonstiger gesetzlicher Regelungen und Vorschriften erfolgen auf die Schuldverschreibungen zu leistende Zahlungen in der frei handelbaren und konvertierbaren Währung, die am entsprechenden Fälligkeitstag die Währung des Staates der festgelegten Währung ist.

[Bei Zahlungen in einer anderen Währung als Euro oder U.S.-Dollar einfügen:, und zwar durch in dieser Währung zahlbaren Scheck, ausgestellt auf eine Bank in dem Hauptfinanzzentrum des Landes der festgelegten Währung oder, nach Wahl des Zahlungsempfängers, durch Überweisung auf ein auf die festgelegte Währung lautendes Konto des Zahlungsempfängers, das dieser bei einer Bank in diesem Finanzzentrum unterhält.]

[Bei Zahlungen in Euro einfügen:, und zwar durch in dieser Währung zahlbaren Scheck, ausgestellt auf eine Bank in einem Hauptfinanzzentrum eines Landes, das Teilnehmerstaat in der Europäischen Wirtschafts- und Währungsunion im Sinne des am 7. Februar 1992 in Maastricht unterzeichneten Vertrages über die Europäische Union geworden ist, oder nach Wahl des Zahlungsempfängers, durch Überweisung auf ein auf diese Währung lautendes Konto, das der Zahlungsempfänger bei einer Bank in einem solchen Finanzzentrum unterhält.]

147

[Bei Zahlungen in U.S.-Dollar einfügen:, und zwar durch in dieser Währung zahlbaren Scheck, ausgestellt auf eine Bank in New York City oder, nach Wahl des Zahlungsempfängers, durch Überweisung auf ein auf diese Währung lautendes Konto, das der Zahlungsempfänger bei einer Bank außerhalb der Vereinigten Staaten unterhält.]]

[§ 4 (3) Zahlungen - Vereinigte Staaten ist wie folgt zu ersetzen:

(3) Vereinigte Staaten. Für die Zwecke des [im Fall von TEFRA D Schuldverschreibungen einfügen: § 1 Absatz 3 und des] Absatzes 1 [im Fall von Zahlungen in U.S.-Dollar einfügen: und des Absatzes 2] dieses § 4 bezeichnet "Vereinigte Staaten" die Vereinigten Staaten von Amerika (einschließlich deren Bundesstaaten und des Districts of Columbia) sowie deren Territorien (einschließlich Puerto Ricos, der U.S. Virgin Islands, Guam, American Samoa, Wake Island und Northern Mariana Islands) und Besitzungen und sonstigen ihrer Jurisdiktion unterliegenden Gebiete.]

[§ 4 (4) Zahlungen - Erfüllung ist wie folgt zu ersetzen:

(4) Erfüllung. Bei Schuldverschreibungen, die über ein Clearing System gehalten werden, wird die Emittentin durch Leistung der Zahlung an das Clearing System oder dessen Order von ihrer Zahlungspflicht befreit.]

[§ 4 (5) Zahlungen - Zahltag) ist wie folgt zu ersetzen:

(5) Zahltag. Fällt der Fälligkeitstag einer Zahlung in Bezug auf eine Schuldverschreibung auf einen Tag, der kein Zahltag ist, dann:

[bei Anwendung der Modifizierte Folgender Geschäftstag-Konvention einfügen: hat der Inhaber keinen Anspruch auf Zahlung vor dem nächstfolgenden Zahltag, es sein denn jener würde dadurch in den nächsten Kalendermonat fallen; in diesem Fall wird der Zinszahlungstag auf den unmittelbar vorausgehenden Geschäftstag vorgezogen.]

[bei Anwendung der FRN-Konvention einfügen: hat der Inhaber keinen Anspruch auf Zahlung vor dem nächstfolgenden Zahltag, es sei denn, jener würde dadurch in den nächsten Kalendermonat fallen; in diesem Fall (i) wird der Zahltag auf den unmittelbar vorausgehenden Geschäftstag vorgezogen und (ii) ist jeder nachfolgende Zahltag der jeweils letzte Geschäftstag des Monats, der [Zahl einfügen] [Monate] [andere festgelegte Zeiträume einfügen] nach dem vorausgehenden anwendbaren Zahltag liegt.]

[bei Anwendung der Folgender Geschäftstag-Konvention einfügen: hat der Inhaber keinen Anspruch vor dem nachfolgenden Zahltag.]

[bei Anwendung der Vorangegangener Geschäftstag-Konvention einfügen: wird der Zahltag auf den unmittelbar vorausgehenden Zahltag vorgezogen.]

Der Inhaber ist nicht berechtigt, weitere Zinsen oder sonstige Zahlungen aufgrund dieser Verspätung zu verlangen. Für diese Zwecke bezeichnet "Zahltag" einen Tag (außer einem Samstag oder Sonntag), an dem (i) Geschäftsbanken und Devisenmärkte Zahlungen am jeweiligen Ort der Vorlage abwickeln, (ii) das Clearing System und (iii) [falls die festgelegte Währung nicht Euro ist, einfügen: Geschäftsbanken und Devisenmärkte in [sämtliche relevanten Finanzzentren einfügen]] [falls die festgelegte Währung Euro ist, einfügen: [TARGET (wie nachstehend definiert)] [und Geschäftsbanken und Devisenmärkte in [sämtliche relevanten Finanzzentren einfügen]]] Zahlungen abwickeln.]

["TARGET" bedeutet das Trans-European Automated Real-time Gross Settlement Express Transfer- Zahlungssystem 2 oder jedes Nachfolgesystem.]

148

[§ 5 [(8)] (b) (ii) Rückzahlung - Vorzeitige Rückzahlung nach Wahl der Emittentin ist wie folgt zu ersetzen:

(ii) eine Erklärung, ob diese Tranche bzw. Serie ganz oder teilweise zurückgezahlt wird und im letzten Fall den Gesamtnennbetrag und die Nummer der Tranche der zurückzuzahlenden Schuldverschreibungen;]

[§ 5 [(8)] (c) Rückzahlung - Vorzeitige Rückzahlung nach Wahl der Emittentin ist wie folgt zu ersetzen:

(c) Wenn die Schuldverschreibungen nur teilweise zurückgezahlt werden, werden die zurückzuzahlenden Schuldverschreibungen durch Los oder auf andere Weise ermittelt, die der Emissionsstelle nach ihrem Ermessen als angemessen und billig erscheint.]

[§ 5 [(9)] (b) Rückzahlung - Vorzeitige Rückzahlung nach Wahl des Inhabers ist wie folgt zu ersetzen:

(b) Um dieses Wahlrecht auszuüben, hat der Inhaber nicht weniger als [Mindestkündigungsfrist einfügen] Tage und nicht mehr als [Höchstkündigungsfrist einfügen] Tage vor dem Wahl-Rückzahlungstag (Put), an dem die Rückzahlung gemäß der Ausübungserklärung (wie nachstehend definiert) erfolgen soll, bei der bezeichneten Geschäftsstelle der Emissionsstelle oder einer anderen Zahlstelle während der normalen Geschäftszeiten eine ordnungsgemäß ausgefüllte Mitteilung zur vorzeitigen Rückzahlung ("Ausübungserklärung"), wie sie von der bezeichneten Geschäftsstelle der Emissionsstelle oder einer jeden Zahlstelle erhältlich ist, zusammen mit der entsprechenden Schuldverschreibung zu hinterlegen. Die Ausübung des Wahlrechts kann nicht widerrufen und die so hinterlegte Schuldverschreibung kann nicht zurückgenommen werden. Um das Recht, Rückzahlung verlangen zu können, auszuüben, muss der Inhaber dann, wenn die Schuldverschreibungen über Euroclear oder CBL gehalten werden, innerhalb der Kündigungsfrist die Emissionsstelle über eine solche Rechtsausübung in Übereinstimmung mit den Richtlinien von Euroclear und CBL in einer für Euroclear und Clearstream, Luxemburg im Einzelfall akzeptablen Weise in Kenntnis setzen (wobei diese Richtlinien vorsehen können, dass die Emissionsstelle auf Weisungen des Inhabers von Euroclear oder CBL oder einer gemeinsamen Verwahrstelle in elektronischer Form über die Rechtsausübung in Kenntnis gesetzt wird).]

[Nach § 6(2) Die Emissionsstelle [und] [,] [die Zahlstelle[n]] [,] [und die Berechnungsstelle] - [und die Festlegungsstelle] Änderung der Bestellung oder Abberufung ist einzufügen:

Die Emittentin verpflichtet sich, eine Zahlstelle in einem Mitgliedstaat der Europäischen Union zu unterhalten, welche nicht zur Vornahme von steuerlichen Einbehalten oder Abzügen nach Maßgabe der Richtlinie 2003/48/EG des Europäischen Rates oder einer anderen Richtlinie oder Rechtsnorm verpflichtet ist, die der Umsetzung der Schlussfolgerungen des Treffens des ECOFIN-Rates vom 26.-27. November 2000 über die Besteuerung von Einkommen aus Geldanlagen dient, einer solchen Richtlinie entspricht oder zu deren Anpassung eingeführt wird].

[Bei § 7 Steuern Unterabsatz [(i)][●] einfügen, den alten Unterabsatz [(i)][●] ersetzen und den neuen Unterabsatz [(j)][●] einfügen:

[(i)][●] nicht zahlbar wären, wenn die Schuldverschreibungen bei einer Bank oder einem vergleichbaren Institut verwahrt worden wären und die Bank oder das vergleichbare Institut die Zahlungen eingezogen hätte, oder

[(j)][●] jede Kombination der Absätze (a), [[(b)][●],] [(c)][●], [(d)][●], [[(e)][●],] [(f)][●], [[(g)][●],] [(h)][●] und [(i) ][●].]

149

[§ 8 Hinterlegung, Vorlegungsfrist, Verjährungsfrist ist wie folgt zu ersetzen:

§ 8 VORLEGUNGSFRIST, ERSETZUNG VON SCHULDVERSCHREIBUNGEN [falls die Schuldverschreibungen mit Zinsscheinen begeben werden, einfügen: UND ZINSSCHEINEN]

Die in § 801 Absatz 1 Satz 1 BGB bestimmte Vorlegungsfrist wird für die Schuldverschreibungen auf zehn Jahre abgekürzt. [Falls die Schuldverschreibungen mit Zinsscheinen begeben werden, einfügen: Die Vorlegungsfrist für Zinsscheine beträgt gemäß § 801 Absatz 2 BGB vier Jahre und beginnt mit dem Ablauf des Kalenderjahres, in dem der betreffende Zinsschein zur Zahlung fällig geworden ist.] Sollte eine Schuldverschreibung [Falls die Schuldverschreibungen mit Zinsscheinen begeben werden, einfügen: oder ein Zinsschein] verloren gehen, gestohlen, beschädigt, unleserlich gemacht oder zerstört werden, so kann sie [/er] bei der bezeichneten Geschäftsstelle der Emissionsstelle vorbehaltlich der betreffenden Börsenbestimmungen und aller anwendbaren Gesetze ersetzt werden; dabei hat der Anspruchsteller alle dabei möglicherweise entstehenden Kosten und Auslagen zu zahlen und alle angemessenen Bedingungen der Emittentin hinsichtlich des Nachweises, der Sicherheit, einer Freistellung und dergleichen zu erfüllen. Eine beschädigte oder unleserlich gemachte Schuldverschreibung [Falls die Schuldverschreibungen mit Zinsscheinen begeben werden, einfügen: oder ein solcher Zinsschein] muss eingereicht werden, bevor eine Ersatzurkunde ausgegeben wird.

[Falls die Schuldverschreibungen mit Zinsscheinen begeben werden, ist folgender § 11 (3) Begebung weiterer Schuldverschreibungen, Rückkauf und Entwertung - Entwertung wie folgt neu aufzunehmen:

(3) Entwertung. Sämtliche vollständig zurückgezahlten Schuldverschreibungen sind unverzüglich zusammen mit allen nicht fälligen und zusammen mit den Schuldverschreibungen eingereichten oder den Schuldverschreibungen beigefügten Zinsscheinen zu entwerten und können nicht wieder begeben oder wieder verkauft werden.]

[§ 12 (2) Mitteilungen - Mitteilungen an das Clearing System ist zu streichen]

[§ 13 [(5)] Anwendbares Recht, Erfüllungsort, Gerichtsstand und Gerichtliche Geltendmachung - Gerichtliche Geltendmachung ist wie folgt zu ersetzen:

[(5)] Gerichtliche Geltendmachung. Jeder Inhaber von Schuldverschreibungen, die über ein Clearing System gehalten werden, ist berechtigt, in jedem Rechtsstreit gegen die Emittentin oder in jedem Rechtsstreit, in dem der Inhaber und die Emittentin Partei sind, seine Rechte aus diesen Schuldverschreibungen im eigenen Namen auf der folgenden Grundlage zu wahren bzw. geltend zu machen: (i) er bringt eine Bescheinigung der Depotbank bei, bei der er für die Schuldverschreibungen ein Wertpapierdepot unterhält, welche (a) den vollständigen Namen und die vollständige Adresse des Inhabers enthält, (b) den Gesamtnennbetrag der Schuldverschreibungen bezeichnet, die unter dem Datum der Bestätigung auf dem Wertpapierdepot verbucht sind und (c) bestätigt, dass die Depotbank gegenüber dem Clearing System eine schriftliche Erklärung abgegeben hat, die die vorstehend unter (a) und (b) bezeichneten Informationen enthält; oder (ii) er legt eine Kopie der die betreffenden Schuldverschreibungen verbriefenden Globalurkunde oder der Einzelurkunde vor, deren Übereinstimmung mit dem Original eine vertretungsberechtigte Person des Clearing Systems oder des Verwahrers des Clearing Systems bestätigt hat, ohne dass eine Vorlage der Originalbelege oder der vorläufigen Globalurkunde oder der Einzelurkunde in einem solchen Verfahren erforderlich wäre. Für die Zwecke des Vorstehenden bezeichnet "Depotbank" jede Bank oder ein sonstiges anerkanntes Finanzinstitut, das berechtigt ist, das Wertpapierverwahrungsgeschäft zu betreiben und bei der/dem der Inhaber ein Wertpapierdepot für die Schuldverschreibungen unterhält, einschließlich des Clearing Systems. Unbeschadet des Vorstehenden kann jeder Inhaber seine Rechte aus den Schuldverschreibungen auch auf jede andere Weise schützen oder geltend machen, die im Land, in dem der Rechtsstreit eingeleitet wird, prozessual zulässig ist.]

150

[§ 13 (1) Anwendbares Recht, Erfüllungsort, Gerichtsstand und Gerichtliche Geltendmachung - Kraftloserklärung ist wie folgt zu ersetzen:

(5) Kraftloserklärung. Die deutschen Gerichte sind ausschließlich zuständig für die Kraftloserklärung abhanden gekommener oder vernichteter Schuldverschreibungen [(Falls die Schuldverschreibungen mit Zinsscheinen begeben werden, einfügen: und Zinsscheine)].

§ 15 Sprache ist wie folgt zu ergänzen:

[Die Übersetzung in die englische Sprache wird nicht auf die Einzelurkunden gedruckt werden.] [Die Übersetzung in die deutsche Sprache wird nicht auf die Einzelurkunden gedruckt werden.]]

151

III. Form of Final Terms

FORM OF FINAL TERMS / MUSTER - ENDGÜLTIGE BEDINGUNGEN

Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of these Final Terms, the relevant Terms and Conditions of the Notes and the Prospectus dated 25 July 2011, including any supplements thereto, if any.

Vollständige Informationen über die Emittentin und das Angebot der Schuldverschreibungen sind ausschließlich auf der Grundlage der Endgültigen Bedingungen, der Emissionsbedingungen der Schuldverschreibungen, zusammen mit dem Prospekt vom 25. Juli 2011 und etwaiger Nachträge dazu, falls vorhanden, erhältlich.

[POTENTIAL PURCHASERS OF THESE NOTES SHOULD UNDERSTAND THAT THE RETURN OF PRINCIPAL WILL BE DEPENDENT UPON THE PERFORMANCE OF [THE INDEX OR INDICES] [THE CURRENCY OR THE CURRENCIES]. ERWERBER DIESER SCHULDVERSCHREIBUNGEN MÜSSEN BERÜCKSICHTIGEN, DASS DER RÜCKZAHLUNGSBETRAG VON DER WERTENTWICKLUNG [DES INDEX ODER VON INDIZES] [DER WÄHRUNG ODER VON WÄHRUNGEN] ABHÄNGT.]1

FORM OF FINAL TERMS MUSTER - ENDGÜLTIGE BEDINGUNGEN2

Final Terms Endgültige Bedingungen

[Date] [Datum]

[Title of relevant Tranche of Notes] issued pursuant to the

[Bezeichnung der betreffenden Tranche der Schuldverschreibungen] begeben aufgrund des

Euro 3,000,000,000 Euro Medium Term Note Programme

Euro 3.000.000.000 Euro Medium Term Note Programme

of von

OMV Aktiengesellschaft ("OMV AG") Dated 25 July 2011 Datiert 25. Juli 2011

1 Required only for Index Linked Notes or Currency Linked Notes. Einzusetzen nur im Falle von Indexbezogenen Schuldverschreibungen oder Währungsbezogenen Schuldverschreibungen. 2 Directive 2010/73/EU (the "2010 PD Amending Directive") amending Directive 2003/71/EC (the "Prospectus Directive") and Directive 2004/109/EC increases the minimum denomination threshold per debt security from Euro 50,000 to Euro 100,000, or its equivalent in another currency, for the qualification of a debt security as wholesale debt with regard to the wholesale disclosure requirements and the exemptions under the Prospectus Directive. For the increased minimum denomination threshold to become applicable, the 2010 PD Amending Directive must be implemented into the relevant national law of the jurisdictions into which the Prospectus has been passported and in which Notes will be listed on a stock exchange and/or publicly offered and distributed. Die Richtlinie 2010/73/EU (die "2010 PR Änderungsrichtlinie"), durch die Richtlinie 2003/71/EG (die "Prospektrichtlinie") und Richtlinie 2004/109/EG geändert werden, erhöht die für die Einordnung eines Schuldtitels als ein Schuldtitel für Großanleger in Bezug auf die entsprechenden Offenlegungspflichten und die Ausnahmen gemäß der Prospektrichtlinie maßgebliche Schwelle der Mindeststückelung pro Schuldtitel von Euro 50.000 auf Euro 100.000, bzw. den entsprechenden Gegenwert in einer anderen Währung. Damit die erhöhte Schwelle der Mindeststückelung Anwendung findet, muss die 2010 PR Änderungsrichtlinie in das jeweilige nationale Recht der Rechtsordnungen, in die der Prospekt notifiziert wurde und/oder in denen eine Börsennotierung bzw. ein öffentliches Angebot und der Vertrieb der Schuldtitel erfolgen soll, umgesetzt werden.

152

ISSUER: [OMV AG] EMITTENTIN:

Specified Currency: [ ] Festgelegte Währung: [ ]

Nominal Value: [ ] Nominalwert: [ ]

Series No.: [ ] Serien-Nr.: [ ]

Tranche No.: [ ] Tranchen-Nr.: [ ]

Tranche to become part of an existing Series: [Yes/No]

[(a) If yes, insert details of existing Series:] [ ] [(b) Aggregate nominal amount of Series:] [ ]

Zusammenfassung der Tranche mit einer bestehenden Serie ist vorgesehen: [Ja/Nein]

[(a) falls ja, Angaben zur bestehenden Serie machen:] [ ] [(b) Gesamtnennbetrag der Serie:] [ ]

Issue Price: [ ] per cent.3 Ausgabepreis: [ ]%3

Issue Date: [ ]4 Valutierungstag: [ ]4

Net proceeds: [ ] [(less an amount to account for expenses)]5 Nettoerlös: [ ] [(abzüglich eines Betrages für Kosten)]5

Interest Basis: [ per cent. Fixed Rate] [specify reference rate] +/- [ ]% Margin, Floating Rate (ISDA determination/Screen Rate Determination (specify)] [Zero Coupon] [Index Linked Interest] [Dual Currency Provisions] [Other interest provisions] (further particulars specified below) Zinsmodalität: [ % Festzinssatz] [festzulegender Referenzzinssatz] +/- [ ]% Marge, variabel verzinslich (Bestimmung [nach ISDA/auf Basis einer Bildschirmnotierung]) [Nullkupon] [Indexierte Verzinsung] [Doppelwährungsbezogene Zinsfestlegung] [andere zu bestimmende Zinsmodalität] (Zusätzliche Einzelheiten unten aufgeführt)

3 To be completed for all Notes. Auszufüllen für alle Schuldverschreibungen. 4 The Issue Date is the date of payment and settlement of the Notes. In the case of free delivery, the Issue Date is the delivery date. Der Valutierungstag ist der Tag, an dem die Schuldverschreibungen begeben und bezahlt werden. Bei freier Lieferung ist der Valutierungstag der Tag der Lieferung. 5 Required only for listed or public issues. Issue Price less Management/Underwriting Commission and Selling Concession Nur für börsennotierte und öffentlich angebotene Emissionen erforderlich. Ausgabepreis abzüglich Management- und Übernahmeprovision sowie Verkaufsprovision.

153

I. TERMS AND CONDITIONS I. EMISSIONSBEDINGUNGEN

These Final Terms are dated [ ] and contain the final terms of an issue of Notes under the Euro 3,000,000,000 Euro Medium Term Note Programme dated 25 July 2011 of OMV AG (the "Programme").

Diese Endgültigen Bedingungen vom [ ] enthalten die endgültigen Bedingungen einer Emission von Schuldverschreibungen unter dem Euro 3,000,000,000 Euro Medium Term Note Programm datiert 25. Juli 2011 der OMV AG (das "Programm").

This part of the Final Terms is to be read in conjunction with the Terms and Conditions of the Notes (the "Terms and Conditions of the Notes") set forth in the Prospectus dated [ ]6,7 [, as supplemented by a Supplement dated [ ]] (the "Prospectus") pertaining to the Programme as the same may be amended or supplemented from time to time. Capitalised terms not otherwise defined herein shall have the meanings specified in the Terms and Conditions of the Notes.

Dieser Teil der Endgültigen Bedingungen ist in Verbindung mit den Emissionsbedingungen der Schuldverschreibungen (die "Emissionsbedingungen") zu lesen, die in der jeweils geltenden Fassung des Prospekts vom [ ]6,7 [wie durch einen Nachtrag vom [ ] ergänzt] (der "Prospekt") über das Programm enthalten sind. Begriffe, die in den Emissionsbedingungen definiert sind, haben, falls die Endgültigen Bedingungen nicht etwas anderes bestimmen, die gleiche Bedeutung, wenn sie in diesen Endgültigen Bedingungen verwendet werden.

All references in this part of these Final Terms to numbered Conditions and sections are to Conditions and sections of the Terms and Conditions of the Notes.

Bezugnahmen in diesem Teil der Endgültigen Bedingungen auf Paragraphen und Absätze beziehen sich auf die Paragraphen und Absätze der Emissionsbedingungen.

[All provisions in the Terms and Conditions of the Notes corresponding to items in these Final Terms which are either not selected or completed or which are deleted shall be deemed to be deleted from the terms and conditions applicable to the Notes.8

Sämtliche Bestimmungen der Emissionsbedingungen, die sich auf Variablen dieser Endgültigen Bedingungen beziehen und die weder angekreuzt noch ausgefüllt werden oder die gestrichen werden, gelten als in den auf die Schuldverschreibungen anwendbaren Emissionsbedingungen gestrichen.]8

[The Conditions applicable to the Notes (the "Conditions") and the English language translation thereof, if any, are attached to these Final Terms and replace in full the Terms and Conditions of the Notes as set out in the Prospectus and take precedence over any conflicting provisions in these Final Terms.9

Die für die Schuldverschreibungen geltenden Bedingungen (die "Bedingungen") sowie eine etwaige englischsprachige Übersetzung sind diesen Endgültigen Bedingungen beigefügt. Die Bedingungen ersetzen in

6 If this issue is an increase of an existing issue which was issued under a Prospectus with an earlier date, insert date of this earlier Prospectus here. Wenn es sich bei der aktuellen Emission um die Aufstockung einer Emission handelt, die in Verbindung mit einem früheren Prospekt begeben wurde, ist hier das Datum dieses früheren Prospekts einzusetzen. 7 If this issue is not an increase of an existing issue which was issued under a Prospectus with an earlier date, insert date of the current Prospectus. Wenn es sich bei der aktuellen Emission nicht um die Aufstockung einer Emission handelt, die in Verbindung mit einem früheren Prospekt begeben wurde, ist hier das Datum des aktuellen Prospekts einzusetzen. 8 To be inserted in the case of Long-Form Conditions. Im Fall von nicht-konsolidierten Bedingungen einzufügen. 9 To be inserted in the case of Integrated Conditions. Im Fall von konsolidierten Bedingungen einzufügen.

154

Gänze die im Prospekt abgedruckten Emissionsbedingungen und gehen etwaigen abweichenden Bestimmungen dieser Endgültigen Bestimmungen vor.]9

The Issuer accepts responsibility for the information contained in these Final Terms and declares, that having taken all reasonable care to ensure that such is the case, the information contained in these Final Terms is, to the best knowledge, in accordance with the facts and contains no omission likely to affect its import[, save for the information regarding (the issuer(s) of) the relevant underlying(s)]. [The information included herein with respect to (the issuer(s) of) the relevant underlying(s) consists of extracts from, or summaries of, annual reports and other publicly available information. The Issuer makes no representation that any publicly available information or any other publicly available documents regarding (the issuer(s) of) the relevant underlying(s) are accurate and complete and does not accept any responsibility in respect of such information. There can be no assurance that all events occurring prior to the date of these Final Terms that would affect the trading price of the relevant underlying(s) (and therefore the trading price and value of the Notes) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure or failure to disclose material future events concerning the relevant underlying(s) could affect the trading price and value of the Notes.]

Die Emittentin übernimmt die Verantwortung für die Angaben in diesen Endgültigen Bedingungen und bestätigt, dass sie mit angemessener Sorgfalt überprüft hat, dass die in diesen Endgültigen Bedingungen enthaltenen Angaben nach bestem Wissen richtig sind und keine Angaben ausgelassen wurden, deren Auslassung die hierin enthaltenen Angaben irreführend erscheinen lassen könnte[, mit Ausnahme der Informationen, die den) (die) (Emittenten (der) (des)) maßgebliche(n) Basiswert(e) betreffen]. [Die hierhin enthaltenen Informationen, die (den) (die) (Emittenten (der) (des)) maßgebliche(n) Basiswert(e) betreffen, wurden Auszügen oder Zusammenfassungen von Geschäftsberichten oder anderen öffentlich verfügbaren Informationsquellen entnommen. Die Emittentin übernimmt keine Gewährleistung dahingehend, dass jegliche öffentlich zugänglichen Informationen oder anderweitige Dokumente betreffend den Emittenten der maßgebliche(n) Basiswert(e) richtig und vollständig sind und übernimmt hinsichtlich solcher Informationen keine Verantwortung. Es kann nicht zugesichert werden, dass alle Ereignisse, die vor dem Datum dieser Endgültigen Bedingungen eingetreten sind, die den Marktpreis (der) (des)) maßgebliche(n) Basiswert(e) (und somit den Marktpreis und den Wert der Schuldverschreibungen) beeinträchtigen können, veröffentlicht worden sind. Eine nachträgliche Veröffentlichung solcher Ereignisse oder die Veröffentlichung oder das Unterlassen der Veröffentlichung von wesentlichen zukünftigen Ereignissen, welche die (der) (des)) maßgebliche(n) Basiswert(e) betreffen, können sich negativ auf den Marktpreis oder den Wert der Schuldverschreibungen auswirken.]

