Volksbank · “How has automobile technology changed in the last 30 years?“ Some would answer this question with a short “Not at all”. Toward the end of the seventies, nearly

“How has automobile technology changed in the last 30 years?“ Some would answer this question with a short “Not at all”. Toward the end of the seventies, nearly every car had a high standard of safety. Engines were already quite sophisticated and from the perspective of the decade, every type of vehicle we know today had already been invented.

However, the answer could also be “fundamentally”. There have been enormous improvements in safety for example ABS, airbags and within the range of engine efficiency and transmission, crucial progress has been undertaken. Real meaning can now be attached to the question of travelling comfort. Power steering, air conditioning and HiFi equipment are today considered basic requirements of a good car. There has also been no respite in the development of types of vehicles either from sporty versions of sedans, small cars for the city, mini vans or station wagons for the family or the style and comfort conscious all-rounder. In short, three great trends can to be observed:

1. Improved security and high travelling comfort 2. Intensified counselling of costumers 3. Increase in vehicle efficiency

Slowly you start asking yourself whether you are reading an automobile magazine or an information brochure for investment products. Why the comparison? The Investment sector is in a similar state of development and in principle was influenced by the same trends. The question applied to the automobile industry can also be asked of our industry and answered in the same way. 30 years ago one could invest in shares, bonds or commodities (e.g. gold). “Everything” was already available to travel form “A to B”. Structured Products are “only” the next step in evolution. With Structured Products you still invest in the same markets you did 30 years ago but with financial technologies developed in the last few years. Structured Products are more efficient and safer than traditional investments and the most customer oriented investment solutions on offer. This means nothing less than a high chance of revenue paired with lower costs, improved security and transparency. In short, the ability to meet customer demand precisely. With Österreichische Volksbanken AG (ÖVAG) Structured Investments (www.strukturierte-investments.at) you work with the Austrian market leader. The executive committee, the CEO and the chairman of the board of the newly founded Zertifikate Forum Austria (www.zertifikateforum.at) emphasize the ambitious and leading position of ÖVAG in the range of certificates. The Zertifikate Forum Austria is led by the prominent Austrian issuers of Structured Investments. In order to promote this still young investment segment, its highest goal is to strengthen and constantly improve the framework for investors and issuers of these products. We make it our duty to support you in the best possible way! Prok. Friedlich Strobl Head of Structured Investments, Treasury Austrian Volksbanken AG

II

Nomenclature according to the Zertifikate Forum Austria

The Zertifikate Forum Austria was created in order to promote the still young sector of structured investments and to ensure market transparency. This sector offers the investor a wide range of structures designed to find the optimal investment solution for every situation. Distinction is difficult due to the shear variety of products and for this reason, the Zertifikate Forum Austria has developed a standardized nomenclature. Please refer to the following table for a brief run down: In order to ensure an overview of the different product groups, the nomenclature of the Certificate Forum Austria has been adopted in this information brochure. This will enable you to better distinguish between products and facilitates the selection of the best investment solution for your particular needs. Important Information: This brochure, which does not represent an issuing prospectus, has been prepared for information purposes only. This brochure is intended to give an overview of the products described therein as summarised product information. The information contained in the brochure is not intended as a recommendation for the purchase or sale of any securities and investments. The brochure does not replace the consultation for the products described and in particular does not serve as replacement for a comprehensive risk-counselling. The summary of the products is in note form only. Despite reasonable care, no responsibility or liability, in particular for the brief description of the individual products, the timeliness, the accuracy and completeness of the information provided, is accepted. Past performance of securities or investments does not guarantee or predict future performance. The decision for an investment into the products described in the brochure must only be taken after detailed consultation. The potential investor is advised to seek independent professional advice as to the suitability of any products and to their tax, accounting or legal implications.