Save as disclosed in these Final Terms, so far as the Issuer is aware, no person involved in the offer of the Notes has an interest material to the offer.

Ausgenommen des in diesen Endgültigen Bedingungen Dargelegten, ist, soweit es der Emittentin bekannt ist, keine weitere Person beteiligt, welche an dem Angebot Interessen hat, die von ausschlaggebender Bedeutung sind.

155

Forms of Conditions10 Form der Bedingungen10

Long-Form Nicht-konsolidierte Bedingungen

Integrated Konsolidierte Bedingungen

Language of Conditions11 Sprache der Bedingungen11

German only Ausschließlich Deutsch

English only Ausschließlich Englisch

German and English (German prevailing) Deutsch und Englisch (deutscher Text maßgeblich)

German and English (English prevailing) Deutsch und Englisch (englischer Text maßgeblich)

CURRENCY, DENOMINATION, FORM, TITLE, CERTAIN DEFINITIONS (§ 1) WÄHRUNG, STÜCKELUNG, FORM, EIGENTUM, DEFINITIONEN (§ 1)

Denomination Stückelung

Specified Denomination(s) [ ] Festgelegte Stückelung/Stückelungen

Number of Notes to be issued in each Specified Denomination [ ] Anzahl der in jeder festgelegten Stückelung auszugebenden Schuldverschreibungen

 TEFRA C12 TEFRA C12

 Permanent Global Note Dauerglobalurkunde

10 To be determined in consultation with the relevant Issuer. It is anticipated that Long-Form Conditions will generally be used for Notes in bearer form sold on a non-syndicated basis and which are not publicly offered. Integrated Conditions will generally be used for Notes in bearer form sold and distributed on a syndicated basis. Integrated Conditions will be required where the Notes are to be publicly offered, in whole or in part, or to be distributed, in whole or in part, to non-professional investors. Die Form der Bedingungen ist in Abstimmung mit der jeweiligen Emittentin festzulegen. Es ist vorgesehen, daß nicht-konsolidierte Bedingungen für Inhaberschuldverschreibungen, die auf nicht syndizierter Basis verkauft und die nicht öffentlich zum Verkauf angeboten werden, verwendet werden. Konsolidierte Bedingungen werden in der Regel für Inhaberschuldverschreibungen verwendet, die auf syndizierter Basis verkauft und vertrieben werden. Konsolidierte Bedingungen sind erforderlich, wenn die Schuldverschreibungen insgesamt oder teilweise an nicht berufsmäßige oder gewerbliche Investoren verkauft oder öffentlich angeboten werden. 11 To be determined in consultation with the relevant Issuer. For further information see "Issue Procedures" in Part B.I. of this Prospectus. In Abstimmung mit der jeweiligen Emittentin festzulegen. Für weitere Information siehe "Issue Procedures" in Teil B.I. des Prospekts. 12 See also "Selling Restrictions" below. Siehe auch "Verkaufsbeschränkungen".

156

Nominal amount of Permanent Global Note (if only one to be [ ] issued) Nennbetrag der Dauerglobalurkunde (falls nur eine begeben wird)

Nominal amount of each Permanent Global Note (if more than one [Not applicable/(specify nominal to be issued) amount of each Global Note)] Nennbetrag jeder Dauerglobalurkunde (falls mehrere begeben [Nicht anwendbar/(Nennbetrag werden) jeder Globalurkunde angeben)]

 Definitive Notes Einzelurkunden

 Definitive Notes and Collective Global Notes Einzelurkunden und Sammelglobalurkunden

 TEFRA D TEFRA D

Temporary Global Note exchangeable for: Vorläufige Globalurkunde austauschbar gegen:

 Permanent Global Note Dauerglobalurkunde

Nominal amount of Global Note (if only one to be issued): [ ] Nennbetrag der Globalurkunde (falls nur eine begeben wird):

Nominal amount of each Global Note (if more than one to be [Not Applicable/(specify issued): nominal amount of each Global Note) (distinguishing between Temporary and Permanent Global Note))] Nennbetrag jeder Globalurkunde (falls mehrere begeben werden): [Nicht anwendbar/(Nennbetrag jeder Globalurkunde angeben (Unterscheidung zwischen Vorläufiger und Dauerglobalurkunde))]  Definitive Notes Einzelurkunden

 Definitive Notes and Collective Global Notes Einzelurkunden und Sammelglobalurkunden

 Neither TEFRA D nor TEFRA C13 Weder TEFRA D noch TEFRA C12

 Permanent Global Note Dauerglobalurkunde

 Temporary Global Note exchangeable for: Vorläufige Globalurkunde austauschbar gegen:

13 Applicable only if Notes have an initial maturity of one year or less. Ausschließlich anwendbar, falls Schuldverschreibungen eine ursprüngliche Laufzeit von einem Jahr oder weniger haben.

157

 Definitive Notes Einzelurkunden

 Definitive Notes and Collective Global Notes Einzelurkunden und Sammelglobalurkunden

New Global Note (NGN) [Yes/No] New Global Note (NGN) [Ja/Nein]

 Intended to be held in a manner which would allow Eurosystem [Note that if this item is eligibility (in new global note form (NGN)) applicable it simply means that the Notes are intended upon issue to be deposited with one of the international central securities depositaries (ICSDs) as common safekeeper and does not necessarily mean that the Notes will be recognised as eligible collateral for Eurosystem monetary policy and intra-day credit operations by the Eurosystem either upon issue or at any or all times during their life. Such recognition will depend upon satisfaction of the Eurosystem eligibility criteria]14 Verwahrung in einer Weise, die Anerkennung durch das [Im Fall der Anwendbarkeit Eurosystem geniesst (in Form der neuen Globalurkunde (NGN)) dieses Punktes ist damit beabsichtigt, die Schuld- verschreibungen zum Zeitpunkt ihrer Emission bei einer der internationalen zentralen Verwahrstellen (ICSDs) als gemeinsame Sicherheits- verwahrstelle common safe- keeper) einzureichen. Das bedeutet nicht notwendiger- weise, dass die Schuld- verschreibungen zum Zeitpunkt ihrer Emission oder zu einem anderen Zeitpunkt während ihrer Laufzeit als geeignete Sicherheit im Sinne der Geldpolitik des Eurosystems und für Zwecke der untertägigen Kreditfähigkeit durch das Eurosystem anerkannt werden. Eine solche Anerkennung hängt von der Erfüllung der Kriterien der Eignung des Eurosystems ab.]15

14 Include this text if this item is applicable in which case the Notes must be issued in NGN form. Dieser Text ist einzufügen, falls dieser Punkt anwendbar ist. In diesem Fall müssen die Schuldverschreibungen in NGN Form emittiert werden.

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Classical Global Note [Yes/No] Classical Global Note [Ja/Nein]

 Intended to be Eurosystem eligible15 Anerkennung durch das Eurosystem ist beabsichtigt15

Definitive Notes [Yes/No] Einzelurkunden [Ja/Nein]

 Other [ ] Andere

Certain Definitions Definitionen

Clearing System

 Osterreichische Kontrollbank Aktiengesellschaft Am Hof 4, Strauchgasse 1 – 3 A-1011 Wien

 Clearstream Banking AG, Frankfurt Neue Börsenstraße 1 D-60487 Frankfurt am Main

 Euroclear Bank SA/NV 1 Boulevard du Roi Albert II B-1210 Brussels

 Clearstream Banking, société anonyme, Luxembourg 42 Avenue JF Kennedy L-1855 Luxembourg

 Other - specify [ ] Sonstige (angeben)

Relevant Financial Centres [ ] Relevante Finanzzentren

Calculation Agent [Yes/No] Berechnungsstelle [Ja/Nein]

FiscalAgent Emissionsstelle

Other (specify) [ ] Sonstige (angeben)

Determination Agent [Yes/No] Festlegungsstelle [Ja/Nein]

(specify details if applicable) [ ]

15 If Notes are issued in CGN from and it is intended that the Notes shall be Eurosystem eligible, the CGN must be held by CBF. Falls die Schuldverschreibungen in Form einer CGN verbrieft werden und eine Anerkennung durch das Eurosystem beabsichtigt ist, muss die CGN bei CBF verwahrt werden.

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(Details angeben, sofern anwendbar)

STATUS (§ 2) STATUS (§ 2)

Status Unsubordinated Status Nicht-nachrangig

[INTEREST][INDEXATION] (§ 3) [ZINSEN][INDEXIERUNG] (§ 3)

 Fixed Rate Notes Festverzinsliche Schuldverschreibungen

Rate of Interest and Interest Payment Dates Zinssatz und Zinszahlungstage

Rate of Interest [ ] per cent. per annum [payable [annually/semi- annually/quarterly/monthly] [in arrear]] Zinssatz [ ] % per annum [zahlbar [jährlich/halbjährlich/ monatlich] [nachträglich]]

Interest Commencement Date [ ] Verzinsungsbeginn

Fixed Interest Date(s)16 [ ] Festzinstermin(e)15

First Interest Payment Date [ ] Erster Zinszahlungstag

Initial Broken Amount(s) (per denomination) [ ] Anfängliche(r) Bruchteilzinsbetrag (-beträge) (für jeden Nennbetrag)

Fixed Interest Date preceding the Maturity Date [ ] Festzinstermin, der dem Fälligkeitstag vorangeht

Final Broken Amount(s) (per denomination) [ ] Abschließende(r) Bruchteilzinsbetrag (-beträge) (für jeden Nennbetrag)

16 Insert regular interest dates ignoring issue date or maturity date in the case of a long or short first or last coupon. N.B. Only relevant where Day Count Fraction is Actual/Actual (ICMA). Einzusetzen sind die festen Zinstermine, wobei im Falle eines langen oder kurzen ersten bzw. letzten Zinsscheins der Tag der Begebung bzw. der Fälligkeitstag nicht zu berücksichtigen sind. N.B.: Nur einschlägig im Falle des Zinstagequotienten Actual/Actual (ICMA).

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 Floating Rate Notes other than Constant Maturity Swap Floating Rate Notes Variabel verzinsliche Schuldverschreibungen die nicht Constant Maturity Swap variabel verzinsliche Schuldverschreibungen sind

Rate of Interest and Interest Payment Dates Zinssatz und Zinszahlungstage

Interest Commencement Date [ ] Verzinsungsbeginn

Specified Interest Payment Dates [ ] Festgelegte Zinszahlungstage

Specified Interest Period(s) [ ] [weeks/months/ other – specify]

Festgelegte Zinsperiode(n) [ ] [Wochen/Monate/ andere – angeben]

 Screen Rate Determination Bildschirmfeststellung

 EURIBOR (Brussels time/TARGET Business Day/Interbank [ ] market in the Euro-zone) EURIBOR (Brüsseler Ortszeit/TARGET- Geschäftstag/Interbanken-Markt in der Euro-Zone)

[Euro Interbank Offered Rate (EURIBOR) means the rate for deposits in Euros for a specified period] [Euro Interbank Offered Rate (EURIBOR) bezeichnet den Kurs für Einlagen in Euro für einen bestimmten Zeitraum]

Screen page Bildschirmseite

 LIBOR (London time/London Business Day/City of [ ] London/London Office/London Interbank market) LIBOR (Londoner Ortszeit/Londoner Geschäftstag/City of London/Londoner Geschäftsstelle/Londoner Interbanken-Markt)

[London Interbank Offered Rate (LIBOR) means the rate for deposits in various currencies for a specified period] [London Interbank Offered Rate (LIBOR) bezeichnet den Kurs für Einlagen in verschiedenen Währungen für einen bestimmten Zeitraum]

Screen page [ ] Bildschirmseite

Other (specify) [ ] Sonstige (angeben)

Screen page [ ] Bildschirmseite

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Constant Maturity Swap Floating Rate Notes Constant Maturity Swap variabel verzinsliche Schuldverschreibungen

Number of years [ ] Anzahl von Jahren

Factor [ ] Faktor

Additional provisions [ ] Weitere Bestimmungen

Margin [ ] per cent. per annum Marge [ ]% per annum

 plus plus

 minus minus

Interest Determination Date Zinsfestlegungstag

 [second] [other number of days] [TARGET] [London][Other (specify)] Business Day prior to commencement of Interest Period zweiter [andere Anzahl von Tagen] [TARGET] [London][Sonstige (angeben)] Geschaftstag¨ vor Beginn der jeweiligen Zinsperiode

 Other (specify) [ ] Sonstige (angeben)

Reference Banks (if other than as specified in § 3(2)) (specify) [ ] Referenzbanken (sofern abweichend von § 3 Absatz 2) (angeben)

 ISDA-Determination17 [specify details] ISDA Feststellung17 [Details einfügen]

 Other Method of Determination (insert details (including Margin, [ ] Interest Determination Date, Reference Banks, fall-back provisions)) Andere Methoden der Bestimmung (Einzelheiten angeben (einschließlich Zinsfestlegungstag, Marge, Referenzbanken, Ausweichbestimmungen))

Minimum and Maximum Rate of Interest Mindest- und Höchstzinssatz

17 ISDA Determination should only be applied in the case of Notes represented by a Permanent Global Note because the ISDA Agreement and the ISDA Definitions have to be attached to the relevant Notes. ISDA-Feststellung sollte nur dann gewählt werden, wenn die betreffenden Schuldverschreibungen durch eine Dauerglobalurkunde verbrieft werden, weil das ISDA-Agreement und die ISDA Definitions den Schuldverschreibungen beizufügen sind.

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 Minimum Rate of Interest [ ] per cent. per annum Mindestzinssatz [ ]% per annum

 Maximum Rate of Interest [ ] per cent. per annum Höchstzinssatz [ ]% per annum

 Other structured Floating Rate Notes [ ] Sonstige strukturierte variable verzinsliche Schuldverschreibungen

 Constant Maturity Swap Spread-Linked Notes [ ] (set forth details in full here (including but not limited interest period(s), interest date(s), fixed initial rate(s) of interest, formula/ calculation of variable interest rate(s), description of CMS-rate, determination, market and settlement disruption, fall back provisions, determination dates) Schuldverschreibungen abhängig von einer Constant Maturity [ ] Swap-Spanne (Einzelheiten hier einfügen (einschließlich aber nicht beschränkt auf Zinsperiode(n), Zinsterminen, Zinssatz/-sätze, anfänglicher fester Zinssatz/-sätze, Formel/Berechnung des variablen Zinssatzes/-sätze, Beschreibung der CMS-Rate, Feststellung, Markt- und Abrechnungsstörung, Ausweichbestimmungen, Feststellungstag(en).

 Others (specify) [ ] Weitere (angeben)

 Zero Coupon Notes [ ] Nullkupon-Schuldverschreibungen

Accrual of Interest [ ] Auflaufende Zinsen

Amortisation Yield [ ] Emissionsrendite

 Dual Currency Notes [ ] Doppelwährungs-Schuldverschreibungen (set forth details in full here (including, but not limited to, exchange rate(s) or basis for calculating exchange rate(s) to determine principal and/or interest/fall back provisions)) (Einzelheiten einfügen (einschließlich aber nicht beschränkt auf Wechselkurs(e) oder Grundlage für die Berechnung des/der Wechselkurs(e) zur Bestimmung von Kapital- und oder Zinsbeträgen/Ausweichbestimmungen))

 Index Linked Interest Notes Schuldverschreibungen mit indexierter Zinszahlung (set forth details in full here (including, but not limited to, Index, an indication where information about the past and the further performance of the Index and its volatility can be found, formula for calculating interest amount, a description of any market disruption or settlement disruption events that affect the underlying and fall back provisions)) (Einzelheiten einfügen (einschließlich aber nicht beschränkt auf den Index, Angaben darüber, wo Informationen über die

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vergangene und künftige Wertentwicklung des Index und seine Volatilität eingeholt werden können, die Formel, sonstige Grundlagen für die Berechnung der Zinsbetrage, Marktstörungen, Störungen bei der Abrechnung, die den Basiswert beeinflussen, sowie Ausweichbestimmungen))

 Instalment Notes [ ] Raten-Schuldverschreibungen (set forth details in full here) (Einzelheiten einfügen)

 Other (specify) [ ] Sonstige (angeben)

18 Day Count Fraction Zinstagequotient17

 Actual/Actual (ICMA)

 30/360

 Actual / Actual (Actual/365)

 Actual/365 (Fixed)

 Actual/360

 30/360 or 360/360 (Bond Basis)

 30E/360 (Eurobond Basis)

Adjustment Anpassung

Interest amount shall be Zinsbetrag ist

 Adjusted Angepasst

 Unadjusted Nicht angepasst

PAYMENTS (§ 4) ZAHLUNGEN (§ 4)

Payment Business Day Zahlungstag

Business Day Convention Geschäftstag-Konvention

 Modified Following Business Day Convention Modifizierte folgender Geschäftstag-Konvention

18 Complete for all Notes. Für alle Schuldverschreibungen auszufüllen.

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 FRN Convention (specify period(s)) [ ] [weeks/months/other – FRN Konvention (Zeitraum angeben) specify] [ ] [Wochen/Monate/ andere – angeben]

 Following Business Day Convention Folgender Geschäftstag-Konvention

 Preceding Business Day Convention Vorangegangener Geschäftstag-Konvention

Relevant Financial Centre(s) (specify all) [ ] Relevante(s) Finanzzentren(um) (alle angeben)

REDEMPTION (§ 5) RÜCKZAHLUNG (§ 5)

Final Redemption Rückzahlung bei Endfälligkeit

Notes other than Instalment Notes Schuldverschreibungen außer Raten-Schuldverschreibungen

Maturity Date [ ] Fälligkeitstag

Redemption Month [ ] Rückzahlungsmonat

Final Redemption Amount [ ] Rückzahlungsbetrag

 Principal Amount Nennbetrag

 Final Redemption Amount (per Specified Denomination) [ ] Rückzahlungsbetrag (für jede festgelegte Stückelung)

 Index Linked Redemption Notes Schuldverschreibungen mit indexiertem Rückzahlungsbetrag (set forth details in full here (including, but not limited to, Index, an indication where information about the past and the further performance of the Index and its volatility can be found, formula for calculating redemption amount, a description of any market disruption or settlement disruption events that affect the underlying and fall back provisions)) (Einzelheiten einfügen (einschließlich aber nicht beschränkt auf den Index, Angaben darüber, wo Informationen über die vergangene und künftige Wertentwicklung des Index und seine Volatilität eingeholt werden können, die Formel, sonstige Grundlagen für die Berechnung des Rückzahlungsbetrages, Marktstörungen, Störungen bei der Abrechnung, die den Basiswert beeinflussen, sowie Ausweichbestimmungen)

 Currency Linked Redemption Notes [ ] Währungsbezogene Schuldverschreibungen [ ]

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(set forth details in full here) (Einzelheiten einfügen)

 Other (specify) [ ] Sonstige (angeben)

Instalment Notes Raten-Schuldverschreibungen

Instalment Date(s) [ ] Ratenzahlungstermin(e)

Instalment Amounts [ ] Rate(n)

Early Redemption Vorzeitige Rückzahlung

Optional Early Redemption for Taxation Reasons In accordance with condition 5. Option zur vorzeitigen Ruckzahlung aus steuerlichen Gründen In Übereinstimmung mit §5.

 Early Redemption at the Option of the Issuer Vorzeitige Ruckzahlung nach Wahl der Emittentin

Minimum Redemption Amount [ ] Mindestrückzahlungsbetrag

Higher Redemption Amount [ ] Höherer Rückzahlungsbetrag

Call Redemption Date(s) [ ] Wahlrückzahlungstag(e) (Call)

Call Redemption Amount(s) [ ] Wahlrückzahlungsbetrag/-beträge (Call)

Minimum Notice to Noteholders [ ] Mindestkündigungsfrist

Maximum Notice to Noteholders [ ] Höchstkündigungsfrist

 Early Redemption at the Option of a Noteholder Vorzeitige Rückzahlung nach Wahl des Gläubigers

Put Redemption Date(s) [ ] Wahlrückzahlungstag(e) (Put)

Put Redemption Amount(s) [ ] Wahlrückzahlungsbetrag/-beträge (Put)

Minimum Notice to Issuer [ ] days Mindestkündigungsfrist [ ] Tage

Maximum Notice to Issuer (never more than 60 days) [ ] days Höchstkündigungsfrist (nie mehr als 60 Tage) [ ] Tage

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 Early Redemption as a result of a Change of Control Vorzeitige Rückzahlung aufgrund eines Kontrollwechsels

 Early Redemption following the occurrence of a Change in Law, Hedging Disruption and or Increased Cost of Hedging [insert further events] Vorzeitige Rückzahlung bei Vorliegen einer Rechtsänderung, einer Hedging-Störung und/oder Gestiegenen Hedging-Kosten [weitere Ereignisse einfügen]

Early Redemption Amount [In accordance with condition 5/other [specify].] Vorzeitiger Rückzahlungsbetrag [In Übereinstimmung mit §5/andere [angeben].]

PRINCIPAL PAYING AGENT [,] [AND] PAYING AGENTS [,] [AND CALCULATION AGENT] [AND DETERMINATION AGENT] (§ 6) EMISSIONSSTELLE [,] [UND] DIE ZAHLSTELLEN [,] [UND BERECHNUNGSSTELLE] [UND DIE FESTLEGUNGSSTELLE] (§ 6)

19 Calculation Agent/specified office [ ] Berechnungsstelle/bezeichnete Geschäftsstelle19

Required location of Calculation Agent (specify) [ ] Vorgeschriebener Ort für Berechnungsstelle (angeben)

 Fiscal Agent [ ] Emissionsstelle

 Additional Paying Agent(s)/specified office(s) [ ] Zusätzliche Zahlstelle(n)/bezeichnete Geschäftsstelle(n)

Determination Agent/specified office [ ] Festlegungsstelle/bezeichnete Geschäftsstelle

NOTICES (§ [12]) [Not Applicable] MITTEILUNGEN (§ [12])

Place and medium of publication Ort und Medium der Bekanntmachung

 Luxembourg (Luxemburger Wort) Luxemburg (Luxemburger Wort)

 Luxembourg (Tageblatt) Luxemburg (Tageblatt)

 Austria (Amtsblatt zur Wiener Zeitung) Österreich (Amtsblatt zur Wiener Zeitung)

 Germany (Börsen-Zeitung) Deutschland (Börsen-Zeitung)

19 Not be completed if the Fiscal Agent is to be appointed as Calculation Agent. Nicht auszufüllen, falls Emissionsstelle als Berechnungsstelle bestellt werden soll.

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 London (Financial Times) London (Financial Times)

 Internet address [www.bourse.lu][insert other] Internetadresse [www.bourse.lu][andere einfügen]  Other (specify) [ ] Sonstige (angeben)

Governing Law German Law Anwendbares Recht Deutsches Recht

[II/1. ADDITIONAL DISCLOSURE REQUIREMENTS RELATED TO DEBT SECURITIES WITH A DENOMINATION PER UNIT OF LESS THAN EURO 50,000, OR EUR 100,000, AS THE CASE MAY BE, SUBJECT TO THE REVISION OF THE PROSPECTUS DIRECTIVE 809/2004/EC II/1. ZUSÄTZLICHE ANGABEN BEZOGEN AUF SCHULDTITEL MIT EINER MINDESTSTÜCKELUNG VON WENIGER ALS EURO 50.000 BZW. EUR 100.000, ABHÄNGIG VON DER REFORM DER PROSPEKTVERORDNUNG 809/2004/EG

A. RISK FACTORS20 [As specified in the Prospectus/specify details] A. RISIKOFAKTOREN20 [Wie im Prospekt be- schrieben/Einzelheiten einfügen]

B. KEY INFORMATION B. WICHTIGE INFORMATIONEN

Material Interest of natural and legal persons involved in the issue/offer [None/specify] Wesentliche Interessen von Seiten natürlicher und juristischer Personen, [Keine/Einzelheiten einfügen] die an der Emission/dem Angebot beteiligt sind

C. INFORMATION CONCERNING THE NOTES TO BE OFFERED/ ADMITTED TO TRADING C. INFORMATIONEN ÜBER DIE ANZUBIETENDEN BZW. ZUM HANDEL ZUZULASSENDEN SCHULDVERSCHREIBUNGEN

Securities Identification Numbers Wertpapier-Kenn-Nummern

 Common Code [ ] Common Code

 ISIN Code [ ] ISIN Code

 German Securities Code [ ] Wertpapier-Kenn-Nummer (WKN)

20 Unless specified in the Prospectus; new risk factors may only relate to a specific issue of Notes if such risk factors have already been described in a general manner in the Prospectus. Soweit nicht bereits im Prospekt beschrieben; neue Risikofaktoren dürfen sich ausschließlich auf eine spezifische Emission von Schuldverschreibungen beziehen, wenn diese Risikofaktoren im allgemeinen bereits im Prospekt abgebildet wurden.

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 Any other securities number [ ] Sonstige Wertpapier-Kenn-Nummer

Yield on issue price21 [ ] Emissionsrendite21

Method of calculating the yield Berechnungsmethode der Rendite

 ICMA method: The ICMA method determines the effective interest rate on notes by taking into account accrued interest on a daily basis.  ICMA Methode: Die ICMA Methode ermittelt die Effektivverzinsung von Schuldverschreibungen unter Berücksichtigung der täglichen Stückzinsen.

 Other method (specify) [ ] Andere Methoden (angeben)

 Historic interest rates22 Details of historic [EURIBOR] [LIBOR] [CMS] [other] rates can be obtained from [insert relevant Screen Page] [ ] Zinssätze der Vergangenheit22 Einzelheiten der Entwicklung der [EURIBOR] [LIBOR] [CMS] [andere] Sätze in der Vergangenheit können abgerufen werden unter [relevante Bildschirmseite einfügen] [ ]

Information on taxes on the income from the Notes withheld at source in [None][specify details] respect of countries where the offer is being made or admission to trading is being sought in addition to the information set out in the Prospectus.23 Zusätzliche Information zu den im Prospekt dargelegten über die an [Keine] [Einzelheiten einfügen] der Quelle einbehaltene Einkommensteuer auf Schuldverschreibungen hinsichtlich der Länder in denen das Angebot unterbreitet oder die Zulassung zum Handel beantragt wird.22

D. TERMS AND CONDITIONS OF THE OFFER D. BEDINGUNGEN UND KONDITIONEN DES ANGEBOTS

Non-exempt Offer [Not Applicable / An offer of Notes may be made by the Dealers [and [specify, if applicable]] other than pursuant to Article 3(2) of the Prospectus Directive in [specify relevant Member State(s) – which must be jurisdiction(s) where the Prospectus has been approved

21 Only applicable for Fixed Rate Notes. The calculation of yield is carried out on the basis of the Issue Price. Nur für festverzinsliche Schuldverschreibungen anwendbar. Berechnung der Rendite erfolgt auf Basis des Ausgabepreises 22 Only applicable for Floating Rate Notes. Nur bei Variabel Verzinslichen Schuldverschreibungen anwendbar. 23 Unless specified in the Prospectus. Soweit nicht bereits im Prospekt beschrieben.