Investment Products Lever Product

Basket- / Topic-Certificates Knock-out-Certificates (Turbo Certificates )

Index-Certificates Warrants

Outperformance-Certificates

Bonus- / Partial Protection- Certificates

Stock bonds

Discount-Certificates

Guarantee-Certificates

Express-Certificates

Version 10 / 2006

INDEX

Definition Structured Investments Page 1

U.P.-Index Certificates Page 2

U.P.-Index certificates Page 2

Airbag Certificates Page 4

1) Outperfomance Certificates Page 6

Japan Turbo Performer Page 6 Nikkei 225® Turbo Performer Page 7 Europe Turbo Performer Page 8

2) Bonus- /Partial Protection Certificates Page 9

Europe TWIN Performer Page 9 Austria Bonus Performer Page 10 Eastern Europe Bonus Performer Page 11 Crude Oil Bonus Performer Page 12 Dividend Stoxx Bonus Performer Page 13 Japan Bonus Performer Page 14 CECE® EURO Bonus Performer Page 15 DivDAX® Bonus Performer Page 16 Commodity Bonus Performer US Dollar Page 17 America Bonus Performer Page 18 China Bonus Performer Page 19 Nikkei Bonus Performer Page 20 Europe Bonus Performer Page 21 Airbag-Certificate Page 22 Airbag-Certificate with minimum return Page 23

3) Discount–Certificates Page 24

DJ Euro Stoxx 50® Deep Discount Certificate Page 24

4) Express–Certificates Page 25

China Alpha Performer Page 25 Europe Level Performer Page 26 German Level Performer Page 27

Guarantee Products Page 28

SELECT DIVIDEND-Stürmer Page 30 Saving Guarantee Energy Page 31 Saving Guarantee Page 32

7

Guarantee Products Page 28

Japan Alpha Guarantee Page 33

Austria Guarantee 2006 – 2011 Page 34 China Guarantee Page 35 Property Guarantee – Limited Edition Page 36 Range Guaranteee Page 37 Austria Guarantee Page 38 CHI Guarantee Page 39 Formula 8 Guarantee Page 40 Japan Commodity Silver Guarantee Page 41 Scandinavia Guarantee Page 42 3 Plus Target Guarantee Page 43 World Performance Guarantee Page 44 Commodity Protect Guarantee Page 45 Japan Guarantee Page 46 5.5% Guarantee Page 47 Europe Highest Level-Guarantee Page 48 Blue Basket Capital Guarantee Page 49 Step Guarantee Page 50 Top Guarantee Page 51 3 Plus Guarantee „Frozen coupon“ Page 52 3 Plus Guarantee Page 53 Commodities Highest Level-Guarantee Page 54 Up & Down Guarantee Page 55 Up & Down Guarantee „Frozen coupon“ Page 56 Top 20 Guarantee Page 57 Carinthian Best Performer Page 58 GP Hedge / GP Hedge 80% Page 59 GP 112 World Page 60 GP 100 Page 61 Knock-Out-or-Participation Page 62

Summary Page 63

Structured investments Page 63

1

STRUCTURED INVESTMENTS DEFINITION

By combining various financial instruments, structured investments create an additional benefit for investors. Our goal is to satisfy the diverse investment requirements of our customers with new securities structures. All structured investments are designed with a view to transparency and clarity for investors. For information and product descriptions, please consult our specific brochures on investment products and our web-site.

Structured investments broaden the range of investment products and permit solutions specifically tailored to investors’ individual needs.

Index certificates:

Index certificates offer investors the opportunity to spread the risks associated with the acquisition of individual stocks by investing in broadly based indices. Furthermore, the success of this type of investment does not depend on subjective decision criteria. Investors participate fully in the performance of the indices. Airbag certificates:

The airbag protects the investor against losses up to a certain level. That means that he suffers from losses only under certain conditions. Our products offer the possibility to participate in the positive value development of the underlying. Furthermore some products offer a minimum return, a higher participation factor in the performance of the underlying or a bonus payment! Guarantee products:

Guarantee products address investors who want to invest in equities but do not want to carry the associated risk. The investor has the opportunity of benefiting from price increases of an underlying (index, basket of shares, investment fund, hedge fund). The risk of capital loss is excluded by a capital guarantee at maturity. Guarantee products offer a profit potential without risk of losses. Alternative investments:

Many investors are looking for alternative investments, since no attractive yields can be expected from loans or real estate and investment in equities bears a high degree of uncertainty. Alternative investments, for example Hedge Funds or Future Funds have certain advantages. This is basically their relatively low correlation with shares and loans and their increasing liquidity. Although Hedge and Future Funds have already been around for over 50 years, not many really know how they work. Hedge and Future Funds represent very progressive instruments which, when correctly used, increase the yield of an investment portfolio while at the same time decreasing the risk. Alpha–Strategies:

Profit only from rising stock markets? That belongs to the past! Investments develop in their performance differently well. With Alpha one profits exactly from that! Alpha is the yield, which an Investment can generate independently of the market movement. That is, even with falling or sideways tending markets, in which one would suffer losses with a direct investment, nevertheless profits can be obtained by Alpha Investments.

Tax Advantage

Tax Advantage

A.I. PRODUCT

Alternative Investments

Alternative Investments

Index Certificates

Combination of different Financial Instruments

Structured Investments

Alpha Strategies Alternative Investments

Guarantee products

Bonus- / Partial Protection Certificates

Outperformance-Certificates

Express-Certificates

Discount-Certificates

Airbag Certificates

2

U.P. INDEX CERTIFICATES

DESCRIPTION The buyer of U.P. index certificates acquires the right to participate in changes in the stock index without term limitations PRICE DEVELOPMENT The price of the index certificate is the current index level at the respective ratio. This ensures the highest transparency as the investor knows the value of his investment by watching the market. SOURCE OF CURRENT PRICES Internet: www.strukturierteinvestments.at Bloomberg: VBEQ1 REUTERS: INDEXCERT=OVAG (Chain/F3) U.P. index certificates are offered for the following indices:

INDEX WKN ISIN

The following issues were closed: Purchase mere on request if pieces are available

ATX® 43610 AT0000436100

CECE® 43611 AT0000436118

DAX® 43558 AT0000435581

DJ EURO STOXX 50® 43271 AT0000432711

DJ GLOBAL TITANS® 43521 AT0000435219

DJ INDUSTRIAL AVERAGE® 43270 AT0000432703

DJ STOXX 50® 43612 AT0000436126

HANG SENG® 43613 AT0000436134

HANG SENG CHINA ENTERPRISES® 43614 AT0000436142

IFG® 43288 AT0000432885

NIKKEI 225® 43272 AT0000432729

RDX USD® 43616 AT0000436167

S&P 500® 43557 AT0000435573

SMI® 43617 AT0000436175

STOXX 600 Healthcare® 43522 AT0000435227

TecDAX® 43563 AT0000435631

3

U.P. INDEX CERTIFICATES Index certificates with Unlimited Participation FUNCTIONAL SET UP: The investor in U.P. Index certificates acquires the right to participate in changes in a stock index without term limitations.

PRODUCT PROFILE:

Underlying: see point ISIN

Term: unlimited term

Ordersizes – minimum investment: OTC: EUR 5,000.00 on the stock exchange: 1 piece

Ratio: 100:1 exception: DJ Industrial Av. (1000:1)

100 resp. 1000 index certificates represent the index

Guaranteed performance: 1:1 as underlying index

Acquisition and sales: marketable daily from 9.15 am to 5.30 pm Exception: RDX® USD from 9.15 am to 3.30 pm CECE® from 10.00 am to 4.00 pm

ISIN: see previous page

Market assessment: Upward to strong upward trend of stock markets expected

Investment period: Short-term for speculations Medium to long-term for investments

OPPORTUNITIES/RISKS:

+ Index certificates offer investors the opportunity to invest in the desired index with relatively little capital expenditure

+ Elimination of time-consuming and difficult selection of individual stocks + Wider diversification of risk compared to a direct investment in stocks + Index certificate holders participate in the increase of the weighted average value of the

respective market instead of depending on the performance of individual stocks + The unlimited term of the U.P. index certificate makes reinvestments unnecessary - No dividend payments (price indices) - Index certificates reflect all possible market developments which bear the risk of losses INDEX SAVING

At each due date the customer buys the calculated number of index certificates, which he wants to save (also fragments can be bought) A saving plan determines the saving amount, the chosen index (except SMI) and the frequency in which the customer wants to invest (e.g. monthly). FUNCTIONAL SET UP: Saving plan: individual for each customer (index, amount, frequency…) Minimum amount: EUR 100,- 1st due date: 2nd day of the month after the contract start date purchase date: 2nd day of each month value date: purchase date + 2 days booking: customer’s deposit

By saving based on the U.P. index certificate ATX the monthly EUR 100,- from July 1994 to June 2004 became a total sum of EUR 20.225,-

June 2004

amountin €

July 1994

100,-

12000,-

8225,-

20225,-

June 2004

amountin €

July 1994

100,-

12000,-

8225,-

20225,-

June 2004

amountin €

July 1994

100,-

12000,-

8225,-

20225,-

4

AIRBAG CERTIFICATES

DESCRIPTION These products offer investors the opportunity to participate in the positive performance of the underlying index/indices; furthermore, he is, to some extent, hedged against losses (as described below).

Additionally some products offer a guaranteed minimum return, a higher participation factor or an attractive bonus. PRICE DEVELOPMENT The price during the term of the product depends on the performance of the financial instruments which are underlying the product. SOURCE OF CURRENT PRICES Internet: www.strukturierteinvestments.at Bloomberg: VBEQ2 REUTERS: AIRBAG=OVAG (Chain/F3)

PRODUCT NAME WKN ISIN

Outperfomance-Certificates

Japan Turbo Performer 43990 AT000B439906

Nikkei 225® Turbo Performer 43595 AT0000435953

Europe Turbo Performer I 43572 AT0000435722

Europe Turbo Performer II 43577 AT0000435771

Bonus- / Partial Protection Certificates

Austria Bonus Performer 05252 AT000B052527

Eastern Europe Bonus Performer 052311 AT000B052311

Crude Oil Bonus Performer 05216 AT000B052162

Dividend Stoxx Bonus Performer 05215 AT000B052154

Japan Bonus Performer 05210 AT000B052105

CECE® EURO Bonus Performer 43951 AT0000439518

CECE® EURO Bonus Performer II 52303 AT000B052303

DivDAX® Bonus Performer 43948 AT0000439484

Commodity Bonus Performer US Dollar 43929 AT0000439294

America Bonus Performer 43850 AT0000438502

China Bonus Performer 43607 AT0000436076

Nikkei Bonus Performer 43600 AT0000436001

Europe Bonus Performer I 43583 AT0000435839

Europe Bonus Performer II 43585 AT0000435854

Europe Bonus Performer III 43596 AT0000435961

Europe Bonus Performer IV 43601 AT0000436019

Europe Bonus Performer V 43981 AT0000439815

Airbag-Certificate I 43538 AT0000435383

Airbag-Certificate II 43542 AT0000435425

Airbag-Certificate with minimum return 43552 AT0000435524

Distribution admitted in Germany




5

PRODUCT NAME WKN ISIN

Discount–Certificates

DJ Euro Stoxx 50® Deep Discount Certificate 43903 AT0000439039

Express–Certificates

China Alpha Performer 05256 AT000B052568

Europe Level Performer 05211 AT000B052113

German Level Performer 44000 AT000B440003


6

Japan Turbo Performer FUNCTIONAL SET UP: This product offers investors an opportunity to gain a disproportionately high benefit from the positive performance of the NIKKEI 225®. Investors participate in the performance of the underlying on the basis of a 1:2 ratio (up to a cap of + 60%). Furthermore, it is hedged against losses to some extent: Up to a 32.99% decrease in value of the underlying, investors will not suffer from losses. If the index touches or falls below the barrier of 67%, the investor participates fully in the positive or negative development of the index.