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and/or passported] ("Public Offer Jurisdictions") during the period from [specify date] until [specify date] ("Offer Period"). Prospektpflichtiges Angebot [Nicht anwendbar / Ein Angebot kann seitens der Dealer [und [spezifizieren, falls einschlägig]] außerhalb des Ausnahmebereichs gemäß § 3(2) der Prospektrichtline in [relevante(n) Mitgliedsstaat(en) spezifizieren – wobei es sich dabei um Mitgliedsstaaten handeln muss, in denen der Prospekt gebilligt und/oder in welche der Prospekt notifiziert wurde] (“Öffentliche Ange- botsstaaten”) innerhalb des Zeitraums von [Datum spezifizieren] bis [Datum spezifizieren] (die “Ange- botsfrist”) durchgeführt werden.]

Conditions to which the offer is subject [None] [specify details] Bedingungen, denen das Angebot unterliegt [Keine] [Einzelheiten einfügen]

Time period, including any possible amendments, during which the [Not Applicable] offer will be open [specify details] Frist – einschließlich etwaiger Änderungen – während der das [Nicht anwendbar] Angebot vorliegt [Einzelheiten einfügen]

Description of the application process [Not Applicable] [specify details] Beschreibung des Prozesses für die Umsetzung des Angebots [Nicht anwendbar] [Einzelheiten einfügen]

A description of the possibility to reduce subscriptions and the manner [Not Applicable] for refunding excess amount paid by applicants [specify details] Beschreibung der Möglichkeit zur Reduzierung der Zeichnungen und [Nicht anwendbar] der Art und Weise der Erstattung des zu viel gezahlten Betrags an die [Einzelheiten einfügen] Zeichner

Details of the minimum and/or maximum amount of application, [Not Applicable] (whether in number of notes or aggregate amount to invest) [specify details] Einzelheiten zum Mindest- und/oder Höchstbetrag der Zeichnung [Nicht anwendbar] (entweder in Form der Anzahl der Schuldverschreibungen oder des [Einzelheiten einfügen] aggregierten zu investierenden Betrags)

Method and time limits for paying up the securities and for its delivery [Not Applicable] [specify details] Methode und Fristen für die Bedienung der Wertpapiere und ihre [Nicht anwendbar] Lieferung [Einzelheiten einfügen]

Manner and date in which results of the offer are to be made public [Not Applicable] [specify details]

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Art und Weise und des Termins, auf die bzw. an dem die Ergebnisse [Nicht anwendbar] des Angebots offen zu legen sind [Einzelheiten einfügen]

The procedure for the exercise of any rights of pre-emption, the [Not Applicable] negotiability of subscription rights and the treatment of subscription rights not exercised Verfahren für die Ausübung etwaiger Vorzugsrechte, die [Nicht anwendbar] Marktfähigkeit der Zeichnungsrechte und die Behandlung nicht ausgeübter Zeichnungsrechte

Various categories of potential investors to which the Notes are [Not Applicable] offered Angabe der verschiedenen Kategorien der potentiellen Investoren, [Nicht anwendbar] denen die Schuldverschreibungen angeboten werden

 Qualified investors [ ] Qualifizierte Anleger

 Professional investors [ ] Institutionelle Anleger

 Other (specify) [ ] Sonstige (angeben)

Process for notification to applicants of the amount allotted and indication [Not Applicable] whether dealing may begin before notification is made [specify details] Verfahren zur Meldung des den Zeichnern zugeteilten Betrags und [Nicht anwendbar] Angabe, ob eine Aufnahme des Handels vor dem Meldeverfahren möglich [Einzelheiten einfügen] ist

Method of determining the offered price and the process for its disclosure. [Not Applicable] Indicate the amount of any expenses and taxes specifically charged to the [specify details] subscriber or purchaser. Methode, mittels derer der Angebotskurs festgelegt wird und Verfahren [Nicht anwendbar] der Offenlegung. Angabe der Kosten und Steuern, die speziell dem [Einzelheiten einfügen] Zeichner oder Käufer in Rechnung gestellt werden

Name and address of the co-ordinator(s) of the global offer and of single [Not Applicable] parts of the offer and, to the extent known to the Issuer or the offeror, or [specify details] the placers in the various countries where the offer takes place. Name und Anschrift des Koordinator/der Koordinatoren des globalen [Nicht anwendbar] Angebots oder einzelner Teile des Angebots und – sofern dem Emittenten [Einzelheiten einfügen] oder dem Bieter bekannt – Angaben zu den Platzierern in den einzelnen Ländern des Angebots.

Method of Distribution Vertriebsmethode

 Non-Syndicated Nicht syndiziert

 Syndicated Syndiziert

Management Details Einzelheiten bezüglich der Dealer, des Bankenkonsortiums

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Dealer/Management Group (specify) [insert name and address] Dealer/Bankenkonsortium (angeben) [Name und Adresse einzufügen]

Subscription Agreement Subscription Agreement

Date of subscription agreement24 [not applicable/insert date] Datum des Begebungsvertrags24 [nicht anwendbar/Datum einfügen ]

General features of the subscription agreement [Under the subscription agreement, the Issuer agrees to issue the Notes and the managers agree to subscribe the Notes and the Issuer and the managers agree on the commission] Angabe der Hauptmerkmale des Begebungsvertrags [Im Begebungsvertrag verpflichtet sich die Emittentin die Schuldverschreibungen zu begeben und die Manager verpflichten sich, die Schuldver- schreibungen zu zeichnen und die jeweilige Emittentin und die Manager vereinbaren die Provisionen.]

Expenses [ ] Kosten

Listing Expenses (specify) [ ] Kosten im Zusammenhang mit der Börsenzulassung (angeben)

Other (specify) [ ] Andere (angeben)

Stabilising Manager [insert details/None] Kursstabilisierender Manager [Einzelheiten einfügen/ Keiner]

Stabilisation Period [Any stabilisation action may begin at any time after the adequate public disclosure of the Final Terms and, if begun, may be ended at any time, but it must end no later than the earlier of 30 days after the Issue Date and 60 days after the date of the allotment of the Notes.] [Other] Stabilisierungszeitraum [Jede Stabilisierungs- maßnahme kann zu jeder Zeit nach einer adäquaten Veröffentlichung der Endgül- tigen Bedingungen begonnen

24 Only applicable for syndicated issues. Ausschließlich hinsichtlich syndizierter Emissionen anwendbar

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werden und kann, falls begonnen, zu jeder Zeit beendet werden. Dabei müssen die Stabilisie-rungsmaßnahmen spätestens 30 Tage nach dem Valutierungstag und 60 Tage nach der Zuteilung der Schuldverschreibungen been-det werden.] [Andere]

E. ADMISSION TO TRADING AND DEALING ARRANGEMENTS E. ZULASSUNG ZUM HANDEL UND HANDELSREGELN

Listing(s) and admission to trading [Yes/No] Börsenzulassung(en) und Zulassung zum Handel [Ja/Nein]

Luxembourg Stock Exchange Luxemburger Wertpapierbörse

 regulated market geregelter Markt

 EuroMTF EuroMTF

Vienna Stock Exchange [ ] Wiener Wertpapierbörse

Other (insert details) [ ] Sonstige (Einzelheiten einfügen)

F. ADDITIONAL INFORMATION F. ZUSÄTZLICHE INFORMATIONEN

Post issuance information relating to an underlying [not applicable] [specify details] Informationen in Bezug auf einen Basiswert nach erfolgter Emission [Keine] [Einzelheiten einfügen]

II/2. ADDITIONAL DISCLOSURE REQUIREMENTS RELATED TO DEBT SECURITIES WITH A DENOMINATION PER UNIT OF AT LEAST EURO 50,000, OR EUR 100,000, AS THE CASE MAY BE, SUBJECT TO THE REVISION OF THE PROSPECTUS DIRECTIVE 809/2004/EC II/2. ZUSÄTZLICHE ANGABEN BEZOGEN AUF SCHULDTITEL MIT EINER MINDESTSTÜCKELUNG VON EURO 50.000 BZW. EUR 100.000, ABHÄNGIG VON DER REFORM DER PROSPEKTVERORDNUNG 809/2004/EG

A. RISK FACTORS25 [As specified in the Prospectus/specify details] A. RISIKOFAKTOREN25 [Wie im Prospekt beschrieben/Einzelheiten

25 Unless specified in the Prospectus; new risk factors may only relate to a specific issue of Notes if such risk factors have already been described in a general manner in the Prospectus. Soweit nicht bereits im Prospekt beschrieben; neue Risikofaktoren dürfen sich ausschließlich auf eine spezifische Emission von Schuldverschreibungen beziehen, wenn diese Risikofaktoren im allgemeinen bereits im Prospekt abgebildet wurden.

173

einfügen]

B. KEY INFORMATION B. WICHTIGE INFORMATIONEN

Material Interests of natural and legal persons involved in the issue/offer [None/specify] Wesentliche Interessen von Seiten natürlicher und juristischer Personen, [Keine/Einzelheiten einfügen] die an der Emission/dem Angebot beteiligt sind

C. INFORMATION CONCERNING THE NOTES TO BE ADMITTED TO TRADING C. INFORMATIONEN ÜBER DIE ZUM HANDEL ZUZULASSENDEN SCHULDVERSCHREIBUNGEN

Securities Identification Numbers Wertpapier-Kenn-Nummern

 Common Code [ ] Common Code

 ISIN Code [ ] ISIN Code

 German Securities Code [ ] Wertpapier-Kenn-Nummer (WKN)

 Any other securities number [ ] Sonstige Wertpapier-Kenn-Nummer

Yield on issue price26 [ ] Emissionsrendite26

Method of Distribution Vertriebsmethode

 Non-Syndicated Nicht syndiziert

 Syndicated Syndiziert

Management Details Einzelheiten bezüglich der Dealer

Dealer/Management Group (specify) [insert name and address] Dealer/Bankenkonsortium (angeben) [Name und Adresse einzufügen]

Expense [ ] Kosten

Listing Expenses (specify) [ ] Kosten im Zusammenhang mit der Börsenzulassung (angeben)

Other (specify) [ ]

26 Only applicable for Fixed Rate Notes. The calculation of yield is carried out on the basis of the Issue Price. Nur für festverzinsliche Schuldverschreibungen anwendbar. Berechnung der Rendite erfolgt auf Basis des Ausgabepreises.

174

Andere (angeben)

Stabilising Manager [insert details/None] Kursstabilisierender Manager [Einzelheiten einfügen/Keiner]

Stabilisation Period [insert commencement and end of the Stabilisation Period] Stabilisierungszeitraum [Beginn und Ende des Stabilisierungszeitraumes einfügen]

D. ADMISSION TO TRADING AND DEALING ARRANGEMENTS D. ZULASSUNG ZUM HANDEL UND HANDELSREGELN

Listing(s) and admission to trading [Yes/No] Börsenzulassung(en) und Zulassung zum Handel [Ja/Nein]

Luxembourg Stock Exchange Luxemburger Wertpapierbörse

 regulated market geregelter Markt

 EuroMTF EuroMTF Vienna Stock Exchange Wiener Wertpapierbörse

Other (insert details) Sonstige (Einzelheiten einfügen)

E. ADDITIONAL INFORMATION E. ZUSÄTZLICHE INFORMATIONEN

Post issuance information relating to an underlying [not applicable] [specify details] Informationen in Bezug auf einen Basiswert nach erfolgter Emission Keine] [Einzelheiten einfügen]]

[II./3 ADDITIONAL INFORMATION RELATED TO ALL NOTES II./3 ZUSÄTZLICHE INFORMATIONEN IN BEZUG AUF SÄMTLICHE ¨SCHULDVERSCHREIBUNGEN

Supplemental Tax Disclosure (specify) [ ] Zusätzliche Steueroffenlegung (einfügen

Selling Restrictions Verkaufsbeschränkungen

 TEFRA C TEFRA C

 TEFRA D TEFRA D

 Neither TEFRA C nor TEFRA D Weder TEFRA C noch TEFRA D

175

Additional selling restrictions (specify) [ ] Zusätzliche Verkaufsbeschränkungen (angeben)

Rating [Not applicable]27 Rating [Nicht anwendbar]27

[This credit rating has] [These credit ratings have] been issued by [insert full name of legal entity(ies) which has/have given the rating/s] which [is/are not established in the European Union but a European Union affiliate has applied for registration under Regulation (EC) No. 1060/2009 indicating an intention to endorse its ratings, although notification of the corresponding registration decision (including its ability to endorse [•] ratings) has not yet been provided by the relevant competent authority.] [is/are established in the European Union and has applied for registration under Regulation (EC) No. 1060/2009, although notification of the corresponding registration decision has not yet been provided by the relevant competent authority.] [[is/are][is/are not] established in the European Union and [is][is not] registered under Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies.]] [Dieses Rating wurde][Diese Ratings wurden] von [vollständigen Namen der juristischen Person(en), die das Rating abgibt einfügen] abgegeben. [Vollständigen Namen der juristischen Person(en), die das Rating abgibt/abgeben, einfügen][hat/haben [ihren][seinen] Sitz nicht in der europäischen Union, aber eine europäische Tochtergesellschaft hat die Registrierung gemäß der Verordnung (EG) Nr. 1060/2009 beantragt und die Absicht angezeigt, Ratings abzugeben, obwohl die entsprechende Registrierungsentscheidung (einschließlich der Entscheidung über die Nutzung von Ratings, die von [•] abgegeben wurden) durch die zuständige Aufsichtsbehörde noch nicht zugestellt wurde.] [hat/haben [ihren][seinen] Sitz [in der Europäischen Union und die Registrierung gemäß der Verordnung (EG) Nr. 1060/2009 beantragt, wenngleich die Registrierungsentscheidung der zuständigen Aufsichtsbehörde noch nicht zugestellt worden ist.][[nicht] in der Europäischen Union und [ist / ist nicht] gemäß der Verordnung (EG) Nr. 1060/2009 über Ratingagenturen registriert.]]]

 Moody′s [specify] [angeben]

 Standard & Poor′s [specify] [angeben]

 Fitch [specify] [angeben]

Trade Date: [ ] Handelstag:

The aggregate principal amount of Notes has been translated into EUR at EUR [ ] the rate of [amount] [currency] = 1 EUR determined at the Trade Date as provided by the Issuer according to the ECB reference rate, producing the sum of:28

27 Not applicable if Notes are not rated on an individual basis. Nicht anwendbar, falls für die Schuldverschreibungen kein Einzelrating vorliegt. 28 As provided by the Issuer.

176

Der Gesamtnennbetrag der Schuldverschreibungen wurde in EUR zum EUR [ ] Kurs von [Betrag] [Währung] = 1 EUR zum Handelstag umgerechnet, wie von der bereitgestellt in Übereinstimmung mit dem EZB Referenzkurs; dies ergibt einen Betrag von: 28

[Listing:29 Börsenzulassung:29

The above Final Terms comprises the details required to list this issue of Notes under the Euro 3,000,000,000 Euro Medium Term Note Programme of OMV Aktiengesellschaft, as approved by the Commission (as from [insert Issue Date for the Notes]).] Die vorstehenden Endgültigen Bedingungen enthalten die Angaben, die für die Zulassung dieser Emission von Schuldverschreibungen unter dem von der Kommission genehmigten Euro 3.000.000.000 Euro Medium Term Note Programme der OMV Aktiengesellschaft (ab dem [Valutierungstag der Schuldverschreibungen einfügen]) erforderlich sind.]

The Issuer accepts responsibility for the information contained in these Final Terms. Die Emittentin übernimmt die Verantwortung für die in diesen Endgültigen Bedingungen enthaltenen Informationen.

Signed on behalf of the Issuer:

By: By: ______Duly authorised Duly authorised

Wie von der Emittentin bereitgestellt. 29 Include only in the version of the Final Terms which is submitted to the relevant stock exchange in the case of Notes to be listed on such stock exchange. Nur in derjenigen Fassung der Endgültigen Bedingungen einzufügen, die der betreffenden Börse, bei der die Schuldverschreibungen zugelassen werden sollen, vorgelegt wird.

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TAXATION

The following is a general discussion of certain Austrian and Luxembourg tax consequences of the acquisition, ownership and disposition of Notes. This discussion does not purport to be a comprehensive description of all tax consequences 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 of Austria and the Grand Luxembourg currently in force and as applied on the date of this Prospectus, 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 OF AUSTRIA, LUXEMBOURG AND EACH COUNTRY OF WHICH THEY ARE RESIDENT.

AUSTRIA

This section on taxation contains a brief summary of the Issuer's understanding with regard to certain important principles which are of significance in connection with the purchase, holding or sale of the Notes under Austrian tax law. This summary does not purport to exhaustively describe all possible tax aspects and does not deal with specific situations which may be of relevance for certain potential investors. The following comments are rather of a general nature and included herein solely for information purposes. These comments are not intended to be, nor should they be construed to be, legal or tax advice. This summary furthermore only refers to investors which are subject to unlimited (corporate) income tax liability in Austria. It is based on the currently valid tax legislation, case law and regulations of the tax authorities, as well as their respective interpretation, all of which may be amended from time to time. Such amendments may possibly also be effected with retroactive effect and may negatively impact on the tax consequences described. It is recommended that potential purchasers of the Notes consult with their legal and tax advisors as to the tax consequences of the purchase, holding or sale of the Notes. Tax risks resulting from the Notes shall in any case be borne by the purchaser.

General remarks

Individuals having a permanent domicile (Wohnsitz) and/or their habitual abode (gewöhnlicher Aufenthalt) in Austria are subject to income tax (Einkommensteuer) in Austria on their worldwide income (unlimited income tax liability; unbeschränkte Einkommensteuerpflicht). Individuals having neither a permanent domicile nor their habitual abode in Austria are subject to income tax only on income from certain Austrian sources (limited income tax liability; beschränkte Einkommensteuerpflicht).

Corporations having their place of effective management (Ort der Geschäftsleitung) and/or their legal seat (Sitz) in Austria are subject to corporate income tax (Körperschaftsteuer) in Austria on their worldwide income (unlimited corporate income tax liability; unbeschränkte Körperschaftsteuerpflicht). Corporations having neither their place of effective management nor their legal seat in Austria are subject to corporate income tax only on income from certain Austrian sources (limited corporate income tax liability; beschränkte Körperschaftsteuerpflicht). Special rules apply for certain Austrian tax resident entities such as public corporations unless they are fully exempt.

Both in case of unlimited and limited (corporate) income tax liability Austria's right to tax may be restricted by double taxation treaties.

On 1 January 2011 the Budget Accompanying Act of 2011 (Budgetbegleitgesetz 2011), which will lead to significant changes in the taxation of financial instruments, entered into force. On 8 July 2011 the Austrian National Council passed the Tax Amendment Act 2011 (Abgabenänderungsgesetz 2011), which amends the Budget Accompanying Act of 2011 regarding certain provisions. The tax disclosure below already incorporates the changes the Budget Accompanying Act of 2011 (Budgetbegleitgesetz 2011) as amended by the Tax Amendment Act 2011 (Abgabenänderungsgesetz 2011). To date the Austrian Ministry of Finance has not yet issued any (draft) regulations regarding the application of the new law. Such

178 regulations will govern the tax authority’s interpretation of the law and its application and may adversely impact the tax treatment described.

Income taxation of Notes purchased before 1 April 2012

In general, the Notes qualify as bonds (Forderungswertpapiere) in the sense of sec. 93(3) of the Austrian Income Tax Act (Einkommensteuergesetz).

Individuals subject to unlimited income tax liability in Austria holding bonds in the sense of sec. 93(3) of the Austrian Income Tax Act as a non-business asset (Privatvermögen) are subject to income tax on all resulting interest payments (which term also encompasses the difference between the redemption price and the issue price) pursuant to sec. 27(1)(4) and sec. 27(2)(2) of the Austrian Income Tax Act. If such interest is paid out by an Austrian paying agent (kuponauszahlende Stelle) then the payments are subject to a withholding tax of 25 per cent. No additional income tax is levied over and above the amount of tax withheld (final taxation; Endbesteuerung) in case the bonds are legally and factually offered to an indefinite number of persons (public offer). If interest payments are not effected through an Austrian paying agent, a flat income tax rate of 25 per cent. applies in case the bonds are in addition legally and factually offered to an indefinite number of persons (public offer). Since in this case no withholding tax is levied, interest payments must be included in the income tax return of the investor. The taxable income from bonds and all other investment income may be subjected to regular income taxation at the progressive rates, if this is more favorable to the taxpayer. This however requires the declaration of all investment income in the taxpayer’s tax return. If the bonds are not legally and factually offered to an indefinite number of persons (public offer) then the interest payments must also be included in the investor's income tax return and are subject to income tax at a marginal rate of up to 50 per cent., any withholding tax being creditable against the income tax liability. Capital gains realized upon the disposal of the bonds by the Austrian resident individual for consideration are taxable at the standard progressive tax rates, if the disposal takes place within one year of acquisition (so called speculative gains). Capital losses can only be offset against other capital gains (speculative gains).

Individuals subject to unlimited income tax liability in Austria holding bonds as a business asset (Betriebsvermögen) are subject to income tax on all resulting interest payments and accruals required under Austrian GAAP (which term also encompasses the difference between the redemption price and the issue price) and also on any capital gains realized upon the disposal of the bonds. Interest payments are subject to a withholding tax of 25 per cent. in case they are paid out by an Austrian paying agent. No additional income tax is levied over and above the amount of tax withheld (final taxation) in case the bonds are legally and factually offered to an indefinite number of persons (public offer). If interest payments are not effected through an Austrian paying agent, a flat income tax rate of 25 per cent. applies in case the bonds are in addition legally and factually offered to an indefinite number of persons (public offer). Since in this case no withholding tax is levied, interest payments must be included in the income tax return of the investor. If the bonds are not legally and factually offered to an indefinite number of persons (public offer), then the interest payments must also be included in the investor's income tax return and are subject to income tax at a marginal rate of up to 50 per cent., any withholding tax being creditable against the income tax liability. Capital gains realized by the taxpayer upon disposal of the bonds are always subject to taxation at the standard progressive income tax rates. Conversely, capital losses are to be treated as business losses subject to the standard loss-offsetting mechanism/limitations. Regarding impairments, capital losses and the applicable tax rate and as of 1 April 2012, the new law for Notes acquired after 31 March 2012, and held as a business asset, will also apply to Notes acquired prior to 1 April 2012 (see below, the application of a 25 per cent. tax rate to capital gains realized).

Corporations subject to unlimited corporate income tax liability in Austria are subject to corporate income tax on all interest payments and accruals (which term also encompasses the difference between the redemption price and the issue price) resulting from bonds at a rate of 25 per cent. The same applies for capital gains/losses and impairments realized on the disposal of the bonds. Under the conditions set forth in sec. 94(5) of the Austrian Income Tax Act no withholding tax is levied.

Private foundations (Privatstiftung) pursuant to the Austrian Private Foundations Act (Privatstiftungsgesetz) fulfilling the prerequisites contained in sec. 13(6) of the Austrian Corporate Income

179

Tax Act (Körperschaftsteuergesetz) and holding bonds as a non-business asset are subject to interim taxation (Zwischenbesteuerung) on all resulting interest payments received (which term also encompasses the difference between the redemption price and the issue price) at a rate of 25 per cent. in case the bonds are in addition legally and factually offered to an indefinite number of persons (public offer). If the bonds are not legally and factually offered to an indefinite number of persons, then the interest payments are subject to corporate income tax at a rate of 25 per cent. Capital gains realized within one year after the acquisition of the bonds will also be subject to a 25 per cent. regular corporate tax. Under the conditions set forth in sec. 94(11) of the Austrian Income Tax Act no withholding tax is levied.

Individuals and corporations subject to limited (corporate) income tax liability in Austria are only subject to (corporate) income tax on interest payments and accruals required under Austrian GAAP (which term also encompasses the difference between the redemption price and the issue price) resulting from bonds at a rate of 25 per cent. in Austria if – broadly speaking – the bonds are attributable to an Austrian permanent establishment (Betriebsstätte) of the investor. If interest received by non-resident individuals and corporations is not subject to (corporate) income tax but if at the same time it is subject to withholding by virtue of an Austrian paying agent, the withholding tax will be refunded upon the investor's application. The Austrian Ministry of Finance has also provided for the possibility for the non-resident investor to furnish proof of non-residency, in which case the Austrian paying agent may refrain from withholding in the first place.

Income taxation of Notes purchased after 31 March 2012

With the passing of the Budget Accompanying Act of 2011, the Austrian legislator intends to comprehensively realign the taxation of financial instruments, in particular with regard to capital gains. Pursuant to the newly worded sec. 27(1) of the Austrian Income Tax Act, the term investment income (Einkünfte aus Kapitalvermögen) comprises of:

• income from the provision of capital (Einkünfte aus der Überlassung von Kapital) pursuant to sec. 27(2) of the Austrian Income Tax Act, including dividends and interest on bonds (as well as the balance between the redemption price and the issue price in case of zero coupon bonds); • income from realised increases in value (Einkünfte aus realisierten Wertsteigerungen) pursuant to sec. 27(3) of the Austrian Income Tax Act, including gains from the sale, redemption and other realisation of assets that lead to income from the letting of capital, and also accrued interest; and • income from derivatives (Einkünfte aus Derivaten) pursuant to sec. 27(4) of the Austrian Income Tax Act, including cash settlements, option premiums received and income from the sale or other realisation of forward contracts like options, futures and swaps and other derivatives such as index certificates.

Basically, also the withdrawal of Notes from bank deposits (Depotentnahme) is considered as a realisation of assets; however, no taxation is triggered if certain disclosures are made.

Individuals subject to unlimited income tax liability in Austria holding Notes as a non-business asset are subject to income tax on all resulting investment income pursuant to sec. 27(1) of the Austrian Income Tax Act. In case of investment income with an Austrian nexus (inländische Einkünfte aus Kapitalvermögen), basically meaning income that is paid by an Austrian paying agent (auszahlende Stelle) or an Austrian custodian agent (depotführende Stelle), the income is subject to a withholding tax of 25 per cent.; no additional income tax is levied over and above the amount of tax withheld (final taxation pursuant to sec. 97(1) of the Austrian Income Tax Act). In case of investment income without an Austrian nexus, the income must be included in the income tax return; in this case it is subject to a flat income tax rate of 25 per cent. Special rules apply for bonds that have not been legally or factually offered to an indefinite number of persons (public offer). Here, the investment income will in no case be subject to a withholding tax, but will always have to be included in the income tax return (marginal rate of up to 50 per cent.). Certain restrictions apply regarding the offsetting of losses.

Individuals subject to unlimited income tax liability in Austria holding Notes as a business asset are subject to income tax on all resulting investment income pursuant to sec. 27(1) of the Austrian Income Tax Act. In case of investment income with an Austrian nexus (as described above) the income is subject to a

180 withholding tax of 25 per cent. While this withholding tax has the effect of final taxation for income from the letting of capital, income from realised increases in value and income from derivatives must on the other hand be included in the income tax return (nevertheless flat income tax rate of 25 per cent.). In case of investment income without an Austrian nexus, the income must always be included in the income tax return (flat income tax rate of 25 per cent.). Special rules apply for bonds that have not been legally or factually offered to an indefinite number of persons (public offer). Here, the investment income will not be subject to a withholding tax, but will always have to be included in the income tax return (marginal rate of up to 50 per cent.). Certain restrictions apply regarding the offsetting of losses and impairments. Regarding impairments, capital losses and the applicable tax rate and as of 1 April 2012, the new law for Notes acquired after 31 March 2012, and held as a business asset, will also apply to Notes acquired prior to 1 April 2012 (application of a 25 per cent. tax rate to capital gains realized).

Corporations subject to unlimited corporate income tax liability in Austria are subject to corporate income tax on all investment income resulting from Notes at a rate of 25 per cent. In case of investment income with an Austrian nexus (as described above) the income is subject to a withholding tax of 25 per cent., which can be credited against the corporate income tax liability. However, under the conditions set forth in sec. 94(5) of the Austrian Income Tax Act no withholding tax is levied in the first place.

Private foundations pursuant to the Austrian Private Foundations Act fulfilling the prerequisites contained in sec. 13(6) of the Austrian Corporate Income Tax Act and holding Notes as a non-business asset are subject to interim taxation at a rate of 25 per cent. on interest income, income from realized increases in value and income from derivatives. According to the wording of the statute, interest income from bonds that have not been legally and factually offered to an indefinite number of persons (public offer) is not subject to interim taxation but rather to corporate income tax at a rate of 25 per cent. In case of investment income with an Austrian nexus (as described above) the income is subject to a withholding tax of 25 per cent, which can be credited against the tax falling due. Under the conditions set forth in sec. 94(12) of the Austrian Income Tax Act no withholding tax is levied.

Individuals and corporations subject to limited (corporate) income tax liability in Austria are only subject to (corporate) income tax on investment income resulting from the Notes at a rate of 25% in Austria if – broadly speaking – the Notes are attributable to an Austrian permanent establishment (Betriebsstätte) of the investor. According to sec. 94(13) of the Austrian Income Tax Act, no withholding tax falls due on investment income which is not subject to limited (corporate) income tax liability under sec. 98(1)(5) of the Austrian Income Tax Act.

EU withholding tax

Sec. 1 of the Austrian EU Withholding Tax Act (EU-Quellensteuergesetz) – which transforms into national law the provisions of Council Directive 2003/48/EC of 3 June 2003 on taxation of savings income in the form of interest payments – provides that interest payments paid or credited by an Austrian paying agent to a beneficial owner who is an individual resident in another Member State (or in certain dependant or associated territories) is subject to a withholding tax, if no exemption from such withholding applies. Sec. 10 of the Austrian EU Withholding Tax Act provides for an exemption from withholding tax where the beneficial owner presents to the paying agent a certificate drawn up in his/her name by the competent authority of his/her Member State of residence for tax purposes, indicating the name, address and tax or other identification number or, failing such, the date and place of birth of the beneficial owner, the name and address of the paying agent, and the account number of the beneficial owner or, where there is none, the identification of the security; such certificate shall be valid for a period not exceeding three years. Currently, the withholding rate amounts to 35 per cent.

Regarding the issue of whether also index certificates are subject to the EU withholding tax, the Austrian tax authorities distinguish between index certificates with and without a capital guarantee, a capital guarantee being the promise of repayment of a minimum amount of the capital invested or the promise of the payment of interest. The exact tax treatment of interest income from index certificates furthermore depends on their underlying.

181

Austrian inheritance and gift tax

Austria does not levy an inheritance and gift tax anymore.

However, it should be noted that certain gratuitous transfers of assets to (Austrian or foreign) private law foundations and comparable legal estates (privatrechtliche Stiftungen und damit vergleichbare Vermögensmassen) are subject to foundation transfer tax (Stiftungseingangssteuer) pursuant to the Austrian Foundation Transfer Tax Act (Stiftungseingangssteuergesetz). Such tax is triggered if the transferor and/or the transferee at the time of transfer have a domicile, their habitual abode, their legal seat or their place of effective management in Austria. Certain exemptions apply in case of a transfer mortis causa, in particular for bank deposits, publicly placed bonds and portfolio shares (i.e., less than 1 per cent). The tax basis is the fair market value of the assets transferred minus any debts, calculated at the time of transfer. The tax rate is in general 2.5 per cent, with a higher rate of 25 per cent. applying in special cases.

In addition, a special notification obligation exists for gifts of money, receivables, shares in corporations, participations in partnerships, businesses, movable tangible assets and intangibles. The notification obligation applies if the donor and/or the donee have a domicile, their habitual abode, their legal seat or their place of effective management in Austria. Not all gifts are covered by the notification obligation: In case of gifts to certain related parties, a threshold of EUR 50,000 per year applies; in all other cases, a notification is obligatory if the value of gifts made exceeds an amount of EUR 15,000 during a period of five years. Furthermore, gratuitous transfers to foundations falling under the Austrian Foundation Transfer Tax Act described above are also exempt from the notification obligation. Intentional violation of the notification obligation may lead to the levying of fines of up to 10 per cent. of the fair market value of the assets transferred.

LUXEMBOURG

The following is a summary of certain material Luxembourg tax consequences of purchasing, owning and disposing of the Notes. It does not purport to be a complete analysis of all possible tax situations that may be relevant to a decision to purchase, own or sell the Notes. It is included herein solely for preliminary information purposes. It is not intended to be, nor should it construed to be, legal or tax advice. Prospective purchasers of the Notes should consult their own tax advisers as to the applicable tax consequences of the ownership of the Notes, based on their particular circumstances. This summary does not allow any conclusions to be drawn with respect to issues not specifically addressed. The following description of Luxembourg tax law is based upon the Luxembourg law and regulations as in effect and as interpreted by the Luxembourg tax authorities on the date of the Prospectus and is subject to any amendments in law (or in interpretation) later introduced, whether or not on a retroactive basis.

Please be aware that the residence concept used under the respective headings below applies for Luxembourg income tax assessment purposes only. Any reference in the present section to a tax, duty, levy impost or other charge or withholding of a similar nature refers to Luxembourg tax law and/or concepts only. Also, please note that a reference to Luxembourg income tax encompasses corporate income tax (impôt sur le revenu des collectivités), municipal business tax (impôt commercial communal), a solidarity surcharge (contribution au fonds pour l’emploi), as well as personal income tax (impôt sur le revenu) generally. Investors may further be subject to net wealth tax (impôt sur la fortune) as well as other duties, levies or taxes. Corporate income tax, municipal business tax as well as the solidarity surcharge invariably apply to most corporate taxpayers resident of Luxembourg for tax purposes. Individual taxpayers are generally subject to personal income tax and the solidarity surcharge. Under certain circumstances, where an individual taxpayer acts in the course of the management of a professional or business undertaking, municipal business tax may apply as well.

Luxembourg tax residency of the Noteholders

A Noteholder will not become resident, nor be deemed to be resident, in Luxembourg by reason only of the holding of the Notes, or the execution, performance, delivery and/or enforcement of the Notes.

182

Withholding Tax

Resident Noteholders

Under the Luxembourg law dated 23 December 2005 as amended by the law dated 17 July 2008 (the "Law"), a 10 per cent. Luxembourg withholding tax is levied as of 1 January 2006 on interest payments and similar income made by Luxembourg paying agents to beneficial owners who are Luxembourg individual residents. This withholding tax also applies on accrued interest received upon disposal, redemption or repurchase of the Notes. Such withholding tax will be in full discharge of income tax if the beneficial owner is an individual acting in the course of the management of his/her private wealth.

Further, Luxembourg resident individuals who are the beneficial owners of interest payments made by a paying agent established outside Luxembourg in a Member State of the European Union or the European Economic Area or in a jurisdiction having concluded an agreement with Luxembourg in connection with the European Council Directive 2003/48/EC on taxation of savings income (the "Directive") may also opt for a final 10 per cent. levy. In such case, the 10 per cent. levy is calculated on the same amounts as for the payments made by Luxembourg resident paying agents. The option for the 10 per cent. final levy must cover all interest payments made by the paying agents to the Luxembourg resident beneficial owner during the entire civil year.

Non-resident Noteholders

Under the Luxembourg tax law currently in effect and subject to the application of the Luxembourg laws dated 21 June 2005 (the "Laws") implementing the Directive and several agreements concluded between Luxembourg and certain dependant territories of the European Union, there is no withholding tax on payments of interests (including accrued but unpaid interest) and other similar income made to a Luxembourg non-resident Holder. There is also no Luxembourg withholding tax, upon repayment of the principal, or subject to the application of the Laws, upon redemption or exchange of the Notes. Under the Laws, a Luxembourg based paying agent (within the meaning of the Directive) has been required since 1 July 2005, to withhold tax on interest and other similar income (including reimbursement premium received at maturity) paid by it to (or under certain circumstances, to the benefit of) an individual or a residual entity ("Residual Entity") in the sense of article 4.2. of the Directive (i.e. an entity without legal personality (save for (1) a Finnish aroin yhtiö and kommandiittightö / öppet bolag and kommanditbolag and (2) a Swedish handelsbolag and Kommanditbolag) and whose profits are not taxed under the general arrangements for the business taxation and that is not, or has not opted to be considered as, a UCITS recognised in accordance with Council Directive 85/611/EEC), resident or established in another Member State of the European Union unless the beneficiary of the interest payments elects for an exchange of information. The same regime applies to payments to individuals or Residual Entities resident in any of the following territories: Aruba, British Virgin Islands, Guernsey, the Isle of Man, Jersey, Montserrat, Curaçao and Sint Maarten.

The withholding tax rate is currently of 35 per cent. The withholding tax system will only apply during a transitional period, which will terminate if and when a unanimous consensus is reached by Member States.

In each case described here above, responsibility for the withholding tax will be assumed by the Luxembourg disbursing agent.

Income Taxation of the Noteholders

Non-resident Noteholders

Noteholders who are non-residents of Luxembourg and who have neither a permanent establishment nor a fixed place of business or a permanent representative in Luxembourg to which the Notes are attributable are not liable to any Luxembourg income tax, whether they receive payments of principal or interest (including accrued but unpaid interest) or realise capital gains upon redemption, repurchase, sale or exchange of any Notes.

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Noteholders who are non-residents of Luxembourg and who have a permanent establishment, a fixed place of business or a permanent representative in Luxembourg to which the Notes are attributable have to include any interest received or accrued, as well as any capital gain realised on the sale or disposal of the Notes in their taxable income for Luxembourg income tax assessment purposes.

Resident Noteholders

General

Resident Noteholders or non-resident Noteholders who have a permanent establishment, a fixed place of business or a permanent representative in Luxembourg to which the Noteholders are attributable, must, for income tax purposes, include any interest paid or accrued in their taxable income. Specific exemptions may be available for certain taxpayers benefiting from a particular status.

Luxembourg resident individuals

An individual Noteholder, acting in the course of the management of his/her private wealth, is subject to Luxembourg income tax in respect of interest received, redemption premiums or issue discounts under the Notes, except if a withholding tax has been levied on such payments in accordance with the Law.

Under Luxembourg domestic tax law, gains realised upon the sale, disposal or redemption of the Notes, which do not constitute Zero Coupon Notes, by an individual Noteholder, who is a resident of Luxembourg for tax purposes and who acts in the course of the management of his/her private wealth, on the sale or disposal, in any form whatsoever, of Notes are not subject to Luxembourg income tax, provided this sale or disposal took place more than six months after the acquisition of the Notes. An individual Noteholder, who acts in the course of the management of his/her private wealth and who is a resident of Luxembourg for tax purposes, has further to include the portion of the gain corresponding to accrued but unpaid income in respect of the Notes in his/her taxable income, insofar as the accrued but unpaid interest is indicated separately in the agreement.

A gain realised upon a sale of Zero Coupon Notes before their maturity by Luxembourg resident Noteholders, in the course of the management of their private wealth must be included in their taxable income for Luxembourg income tax assessment purposes. Luxembourg resident individual Noteholders acting in the course of the management of a professional or business undertaking to which the Notes are attributable, have to include any interest received or accrued, as well as any gain realised on the sale or disposal of the Notes, in their taxable income for Luxembourg income tax assessment purposes. Taxable gains are determined as being the difference between the sale, repurchase or redemption price (including accrued but unpaid interest) and the lower of the cost or book value of the Notes sold or redeemed.

Luxembourg corporate residents

Luxembourg corporate Noteholders must include any interest received or accrued, as well as any gain realised on the sale or disposal of the Notes, in their taxable income for Luxembourg income tax assessment purposes. Taxable gains are determined as being the difference between the sale, repurchase or redemption price (including but unpaid interest) and the lower of the cost or book value of the Notes sold or redeemed.

Luxembourg corporate residents benefiting from a special tax regime

Luxembourg corporate Noteholders who benefit from a special tax regime, such as, for example, (i) undertakings for collective investment subject to the amended laws of 20 December 2002 or (ii) specialised investment funds governed by the law of 13 February 2007 (as amended) or family wealth management companies governed by the law of 11 May 2007 are exempt from income taxes in Luxembourg and thus income derived from the Notes, as well as gains realised thereon, are not subject to Luxembourg income taxes.

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Net Wealth Tax

Luxembourg resident Noteholders and Noteholders who have a permanent establishment or a permanent representative in Luxembourg to which the Notes are attributable, are subject to Luxembourg wealth tax on such Notes, except if the Noteholder is (i) a resident or non-resident individual taxpayer, (ii) a holding company subject to the amended law of 31 July 1929, (iii) an undertaking for collective investment subject to the amended law of 20 December 2002, (iv) a securitisation company governed by the law of 22 March 2004 (as amended) on securitisation, (v) a company governed by the law of 15 June 2004 (as amended) on venture capital vehicles, (vi) a specialised investment fund subject to the law of 13 February 2007 (as amended), or (vii) a family wealth management company governed by the law of 11 May 2007.

Other Taxes

There is no Luxembourg registration tax, stamp duty or any other similar tax or duty payable in Luxembourg by the Noteholders as a consequence of the issuance of the Notes, nor will any of these taxes be payable as a consequence of a subsequent transfer of redemption or repurchase of the Notes.

There is no Luxembourg value added tax payable in respect of payments in consideration for the issuance of the Notes or in respect of the payment of interest or principal under the Notes or the transfer of the Notes. Luxembourg value added tax may, however, be payable in respect of fees charged for certain services rendered to the Issuer, if for Luxembourg value added tax purposes such services are rendered or are deemed to be rendered in Luxembourg and an exemption from Luxembourg value added tax does not apply with respect to such services.

No estate or inheritance taxes are levied on the transfer of the Notes upon death of a Noteholder in cases where the deceased was not a resident of Luxembourg for inheritance tax purposes. Gift tax may be due on a gift or donation of Notes if the gift is recorded in a deed passed in front of a Luxembourg notary or otherwise registered in Luxembourg.

EU DIRECTIVE ON THE TAXATION OF SAVINGS INCOME (2003/48/EC)

Under the EU Council Directive 2003/48/EC of 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 per cent. from 1 July, 2008, and of 35 per cent. from 1 July, 2011. Belgium has decided to opt for the withholding tax only until 31 December, 2009 and to apply the information procedure described above as from 2010.

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SUBSCRIPTION AND SALE

Subject to the terms and conditions contained in a dealer agreement dated 25 July 2011 (the "Dealer Agreement") between OMV Aktiengesellschaft (in its capacity as Issuer) and Barclays Bank PLC, BNP PARIBAS, Crédit Agricole S.A., Deutsche Bank Aktiengesellschaft, Erste Group Bank AG, J.P. Morgan Securities Ltd., Landesbank Baden-Württemberg, Merrill Lynch International, Morgan Stanley Bank & Co. International plc, Raiffeisen Bank International AG, Société Générale and UniCredit Bank Austria AG (together with any further financial institution appointed as a dealer under the Dealer Agreement, the "Dealers"), the Notes may be sold by the Issuer to the Dealers, who shall act as principals in relation to such sales. However, the Issuer has reserved the right to issue Notes directly on its own behalf to subscribers who are not Dealers and which agree to be bound by the restrictions set out below. The Dealer Agreement also provides for Notes to be issued in Tranches which are jointly and severally underwritten by two or more Dealers or such subscribers.

The Issuer has agreed to indemnify the Dealers against certain liabilities in connection with the offer and sale of the Notes. The Dealer Agreement may be terminated in relation to all the Dealers or any of them by the Issuer or, in relation to itself and the Issuer only, by any Dealer, at any time on giving not less than ten business days’ notice.

United States of America

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 or to, or for the account or benefit of, U.S. persons except in accordance with Regulation S under the Securities Act or pursuant to an exemption from the registration requirements of the Securities Act. Each Dealer has represented and agreed that it has offered and sold the Notes of any Tranche, and will offer and sell the Notes of any Tranche (i) as part of their distribution at any time and (ii) otherwise until 40 days after completion of the distribution of such tranche as determined, and such completion is notified to each relevant Dealer, by the Fiscal Agent or, in the case of a Syndicated Issue, the lead manager, only in accordance with Rule 903 of Regulation S under the Securities Act. Accordingly, each Dealer has represented and agreed that neither it, 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 requirement of Regulation S. Each Dealer has agreed to notify the Fiscal Agent or, in the case of a Syndicated Issue, the lead manager when it has completed the distribution of its portion of the Notes of any Tranche so that the Fiscal Agent or, in the case of a Syndicated Issue, the lead manager may determine the completion of the distribution of all Notes of that Tranche and notify the other Relevant Dealers (if any) of the end of the restricted period. Each Dealer agrees 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 (the "Securities Act") and may not be offered and 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 completion of the distribution of this tranche of Securities as determined, and notified to [Relevant Dealer], by the [Fiscal Agent/Lead Manager], except in either case in accordance with Regulation S under the Securities Act. Terms used above have the meanings given to them by Regulation S."

Terms used in this paragraph have the meanings given to them by Regulation S.

Notes in bearer form are subject to U.S. tax law requirements and may not be offered, sold or delivered within the United States or its possessions or to a United States person, except in certain transactions permitted by U.S. tax regulations. Terms used in this paragraph have the meanings given to them by the U.S. Internal Revenue Code and regulations thereunder.

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Each issuance of index- or currency-linked Notes shall be subject to such additional U.S. selling restrictions as the relevant Dealer(s) shall agree with the Issuer as a term of the issuance and purchase or, as the case may be, subscription of such Notes. Each Dealer agrees that it shall offer, sell and deliver such Notes only in compliance with such additional U.S. selling restrictions.

The Issuer may agree with one or more Dealers for such Dealers to arrange for the sale of Notes under procedures and restrictions designed to allow such sales to be exempt from the registration requirements of the Securities Act.

Each Dealer has agreed that it will comply with all relevant laws, regulations and directives in each jurisdiction in which it purchases, offers, sells or delivers Notes or has in its possession or distributes the Prospectus or any other offering material.

Japan

The Notes have not been and will not be registered under the Financial Instruments and Exchange Law of Japan, as amended (the "FIEL") and, accordingly, each Dealer has undertaken 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 pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the FIEL and any other applicable laws, regulations and ministerial guidelines of Japan. For purposes of this paragraph, "resident of Japan" shall have the meaning as defined under the FIEL.

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"), each Dealer has represented and agreed, and each further Dealer appointed under the Programme will be required to represent and agree, that with effect from and including the date on which the Prospectus Directive is implemented in that Relevant Member State (the "Relevant Implementation Date") it has not made and will not make an offer of Notes which are the subject of the offering contemplated by this Prospectus as completed by the final terms in relation thereto to the public in that Relevant Member State except that it may, with effect from and including the Relevant Implementation Date, make an offer of such Notes to the public in that Relevant Member State:

(a) if the final terms in relation to the Notes specify that an offer of those Notes may be made other than pursuant to Article 3(2) of the Prospectus Directive in that Relevant Member State (a "Non-exempt Offer"), following the date of publication of a prospectus in relation to such Notes which has been approved by the competent authority in that Relevant Member State or, where appropriate, approved in another Relevant Member State and notified to the competent authority in that Relevant Member State, provided that any such prospectus has subsequently been completed by the final terms contemplating such Non-exempt Offer, in accordance with the Prospectus Directive, in the period beginning and ending on the dates specified in such prospectus or final terms, as applicable, and the Issuer has consented in writing to its use for the purpose of that Non-exempt Offer;

(b) at any time to any legal entity which is a qualified investor as defined in the Prospectus Directive;

(c) at any time to fewer than 100 or, if the Relevant Member State has implemented the relevant provision of the 2010 PD Amending Directive, 150, natural or legal persons (other than qualified investors as defined in the Prospectus Directive), subject to obtaining the prior consent of the relevant Dealer or Dealers nominated by the Issuer for any such offer; or

(d) at any time in any other circumstances falling within Article 3(2) of the Prospectus Directive, provided that no such offer of Notes referred to in (b) to (d) above shall require the Issuer or any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus Directive.

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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, the expression "Prospectus Directive" means Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member State), and includes any relevant implementing measure in the Relevant Member State and the expression "2010 PD Amending Directive" means Directive 2010/73/EU.

United Kingdom

Each Dealer has represented and agreed, and each further Dealer appointed under the Programme will be required to represent and agree, that:

(a) in relation to any Notes which have a maturity of less than one year, (i) it is a person whose ordinary activities involve it in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of its business and (ii) it has not offered or sold and will not offer or sell any Notes other than to persons whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or as agent) for the purposes of their businesses or who it is reasonable to expect will acquire, hold, manage or dispose of investments (as principal or agent) for the purposes of their businesses where the issue of the Notes would otherwise constitute a contravention of Sec. 19 of the Financial Services and Markets Act 2000, as amended (the "FSMA")) by the Issuer;

(b) it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Sec. 21 of the FSMA received by it in connection with the issue or sale of any Notes in circumstances in which Sec. 21(1) of the FSMA does not apply to the Issuer; and

(c) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to any Notes in, from or otherwise involving the United Kingdom.

General

No action has been taken in any jurisdiction that would permit a public offering of any of the Notes, or possession or distribution of the Prospectus or any other offering material or any Final Terms, in any country or jurisdiction where action for that purpose is required. Each Dealer has represented and agreed that it will comply to the best of its knowledge and belief with all relevant laws and directives in each jurisdiction in which it purchases, offers, sells, or delivers Notes or has in its possession or distributes the Prospectus or any other offering material and will obtain any consent, approval or permission required by it for the purchase, offer or sale by it of the Notes under the laws and directives in force in any jurisdiction to which it is subject or in which it makes such purchases, offers or sales, in all cases at its own expense, and neither the Issuer nor any other Dealer shall have responsibility herefor.

These selling restrictions may be modified by the agreement of the Issuer and the Dealers, inter alia, following a change in a relevant law, regulation or directive. Any such modification will be set out in the Final Terms issued in respect of the issue of Notes to which it relates or in a supplement to this Prospectus.

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GENERAL INFORMATION ON THE ISSUER AND THE GROUP

In this section ("Description of OMV AG") of the Prospectus, unless the context requires otherwise, "Issuer" and "OMV AG" refer to OMV Aktiengesellschaft, a company incorporated under the laws of the Republic of Austria, and "Group" and "OMV" refer to OMV Aktiengesellschaft and its subsidiaries. Figures in this section which refer to the years ended 31 December 2009 and 31 December 2010 are audited, except where stated otherwise. Figures which refer to the three months period ended on 31 March 2011 are unaudited.

History and Development

The Issuer’s legal and commercial name is OMV Aktiengesellschaft.

The Issuer was founded by merger of various companies by agreements dated 10 February 1956 and is a joint stock corporation (Aktiengesellschaft) under the laws of the Republic of Austria for a period of unlimited duration, with its registered seat in Vienna, Austria. The Issuer is registered with the companies’ register (Firmenbuch) at the Commercial Court of Vienna under the registration number FN 93363 z. The Issuer’s principal place of business is at Trabrennstraße 6-8, 1020 Vienna, Austria and the telephone number of its registered office is +43 1 40440-0.

Objects of the Issuer

Pursuant to clause 2 of the articles of association (the "Articles of Association") the objects of the Issuer are: i) the investment in other enterprises and corporations as well as the management and administration of such investments (holding company), including the acquisition and disposal of investments in Austria and abroad; ii) all activities, irrespective of their legal basis, in connection with prospecting for, extracting and processing in any production stage of hydrocarbons and other mineral resources; the production of fuel and other devices for vehicles, stationary power sources (engines) and heating systems; iii) the sale of and the trade with goods and products as well as substances of all kinds, in particular those mentioned under (ii), including their stocking (magazines) and storage for third persons; iv) services of all kinds including the operation of necessary plants and equipment. These services in particular include any consulting, planning and realization services in all fields, in particular in the fields of industrial medicine, construction, drilling, wells, chemistry, electrotechnology, transport of goods and persons, catering, hotel industry and tourism, information technology, infrastructure, laboratories, mechanical engineering, insurance management, management consultancies, licensing of production processes, patents, industrial design and the like; v) hiring, letting (leasing) of labor force; vi) the business of insurance and reinsurance; vii) the construction and operation of all kinds of plants for power generation, regardless of the source of energy; viii) the construction and operation of network and line systems of all kinds, in particular of pipelines; ix) all activities relating to waste management; x) the construction and the operation of petrol and gas filling stations, car-wash installations, repair and retail outlets, garages, and all other activities in connection with the aforementioned.

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The Issuer is entitled to conduct any business and adopt any measures which are deemed to be necessary to or useful for achieving its corporate objectives, in particular to conduct any activities which are similar or related to the Issuer’s corporate objectives. The Issuer is in particular entitled to buy and sell and rent and lease real estate property, whether as lessee/tenant or as lessor/landlord The Issuer may establish branches in Austria and abroad.

Selected Financial Data of OMV AG

The following information and data have been extracted from, and are only a summary of, (i) the audited consolidated financial statements of OMV AG as of and for the fiscal years ended 31 December 2009 and 2010 and (ii) the unaudited interim financial statements as of 31 March 2011 of OMV AG. Such audited consolidated financial statements, together with the reports of Deloitte Audit Wirtschaftsprüfungs GmbH and the notes, and unaudited interim financial statements are incorporated by reference into this Prospectus. The financial information presented below should be read in conjunction with such audited consolidated financial statements, reports and the notes thereto as well as with the unaudited interim financial statements.

Year ended Three months ended 31 December 31 March 2009 2010 2011 (in € million) (in € million) audited unaudited Assets Non-current assets...... 15,616 18,670 19,378 Deferred tax assets ...... 178 190 214 Current assets...... 5,622 7,544 7,474

Equity and liabilities Equity...... 10,035 11,312 11,547 Non-current liabilities ...... 6,354 8,335 7,846 Deferred tax liabilities...... 295 536 796 Current liabilities ...... 4,732 6,220 6,876

Total assets/equity and liabilities 21,415 26,404 27,066

(Source: consolidated financial statements, interim financial statements)

Organisational Structure

The Issuer has two major shareholders (see "–Major Shareholders") and various subsidiaries. The following diagram shows, in simplified form, main participations as of the date of this Prospectus:

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OMV Aktiengesellschaft

OMV OMV OMV OMV OMV Exploration & Refining & Petrol Ofisi Gas & Power Solutions OMV Production Marketing A.S. GmbH GmbH Petrom SA GmbH GmbH (96.98%)(3) (100.00%) (100.00%) (51.01%) (100.00%) (100.00%)

OMV Austria OMV OMV OMV EconGas OMV Gas Exploration & Oil Production New Zealand Deutschland Borealis AG GmbH GmbH Production GmbH Limited GmbH (36.00%)(2) (59.26%)(3) (100.00%) GmbH (100.00%) (100.00%) (100.00%)(1) (100.00%)

Baynernoil Raffinerie GmbH (45.00%)

(1) 10 per cent. thereof held directly by the Issuer. (2) 3.33 per cent. thereof held directly by the Issuer. (3) Partly via holding companies not shown in the chart.