PRODUCT PROFILE:

Issue price: EUR 1,000.00 + 3% issue premium

Underlying: Nikkei 225® Price Index (NKY)

Term: 6 years (24.10.2005 – 23.10.2011)

Start value: Close of Nikkei 225® on 21.10.2005: 13,199.95 pts.

Barrier: 67% of the start value (8,843.97 pts.)

Order sizes: Minimum investment: 1 piece at EUR 1,000.00

Acquisition and sales: Marketable daily from 9.15 am to 5.30 pm

ISIN: AT0000439906

Market assessment: Upward trend of stock markets

Investment period: Medium term


+ Performance advantage opposed to direct investments in the index due to a participation factor of 200%

+ Reduction of risk due to a safety margin of 32.99%

+ No EU-withholding tax

+ No currency risk

+ Full flexibility, as selling and buying is possible on a daily basis during the whole term - If the Nikkei 225® loses 33% or more, no capital guarantee is granted - Performance cap at 120% GUARANTEED PERFORMANCE:

Performance:

1:2

Parti

cipa

tion

Airbag area

Performance cap

Japan Turbo Performer

Nikkei 225

Profit/Loss

Index value220

120

100

670

Performance:

1:2

Parti

cipa

tion

Airbag area

Performance cap


Nikkei 225

Profit/Loss

Index value220

120

100

670

Performance:

1:2

Parti

cipa

tion

Airbag area

Performance cap


Nikkei 225

Profit/Loss

Index value220

120

100

670

Performance:

1:2

Parti

cipa

tion

Airbag area

Performance cap


Nikkei 225

Profit/Loss

Index value220

120

100

670

Rising markets 1:2 participation in the positive performance of the underlying. The maximum profit from the Turbo-Performer is 120%. This means that price rises in the index of up to 60% will be taken into account in calculating the yields. Decreasing markets Investors will not suffer from any losses if the price declines by up to 32.99%. If the index value reaches or exceeds the barrier of 67% during the term of the instrument, no capital guarantee is granted. In this case, investors will be exposed to the same risks as if they had invested directly in an index certificate.

7

Nikkei 225® Turbo Performer FUNCTIONAL SET UP: This product offers investors an opportunity to gain a disproportionately high benefit from the positive performance of the NIKKEI 225®. Investors participate in the performance of the underlying on the basis of a 1:2 ratio (up to a floor of + 60%). Furthermore it is to some extent hedged against losses: Up to a 32.99% decrease in value of the underlying, investors will not suffer from losses. Only if the index reaches or exceeds the 67% limit during the term of the instrument, investors will incur losses (as is the case with direct investments in the NIKKEI 225®).

PRODUCT PROFILE:


Underlying: NIKKEI 225® Price Index (NKY)

Term: 5 years (24.11.2003 – 23.11.2008)

Start value: Close of NIKKEI 225® on 21.11.2003: 9,852.83 points

Barrier: 67% off the start value (6,601.40 points)

Ordersizes: Min. investment: 5 pcs at EUR 1,000.00 Denomination: 1 piece at EUR 1,000.00

Coupon payment: No coupon payments

Acquisition and sales: marketable daily from 9.15 am to 5.30 pm

ISIN: AT0000435953




+ Capital guarantee of 100%, if the index never looses 33% or more during term + Disproportional participation in the increasing index with the factor 2 + Tax advantage: tax free after one year retention period + Opportunity to participate in the development of 225 Japanese top companies with one

investment - Performance cap: 120% - No coupon payments GUARANTEED PERFORMANCE:

Turbo Performer 2003 - 2008

-70

-60

-50

-40

-30

-20

-10

0

10

20

30

40

50

60

70

80

90

100

110

120

130

140

40 50 60 70 80 90 100

110

120

130

140

150

160

170

180

190

200

210

220

Wertentwicklung des Nikkei225 Price Index(Startwert bei 100)