(Source: consolidated financial statements, internal data)

In addition to wholly owned subsidiaries (including OMV Exploration & Production GmbH, OMV Refining & Marketing GmbH, OMV Gas & Power GmbH and OMV Solutions GmbH), as of the date of this Prospectus the Issuer directly or indirectly owns interests of 51.01 per cent. in the Romanian oil and gas company Petrom, 59.26 per cent. in the gas marketing company EconGas, 45 per cent. in the refinery network company Bayernoil and 96.98 per cent. in Petrol Ofisi. OMV’s chemical operations are concentrated in Borealis, in which OMV has a 36 per cent. interest. In addition, OMV holds a 10 per cent. stake in Pearl Petroleum Company Limited (operating in the Kurdistan Region of Iraq) and a 40 per cent. interest in the Turkish gas wholesaler Enerco Enerji Sanayi Ve Ticaret A.S. and a 100 per cent. interest in the Turkish project company OMV Samsun Elektrik Üretim Sanayi ve Ticaret A.S..

Business Strategy OMV is operating in a challenging industry environment characterized by high oil price volatility, high investment needs to contribute to a low carbon economy, as well as the need to diversify and secure energy supply. Against this background, OMV has positioned itself as an integrated market player in the "European Growth Belt", which OMV defines as reaching from the Baltic Sea in the north, extending southeast and encompassing the countries of Central and Southeastern Europe, to Turkey in the south.

OMV’s strategic framework for sustainable growth is the "3plus" strategy pursuant to which OMV focuses on three integrated businesses (Exploration and Production, Refining and Marketing and Gas and Power), which enables OMV to benefit from Group-wide synergies, thereby leveraging its integrated position. OMV is active in the geographical markets CE/SEE and Turkey, plus the producing areas that underpin supplies to them. OMV is guided by three core values (pioneers, professionals and partners), which are the basis for the expansion of the business portfolio towards sustainability. Going forward, OMV has the vision to shape the energy industry by:

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• optimizing downstream business within its growth markets and connecting it to supply regions; • focusing on reducing the natural decline and enhancing recovery rates from mature fields in its core assets in Austria and Romania, as well as achieving and exceeding critical mass on a per country basis in the current international Exploration and Production portfolio and finding new areas for expansion to build a future Exploration and Production portfolio; • adapting the corporate portfolio by strengthening the Gas and Power business and through selective investments in electrical power and renewable energy; • realizing cost and revenue synergies through an integrated position and rigorous cost and capital discipline; and • creating sustainable value.

Markets and sources of supply

The following map shows OMV’s current markets and important sources of supply for OMV’s markets (excluding Oceania):

(Source: consolidated financial statements for the fiscal year ended 31 December 2010)

Sustainability

Sustainable development means meeting the needs of the present without compromising the ability of future generations to meet their own needs. An energy group like OMV must produce and secure energy in the long term while balancing environmental, social, and economic considerations. Integration of sustainability into business is based on three pillars:

• People: Social responsibility towards internal and external stakeholders • Planet: Environmental management and minimisation of environmental impacts • Profit: Economic success in the long term.

To further strengthen the integration of sustainability issues into all business processes, OMV has defined three focus areas of targeted activity for the medium term: (i) diversity and education; (ii) health and safety;

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and (iii) CO2 emissions reduction. OMV’s products, such as transportation fuels, heating oil and natural gas, contribute to energy supply security and economic development in its markets. OMV is shifting electricity generation to highly efficient, modern gas-fired power plants that provide an alternative to older, coal-fired stations with higher CO2 emissions. OMV is also developing its first wind power project in Romania and evaluating hydro and solar energy projects.

Good corporate governance and social responsibility are the cornerstones of OMV’s culture. OMV’s goal is to develop a framework for a sustainable, environmentally sound business model and to act responsibly to put it into practice with the aim of safeguarding its profitability and the continued existence of OMV into the future.

Business of OMV

Overview

With group sales of EUR 23.32 billion in 2010 (2009: EUR 17.92 billion), 31,398 employees (2009: 34,676) and a market capitalisation of approximately EUR 9.29 billion as of 31 December 2010 (2009: EUR 9.17 billion), the Issuer is one of the leading energy companies in CE/SEE in terms of proved oil and gas reserves, production and refining capacity and overall market share in the marketing business in CE/SEE. OMV’s definition of CE/SEE is oriented at the markets it serves and includes Austria, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Southern Germany, Hungary, Moldova, Romania, Serbia, Slovakia and Slovenia. It does not include Poland. As of 31 March 2011, OMV employed 31,142 employees, group sales amounted to EUR 8.07 billion and OMV’s market capitalisation was approximately EUR 9.53 billion.

OMV is active in three geographic markets, Central Europe, Southeastern Europe and Turkey, plus selected producing areas of the Exploration and Production segment. The following map shows OMV’s geographical markets according to business segments and with respect to gas and oil supply:

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(Source: consolidated financial statements for the fiscal year ended 31 December 2010)

OMV explores, discovers and extracts oil and natural gas and provides energy, heat and mobility as well as day-to-day products and services. OMV’s core operative business segments are (i) Exploration and Production (of oil and gas); (ii) Refining and Marketing including petrochemicals; and (iii) Gas and Power. In addition to these operating segments (also shown in the following chart), OMV’s management, financing activities and certain service functions are concentrated in the Corporate and Other segment.

The following organisational chart shows the main lines of business for OMV:

(1) As of 31 December 2010, unless otherwise specified. (2) Clean EBIT is earnings before interest and taxes, excluding special items. (3) Clean CCS EBIT is earnings before interest and taxes, excluding special items and excluding inventory holding effects resulting from the fuels refineries. (4) Source: Website of Borealis (www.borealisgroup.com) under the icons “About Us”, “About Borealis” and “Key Figures”.

(Source: consolidated financial statements, internal data and website of Borealis (www.borealisgroup.com)).

Segments

Exploration and Production. The Exploration and Production business segment explores, develops and produces crude oil, natural gas liquids and natural gas. In its core assets in Austria and Romania, OMV is focusing on reducing the natural decline and enhancing recovery rates from mature fields. Future growth is expected to come via new field developments, exploration and acquisitions internationally. OMV intends to develop the existing portfolio to and beyond critical mass, on a production per country basis, and is looking to find new areas for expansion within the Caspian, Middle East and North Africa regions where OMV can leverage its existing Exploration and Production exposure.

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Refining and Marketing including petrochemicals. Refining and Marketing including petrochemicals comprises two refineries and petrochemical complexes in Schwechat (Austria) and Burghausen (Germany) and one refinery in Petrobrazi (Romania). It also includes OMV’s 45 per cent. interest in Bayernoil. Furthermore, the Refining and Marketing business segment includes OMV’s network of filling stations which spans across 12 CE/SEE countries and Turkey. OMV’s interest in Petrol Ofisi is also for the most part included in the Refining and Marketing business segment.

Gas and Power. In the Gas and Power segment, OMV is active in various stages of the gas value chain. The segment includes four business lines: (i) gas supply; (ii) gas logistics, involving transport and storage; (iii) power generation; and (iv) marketing and trading. OMV operates long-distance gas transmission pipelines in Austria and plays an important role in gas transit. Since 2008, the Gas and Power business segment includes the Group’s activities in the electricity business. By entering into the power business, OMV intends to extend the gas value chain into gas fired power plants and to invest selectively in renewable power generation.

Corporate and Other. The Corporate and Other segment comprises group management, financing activities and certain service functions.

Sales and Earning

The following tables show an overview of sales and earnings for each of OMV’s business segments:

Group Sales

Year ended Three months ended 31 December 31 March 2009 2010 2010 2011 (in € million) (in € million) audited unaudited

Exploration and Production ...... 3,797 4,666 1,140 1,355 Refining and Marketing 6,117 including petrochemicals ...... 13,900 18,042 3,759 Gas and Power ...... 3,273 4,365 1,268 1,752 Corporate and Other...... 349 339 76 90 Segment subtotal...... 21,319 27,413 6,244 9,315 less internal sales (consolidation) ...... (3,402) (4,089) (959) (1,244) Group...... 17,917 23,323 5,285 8,072

(Source: consolidated financial statements, interim financial statements)

EBIT

Year ended Three months ended 31 December 31 March 2009 2010 2010 2011 (in € million) (in € million) audited unaudited

Exploration and 1,450 1,816 556 677 Production(1)...... Refining and Marketing including petrochemicals ...... (143) 397 92 94 Gas and Power ...... 235 277 87 73

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Corporate and Other...... (91) (128) (21) (15) Consolidation: Elimination of intercompany profits...... (41) (28) (3) (22) Group(2) ...... 1,410 2,334 710 807

(1) Excluding intersegmental profit elimination. (2) Earnings before interest and taxes, excluding intersegmental profit elimination in Exploration and Production.

(Source: consolidated financial statements, interim financial statements)

Exploration and Production

Overview

The Exploration and Production portfolio is spread across 16 countries and currently focuses on the two core countries Romania and Austria and the international portfolio, which comprises an additional 14 countries in the Middle East, Caspian, North Africa, Northwestern Europe and Australia/New Zealand regions.

OMV extended its position in CE/SEE and Kazakhstan through its acquisition of Petrom in 2004. On 20 September 2010, OMV signed a sale and purchase agreement to acquire oil and gas exploration and production interests in Pakistan from PETRONAS International Corporation Limited. The acquisition of the entire share capital of Petronas Carigali (Pakistan) Ltd from PETRONAS International Corporation Limited was closed on 11 July 2011 On 18 February 2011, OMV completed the acquisition of 100 per cent. of the issued share capital of Pioneer Natural Resources Tunisia Ltd. and Pioneer Natural Resources Anaguid Ltd. (together "Pioneer Tunisia") from Pioneer Natural Resources, through its fully owned subsidiary OMV (Tunesien) Production GmbH. The two transactions are expected to result in a substantial increase of OMV’s production and reserves base in Pakistan and Tunisia. In addition, OMV continually seeks opportunities to extend operations in its markets both through organic growth and further acquisitions.

Selected operational and financial data

The following table shows certain operational and financial data for the Exploration and Production business segment. OMV’s oil and natural gas reserves data presented in this Prospectus are only estimates which may vary significantly from the actual quantities of oil and gas reserves that may be recovered.

Year ended Three months ended 31 December 31 March 2009 2010 2010 2011 audited unaudited

Segment sales (in € million)...... 3,797 4,666 1,140 1,355 EBIT (in € million)(1) ...... 1,450 1,816 556 677 Production (in mn boe) ...... 115.5 115.9 28.5 27.4 Proved reserves (in mn boe)...... 1,188 1,153 - -

(1) Excluding intrasegmental profit elimination

(Source: consolidated financial statements, interim financial statements)

Sales for the financial year 2010 totaled EUR 4,666 million, an increase of EUR 869 million or 23 per cent. from EUR 3,797 million in 2009. The increase was due primarily to higher crude oil prices as the average realized crude price climbed from USD 60.94/bbl in 2009 by 21 per cent. to USD 73.44/bbl in 2010, reflecting the significantly lower positive effects from hedging (EUR 4 million in 2010, compared to EUR 108 million in 2009). The average realized gas price increased by 7 per cent., reflecting the increased overall gas price level. This effect was further supported by slightly higher production which increased to 318,000 boe/d (thereof Petrom: 184,000 boe/d) from 317,000 boe/d (thereof Petrom: 187,000 boe/d) in

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2009. Higher volumes in Kazakhstan, Libya and Austria more than compensated lower volumes in Romania and Tunisia. In Libya, the Group was able to temporarily relocate to other operators output curtailments imposed due to OPEC quota in 2010. Gas production in Romania was negatively affected by the delay in completion of key gas fields and harsh winter conditions in the first quarter 2010. After the elimination of intra-group transactions of EUR 3,620 million, the contribution of the Exploration and Production segment to OMV’s consolidated sales revenues was EUR 1,046 million or about 4 per cent. of the Group’s total sales revenues (2009: EUR 832 million or about 5 per cent.).

In the first three months of 2011, sales of the Exploration and Production segment were at the level of the fourth quarter of 2010 due to higher gas sales volumes in Austria, which more than offset significantly lower sales volumes from Libya. Sales increased by 19 per cent. from EUR 1,140 million (as at 31 March 2010) to EUR 1,355 million. After the elimination of intra-group transactions of EUR 1,114 million, the contribution of the Exploration and Production segment to OMV’s consolidated sales revenues was EUR 242 million or about 3 per cent. of the Group’s total sales revenues (as at 31 March 2010: EUR 286 million or about 5 per cent).

Exploration, production and proved reserves

The following map shows the location of OMV’s worldwide exploration and production activities as of 31 December 2010:

(Source: consolidated financial statements for the fiscal year ended 31 December 2010)

The following table shows OMV’s production in 2010 and 2009 of crude oil and natural gas liquids ("NGL"), natural gas and oil equivalent in million tonnes ("mn t"), million barrels ("mn bbl"), billion cubic feet ("bcf") and million barrels of oil equivalent ("mn boe") according to these countries and regions:

Production in 2010 Production in 2009 Oil Oil Oil & NGL Natural gas Oil & NGL Natural gas equiv. equiv. mn t mn bcf mn mn boe mn t mn bcf mn mn boe bbl boe bbl boe Romania ...... 4.17 29.98 180.81 33.48 63.46 4.39 31.54 186.05 34.45 66.00 Austria ...... 0.84 6.11 55.56 9.26 15.37 0.87 6.37 50.06 8.34 14.71 International portfolio .. 3.56 27.31 58.73 9.79 37.10 3.22 24.64 61.11 10.18 34.83 Total...... 8.57 63.39 295.10 52.53 115.94 8.48 62.55 297.22 52.98 115.53

(Source: internal data)

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OMV’s average daily production amounted to approximately 318,000 boe/d in 2010 (2009: 317,000 boe/d), of which crude oil and NGL comprised approximately 55 per cent. (2009: 54 per cent.) and natural gas approximately 45 per cent. (2009: 46 per cent). In 2010, approximately 68 per cent. of OMV’s total oil and gas production came from Romania and Austria, with the remainder coming from OMV’s international portfolio (see "—Description by geographic area").

In the first three months of 2011, OMV’s average daily production decreased by 4 per cent. to approximately 304,000 boe/d compared to the three months of 2010 (317,000 boe/d) mainly due to the current political situations in Libya and Yemen. In Tunisia, the recently acquired assets of Pioneer Tunisia were included starting with March 2011 and contributed 2,200 boe/d to the total production.

The following table shows OMV’s proved reserves as at 31 December 2010 and 31 December 2009 of crude oil and NGL, natural gas and oil equivalent in mn t, mn bbl, bcf and mn boe according to these countries and regions:

Proved reserves at 31 December 2010 Proved reserves at 31 December 2009 Oil equiv. Oil Oil & NGL Natural gas Oil & NGL Natural gas equiv. mn t mn bbl bcf mn boe mn boe mn t mn bbl bcf mn boe mn boe Romania ...... 58.27 419.10 2,083.65 385.86 804.96 60.29 433.66 2,102.24 389.30 822.96 Austria ...... 6.86 48.29 414.65 69.11 117.40 7.21 50.77 443.79 73.96 124.74 International portfolio...... 25.37 192.55 228.44 38.07 230.62 25.24 190.50 299.70 49.95 240.45 Total...... 90.51 659.94 2,726.74 493.04 1,152.98 92.74 674.93 2,845.72 513.22 1,188.15

(Source: internal data)

As of 31 December 2010, OMV had approximately 1,153.0 million boe in proved reserves of crude oil and NGL (57 per cent.) and natural gas (43 per cent). In 2010, OMV’s proved reserves decreased by 3 per cent. from 1,188.1 million boe as of 31 December 2009. Reserves are estimated by the OMV’s own engineers in accordance with the Society of Petroleum Engineers (SPE) guidance. The estimates are independently evaluated every two years, most recently in 2010 (with respect to 2009 figures) by DeGolyer and MacNaughton. OMV’s average reserve replacement ratio was 82 per cent. over the past three years. For the year 2010, the ratio amounted to 70 per cent. (2009: 85 per cent).

Taking into consideration OMV’s total hydrocarbon production in 2010 (116 million boe), OMV’s total proved reserves (oil & NGL and natural gas) in the amount of 1,153 million boe would theoretically secure OMV’s production for almost 10 years. OMV is the operator of properties representing approximately 87 per cent. of its proved reserves.

OMV’s reserve replacement rate has been 82 per cent. on average over the past three years (2009: 71 per cent.). For the single year 2010 this rate decreased to 70 per cent. (2009: 85 per cent.).

Description by geographic area

The following is a description by geographic area of assets and activities of the Exploration and Production business segment:

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Romania and Austria

Year ended

31 December 2009 2010 Production Crude oil and NGL production (million bbl)...... 37.9 36.1 Natural gas production (bcf)...... 236.1 236.4 Total production (million boe)...... 80.7 78.8 Proved oil and NGL reserves (million bbl) ...... 484.4 467.4 Proved natural gas reserves (bcf)...... 2,546.0 2,498.3 Total proved reserves (million boe)...... 947.7 922.4

(Source: internal data)

Romania: Since 2004, OMV has owned 51.01 per cent. in Petrom. Romania is OMV’s largest exploration and production venture with an average daily production of 173,900 boe/d in 2010 (2009: 180,800 boe/d) and approximately 18,300 staff. In the second half of 2010, a slow down of the natural production decline was achieved by concentrating on reservoir management initiatives, workovers, finalization of key wells and increased infill drilling. Investment efforts in 2010 focused on the drilling of development wells, workovers and production surface facilities. Gas prices in Romania are regulated by the government and generally significantly below the prices that can be charged in the international markets.

Although the history of petroleum extraction in Romania is extensive, the recoverable reserves base is still considerable, at around 805 million boe in proven reserves. Continuous workovers of mature fields and a successful drilling program, combined with diversification of the recovery mechanisms applied, have helped maintain a good reserve replacement ratio in Romania. Consequently, the reserves replacement ratio increased from 70 per cent. in 2009 to 72 per cent. in 2010, representing the third consecutive year that it was maintained above 70 per cent. OMV will increasingly focus on maximizing reservoir recovery.

Water injection performance is top priority to maintain the energy in the reservoirs. Several field redevelopment plans will be advanced in the upcoming years.

In Romania, Petrom holds exploration licences for 15 onshore and two offshore blocks, with a total area of 59,100 km² (of which 13,730 km² is offshore) and operates 255 commercial oil and gas fields. The 3D seismic data, acquired in the offshore Neptun permit by the Petrom/ExxonMobil joint venture in 2009, were processed and evaluated in 2010 and identified potential commercial prospects. Decisions relating to offshore deep water exploration drilling in Romanian are expected to be made in 2011.

On 7 July 2011, Petrom announced a successful result of the exploration well Totea in the Oltenia region of Southwestern Romania. During testing, a maximum stabilised flow rate of approximately 3,100 boe/d gas and associated condensate was recorded from a single zone. Further appraisal drilling is planned to assess the potential of the field.

The Romanian state offered to sell a 9.84 per cent. stake of Petrom via the stock exchange in July 2011. OMV decided not to participate in the secondary public offering, i.e. not to submit a bid for the available stake. The offer failed because the subscription rate was below the 80 per cent. threshold required to close the offer.

Austria: Over the last 50 years, the local activities regarding the exploration and production of oil and natural gas have substantially contributed to Austria’s energy supply and represent the core of OMV’s exploration and production activities. The Austrian exploration and production activities focus on the Vienna basin, one of the main hydrocarbon regions of Central Europe. In addition, OMV operates three subsurface gas storage units with a total volume of about 2.4 bcm, corresponding to one quarter of Austria’s annual gas consumption. The acquisition of more than 1,700 square kilometers ("km²") of 3D seismic data since 1995 has led to the identification of several niche deposits as well as important gas finds such as Strasshof and Ebenthal in 2005.

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In 2010, production totaled 42,100 boe/d (2009: 40,300 boe/d). By the end of 2010, a part of the existing Austrian oilfield infrastructure had undergone a long-term modernization program. As a first step in this program, the new tank farm Auersthal was mechanically completed and a partial start-up was performed in 2010. In June 2011, first oil was received in the central gas oil separation plant at the Matzen oilfield. To further mitigate natural production decline, the Austrian Operational Excellence (AOE) program for production system optimization was initiated in 2010. A pattern water injection pilot project was also performed in 2010. In the field Strasshof, however, a technical assessment has shown that OMV’s originally expected production performance will not be achieved, and therefore led to an impairment of EUR 90 million.

Slovakia: In 2007, OMV acquired a 50 per cent. participating interest in the Gbely and the Bazantnica licences in Western Slovakia to explore the Slovak pre-Neogene part of the Vienna basin. After having conducted an exploration program including, inter alia, seismic and drilling of an exploration well, OMV has decided to withdraw from these licences in 2011.

International portfolio

Year ended

31 December 2009 2010 Production Crude oil and NGL production (million bbl)...... 24.6 27.3 Natural gas production (bcf)...... 61.1 58.7 Total production (million boe)...... 34.8 37.1 Proved oil and NGL reserves (million bbl) ...... 190.5 192.6 Proved natural gas reserves (bcf)...... 299.7 228.4 Total proved reserves (million boe)...... 240.5 230.6

(Source: internal data)

Kurdistan Region of Iraq: With its entry into the Kurdistan Region of Iraq in 2007, OMV has strengthened its exploration and production presence in the Middle East. On 6 November 2007, OMV’s 100 per cent. subsidiary OMV Petroleum Exploration GmbH signed production sharing contracts with the Kurdistan Regional Government for the operatorship of two exploration blocks. The blocks Mala Omar and Shorish cover approximately 800 km² and are located in the vicinity of Erbil, the capital of the Kurdistan Region of Iraq. In 2008, work on the awarded blocks commenced with the acquisition of 2D seismic and was followed by the spudding of the first exploration well in the Shorish block in December 2009. In May 2009, OMV acquired a 10 per cent. share in Pearl Petroleum Company Limited, a company established to develop, explore and produce the Khor Mor and Chemchemal gas fields in the Kurdistan Region of Iraq. OMV grew its exploration portfolio significantly in September 2010 and is now active in seven blocks and operator of three. Three exploration wells were drilled and completed in 2010. These wells in the Rovi, Sarta and Shorish blocks are currently under evaluation.

Yemen: Besides a brief engagement in the early 1990s, OMV became active in Yemen with the acquisition of Preussag’s international upstream assets in 2003. In the same year, the Habban oil field was discovered in Block S2 (Al Uqlah), which was subsequently developed, and oil production started in 2006. The planning of the second development phase of the Habban field commenced in 2008, entailing the construction of a central processing facility for handling up to 30,000 boe/d of produced fluids and maintaining reservoir pressure, the completion of additional wells, and the laying of about 120 km of new pipeline.

The Production Sharing Agreement ("PSA") for OMV’s second exploration area Block 2 (Al Mabar) was ratified by the Yemeni Parliament in mid-2006. At that time, OMV (YEMEN) Al Mabar Exploration GmbH assumed operatorship and commenced exploration activities. In addition, OMV was successful with a bid for Block 29 in the Jeza-Qamar basin in late 2006. The PSA was signed by the Yemeni Parliament and became effective in March 2009.

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In 2010, the Habban oil field contributed 6,600 bbl/d net to OMV’s production (2009: 6,300 bbl/d net to OMV). OMV holds three large exploration and production licences in Yemen, is currently focusing on further developing the already producing Block S2 and acquired an additional exploration block (Block 86) in 2010. In addition, OMV, in 2010, acquired a 20 per cent. interest in the TOTAL operated Block 70 and is in the process of finalizing a farm-in of 34 per cent. in Block 3 operated by OilSearch. Due to the current political unrests, OMV’s production in Yemen had been stopped in March 2011 due to an attack on an export pipeline. The pipeline has recently been repaired, but production has not yet resumed (see also "Risk Factors—Shortfalls in crude oil supplies from Libya and Yemen could adversely affect the Group’s business").

Pakistan: OMV has been active in Pakistan since 1991 and is the largest international gas operator in the country in terms of operated volumes. The first success for OMV (PAKISTAN) Exploration GmbH was the Miano gas field discovery in 1993; full production in Miano was achieved in 2002. In 1998, OMV discovered the Sawan gas field, which was declared commercial in December 1999. The Sawan gas plant was commissioned in 2003. In the recent past, OMV has made two additional gas discoveries, namely Latif and Tajjal, which are now being developed.

OMV’s activities in Pakistan are concentrated in the central Indus region, where OMV has established a strong position as the operator of the Sawan, Miano, Latif and Tajjal gas fields and Sawan and Kadanwari processing facilities and covers around 9 per cent. of Pakistan’s natural gas demand. OMV has a portfolio of seven exploration licences and two development and production licences and operates five of its nine licences. As a result of long-term contracts, the gas prices OMV is able to charge in Pakistan are frequently below the prices that can be charged in the international markets. In 2010, OMV’s share of production from above stated fields was 14,000 boe/d (2009: 14,350 boe/d). On 20 September 2010, OMV signed a sale and purchase agreement with PETRONAS International Corporation Limited to acquire its oil and gas exploration and production interests in Pakistan. The acquisition of the entire share capital of Petronas Carigali (Pakistan) Ltd from PETRONAS International Corporation Limited was closed on 11 July 2011 and includes the Mubarak and Mehar exploration licences as well as the Mehar and Mubarak development and production leases with an anticipated increase in production in Pakistan to approximately 25,000 boe/d by 2014.

Kazakhstan: Kazakhstan, with considerable ongoing development, plays an important part in OMV’s international oil production business. All assets are operated by Petrom, which has been active in the area since 1998 and currently operates five exploration and production licences. Petrom produces oil and gas from the Turkmenoi, Aktas, Tasbulat and Komsomolskoe fields in the Mangistau region of Western Kazakhstan. The recently acquired Kultuk field is currently in the exploration and appraisal phase. The most recently developed field, the Komsomolskoe onshore oil field on the Caspian Sea’s eastern shore, came on stream in 2009. However, in 2010, OMV executed a technical assessment in Komsomolskoe which, together with the re-establishment of the export customs duty, led to an impairment of EUR 105 million. Production from all four fields amounted to 9,900 boe/d in 2010 (2009: 6,300 boe/d).

Iran: In May 2001, OMV signed an exploration contract for the Mehr block (Zagros region) with the National Iranian Oil Company ("NIOC"). Work focused only on an area covering 2,500 km². OMV (Iran) Exploration GmbH has been the operator of the consortium, in which OMV has a 34 per cent. share and Repsol (Spain) and Sipetrol (Chile) each hold 33 per cent. Three exploration wells were drilled by early 2008. However, due to technical and economic constraints, the consortium has withdrawn from field development negotiations, terminated the service agreement in early 2009, and OMV has subsequently written off these assets. There are no further activities in the Mehr Block in Iran except the attempt to recover previously incurred exploration costs from NIOC.

OMV signed a Heads of Agreement with NIOC in 2007 regarding a potential participation in the development of an area in the South Pars Gas Field in the Persian Gulf (South Pars Field phase 12), a liquefaction plant for liquefied natural gas (Iran LNG) and subscriber agreements for liquefied natural gas. In late 2009, OMV withdrew from its non-binding discussions concerning the South Pars Field phase 12 development. There are no further activities in the Iran LNG project. OMV has started a joint study and technical evaluation of the Gorgan plain and Western Kopt-Dagh areas with NIOC in early 2010. The

201 planned duration of this contract is approximately 24 months. OMV does not expect to have a significant exposure in Iran in the near term.

Turkey: Petrol Ofisi, which became partner in Turkey’s largest offshore gas production project by acquiring a 26.75 per cent. stake in the South Akçakoca sub basin project from Tiway Turkey Ltd. (previously Toreador Türkiye Ltd. Ști) in 2009, had a net average daily production of approximately 600 boe/d in 2010.

Russia: In late 2006, Petrom acquired 74.90 per cent. of RingOil. On 6 September 2010, Petrom announced the sale of its exploration assets in Russia by selling RingOil and its seven subsidiaries.

United Kingdom: OMV (U.K.) Limited entered the U.K. offshore in 1987 with an award of non-operated exploration licences. First production was achieved in 1990 after the acquisition of producing assets in the Beryl and Dunlin Fields. OMV (U.K.) Limited became an operator for the first time in 2004.

Successful exploration and appraisal have led to important new non-operated producing fields being added in 1998 (Schiehallion), 2002 (Jade), 2004 (Howe) and 2008 (Boa), in addition to the continuing Beryl Area production. The Dunlin Field was divested in 2008. In the West of Shetlands, OMV established a firm position with discoveries in the fields Rosebank, Cambo and Tornado and focuses its efforts on maturing these discoveries. By acquiring eight additional licences in the U.K. in 2010, OMV has further strengthened its position in this region. OMV currently has nine producing fields and 37 licences. In 2010, production in the U.K. increased to 7,200 boe/d (2009: 6,400 boe/d) mainly due to a production increase at the Schiehallion floating production, storage and offloading (FPSO) vessel.

On 13 July 2011, OMV announced the agreement to progress a major re-development of the Schiehallion oil field to the West of Shetlands. The project involves replacing the existing Schiehallion FPSO vessel with a new FPSO vessel which is scheduled to be installed in 2015. There will also be a major investment in the upgrade and replacement of the subsea facilities to enable the full development of the reserves and potential drilling of additional wells. The new facilities are scheduled to commence production in 2016. The total investment of the Schiehallion joint venture, in which OMV has a share of 5.88 per cent., is expected to be approximately EUR 3 billion.

Norway: Norway is, according to OMV’s calculations, the seventh largest oil-producing nation, the third largest oil exporter and the second largest gas exporter in the world, while also providing a stable political and economic environment as well as a significant remaining resource potential. It also offers possible integration synergies with OMV’s Gas and Power business segment, such as access to the Central and Western European gas market, and OMV’s U.K. activities, especially with regard to geology, geophysics and drilling operations. OMV has been active in Norway since 2006, when OMV (NORGE) AS received accreditation from the Norwegian Oil and Energy Ministry to operate on the country’s continental shelf.

As of 31 December 2010, the company holds ten offshore licences on the continental shelf, of which six are operated by OMV. The licences are situated in the Norwegian part of the North Sea, the Mid Norwegian Sea and in the Barents Sea between the North Cape and Svalbard. Currently, OMV is still in an exploratory startup phase in the country. Operated exploration drilling in the Norwegian Sea and partner-operated drilling in the North Sea are expected to commence in 2011.

Faroe Islands: OMV (FAROE ISLANDS) Exploration GmbH entered the offshore Faroes in 2005 with a group of four companies (Chevron, Statoil, Dong and OMV). The Chevron-led group (OMV 2 per cent.) secured Licence 8 in the second Faroe licence round. The Sula/Stelkur opportunity in Licence 8 is expected to progress towards a well within the next three years. In 2010, OMV farmed in 20 per cent. equity in Licence 5, operated by Eni, on which the Anne Marie exploration well was drilled in 2010 and encountered gas shows in low quality reservoir sections.

Ireland: OMV Ireland GmbH entered the Irish offshore in 2001 by farming into the Errigal well in Block (5/22-1). Following the Dooish discovery made in 2002, and the following West Dooish exploration well in 2007, activity in Ireland has been reduced to a low level. Licence 2/05 was relinquished, and 3/05 is awaiting approval for assignment to a third party, following which the only remaining interest will be in Dooish (2/94).

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Tunisia: OMV has been active in Tunisia since the early 1970s, holding an equity interest in the group that discovered the Halk-el-Menzel oil field. With the acquisition of the international portfolio of Preussag Energie GmbH in 2003, OMV expanded its position by obtaining exploration and production licences for seven oil fields, including the offshore Ashtart field, the then second largest in Tunisia and the first offshore field. In 2006, a complete refurbishment of the Ashtart production platform commenced and is expected to be completed by 2012. The project comprises the upgrade of processing facilities and drilling of additional wells to further develop the field. OMV exploration is concentrated on the Jenein Sud block which is situated in the Tunisian extension of the Ghadames basin. In 2010, OMV was awarded the Nawara production concession which was carved out from the Jenein Sud exploration permit.

After a gas and condensate discovery and successful testing in the Fella-1 and Ahlem-2 exploration well in February 2010 and in the Ritma-1 exploration well in June 2010, OMV and its partner ETAP, the Tunisian national oil company, each holding a 50 per cent. interest in the Nawara production concession, again recorded gas-condensate discoveries at the exploration wells Khouloud-1 and Benefsej-1 in October 2010. Upon completing the drilling campaign, nine discoveries were made in a row in the newly awarded Nawara production concession, thereby increasing the chance of making further commercially viable discoveries in the concession and the surrounding Jeinein Sud exploration permit.

On 6 January 2011, OMV, through its fully owned subsidiary OMV (Tunesien) Production GmbH, signed an agreement to purchase 100 per cent. of the issued share capital of Pioneer Tunisia. The acquisition significantly strengthened OMV’s production and reserves base in Tunisia. OMV acquired immediate production of approximately 5,700 boe/d (average net production in the fourth quarter 2010), 90 per cent. thereof attributable to oil and 10 per cent. to gas, thereby doubling its daily production in Tunisia to above 10,000 boe/d. Based on a report by DeGolyer and MacNaughton of June 2010, Pioneer Tunisia’s acreage holds 2P (proved and probable) reserves of 38 million boe and 3P (proved, probable and possible) reserves of 59 million boe.

The acreage offers considerable exploration upside and will complement OMV’s existing south Tunisian assets, Jenein Sud and Nawara, which it borders. The tie-in of OMV’s first operated production well El- Badr-5 with a production of 1,500 boe/d (50 per cent. thereof OMV’s stake) into the acquired Cherouq facilities and the granting of the Durra production concession, both in April 2011, were the first important results from the acquired Pioneer portfolio under OMV.

Furthermore, Pioneer Tunisia and OMV are both partners in the South Tunisia Gas Project ("STGP") which aims to build a 320 km gas pipeline from the Adam production concession to the city of Gabes by 2014 to supply the Tunisian domestic market with gas. Following consolidation of partnership structure at STGP, the decision making process will be enhanced.

Libya: In 1985, OMV acquired 25 per cent. of Occidental Petroleum Corporation’s oil producing assets in Libya. OMV expanded its Libyan presence in 1994 by signing an agreement to develop the large El Shararah field in the Murzuq basin. In 1997, more exploration acreage was acquired in the Murzuq basin (blocks NC186, NC187 and NC190), resulting in seven discoveries to date. All seven fields in NC186 were in production by the end of 2010. In 2003, OMV’s Libyan subsidiary – together with Repsol YPF ("Repsol") as operator – signed agreements for six additional blocks covering about 77,000 km². Three discoveries have been made so far.

In June 2008, OMV signed an agreement with the LNOC and Occidental Petroleum Corporation for the re- development of the large Nafoora Augila field and for enhanced oil recovery measures in the Intisar fields. The contract for these assets in the prolific Sirte basin was extended by 25 years to end in 2032 and includes a five-year exploration period. In July 2008, LNOC, OMV, Repsol, Total and StatoilHydro renewed their agreements for blocks NC186 and NC115 in the Murzuq basin. The terms were amended to conform with Exploration and Production Sharing Agreements ("EPSA") IV standard and contract duration was also extended to 2032, including a five-year exploration period.

In 2010, production increased to 32,800 bbl/d from 29,400 bbl/d in 2009. OMV continued the development of NC186 I and NC115 R fields, which had led to first oil production in June 2008, and of the J and K

203 fields in NC 186, which is operated by OMV and had resulted in first oil being produced from the J field in December 2009 and the K field in May 2010. In Libya, production is limited by OPEC quota restrictions. Due to the current political unrest in Libya, OMV is negatively affected by a reduction of its Libyan production. Since March 2011, OMV’s production in Libya has effectively ceased. By the end of March 2011, force majeure was declared for all Libyan licences as a result of which all obligations of OMV under the contracts were suspended for a period of up to two years. Contract terms are extended for the period of force majeure. OMV is of the opinion that it would be in the interest of both parties that by the expiry of the two-year term a mutual agreement will have been achieved with LNOC. If no agreement is achieved, force majeure should not result in expropriation of OMV. Depending on the circumstances, in case of expropriation OMV’s assets in Libya should be protected by the bilateral investment treaty between Libya and Austria of 2004. According to the bilateral investment treaty between Libya and Austria, OMV’s subsidiaries including its Isle of Man companies are protected against expropriation by “compensation on the fair market value”. For further impacts of the current political unrest on the Group’s Libyan assets and production, see "Risk Factors—Shortfalls in crude oil supplies from Libya and Yemen could adversely affect the Group’s business".

Egypt: OMV was awarded offshore exploration Block 11 in the 2006 Egyptian Natural Gas Holding Company ("EGAS") international bidding round. The deepwater offshore block covers approximately 9,140 km² and is located in the Mediterranean Sea, extending north from the Egyptian coast in the vicinity of the town of Matruh. Work on the awarded block commenced with the acquisition of 1,500 km² 3D seismic survey and the search for potential partners.

Australia: OMV established its exploration and production base in Australia in 1999 by acquiring the local company Cultus Petroleum NL. OMV Australia Pty Ltd.’s offshore activities started with the development of the Patricia Baleen gas field in the Bass Strait with production starting in 2003. In the wake of rationalizing OMV’s exploration and production portfolio, all gas assets were sold in 2005. Current exploration efforts primarily focus on the Carnarvon basin, off the coast of Western Australia. Having divested its non-core Timor Sea interests in 2009, OMV currently has interests in five operated exploration licences and four non-operated licences, all located in the Carnarvon basin. In 2010, a 4,000 km2 3D seismic survey was acquired in advance of drilling planned in 2011.

In April 2011, OMV announced the discovery of a gas field on the north west shelf of Australia in the Zola- 1 exploration well, which is located around 100 km from the Western Australian coast. The discovery, the subsequently drilled sidetrack appraisal well and an extensive wireline measurement and pressure testing program have confirmed the presence of gas within several high quality sands. Both wells are preliminarily plugged and abandoned. A new 3D seismic survey has been conducted on the site to further assess the development potential of the field; the results of the survey are being evaluated.

New Zealand: OMV E&P commenced activities in New Zealand with the acquisition of Cultus Petroleum NL in 1999. Since then, OMV New Zealand Ltd. has pursued expansion plans. In 2002, OMV took up a 10 per cent. stake in Maui, at that time the country’s largest gas field, establishing early production in New Zealand. OMV’s acquisition of the international upstream division of Germany’s Preussag Energie GmbH in 2003 included a 26 per cent. interest in the Pohokura gas development project in the Taranaki basin. Pohokura commenced production in late 2006 and now contributes about 38 per cent. of New Zealand’s gas demand, having attained full production capacity in 2007.

First production from the newly developed Maari oil field commenced in February 2009 and is expected to have an estimated life time of ten to 15 years. Maari is expected to produce some 50 million barrels of oil and reached a peak production level of 28,700 bbl/d (gross) in 2010. Total production of OMV in New Zealand in 2010 reached 24,700 boe/d (2009: 24,700 boe/d). As part of its New Zealand portfolio, OMV has interests in eight exploration licences and three production licences. Included in these, OMV has interests in and operates three exploration licences in the Great South Basin in New Zealand which have potential for large discoveries. With natural gas from two major gas fields and Maari full on stream, OMV, together with its partners, is New Zealand’s largest liquid hydrocarbon producer (according to own estimates) and an important gas producer in the region.

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Acquisition of Pioneer Tunisia

In January 2011, OMV through its fully owned subsidiary OMV (Tunesien) Production GmbH, signed an agreement to purchase 100 per cent. of the issued share capital of Pioneer Tunisia from Pioneer Natural Resources, a U.S. oil and gas company, for a purchase price of USD 800 million plus working capital of Pioneer Tunisia as at the closing of the transaction. At the time of first consolidation, the working capital of Pioneer Tunisia was preliminarily valued at USD 58 million, of which USD 39 million were already paid to the seller at closing. A final adjustment of the working capital calculation is being completed based on the audited 2010 financial statements of Pioneer Tunisia.

The following table sets out the subsidiaries acquired in connection with the acquisition of Pioneer Tunisia:

Principal activity Date of acquisition Percentage of voting equity interests acquired

Pioneer Natural Resources exploration and production 18 Feb 2011 100.00% Tunisia Ltd...... Pioneer Natural Resources exploration and production 18 Feb 2011 100.00% Anaguid Ltd......

(Source: internal data)

Acquisition-related costs amounting to EUR 2.6 million have been excluded from the consideration transferred.

The following table sets out details of the assets acquired and liabilities recognised by OMV in connection with the acquisition of Pioneer Tunisia: Pioneer Natural Pioneer Natural Total Resources Tunisia Ltd. Resources Anaguid Ltd.

in USD million unaudited Non-current assets ...... Intangible assets...... 90.0 58.1 148.1 Property, plant and equipment ...... 573.9 44.2 618.2 Current assets...... Working capital...... 50.5 8.0 58.5 Non-current liabilities...... Deferred tax liabilities...... (296.7) (33.0) (329.8) Decommissioning liabilities...... (10.5) (6.3) (16.9) Fair value of identifiable net assets acquired...... 407.2 70.9 478.1

(Source: internal data)

The working capital acquired includes trade receivables with a fair value (equivalent to gross contractual amounts) of USD 24 million.

The initial accounting for the acquisition of Pioneer Tunisia has only been provisionally determined as of 1 March 2011. The necessary market valuations and other calculations had not been finalized and have therefore only been provisionally determined based on best estimate.

The following table sets out the goodwill recognised by OMV in connection with the acquisition of Pioneer Tunisia:

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Pioneer Natural Pioneer Natural Resources Total Resources Tunisia Ltd. Anaguid Ltd.

in USD million unaudited Consideration...... 754.5 104.0 858.5 Less: Fair value of identifiable net (407.2) (70.9) (478.1) assets acquired ...... Goodwill arising on acquisition...... 347.3 33.0 380.3

(Source: internal data)

Goodwill arose in connection with the acquisition of Pioneer Tunisia because the cost of the combination included amounts in relation to the benefit of expected synergies, which are not recognized separately from goodwill because they do not meet the recognition criteria for identifiable intangible assets.

None of the goodwill arising on these acquisitions is expected to be deductible for tax purposes.

In the profit for the three months ended 31 March 2011 an amount of EUR 4 million attributable to the additional business generated by Pioneer Tunisia is included. Sales revenues for the three months ended 31 March 2011 include EUR 19 million in respect of Pioneer Tunisia.

Had the acquisition of Pioneer Tunisia been effected as of 1 January 2011, the contribution to sales revenues of the Group would have been EUR 33 million, and the contribution to profit for the three months ended 31 March 2011 from ordinary activities would have been EUR 3 million. These numbers represent an approximate measure of the performance of Pioneer Tunisia based on the results for the three months ended 31 March 2011, taking into account the effects from the purchase price allocation. These numbers are not an indication of the performance of Pioneer Tunisia in future periods.

Production cost data

In 2010, production costs excluding royalties ("OPEX") increased by 6.7 per cent. to USD 12.8/boe (2009: USD 12.0/boe). The increase in 2010 was due primarily to the fact that since 2010, the calculation of OPEX/boe is based (in line with presentation used by international competitors) on net production available for sale, i.e. exclusive of own consumption, and foreign exchange effects. Three-year average finding costs decreased to USD 4.6/boe (2009: USD 5.2/boe) due to successful exploration activities.

Decommissioning

Following full economic depletion of any hydrocarbon field, costs are incurred in the clean-up and removal of facilities from the production site. Such costs vary significantly depending upon the location of the site (onshore or offshore), the nature of facilities (mobile or fixed), and the related legal requirements. In 2010, decommissioning costs totaled EUR 78.1 million as compared to EUR 15.6 million in 2009.

Exploration, appraisal and development

OMV focuses on developing identified projects with proved reserves and on exploration in its core areas. The following table sets forth the number of completed wells for the years 2009 and 2010;

Number of completed wells 2009 2010

Exploration and appraisal drilling ...... 33 22

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Successful exploration and appraisal drilling ...... 13 10 Exploration wells ...... 23 15 Crude oil...... 4 4 Natural gas ...... 3 0 Dry wells ...... 16 11 Appraisal wells...... 10 7 Crude oil...... 4 0 Natural gas ...... 2 6 Dry wells ...... 4 1 Development and production wells ...... 213 199 Total...... 246 221

(Source: internal data)

In 2010, OMV recorded exploration successes in Tunisia, the Kurdistan Region of Iraq, Pakistan, Romania and Austria. In 2010, OMV’s three year average finding costs decreased to USD 4.6/boe (2009: USD 5.2/boe) due to successful exploration activities in 2010. Of 22 wells drilled (15 exploration wells and 7 appraisal wells), 10 resulted indiscoveries, equating to a success rate of 45 per cent. (2009: 39 per cent.).

Extensive seismic data acquisition was carried out in Pakistan, Romania, Libya, Norway, Australia, New Zealand and Kazakhstan, strengthening the Group’s exploration drilling portfolio for the next few years.

Refining and Marketing including petrochemicals

Overview

The following map shows OMV’s principal markets served by Refining and Marketing as of 31 December 2010:

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(Source: consolidated financial statements for the fiscal year ended 31 December 2010)

Together with the Petrobrazi plant in Romania and a 45 per cent. stake in Bayernoil, Southern Germany, OMV’s refineries have a total annual production capacity of 22.3 mn t or 460,000 bbl/d as of 31 March 2011 (31 December 2010 and 2009: 25.8 mn t/y or 530,000 bbl/d). The Group’s other refinery in Romania, Arpechim, will be closed by 2012.

The following table shows OMV’s ownership interests in and the resulting annual capacities for OMV of its refining complexes:

% Ownership Total refining capacity (as of 31 December 2010) (mn t /y) Refineries west...... Schwechat...... 100.00% 9.6 Burghausen ...... 100.00% 3.6 Bayernoil...... 45.00% 10.3(1) Refineries east ...... Petrobrazi...... 51.01% 4.5 Total ...... 22.3(2)

(1) 45 per cent. thereof, i.e. 4.6 million tonnes/y, available to OMV. (2) Total capacity available to OMV, i.e. including only OMV’s pro-rata capacity of 4.6 mn t/y from Bayernoil (instead of 10.3 mn t /y total refinery capacity).

(Source: internal data)

On 22 December 2010, OMV completed the acquisition of Doğan Holding’s 54.14 per cent. interest in Petrol Ofisi, giving OMV a 95.72 per cent. interest in a leading Turkish refined product marketing company and further establishing Turkey as the Group’s third integrated regional growth hub. In March 2011, OMV’s interest in Petrol Ofisi was increased to 96.98 per cent. as a result of a mandatory offer to free float shareholders.

Effective as of 3 March 2010, OMV sold its Italian subsidiary OMV Italia S.r.L. and withdrew from the Italian market. On 17 November 2010 OMV agreed to sell 56 petrol stations in the German states of Thuringia and Saxony to a subsidiary of the Polish oil group PKN ORLEN. As of 31 December 2010, OMV had a network of 4,771 filling stations that spanned across 12 CE/SEE countries and Turkey (2009: 2,433 filling stations). As of 31 March 2011, the number of marketing retail stations stood at 4,742(as of 31 March 2010: 2,331).

Selected operational and financial data

The following table shows certain operational and financial data for the Refining and Marketing including petrochemicals business segment.

Year ended Three months ended 31 December 31 March 2009 2010 2010 2011 audited unaudited

Segment sales (in € million)..... 13,900 18,042 3,759 6,117 EBIT (in € million) ...... (143) 397 92 94 Total refined product sales (in mn t)(1) ...... 25.53 24.48 5.38 7.03 thereof marketing sales volumes (in mn t)(2) ...... 16.79 16.03 3.43 4.97 thereof petrochemicals (in mn t) ...... 2.02 2.08 0.50 0.54

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(1) The indicator "Total refined product sales" was introduced and first reported in 2010. The figure includes all products sold by OMV. Figures for previous periods have also been reported since 2010. (2) Excluding Petrom export sales, which are included in "Total refined product sales".

(Source: internal data)

The results of the Refining and Marketing including petrochemicals business segment improved significantly compared to 2009, reflecting an improving economic environment, cost savings and the ongoing restructuring of Petrom.

Sales for the financial year 2010 totaled EUR 18,042 million, an increase of EUR 4,142 million or 30 per cent. from EUR 13,900 million in 2009. The increase was due primarily to higher product prices as a result of higher crude oil prices. This effect was partly offset by lower total refined product sales volumes (24.5 mn t in 2010 compared to 25.5 mn t in 2009) and lower marketing sales volumes (16.0 mn t in 2010 compared to 16.8 mn t in 2009). A substantial part of the decrease was attributable to Petrom where total refined product sales volumes decreased by 13 per cent., primarily as a result of the shut-down of the Arpechim refinery for almost nine months in 2010.

In the first three months of 2011, segment sales increased by 63 per cent. to EUR 6,117 million compared to the first three months of 2010 (EUR 3,759 million). This increase was primarily due to higher product prices as a result of increased crude oil prices and higher total refined product sales volumes which increased from 5.4 million tonnes by 30 per cent. to 7.0 million tonnes in the first three months of 2011. After elimination of intra-group transactions of EUR 7 million, the contribution of the Refining and Marketing including petrochemicals business segment to OMV’s total sales was EUR 6,111 million or about 75 per cent. of the Group’s total sales revenues (as at 31 March 2010: EUR 3,751 million or about 71 per cent.).

In 2010, refining capacity utilisation decreased to 76 per cent due to the impact of maintenance shutdowns in Schwechat and Petrobrazi as well as Arpechim operating in a stop-and-go mode. In the first three months of 2011, refining capacity utilization increased to 85 per cent. compared to the first three months of 2010 (75 per cent.), mainly due to higher utilization of the Petrobrazi refinery and the fact that Arpechim is no longer included in the calculation.

Marketing sales in the year ended 31 December 2010 decreased to 16 mn t. In 2010, the reporting method was adjusted; the restated marketing sales volume excludes Petrom export sales and amounted to 16.79 mn t in the year ended 31 December 2009.

Gas and Power

Overview

OMV imports large amounts of natural gas to Austria – largely from Russia and Norway – and sells treated gas produced at its own fields. With about one third of all Russian gas exports to Western Europe passing through OMV’s Baumgarten gas turntable, OMV plays an important role in gas transit. Its 2,000 kilometer pipeline network and its gas storage facilities contribute to the security of supply in Austria and beyond. Central European Gas Hub AG ("CEGH"), originally a wholly owned subsidiary of OMV Gas & Power GmbH and since June 2010 co-owned by OMV Gas & Power GmbH (80 per cent.) and Wiener Börse AG (20 per cent.), is OMV’s gas trading platform. It serves as delivery point and service provider, while the related CEGH gas exchange, established in 2009 to offer exchange trading functions (in addition to OTC trading), is operated by, and under the licence of, the Vienna Stock Exchange. Core markets for OMV’s gas marketing and trading business are Austria, Germany, Italy, Hungary, Romania and Turkey. By entering the power business, OMV intends to extend its value chain from gas to electricity. The new power business will focus on markets with what management considers to be sound potential for integration with other OMV operations – especially in Austria, Germany, Romania and Turkey.

Since the acquisition of Petrom in 2004, OMV’s major expansion plans prompted the decision to restructure the gas business. As a result, OMV Gas International GmbH was founded in early 2006 and

209 renamed OMV Gas & Power GmbH on 17 May 2008 to consolidate OMV’s various gas and power business areas. OMV conducts its natural gas transport through OMV Gas GmbH and its subsidiaries. OMV’s marketing and trading business is carried out through EconGas, a joint venture company in which OMV has a 59.26 per cent. interest, and through Petrom’s gas business. The core market in Austria and neighbouring countries is served by EconGas, while Petrom covers the Romanian market.

The following map shows OMV’s Gas and Power business segment markets, together with current supply sources:

(Source: consolidated financial statements for the fiscal year ended 31 December 2010)

Selected operational and financial data

The following table shows certain operational and financial data for the business segment Gas and Power.

Year ended Three months ended 31 December 31 March 2009 2010 2010 2011 audited unaudited

Segment sales (in € million)..... 3,273 4,365 1,268 1,752 EBIT (in € million) ...... 235 277 87 73 Natural gas sold (in bcm)...... 13.1 18.0 5.61 6.6 Total gas transportation sold (in bcm)...... 75.3 89.2 21.0 25.0 Average storage capacities sold (in thousand cbm/h)...... 850.2 867.5 846.4 856.5

(Source: consolidated financial statements, interim financial statements)

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Sales for the financial year 2010 totaled EUR 4,365 million, an increase of EUR 1,092 million or 33 per cent. from EUR 3,273 million in 2009. The increase was due primarily to an increase in sales volumes by 38 per cent. from 13.1 bcm in 2009 to 18 bcm in 2010. This increase in sales volumes was driven by low temperatures, wholesale deals and higher sales volumes at international gas hubs of EconGas. Gas sales volumes of Petrom increased by 1 per cent. compared to 2009, while Romanian total consumption increased by 5 per cent. Petrom’s internal sales were negatively affected by reduced activity at the Arpechim refinery and lower utilisation of the Doljchim fertiliser plant. After elimination of intra-group sales to refineries, the Gas and Power segment’s contribution to OMV’s total sales was EUR 4,262 million or approximately 18 per cent. of the Group’s total sales revenues (2009: EUR 3,205 million or 18 per cent.).

In the first three months of 2011, sales volumes increased by 38 per cent. from EUR 1,268 million (as at 31 March 2010) to EUR 1,752 million. This increase was primarily due to higher gas sales volumes which increased by 18 per cent. compared to the three months ended 31 March 2010. After elimination of intra- group transactions of EUR 35 million, the contribution of the Gas and Power business segment to OMV’s total sales was EUR 1,717 million or about 21 per cent. of the Group’s total sales revenues (as at 31 March 2010: EUR 1,247 million or about 24 per cent.).

OMV’s total gas sales volume, through EconGas, Petrom and OMV Gas & Power GmbH, was 18 bcm for the year ended 31 December 2010 (2009: 13.1 bcm). In the first three months of 2011, OMV’s total gas sales volume was 6.6 bcm (as at 31 March 2010: 5.6 bcm).

The total gas transportation sold in 2010 amounted to approximately 89.2 bcm (2009: approximately 75.3 bcm). The total gas transportation sold in the first three months of 2011 was approximately 24.9 bcm (as at 31 March 2010: 21.0 bcm).

Gas supply

29 per cent. of OMV’s gas supply is coming from its own production in Austria and Romania. Russia, accounting for 24 per cent. in 2010, and Norway, accounting for 8 per cent. in 2010, are the main long-term suppliers of gas to OMV. Other volumes are mainly sourced on a short-term basis.

Year ended Three months ended 31 December 31 March 2009 2010 2010 2011 audited unaudited Supply in million m3 Equity gas supply ...... 5,259 4,993 1,240 1,335 Russia ...... 3,809 4,081 1,229 1,345 Norway...... 1,321 1,302 332 188 Others ...... 2,996 6,746 1,209 2,996 Total...... 13,385 17,122 4,009 5,864

(Source: internal data)

In 2006, OMV (via its subsidiary EconGas) signed a gas supply contract with Gazexport Ltd., a wholly owned subsidiary of the Russian Gazprom, which covers gas imports to Austria until 2027 with an annual contract volume of approximately 5 bcm.