Gew

inn/

Verlu

st

Turbo Performer:Nikkei 225

Nikkei Turbo Performer, 2003 - 2008

yiel

d/lo

ss

Developmentof Nikkei225 Index(start value 100)

Doub

le pe

rform

ance

Airbag area

Cap


-70

-60

-50

-40

-30

-20

-10

0

10

20

30

40

50

60

70

80

90

100

110

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40 50 60 70 80 90 100

110

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Gew

inn/

Verlu

st



yiel

d/lo

ss


Doub

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rform

ance

Airbag area

Cap


-70

-60

-50

-40

-30

-20

-10

0

10

20

30

40

50

60

70

80

90

100

110

120

130

140

40 50 60 70 80 90 100

110

120

130

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220


Gew

inn/

Verlu

st



yiel

d/lo

ss


Doub

le pe

rform

ance

Airbag area

Cap


-70

-60

-50

-40

-30

-20

-10

0

10

20

30

40

50

60

70

80

90

100

110

120

130

140

40 50 60 70 80 90 100

110


-70

-60

-50

-40

-30

-20

-10

0

10

20

30

40

50

60

70

80

90

100

110

120

130

140

40 50 60 70 80 90 100

110

120

130

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220


Gew

inn/

Verlu

st



yiel

d/lo

ss


Doub

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rform

ance

Airbag area

Cap


-70

-60

-50

-40

-30

-20

-10

0

10

20

30

40

50

60

70

80

90

100

110

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140

40 50 60 70 80 90 100

110

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Gew

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Doub

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Airbag area

Cap

Rising prices: 1:2 participation in the positive performance of the underlying. The maximum profit from the Turbo-Performer is 120%. This means that price rises of the index of up to 60% will be taken into account in calculating the yields. Declining prices: Investors will not suffer from any losses if price declines of up to 32.99%. If the index value reaches or exceeds a 67% floor during the term of the instrument, no capital guarantee is granted. In this case, investors will be exposed to the same risks as if they had invested directly in an index certificate.

8

Europe Turbo Performer I , II FUNCTIONAL SET UP: This product offers investors an opportunity to gain a disproportional high benefit from the positive performance of the DJ EURO STOXX 50®. Investors participate in the positive performance of the underlying on the basis of a 1:1,5 ratio (up to a floor of +70%). Furthermore, it is, to some extent, hedged against losses: Up to a 49.99% decrease in value of the underlying, investors will not suffer from losses. Only if the index should reach or exceed the 50% limit during the term of the instrument, will investors incur losses (as is the case with direct investments in the DJ EURO STOXX 50®).

PRODUCT PROFILE:

Issue price: EUR 100.00 + 3% issue premium

Underlying: DJ EURO STOXX 50® Price Index (SX5E)

Term: I: 28.05.2003 – 27.05.2008 II: 13.06.2003 – 12.06.2008

Start value: (Close of DJ EURO STOXX 50®) I: 2,246.58 points (23.05.2003) II: 2,421.92 points (06.06.2003)

Barrier: I: 1,123.29 points II: 1,210.96 points

Order sizes: Minimum volume: 50 pieces at € 100 Denomination: 10 pieces at € 100



ISIN: I: AT0000435722 II: AT0000435771




+ Capital guarantee of 100%, if the index never looses 50% or more during term. + Disproportional participation in the increasing index with the factor 1.5

+ Tax advantage: tax free after one year retention period + Opportunity to participate in the development of 50 European top companies with one

investment - Performance cap: 105%

- No coupon payments GUARANTEED PERFORMANCE:


-70

-60

-50

-40

-30

-20

-10

0

10

20

30

40

50

60

70

80

90

100

110

40 50 60 70 80 90 100

110

120

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Wertentwicklung des Euro Stoxx 50 Price Index(Startwert bei 100)

Gew

inn/

Verlu

st Wertentwicklung:Turbo Performer:DJ Euro Stoxx 50

1,5 p

artic

ipatio

n

Turbo Performer, 2003 - 2008

yiel

d/lo

ss

Developmentof DJ Euro Stoxx50(start value 100)

Airbag area

Cap


-70

-60

-50

-40

-30

-20

-10

0

10

20

30

40

50

60

70

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100

110

40 50 60 70 80 90 100

110

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160

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200

Wertentwicklung des Euro Stoxx 50 Price Index(Startwert bei 100)

Gew

inn/

Verlu

st Wertentwicklung:Turbo Performer:DJ Euro Stoxx 50

1,5 p

artic

ipatio

n

Turbo Performer, 2003 - 2008

yiel

d/lo

ss

Developmentof DJ Euro Stoxx50(start value 100)

Airbag area

Cap

Rising prices: 1:1,5 participation in the positive performance of the underlying. The maximum profit from the Turbo-Performer is 105%. This means that price rises of the index of up to 70% will be taken into account in calculating the yields. Declining prices: Investors will not suffer from any losses with price declines of up to 49.99%. If the index value reaches or exceeds a 50% floor during the term of the instrument, no capital guarantee is granted. In this case, investors will be exposed to the same risks as if they had invested directly in an index certificate.

9

Europe TWIN Performer

FUNKTIONAL SET UP: The Investor benefits at the end of the term in the event of a positive performance of the European markets, with a factor of 1,3 and in the event of a negative performance, with a factor of 1 if the barrier of 50% is neither touched nor crossed during the currency of the investment. Losses are converted 1 to 1 into capital gains.

PRODUCT PROFILE:

Issue price: EUR 1000.00 + 3% issue premium


Term: 5 years (02.10.2006 – 01.10.2011)

Start value: Closing of DJ EURO STOXX 50® At the 29.09.2006

Barrier: 50% of the start value fixed at the 29.09.2006: 3,899.41 points

Bonus: Participation with the factor 1.3

Order sizes: Minimum volume: 1 piece € 1000 Denomination: 1 piece € 1000



ISIN: AT000B052733



OPPORTUNITIES/RISKS: + Investing in Europe's economy and profiting from rising and falling quotes with one single

product + Advantages in performance and reduced risk profile compared to direct investments + Participate in above average rising performance with 130% + No cap on profits in the case of rising performance

Losses will be switched into gains one-to-one (until barrier is reached) + Capital protection till the barrier of 50% is reached + Tradable daily - If the DJ Euro Stoxx 50 decreases more than 50% during maturity, the investor

participates in the negative performance with 100% - During maturity the quote of Europe TWIN Performer is due to market fluctuations (e.g.

changes in volatility, interest rates and performance of the underlying index). The defined payout profile is guaranteed only at maturity

GUARANTEED PERFORMANCE:

Performance:Europa TWIN PerformerDJ EuroStoxx 50

Europa TWIN Performer

-70-60-50-40-30-20-10

0102030405060708090

100110

40 50 60 70 80 90 100

110

120

130

140

150

160

170

180

190

200

Performance: DJ EuroStoxx 50/SX5E)(strike fixing at 100)

Prof

it / L

oss

Airbag Area



Europa TWIN Performer

-70-60-50-40-30-20-10

0102030405060708090

100110

40 50 60 70 80 90 100

110

120

130

140

150

160

170

180

190

200

Performance: DJ EuroStoxx 50/SX5E)(strike fixing at 100)

Prof

it / L

oss

Airbag Area

Scenario 1: Index increases by 50% → Profit 65% → Pay out 165%

Scenario 2: Index declines by 20%; during the term above the barrier= 65% → Profit 20% → Pay out 120%

Scenario 3: Index falls during the term below barrier = 50% on the end of term 20% above strike price → Profit 26% → Pay out 126%

Scenario 4: Index declines during the term below barrier = 50% on the end of the term 10% below strike price → Pay out 90%

10

Austria Bonus Performer FUNCTIONAL SET UP: The investor receives a bonus of 30%, if the underlying never falls below 35% or more and if the underlying has no higher performance than 30% during the term. Under these circumstances the bonus of 30% is granted. If the underlying declines once by 35% or more during the term, the bonus is cancelled and the investor participates on the positive or negative performance of the underlying with 100%.