Gas logistics

Through OMV Gas GmbH, OMV owns and operates natural gas pipelines for transit through Austria and is the principal carrier of high pressure natural gas for Austrian domestic consumption. In 2010, OMV Gas Storage GmbH marketed approximately 50 per cent. of the gas storage capacity in Austria. As of 31 December 2010, OMV operated natural gas storage facilities at three locations with a total capacity of approximately 2.4 bcm and an associated withdrawal capacity of approximately 1.3 million m3 per hour.

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OMV’s participations include interests in an international gas transmission pipeline network of approximately 2,000 kilometres of pipelines which comprise two systems: (i) the North-South pipeline network, which includes the Trans-Austria Gasline ("TAG") and the Süd-Ost Gasline ("SOL") and (ii) the East-West pipeline network, which comprises the West-Austria Gasline ("WAG"), Penta West and the Hungary-Austria Gasline ("HAG").

In addition, OMV operates a domestic high-pressure network linking production units and storage and logistics facilities at its Baumgarten gas turntable.

Baumgarten, located near Vienna and close to the Slovak border, is a key location for OMV’s gas infrastructure. OMV’s turntable at Baumgarten functions as an interconnection point for high-capacity pipeline systems serving major markets with large storage facilities nearby. The planned Nabucco pipeline and additional Russian pipeline projects are expected to add to the hub’s throughput, necessitating further expansions of the Austrian transit network. Russian natural gas imports enter Austria at Baumgarten where the TAG and WAG pipelines originate. In 2010, about one third of all natural gas exports from Russia to Western Europe passed through OMV’s Baumgarten gas turntable. OMV’s principal natural gas compressor stations are located in Baumgarten, close to its existing gas storage facilities.

Baumgarten is also the most important trading point for CEGH, the gas hub platform established by OMV. Originally a wholly owned subsidiary of OMV Gas & Power GmbH, CEGH has been co-owned by OMV Gas & Power GmbH (80 per cent.) and Wiener Börse AG (20 per cent.) since June 2010. On 25 January 2008, OMV and Gazprom signed a cooperation agreement for a 50 per cent. participation of Gazprom in CEGH. Further negotiations in 2008 resulted in a new future shareholder structure in CEGH, with OMV and Gazprom each holding 30 per cent. and the Vienna Stock Exchange and Centrex Europe Energy & Gas each holding 20 per cent. After the filing of a pre-notification, the new shareholder structure is due for a merger control filing with the Competition Directorate General in Brussels; such filing with the European Commission is still pending. The CEGH gas exchange, established in 2009 to offer exchange trading functions (in addition to OTC trading), is operated by, and under the licence of, the Vienna Stock Exchange. The Exchange is in such function subject to the continuing supervision by the FMA, which may, for instance, issue orders to the Vienna Stock Exchange to ensure fulfilment of the licence requirements and compliance with the Stock Exchange Act and other applicable laws. The handling of exchange business is carried out in two stages: the financial settlement and clearing is carried out by European Commodity Clearing AG in Leipzig, the physical settlement is carried out via the CEGH trading points. In addition to its function as delivery point, CEGH provides a number of services, in particular in connection with marketing and customer service, while the Vienna Stock Exchange is responsible for monitoring trading activity, publishing prices and keeping operational control of the exchange trading systems, under a cooperation agreement. Spot trading of natural gas and gas related products on the CEGH gas exchange of the Vienna Stock Exchange began in December 2009, the futures trading market was launched in December 2010. In 2010, CEGH recorded a total trading volume of approximately 3 bcm/month (2009: 2 bcm/month).

The significance of OMV’s Baumgarten distribution node as a key European natural gas turntable is expected to further increase as a result of the Nabucco and South Stream gas pipeline projects:

Nabucco. The Nabucco gas pipeline project, in which OMV holds an interest of 16.67 per cent., aims at diversifying European gas supplies and will give Europe access to the large gas reserves in the Caspian region and the Middle East. The intergovernmental agreement for the Nabucco gas pipeline project was signed on 13 July 2009, establishing the basic legal framework providing for equivalent legal conditions for gas transit throughout the entire Nabucco pipeline system. The environmental impact assessment of the project was started in 2010. A mandate letter with the European Bank for Reconstruction and Development, the European Investment Bank and the International Finance Corporation was signed in Brussels on 6 September 2010 to start the appraisal process for the financing of this project. The legal framework for the Nabucco gas pipeline was finalised on 8 June 2011 with the signing of the Project Support Agreements between NABUCCO Gas Pipeline International GmbH and the responsible ministries of the five transit countries (Austria, Bulgaria, Hungary, Romania and Turkey). The Project Support Agreements are bilateral, legal agreements specific to and between the Nabucco companies and the government of each

212 transit country. The timeline of the project depends fully on the timing for gas supplies being available in the Caspian and Middle East regions, as announced by potential suppliers. The open season process will start as soon as there are firm indications that gas supply commitments are in place. The final investment decision will be taken consequently with construction envisaged to commence in 2013 to align the Nabucco timeline with gas suppliers. First gas is expected to flow through the pipeline in 2017.

South Stream. The South Stream gas pipeline is to run from the eastern Black Sea coast in Russia across the Black Sea to Bulgaria. From there, one route option is assumed to pass through Serbia and Hungary to Austria, where it will flow into the Baumgarten turntable. The feasibility study for the Austrian subsection of South Stream will be completed in 2011. On 24 April 2010, OMV and Gazprom signed a cooperation agreement to construct the Austrian section of the South Stream gas pipeline between the Austrian- Hungarian border and Baumgarten, backed by an agreement on cooperation between Austria and Russia in the construction and operation of the Austrian section of South Stream.

Power generation

With the start of implementation of its first power projects in 2009, OMV is extending its value chain from gas to electricity. The power business will focus on markets with sound potential for integration with other OMV operations – especially Austria (Project Weitendorf), Germany (Project Haiming), Romania (Project Brazi, Project Dorobantu) and Turkey (Project Samsun).

Marketing and trading

The business unit Supply, Marketing & Trading, which comprises EconGas, Petrom and, in the future, Petrol Ofisi, is responsible for providing gas and electrical power to customers in North-West Europe, CEE and Turkey and complements OMV Gas and Power activities along the gas value chain through its gas trading activities.

Capital Expenditure

Year ended Three months ended 31 December 31 March 2009 2010 2010 2011 (in € million) (in € million) audited unaudited Exploration and Production ...... 1,500 1,252 170 886 Refining and Marketing ...... 347 1,194 28 93 Gas and Power ...... 381 712 141 52 Corporate and Other...... 127 49 20 8 Total...... 2,355 3,207 359 1,039

(Source: consolidated financial statements; interim financial statements)

OMV’s capital expenditure for the year ended 31 December 2010 was EUR 3,207 million (2009: EUR 2,355 million). In the first three months of 2011, OMV’s capital expenditure increased by 189 per cent. from EUR 359 million (as at 31 March 2010) to EUR 1,039 million as at 31 March 2011.

In 2010, investments in the Exploration and Production business segment amounted to EUR 1,252 million (2009: EUR 1,500 million). Investments in the Exploration and Production business segment mainly included field developments in Romania, Austria, Yemen, the United Kingdom and Tunisia. During the first three months of 2011, investments in the Exploration and Production business segment amounted to EUR 886 million (as at 31 March 2010: EUR 170 million). This increase was due primarily to the acquisition of Pioneer Tunisia and field development works in Romania, the United Kingdom and Yemen.

In 2010, capital expenditure in the Refining and Marketing including petrochemicals business segment amounted to EUR 1,194 million (2009: EUR 347 million). Capital expenditure in the Refining and Marketing business segment mainly related to the acquisition of Petrol Ofisi and investments in quality

213 enhancement projects in Austria and Romania, as well as the construction and redesign of filling stations. During the first three months of 2011, investments in the Refining and Marketing business segment amounted to EUR 93 million (as at 31 March 2010: EUR 28 million). This increase mainly related to investments in quality enhancement projects in Austria and Romania as well as the construction and remodelling of filling stations and terminals.

Investments in the Gas and Power business segment in the year ended 31 December 2010 amounted to EUR 712 million (2009: EUR 381 million). The main focus of the investment activities related to investments in the construction of power plants in Brazi (Romania) and Samsun (Turkey) as well as the WAG pipeline expansion project (Austria). During the first three months of 2011, investments in the Gas and Power business segment amounted to EUR 52 million (as at 31 March 2010: EUR 141 million). The decrease was due primarily to higher investments in the construction of the Brazi power plant in the first quarter of 2010.

The remaining EUR 49 million (2009: EUR 127 million) of investments in the year ended 31 December 2010 is corporate and other activities. The decrease was mainly related to extraordinary investments in 2009 in relation to the new Petrom head office in Bucharest. The remaining EUR 8 million for the three months period ended 31 March 2011 is corporate and other activities (as at 31 March 2010: EUR 20 million). This decrease mainly related to costs incurred in connection with the new Petrom head office in the first quarter of 2010.

Material Contracts

In the ordinary course of its business, OMV enters into numerous contracts with various entities. In connection with its exploration and production activities, OMV is, in particular, dependent on the licences that are necessary to explore, develop and produce crude oil, natural gas liquids and natural gas. The terms and conditions of the oil and gas contracts under which OMV is granted the required licences differ from country to country. In some countries, OMV owns the oil and gas it produces and pays royalties and/or taxes as consideration therefor (royalty-tax or concessionary system). In other countries, ownership of the resources is retained by the state and OMV receives a remuneration or reimbursement (contractual system), which in the case of OMV is generally in kind (production sharing contracts; as opposed to service contracts, which provide for a cash remuneration). The following table sets forth the licence systems under which OMV operates by country:

Licence system

Austria...... Royalty tax Romania ...... Royalty tax Turkey ...... Royalty tax Norway...... Royalty tax United Kingdom...... Royalty tax Faroe Islands ...... Royalty tax Libya ...... Production sharing Tunisia...... Royalty tax / production sharing Egypt ...... Production sharing Kurdistan Region of Iraq...... Production sharing Yemen ...... Production sharing Pakistan ...... Royalty tax Kazakhstan ...... Royalty tax Australia ...... Royalty tax New Zealand ...... Royalty tax

(Source: internal data)

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Trend Information

In each business segment, OMV is adapting its portfolio of products and services to the requirements of the business and/or regulatory environment in the respective market and the demand trends it observes. An example is OMV’s increasing focus on sustainable solutions, spanning all three operating business segments and leading to innovative production methods (such as metathesis) as well as new products fulfilling higher environmental standards. Additionally, OMV explores renewable energy options and has entered the power business. OMV is offering selected E-Services (such as OMV Filling Station Locator, Oil Finder or Fleet Services) and a range of supplementary services at filling stations (such as convenience shopping, food service, car wash and bank services) and is equally driven by market and, in particular, demand trends.

Recent Events

In January 2011, OMV purchased 100 per cent. of Pioneer Tunisia for a purchase price of USD 800 million plus working capital valued at USD 39 million. The transaction closed in February 2011. A final adjustment of the working capital calculation is being completed based on the audited 2010 financial statements of Pioneer Tunisia (see "–Exploration and Production–Acquisition of Pioneer Tunisia"). Pioneer Tunisia holds interests in three production concessions (Adam concession, Jenein Nord-Cherouq concession, Mona/Durra concession) and four exploration permits in southern Tunisia (Borj-El-Khadra, Jenein Nord, Anaguid, El Hamra). For the effects of the current political situation in Tunisia on the Group’s operations in Tunisia, see "Risk Factors–The Group’s recent acquisition of additional assets in Tunisia is subject to risks arising from the current political climate".

In February 2011, OMV sold an 89 per cent. interest in its heating oil subsidiary OMV Wärme VertriebsgmbH to a consortium led by RWA Raiffeisen Ware Austria Aktiengesellschaft. The transaction closed on 1 July 2011.

Due to the current political unrest in Libya and Yemen, OMV is negatively affected by a reduction of its production in these countries. Since March 2011, OMV’s production in Libya has effectively ceased. OMV’s production in Yemen had been stopped in March 2011 due to an attack on an export pipeline. The pipeline has recently been repaired, but production has not yet resumed. In 2010, Libya contributed approximately 32,800 boe/d, or about 10 per cent, and Yemen approximately 6,600 boe/d, or about 2 per cent., to OMV’s total production. By the end of March 2011, force majeure was declared for all Libyan licences as a result of which all obligations of OMV under the contracts were suspended for a period of up to two years. Contract terms are extended for the period of force majeure. Libya accounted for approximately 4.4 million tonnes, or about one fifth, of the Group’s total crude oil imports in 2010. Concrete impacts of the instability on the Group’s assets and production in Libya and Yemen as well as on the Group’s Refining and Marketing business are continuously under evaluation. For potential effects of the current political unrest on the Group, see "Risk Factors–Shortfalls in crude oil supplies from Libya could adversely affect the Group’s business".

In March 2011, Petrol Ofisi announced that it intends to delist the shares of Petrol Ofisi from the Istanbul Stock Exchange. However, in light of a decision of the Turkish Capital Markets Board of 12 May 2011 that a delisting of Petrol Ofisi shares would require OMV to offer a different price than the one paid to Doğan Holding and offered to free float shareholders in the subsequent mandatory offer, the board of directors of Petrol Ofisi has decided to withdraw the delisting application and to keep the Petrol Ofisi shares listed on the Istanbul Stock Exchange for the time being.

In April 2011, OMV announced the discovery of a gas field on the north west shelf of Australia in the Zola- 1 exploration well, which is located around 100 km from the Western Australian coast. The discovery, the subsequently drilled sidetrack appraisal well and an extensive wireline measurement and pressure testing program have confirmed the presence of gas within several high quality sands. Both wells are preliminarily plugged and abandoned. A new 3D seismic survey has been conducted on the site to further assess the development potential of the field; the results of the survey are being evaluated.

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In connection with the 2011 acquisition of two Tunisian exploration and production subsidiaries from Pioneer Natural Resources in Tunisia, OMV, in April 2011, announced the tie-in of OMV’s first operated production well El-Badr-5 with a production of 1,500 boe/d (50 per cent. thereof OMV’s stake) into the acquired Cherouq facilities and the granting of the Durra production concession, as the first important results from the acquired Pioneer portfolio under OMV.

On 3 June 2011, OMV AG issued EUR 750,000,000 subordinated hybrid notes. The hybrid notes have no scheduled maturity date and bear fixed interest at a rate of 6.75 per cent. until 26 April 2018, thereafter at a reset fixed rate corresponding to the then prevailing 5-year Swap Rate plus a margin of 3.75 per cent. until 26 April 2023 and thereafter a floating interest rate corresponding to the Euro Interbank Offered Rate for 12-months Euro deposits for each relevant interest period plus a margin of 4.75 per cent. (including a step up of 100 basis points).

The Executive Board of OMV AG was authorised by resolution of the annual general meeting 2009 to increase the capital stock of OMV AG with the approval of the Supervisory Board by up to EUR 77,900,000 by the issue of up to 77,900,000 no-par value common voting shares until 13 May 2014 (authorised capital). On 16 May 2011 the Executive Board of OMV AG passed, with the approval of the Supervisory Board as of the same day, a resolution to increase the company’s share capital from EUR 300,000,000 by up to EUR 27,272,727 by issuing up to 27,272,727 new no-par value common voting shares. The capital increase to the amount of EUR 327,272,727 was registered with the companies’ register (Firmenbuch) at the Commercial Court of Vienna on 8 June 2011.

The legal framework for the Nabucco gas pipeline was finalised on 8 June 2011 with the signing of the Project Support Agreements between NABUCCO Gas Pipeline International GmbH and the responsible ministries of the five transit countries (Austria, Bulgaria, Hungary, Romania and Turkey). The Project Support Agreements are bilateral, legal agreements specific to and between the Nabucco companies and the government of each transit country.

On 7 July 2011, Petrom announced a successful result of the exploration well Totea in the Oltenia region of Southwestern Romania. During testing, a maximum stabilised flow rate of approximately 3,100 boe/d gas and associated condensate was recorded from a single zone. Further appraisal drilling is planned to assess the potential of the field.

The Romanian state offered to sell a 9.84 per cent. stake of Petrom via the stock exchange in July 2011. OMV decided not to participate in the secondary public offering, i.e. not to submit a bid for the available stake. The offer failed because the subscription rate was below the 80 per cent. threshold required to close the offer.

On 11 July 2011, OMV closed the acquisition of the entire share capital of Petronas Carigali (Pakistan) Ltd from PETRONAS International Corporation Limited. The acquisition includes the Mubarak and Mehar exploration licences as well as the Mehar and Mubarak development and production leases with an anticipated increase in production in Pakistan to approximately 25,000 boe/d by 2014.

On 13 July 2011, OMV announced the agreement to progress a major re-development of the Schiehallion oil field to the West of Shetlands. The project involves replacing the existing Schiehallion floating production, storage and offloading (FPSO) vessel with a new FPSO vessel which is scheduled to be installed in 2015. There will also be a major investment in the upgrade and replacement of the subsea facilities to enable the full development of the reserves and potential drilling of additional wells. The new facilities are scheduled to commence production in 2016. The total investment of the Schiehallion joint venture, in which OMV has a share of 5.88 per cent., is expected to be approximately EUR 3 billion.

Health, safety, security and environment

Each of the Group’s companies is subject to numerous laws and regulations with respect to protection of the environment and employee health and safety in the countries in which the Group operates. In addition to laws and regulations, there is also an increasingly higher expectation and demand from the society and

216 the marketplace to improve health, safety, security and environment ("HSSE") standards. OMV views occupational health, workplace safety, process safety, security, asset integrity and effective environmental protection as essential for its operations and manages these matters as any other critical business issue.

OMV’s chief executive officer and other members of the executive board in charge of each of the business segments set HSSE objectives and targets for the Group and the segments with the assistance of "Sustainability:HSSE" managers and specialists. Management at Group companies’ level is responsible for the implementation of "Sustainability:HSSE" objectives and programs. There is also a Group-wide reporting system (which is subject to regular third party verification) in place and management at all levels receives timely information on incidents, trends and legal developments as well as regular updates on target achievement.

Strengthening the HSSE management system has been in the focus during the last three years. One of the key goals was to raise awareness of HSSE issues among Petrom employees. About 229,000 training hours were recorded in 2010 – more than two thirds of them in Romania. Major communication programs at Petrom focused on environmental protection and road safety. Occupational health programs focus on health promotion by active employee involvement and high standards in all countries of operation. Emergency and crisis preparedness form an integral part of all operations.

Despite efforts to strengthen HSSE culture and especially safety awareness, occupational safety performance of OMV could not be further improved in 2010, compared to the year 2009. The lost time incident rate ("LTIR") for own employees was 0.74 per million work hours (2009: 0.71), while it decreased to 0.56 (2009: 0.68) for contractors. The total recordable injury rate ("TRIR") was 1.29 (2009: 1.53) per million work hours for own employees and 1.23 (2009: 1.58) for contractors. Three Petrom employees and one OMV contractor died out of work-related accidents in 2010. The Group fatal accident rate was 5.08 (2009: 1.50) per 100 million hours worked for own employees and 1.05 (2009: 3.54) for contractors. Specific road safety programs were started in 2009 and have shown first positive results: the number of commuting accidents in 2010 decreased to 16 (2009: 28). In spite of efforts to improve the internal controls system for environment-related activities, Petrom does not have a centralized system for the permanent monitoring of environmental permits and measures imposed by the environmental authorities and their implementation stage.

OMV recorded a total of eight significant hydrocarbon spills and 2,239 minor releases during the year 2010 (2009: 21 and 2,650 respectively). The amount of hydrocarbons spilled was 147,000 liters in 2010 (2009: 110,800 liters). The Group’s carbon strategy, launched in 2008, aims at reducing greenhouse gas emissions and de-carbonizing of the product portfolio. Petrom continues to focus on compliance with national and EU regulations in the area of HSSE.

Community relations and social affairs

The Group is committed to stakeholder dialogue, the management of potential socio-economic impacts of its activities, community relations and the protection of human rights in its sphere of influence. A community relations standard applies from the conceptual stage of a project through to its implementation and abandonment. This includes the evaluation of social impacts and risks and the setup of appropriate community projects to minimize negative impacts.

Management of OMV Aktiengesellschaft

The Issuer has a two-tier management and oversight structure, consisting of the executive board (Vorstand) (the "Executive Board") and the supervisory board (Aufsichtsrat) (the "Supervisory Board"). The Executive Board is responsible for managing OMV’s business and represents OMV in dealings with third parties. The Supervisory Board is responsible for appointing and removing the members of the Executive Board and supervising the business conducted by the Executive Board. Although the Supervisory Board does not actively manage the group, both the Austrian Stock Corporation Act (Aktiengesetz) and the Issuer’s Articles of Association, together with the Executive Board’s internal rules of procedure (Geschäftsordnung), require the consent of the Supervisory Board or one of its committees before the

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Executive Board takes certain actions. The Issuer’s overall strategy is presented to the Supervisory Board at meetings entirely devoted to discussing major projects.

The current business address of each of the members of the Executive Board and Supervisory Board is Trabrennstraße 6-8, 1020 Vienna, Austria.

Executive Board (Vorstand)

The Executive Board may consist of between two and six members who are appointed by the Supervisory Board for a term of up to five years. Currently, the Executive Board consists of:

Name Function Principal activities performed outside the Issuer and the Group

Gerhard Roiss Executive Board chairman Borealis AG (vice-chairman of the supervisory board) and chief executive officer David C. Davies Executive Board deputy Wiener Börse AG (member of the supervisory board); chairman and chief financial Borealis AG (member of the supervisory board) officer Werner Auli Executive Board member, Caspian Energy Company Ltd (director) responsible for Gas and Power Jacobus Gerardus Huijskes Executive Board member, none responsible for Exploration and Production Manfred Leitner Executive Board member, none responsible for Refining and Marketing including petrochemicals

(Source: internal data)

Supervisory Board (Aufsichtsrat)

Pursuant to the Articles of Association, the Supervisory Board must consist of at least six members. Two thirds of the members are elected by the Issuer’s shareholders and one third is appointed by the Issuer’s works council. The current members of the Supervisory Board are:

Name Function Principal activities performed outside the Issuer Markus Beyrer Supervisory Board chairman, Siemens Aktiengesellschaft Österreich (member Presidential and Nomination of the supervisory board); Österreichische Committee chairman, Audit Nationalbank (member of the general council); Committee chairman, Project Österreichische Post Aktiengesellschaft Committee chairman, (chairman of the supervisory board); Telekom Remuneration Committee Austria Aktiengesellschaft (chairman of the chairman supervisory board); Österreichische Industrieholding Aktiengesellschaft (chief executive officer) Wolfgang C. Berndt Supervisory Board deputy GfK AG (member of the supervisory board); chairman, Presidential and MIBA AG (member of the supervisory board); Nomination Committee deputy Mitterbauer Beteiligungs AG (member of the chairman, Audit Committee supervisory board); BAST AG (member of the deputy chairman, Project supervisory board) Committee deputy chairman, Remuneration Committee deputy chairman Khadem Abdulla Al Qubaisi Supervisory Board deputy International Petroleum Investment Company chairman, Presidential and (managing director); Aabar Investments Nomination Committee deputy (chairman); National Central Cooling Co. chairman, Audit Committee (chairman); Abu-Dhabi National Takafalu Co.

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deputy chairman, Project (chairman); Alrroya Aleqtissadiya Newspaper Committee deputy chairman, (chairman); Hyundai Oilbank Co. Ltd. Remuneration Committee deputy (chairman); Compañía Española de Petróleos, chairman S.A. (vice president of the administrative board); First Gulf Bank (member of the board of directors); Emirates Investment Authority (member of the board of directors); Borealis AG (member of the board of directors); ABAG Aktiengesellschaft (chairman of the supervisory board) Alyazia Ali Saleh Al Kuwaiti Supervisory Board member, Alrroya Aleqtissadiya Newspaper (member of the Presidential and Nomination board) Committee member, Project Committee member Helmut Draxler Supervisory Board member, Audit RHI AG (member of the supervisory board); Committee member Siemens AG Österreich (member of the supervisory board); Linz AG (member of the supervisory board); Wiener Städtische Wechselseitige Versicherungsanstalt Vermögensverwaltung (member of the supervisory board); AAE Holding AG (member of the supervisory board); Orange Austria Telecommunication GmbH (chairman of the supervisory board); Hypo Alpe-Adria-Bank International AG (member of the supervisory board) Wolfram Littich Supervisory Board member, Audit Allianz Elementar Versicherungs-AG (chief Committee member, Project executive officer); Allianz Elementar Committee member Lebensversicherungs-AG (chief executive officer); Allianz Investmentbank AG (chairman of the supervisory board); Allianz Pensionskasse AG (chairman of the supervisory board); Top Versicherungsservice GmbH (chairman of the supervisory board) Elif Bilgi-Zapparoli Supervisory Board member Merrill Lynch Yatırım Bank A.Ş. (chief executive officer); Merrill Lynch Menkul Değerler A.Ş. (country head); EFG Istanbul Securities (chairwoman); Eurobank Tekfen (member of the management board) Herbert Stepic Supervisory Board member Raiffeisen Bank International AG (chief executive officer); other subsidiaries of Raiffeisen Group (member of the supervisory board); Oesterreichische Kontrollbank Aktiengesellschaft (member of the supervisory board) Herbert Werner Supervisory Board member, Audit HCW Vermögensverwaltungs GmbH (member of Committee member the management board); Innstadt Brauerei AG (chairman of the supervisory board); Ottakringer Holding AG (vice-chairman of the supervisory board); Ottakringer Getränke AG (member of the supervisory board); Der Teichwirt Betriebs GmbH (partner – 80 per cent.)

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Norbert Zimmermann Supervisory Board member, Berndorf Industrieholding AG (member of the Project Committee member, supervisory board); Schoeller-Bleckmann Remuneration Committee member Oilfield Equipment AG (chairman of the supervisory board); Berndorf AG (chairman of the supervisory board); Bene AG (vice-chairman of the supervisory board); Oberbank AG (member of the supervisory board); Berndorf Immobilien AG (chairman of the supervisory board); DELTA Beteiligungsverwaltung (chairman of the supervisory board); Allianz Elementar Versicherung (member of the supervisory board); Siemens AG Österreich (member of the supervisory board); Redler Vermögensverwaltung GmbH (member of the management board); Romedius Management GmbH (member of the management board); Gebrüder Weiss AG (member of the management board); ABAG Aktiengesellschaft (vice-chairman of the supervisory board); RV Vermögensverwaltung GmbH (member of the management board) Leopold Abraham Supervisory Board member, APK Pensionskasse AG (member of the Presidential and Nomination supervisory board); Österreichische Committee member, Audit Industrieholding Aktiengesellschaft (member of Committee member, Project the supervisory board); Piellachtaler Committee member Wohnbaugenossenschaft (member of the supervisory board) Wolfgang Baumann Supervisory Board member, none Presidential and Nomination Committee member, Audit Committee member Franz Kaba Supervisory Board member, none Project Committee member Ferdinand Nemesch Supervisory Board member, Audit none Committee member, Project Committee member Martin Rossmann Supervisory Board member none

(Source: internal data)

Corporate Governance, Board Practices and Conflict of Interests

The Austrian Corporate Governance Code was published by the Austrian Working Group on Corporate Governance, a group of private organizations and individuals in 2002 and has been amended most recently in January 2010. The code is publicly accessible at www.corporate-governance.at. The Austrian Corporate Governance Code primarily applies to Austrian stock-market-listed companies that undertake to adhere to its principles. In addition, the Vienna Stock Exchange requires compliance with the Austrian Corporate Governance Code under provisions applicable for companies the shares of which are traded in the prime market segment. The Austrian Corporate Governance Code is based on statutory provisions of Austrian corporate law, securities law and capital markets law ("Legal Requirements", "L-Rules"). In addition, the Austrian Corporate Governance Code contains rules considered to be a part of common international practice, such as the principles set out in the OECD Principles of Corporate Governance and the recommendations of the European Commission. Non-compliance with these rules must be explained ("Comply or Explain", "C-Rules"). The Austrian Corporate Governance Code also contains rules that are voluntary and do not require explanation in the case of deviations ("Recommendation", "R-Rules").

OMV AG currently complies in full, including R-Rules, with the Austrian Corporate Governance Code.

As provided in the Articles of Association, the Supervisory Board maintains the following committees:

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• The Presidential and Nomination Committee: The Presidential and Nomination Committee is authorised to take decisions on matters of urgency. The Supervisory Board may transfer other duties and powers of approval to the Presidential and Nomination Committee on an ad-hoc or permanent basis. In its capacity as the Nomination Committee, this body makes proposals to the Supervisory Board for the appointment or replacement of Executive Board members and deals with succession planning. It also makes recommendations to the general shareholders meeting for appointments to the Supervisory Board.

• The Audit Committee: The Audit Committee is established and responsible according to article 92 section 4a Austrian Stock Corporation Act (Aktiengesetz) e.g. to review and prepare the adoption of the annual accounts, the proposal for the distribution of profits, the situation report ("Directors’ report") and the consolidated accounts. It deals with the management letter and reports on this to the Supervisory Board. Furthermore, it deals with the risk management and the auditors’ report about risk management, and it reports on this to the Supervisory Board. Finally, the committee deals with the work and results of the group auditors. The members of the Audit Committee possess the necessary financial expertise for such responsibilities in sufficient number.

• The Project Committee: The Project Committee helps the Executive Board to prepare for complex decisions on key issues when necessary, and reports on these decisions and any recommendations to the Supervisory Board.

• The Remuneration Committee: The Remuneration Committee deals with all matters concerning the remuneration of the Executive Board members and with their employment contracts. The Remuneration Committee is empowered to conclude, amend and terminate employment contracts with members of the Executive Board, and to take decisions on the award of bonuses (variable compensation components) and other such benefits.

Save as discussed above in "–Executive Board" and "–Supervisory Board", there are no conflicts of interest between the duties of the members of the Executive Board and Supervisory Board to the Issuer and their private interests or other duties other than the following:

One of the Issuer’s Supervisory Board members, Herbert Stepic, is Chairman of the management board of Raiffeisen Bank International AG. In 2010, transactions of OMV with Raiffeisen Group were totaling approximately EUR 1.9 bn; these transactions represent less than 1 per cent. of the bank’s total assets.

Capital Structure

The Issuer’s share capital consists of fully paid no-par value common voting shares issued in bearer form. As of the date of this Prospectus, the Issuer’s issued and fully paid-in share capital amounts to EUR 327,272,727, divided into 327,272,727 no-par value common voting shares. Under Austrian law, no- par value shares (Stückaktien) represent a calculatory portion of the share capital which equals the total amount of issued share capital divided by the number of shares. The calculatory portion of the share capital of the Issuer’s no-par value common voting shares amounts to EUR 1.00 per share. The one-share-one-vote principle applies and there are no classes of shares that carry special or preferential voting rights.

The capital stock of OMV AG has been conditionally increased by EUR 50,627,273 million pursuant to section 159 (2) (1) Austrian Stock Corporation Act by issuance of up to 50,627,273 no-par value common voting shares (conditional capital). The conditional capital increase will only be carried out if holders of the convertible bonds issued on the basis of the resolution of the annual general meeting held on 13 May 2009 exercise their conversion right.

Major Shareholders

The Issuer has two major shareholders, ÖIAG and IPIC. ÖIAG holds 31.50 per cent. and IPIC holds 20.39 per cent. of the capital stock of OMV AG.

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ÖIAG is the privatisation and industrial holding company of the Republic of Austria. ÖIAG is incorporated and organised as an Austrian joint stock corporation under the Federal Act on the Reorganisation of the Österreichische Industrieholding Aktiengesellschaft and of the Post- und Telekombeteiligungsverwaltungsgesellschaft, as amended, and has its registered seat in Vienna.

IPIC is the Abu Dhabi state enterprise which is responsible for all foreign investments in the oil and chemicals sector. It is supervised by the Supreme Petroleum Council of Abu Dhabi which oversees the Emirate’s oil and gas operations, and related industries. IPIC has its registered seat in Abu Dhabi.

A consortium agreement concluded between the two major shareholders provides for their coordinated action and for restrictions on transfers of shareholdings.

As of the date of this Prospectus, ÖIAG owns 103,090,898 shares representing 31.50 per cent. of the Issuer’s share capital and IPIC owns 66,725,856 shares representing 20.39 per cent. of the Issuer’s share capital. As of the date of this Prospectus, the Issuer holds 1,203,195 own shares representing 0.37 per cent. of its share capital which are neither entitled to vote nor to receive dividends. The remaining 47.74 per cent. of the Issuer’s share capital is in free float.

OMV AG believes that Austrian corporate law provides sufficient safeguard to avoid the abuse by ÖIAG and/or IPIC of its/their control of OMV AG.

Litigation and Arbitration

The Issuer and its subsidiaries are party to certain lawsuits and administrative proceedings before various courts and governmental agencies arising from the ordinary course of business involving various contractual, labor, cartel, tax and other matters.

Except as described below, there are no governmental, legal or arbitration proceedings (including any such proceedings which are pending or threatened of which the Issuer is aware) during the 12 months preceding the date of this Prospectus which may have, or have had in the recent past, significant effects on the financial position or profitability of OMV AG or the Group, except as described herein.

Petrom employee litigation

Since the end of 2007, Petrom has been involved in litigation initiated by a number of former and current employees based on differing interpretations of several clauses included in Petrom's collective bargaining agreement relating to Easter and Christmas bonuses. During 2008, 2009 and 2010, further claims were raised against Petrom based on the differing interpretations of other provisions of the collective bargaining agreements. The Group’s total allocation to the provision for such claims was RON 1,506 million (i.e. EUR 415 million, using the average foreign exchange rate in 2007 and 2008 for the amounts booked in each year). Petrom has set up a project group in charge of managing this litigation, including periodical assessment of the potential liabilities and likely cash outflows with respect to ongoing cases. In 2009 and 2010, Petrom concluded that the existing provision was sufficient and therefore no further allocations to the provision were made. As of 31 March 2011, the provision amounted to RON 477 million (i.e. EUR 116 million, using the March 2011 closing foreign exchange rate of 4.1221 EUR/RON). The above figures represent Petrom’s assessment of potential liabilities and its best estimate of likely cash outflows with respect to the ongoing litigation. As of 31 March 2011, approximately 64,000 plaintiffs (current and former employees) have filed lawsuits against Petrom in approximately 28,000 court proceedings; approximately 4,600 of these proceedings were pending at first instance. To reduce the risk of future misinterpretation, a new collective bargaining agreement was signed and entered into force on 30 June 2009.

ANRE case

In 2006, Romanian authorities jointly issued an order pursuant to which all gas consumers have to be supplied with a mix of domestic and imported gas under a so-called gas basket system and, in view of securing the availability of domestic gas for the basket system, obliging domestic producers to make their entire gas production available for the domestic gas market. In 2006, Petrom challenged the order, claiming

222 among other things a breach of Petrom’s rights under the petroleum agreement and Petroleum Law 238/2004, a violation of the constitutional right of freedom of trade and free access to an economic activity, and non-compliance with EU law. However, the court denied Petrom’s request to petition the European Court of Justice for a preliminary ruling.

Petrom’s claim seeking the annulment of the order was rejected in 2007, the appeal was rejected in February 2008. Following this final decision, the Romanian Electricity and Heat Regulatory Authority ("ANRE") requested Petrom to deliver to its branches the domestic/import gas mixture in accordance with the order and performed official inspections to verify Petrom’s compliance with the order. ANRE’s 2009 inspection report accused Petrom of failure to deliver gas to its branches (Doljchim, Arpechim, Petrobrazi) in accordance with the order. Petrom was fined by ANRE. Petrom challenged the inspection report and the fine and set up a provision of RON 32,000 for the fines.

In January 2011, Romanian authorities, including ANRE, jointly issued a general order pursuant to which the Group’s power project in Brazi would have to buy gas under the basket system instead of using exclusively gas produced by Petrom. Petrom has taken legal steps in order to contest the legality of this order. On 24 June 2011, ANRE announced that the natural gas price paid by Romanian households and thermal power producers would remain unchanged until the end of March 2012, while industrial consumers would pay 10 per cent. more as of 1 July 2011.

Currently, Petrom faces the following risks if it fails to comply with the gas basket system: a cessation of the transport and distribution services by its licenced operators, inspections by ANRE potentially resulting in new sanctions, the suspension or withdrawal of Petrom’s licence, and fines of up to 5 per cent. of the total turnover of the previous financial year in case of repeated violations of the order. Petrom has filed a preliminary administrative complaint against the order with ANRE. Petrom initiated court proceedings for suspension of the applicability of the amended order which were rejected. This decision is subject to an appeal.

ASTRA refinery case

In 2004 (prior to Petrom’s privatization), the Romanian Ministry of Economy initiated a strategy to develop Romanian production of industrial and motor lubes and issued a memorandum regarding same. In respect of the memorandum, Petrom concluded two purchase contracts with Rafinaria Astra Romana S.A. ("Astra") in March 2004.

In 2005, Astra filed a claim against Petrom, alleging that Petrom did not fulfill its contractual obligations. Petrom argued that Astra had, on several occasions, notified Petrom that it did not request oil deliveries under the contract and ceased to perform its own contractual obligations. Furthermore, Petrom pleaded various procedural exceptions, including the statute of limitations. In November 2005, Petrom was ordered to purchase the lubes refined by Astra and to sell crude oil to Astra, both for the entire period of the contract, i.e. until the end of 2010. Appeals filed by Petrom were dismissed. In December 2009, Astra initiated the enforcement of the court decision and in November 2010 filed a claim requesting the court to compel Petrom to pay penalties for alleged damages resulting from failure to comply with the court decision. An extrajudicial expert’s appraisal estimated the damages (for the period October 2004 to 31 December 2010) at approximately EUR 114 million. In December 2010, Petrom submitted its statement of defense; the lawsuit is pending. In June 2011, the court admitted the lack of jurisdiction raised by Petrom. The decision has been appealed by Astra; the lawsuit is pending.

Antitrust investigations

In 2005, Romanian antitrust authorities initiated investigations relating to a possible breach of antitrust rules by companies active in the Romanian oil and oil related products market. The allegations include the existence of anticompetitive agreements between Romanian market participants regarding abusive sale and resale price fixing as well as market and territory allocations. In connection with these investigations, Romanian antitrust authorities on 23 September 2009 conducted a dawn raid which also involved searches in the premises of Petrom and submitted a series of requests for detailed information on production, sales and market data to Petrom between Janaury and March 2011.

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A recent order supplemented the purpose of the investigation to include a possible breach of the provisions of the Treaty regarding the Functioning of the European Union. Although the investigated practices remain unchanged, such reference to the European legislation means that now the Competition Council is also investigating the potential effect the alleged anticompetitive practices might have on the trade between member states of the European Union. If, following the investigation, the Competition Council establishes that Petrom breached the applicable provisions, Petrom would face a fine in an amount between 0.5 per cent. and 10 per cent. of the total turnover generated in the previous financial year. The President of the Competition Council recently publicly stated that the investigation will be concluded in the near future and that to date the Competition Council has not identified any anticompetitive behavior.

Stegaroiu case

Prior to Petrom’s privatization, Mr. Stegaroiu initiated a claim against Petrom for property restitution representing one fifth of the subsoil of Scaeni hill (Boldesti village, Prahova County, Romania) and one fifth of a mining concession contract over the land located in the same village, arguing unlawful nationalization of such property by the state. After a dismissal of the claim by a court of first instance, in 2008, the court of appeal obliged Petrom to pay the claimants concessions totaling RON 51 million, subject to certain statutory conditions. Petrom’s second appeal against this decision was dismissed. Two extraordinary appeals, i.e. a contestation in annulment and a revision. The contestation in annulment is pending, while the revision has been dismissed in first instance in July 2011 and is subject to second appeal.. Petrom’s contestation of the title (aiming to clarify if the payment obligation is with Petrom or the Romanian State) was admitted in April 2011, whereby the court of appeal’s ruling was modified so as to oblige Petrom to "propose reparatory measures" in the amount of RON 51 million which are to be effected by the Romanian State (and not to pay such amount itself). The decision has been appealed by Mr. Stegaroiu. The claimants initiated enforcement against Petrom, which Petrom challenged and which has been temporarily suspended by a court decision. In May 2010, the claimants filed for insolvency of Petrom which was dismissed in both first and appeal instance. In January 2011, Petrom filed a complaint with the European Court of Human Rights challenging treatment of the case by the Romanian national courts.

Litigation in New Zealand

OMV New Zealand Limited, Todd Pohokura Limited and Shell Exploration NZ Limited are partners in the Pohokura joint venture, which is exploiting a substantial oil and gas field in New Zealand. At a meeting of the joint venture’s governing body in 2006, off-take rules which contain constraints on production levels were agreed. Shell and OMV voted in favor of the off-take resolution, Todd voted against it. OMV and Shell also refused Todd to connect its pipes to the Pohokura production station in order to transport its share of gas and condensate away from the point of production. Todd sued OMV and Shell for damages for alleged breaches of contract and law, which were variously quantified up to approximately NZD 320 million (approximately EUR 175 million), 35 per cent. of which is OMV New Zealand’s share. Todd also sought exemplary damages in excess of NZD 600 million (approximately EUR 328 million). In July 2010, the competent court rejected all claims advanced by Todd, stating inter alia that the decisions of the operating committee were "more or less" inevitable and that Todd had failed to properly quantify the damages. Todd appealed this decision. The hearing on the appeal is scheduled for August 2011.

Significant Changes and Material Adverse Changes

Save as described under "—Recent Events" above, there have been no significant changes in the financial or trading position of the Issuer or of the Group since 31 March 2011 and no material adverse changes in the prospects of the Issuer since 31 December 2010.

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GENERAL INFORMATION

Listing and Admission to Trading

Application may be made to list Notes issued under the Programme on the Official List of the Luxembourg Stock Exchange and to admit to trading such Notes on the Regulated Market of the Luxembourg Stock Exchange (Bourse de Luxembourg). Furthermore, application may be made to list Notes issued under the Programme on the Vienna Stock Exchange and to admit to trading the Programme and/or such Notes on the Regulated Market (Geregelter Freiverkehr) of the Vienna Stock Exchange. Each of the Luxembourg Stock Exchange’s Regulated Market and the Regulated Market (Geregelter Freiverkehr) of the Vienna Stock Exchange are regulated markets for the purposes of the Market and Financial Instruments Directive 2004/39/EC. The Programme provides that Notes may be listed on other or further stock exchanges, as may be agreed between the Issuer and the relevant Dealer(s) in relation to each Series, as specified in the relevant Final Terms. Notes may further be issued under the Programme without being listed on any stock exchange.

Authorisations

The establishment of the Programme was authorised by a resolution of the Executive Board (Vorstand) of the Issuer dated 23 March 2009. Tranches of Notes will be issued in accordance with internal approvals by the Issuer, as in force from time to time.

Statutory Auditors

Deloitte Audit Wirtschaftsprüfungs GmbH, Renngasse/Freyung, 1013 Vienna, a member of the Kammer der Wirtschaftstreuhänder Österreich and independent auditors of the Issuer, have audited, and rendered unqualified audit reports on, the annual consolidated financial statements of the Issuer as at and for the years ended 31 December 2009 and 31 December 2010.

US Legend

Each Bearer Note in relation to issues with a maturity of more than one year, Receipt, Coupon and Talon will bear the following legend: "Any United States person who holds this obligation will be subject to limitations under the United States income tax laws, including the limitations provided in Sec. 165(j) and 1287(a) of the Internal Revenue Code".

Clearance

The Notes have been accepted for clearance through Euroclear and CBL and may be accepted for clearance through CBF and OeKB. The Common Code and the International Securities Identification Number (ISIN) for each Series of Notes will be set out in the relevant Final Terms.

Notification

In order to be able to conduct a public offer in relation to certain issues of Notes and/or to list Notes on the Vienna Stock exchange, the Issuer intend to apply for a notification pursuant to Article 19 of the Luxembourg Act for an offer of such Notes and/or a listing of such Notes on the Vienna Stock Exchange in Austria. The Issuer may from time to time arrange for a notification into other jurisdictions under Article 19 of the Luxembourg Act.

Post Issuance Information

The Issuer will not provide any post issuance information, except if required by any applicable laws and regulations.

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Use of Proceeds

The net proceeds from each issue of Notes will be applied by the Issuer for its general corporate purpose.

Documents on Display

Prospectus

This Prospectus, any supplement thereto, if any, and any documents incorporated by reference into this Prospectus will be published in electronic form on the website of the Luxembourg Stock Exchange under "www.bourse.lu" and will be available, during normal business hours, free of charge at the specified office of the Issuer.

This Prospectus has been prepared on the basis that, except to the extent subparagraph (ii) below may apply, any offer of Notes in any Member State of the European Economic Area which has implemented the Prospectus Directive (2003/71/EC) (each, a "Relevant Member State") will be made pursuant to an exemption under the Prospectus Directive, as implemented in that Relevant Member State, from the requirement to publish a prospectus for offers of Notes. Accordingly any person making or intending to make an offer in that Relevant Member State of Notes which are the subject of an offering contemplated in this Prospectus as completed by final terms in relation to the offer of those Notes may only do so (i) in circumstances in which no obligation arises for the Issuer or any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus Directive, in each case, in relation to such offer, or (ii) if a prospectus for such offer has been approved by the competent authority in that Relevant Member State or, where appropriate, approved in another Relevant Member State and notified to the competent authority in that Relevant Member State and (in either case) published, all in accordance with the Prospectus Directive, provided that any such prospectus has subsequently been completed by final terms which specify that offers may be made other than pursuant to Article 3(2) of the Prospectus Directive in that Relevant Member State and such offer is made in the period beginning and ending on the dates specified for such purpose in such prospectus or final terms, as applicable. Except to the extent subparagraph (ii) above may apply, neither any of the Issuer nor any Dealer have authorised, nor do they authorise, the making of any offer of Notes in circumstances in which an obligation arises for the Issuer or any Dealer to publish or supplement a prospectus for such offer.

Final Terms

In relation to Notes which are publicly offered, the final terms relating to the relevant Series of Notes (the "Final Terms") will be available, during normal business hours, at the specified office of the Issuer. Furthermore, in relation to Notes which are listed on the Official List of the Luxembourg Stock Exchange and admitted to trading on the Regulated Market of the Luxembourg Stock Exchange (Bourse de Luxembourg), the relevant Final Terms will also be available on the website of the Luxembourg Stock Exchange at "www.bourse.lu".

Other Documents

Copies of the documents specified below will be available for inspection at the specified office of the Issuer and at the specified office of the Luxembourg Paying Agent, during normal business hours, as long as any of the Notes are outstanding:

1. the amended and restated agency agreement dated 25 July 2011 (the "Agency Agreement");

2. the Dealer Agreement;

3. the Articles of Association (in the German language and an English translation thereof); and

4. the annual report containing the audited consolidated financial information of the Issuer in respect of the fiscal years ended on 31 December 2009 and 31 December 2010.

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DOCUMENTS INCORPORATED BY REFERENCE

The following documents shall be incorporated into this Prospectus:

Page reference Document / Heading in the relevant financial report

"OMV AG Geschäftsbericht 2009" containing the audited consolidated financial statement information for the year 2009 Bestätigungsvermerk 71 Konzern-Gewinn- und Verlustrechnung 72 Konzern-Gesamtergebnisrechnung 73 Konzernbilanz 74-75 Entwicklung des Konzern-Eigenkapitals 76-77 Konzern-Cashflow-Rechnung 78 Konzernanhang Grundlagen und Methoden 79-90 Erläuterungen zur Gewinn- und Verlustrechnung 91-94 Erläuterungen zur Bilanz 95-115 Ergänzende Angaben zur Finanzlage 116-129 Segmentberichterstattung 130-132 Sonstige Angaben 133-141

"OMV AG Geschäftsbericht 2010" containing the audited consolidated financial statement information for the year 2010 Bestätigungsvermerk 67 Konzern-Gewinn- und Verlustrechnung 68 Konzern-Gesamtergebnisrechnung 69 Konzernbilanz 70-71 Entwicklung des Konzern-Eigenkapitals 72-73 Konzern-Cashflow-Rechnung 74 Konzernanhang Grundlagen und Methoden 75-87 Erläuterungen zur Gewinn- und Verlustrechnung 88-91 Erläuterungen zur Bilanz 92-112 Ergänzende Angaben zur Finanzlage 113-127 Segmentberichterstattung 128-130 Sonstige Angaben 131-140

OMV AG – "Ungeprüfter Zwischenabschluss zum 31. März 2011" containing the unaudited interim financial statements as of 31 March 2011 Konzernzwischenabschluss und Konzernanhang (verkürzt, ungeprüft) Gesetzliche Grundlagen und Methoden 11 Gewinn- und Verlustrechnung (ungeprüft) 12 Gesamtergebnisrechnung (ungeprüft) 12 Erläuterungen zur Gewinn- und Verlustrechnung 13 Bilanz, Investitionen und Verschuldungsgrad (ungeprüft) 14 Erläuterungen zur Bilanz zum 31. März 2011 15 Cashflow (ungeprüft) 16 Erläuterungen zur Cashflow-Rechnung 17 Verkürzte Eigenkapitalveränderungsrechnung (ungeprüft) 17 Segmentberichterstattung 18-19 Ergänzende Angaben 19

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"Prospectus dated 31 March 2009 with regard to the Euro 3,000,000,000 Euro Medium Term Note Programme for the issue of the Notes" Terms and Conditions of the Notes 63-147

"Prospectus dated 21 May 2010 with regard to the Euro 3,000,000,000 Euro Medium Term Note Programme for the issue of the Notes" Terms and Conditions of the Notes 64-148

For the avoidance of doubt, such parts of the annual report of the Issuer for the financial years 2009 and 2010, respectively, and the unaudited interim financial statements as of 31 March 2011 which are not explicitly listed in the table above, are not incorporated by reference into this Prospectus. Any information not listed above, but included in the documents incorporated by reference is either not relevant for the investor or covered elsewhere in the Prospectus.

Any document incorporated by reference (i.e. the annual reports of the Issuer for the financial years 2009 and 2010, respectively, as specified in the table above under "Documents Incorporated by Reference" and the unaudited interim financial statements as of 31 March 2011) into this Prospectus will be available for inspection at the specified office of the Issuer, at the specified office of the Luxembourg Paying Agent, during normal business hours, as long as any of the Notes are outstanding and on the website of the Luxembourg Stock Exchange under "www.bourse.lu".

The following documents shall be incorporated into this Prospectus for information purposes only:

Page reference Document / Heading in the relevant financial report

OMV AG 2009 Annual Report containing the audited consolidated financial information for the year 2009 (non-binding English translation of the German language version) Auditors’ report 71 Consolidated income statement 72 Consolidated statement of comprehensive income 73 Consolidated balance sheet 74-75 Consolidated statement of changes in equity 76-77 Consolidated statement of cash flows 78 Notes Accounting principles and policies 79-90 Notes to the income statement 91-94 Notes to the balance sheet 95-115 Supplementary information on the financial position 116-129 Segment reporting 130-132 Other information 133-141

OMV AG 2010 Annual Report containing the audited consolidated financial information for the year 2010 (non-binding English translation of the German language version) Auditors’ report 67 Consolidated income statement 68 Consolidated statement of comprehensive income 69 Consolidated balance sheet 70-71 Consolidated statement of changes in equity 72-73 Consolidated statement of cash flows 74

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Page reference Document / Heading in the relevant financial report Notes Accounting principles and policies 75-87 Notes to the income statement 88-91 Notes to the balance sheet 92-112 Supplementary information on the financial position 113-127 Segment reporting 128-130 Other information 131-140

OMV AG – Unaudited interim financial statements as of 31 March 2011 (non- binding English translation of the German language version) Group interim financial statements and notes (condensed, unaudited) Legal principles and general accounting policies 11 Income statement (unaudited) 12 Statement of comprehensive income (unaudited) 12 Notes to the income statement 13 Balance sheet, capital expenditure and gearing (unaudited) 14 Notes to the balance sheet as of 31 March 2011 15 Cash flows (unaudited) 16 Notes to the cash flows 17 Condensed statement of changes in equity (unaudited) 17 Segment reporting 18-19 Other notes 19

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ADDRESS LIST

ISSUER

OMV Aktiengesellschaft Trabrennstraße 6-8 1020 Vienna Republic of Austria

ARRANGER

Barclays Bank PLC 5 The North Colonnade Canary Wharf London E14 4BB England

DEALERS

Barclays Bank PLC BNP PARIBAS 5 The North Colonnade 10 Harewood Avenue Canary Wharf London NW1 6AA London E14 4BB United Kingdom England

Crédit Agricole Corporate and Investment Deutsche Bank Aktiengesellschaft Bank Große Gallusstraße 10 – 14 9 quai du Président Paul Doumer 60272 Frankfurt am Main 92920 Paris La Défense Cedex Germany France

Erste Group Bank AG J.P. Morgan Securities Ltd. Graben 21 125 London Wall 1010 Vienna London EC2Y 5AJ Austria United Kingdom

Landesbank Baden-Württemberg Merrill Lynch International Am Hauptbahnhof 2 2 King Edward Street 70173 Stuttgart London EC1A 1HQ Germany United Kingdom

Morgan Stanley & Co. International plc Raiffeisen Bank International AG 25 Cabot Square Am Stadtpark 9 Canary Wharf 1030 Vienna London E14 4QA Austria United Kingdom

Société Générale UniCredit Bank Austria AG 29 Boulevard Haussmann Schottengasse 6-8 75009 Paris 1010 Vienna France Austria

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FISCAL AGENT AND PAYING AGENT

Deutsche Bank Aktiengesellschaft Große Gallusstraße 10 – 14 60272 Frankfurt am Main Germany

LUXEMBOURG LISTING AND PAYING AGENT

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

LEGAL ADVISERS

To the Issuer as to Austrian law

Weber Rechtsanwälte GmbH Rathausplatz 4 1010 Vienna Republic of Austria

To the Dealers

As to German Law

White & Case LLP Bockenheimer Landstrasse 20 60323 Frankfurt am Main Germany

As to Austrian Law

WOLF THEISS Rechtsanwälte GmbH Schubertring 6 1010 Vienna Austria

INDEPENDENT AUDITORS

To the Issuer

Deloitte Audit Wirtschaftsprüfungs GmbH Renngasse 1 / Freyung 1013 Vienna Republic of Austria

FR: 1809979_6

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