PRODUCT PROFILE:


Underlying: ATX® (Austrian Traded Index) includes about 21 Austrian enterprises listed on stock exchange

Term: 6 years (03.07.2006 – 02.07.2012)

Start value: 29.06.2006 3,619.63 points

Barrier: 65% of striking at 29.06.2006

Bonus: 30%

Order sizes: Minimum volume: 1 piece € 1000 Denomination: 1 piece € 1000



ISIN: AT000B052527




+ Bonus of 30%, even if the ATX® has a lower or negative performance + No performance cap, if the ATX® performance rises more than 30% + Capital guarantee of 100%, if the ATX never falls 35% or more compared to the start

value + Investment into „the“ top values of Austria with only one product + Compared to direct investments performance advantages as well as reduced risk profile - If the ATX falls below 35% or more, the bonus is cancelled and the investor participates

fully on the positive or negative performance of the index. In this case there is no capital guarantee

- The price of the Austria Bonus Performers is subject to market impacts during the term (e.g. index development, interest, volatilities). The defined pay out profile is guaranteed at the end of the term.

ADDITIONAL PROFIT: If the underlying increases more than 30%, the investor receives additional profit. This additional profit has no cap. Meaning even if the ATX® increases extraordinary the investor fully participates of the positive performance with 100%.


Scenario 1: Index increases by 55% → Profit 55% → Pay out 155%

Scenario 2: Index declines by 20%; During the term the barrier = 65% → Profit 30% → Pay out 130%

Scenario 3: Index falls during the term below barrier = 65% On the end of term 15% above strike price → Profit 15% → Pay out 115% (as „ordinary“ Index certificate)

Scenario 4: Index declines during the term below barrier = 65% On the end of the term 10% below strike price → Pay out 90%

Austrian Bonus Performer

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Österreich Bonus Performer ATX (AustrianTradedIndex)

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Performance:

Österreich Bonus Performer ATX (AustrianTradedIndex) Performance:

Austria Bonus Performer ATX ( Austrian Traded Index)

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EU–tax free

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Eastern Europe Bonus Performer

FUNCTIONAL SET UP: If none of the two indices neither touches the barrier of 60% nor exceeds it during the term investor receives a redemption of 145% of the notional value. If the underlying basket (70% CECE® EUR/30% RDX®) rises more than 45% Investor receives the surplus 1:1. If the barrier is touched by only one index the bonus is cancelled and investor participates fully in the positive or negative development of the basket.

PRODUCT PROFILE:


Underlying: 70% CECE Composite Index® in EURO (CECE® EUR) 30% Russian Depository Index® in EURO (RDX®)

Term: 6 years (03.04.2006 – 02.04.2012)

Start value: 31.03.2006: CECE (EUR): 2,281.62 points RDX (EUR): 1,900.30 points

Barrier: 60% of the starting value (closing of underlying indices as of 31.03.2006) CECE (EUR): 1,368.97 points RDX (EUR): 1,140.18 points

Bonus: 45%

Order sizes: Minimum volume: 1 piece € 1,000 Denomination: 1 piece € 1,000



ISIN: AT000B055311



OPPORTUNITIES/RISKS: + Capital protection of 100%, if no index falls below 40% or more of its initial value + Bonus of 45%, even if the basket has low or slight negative performance + No performance cap if the basket rises more than 45% + No currency risk - If the basket falls 40% or more, no bonus will be paid to the investors and the yield will correspond to that of an index certificate. There is no capital protection in this case. ADDITIONAL PROFIT: If the underlying increases more than 45%, the investor receives additional profit. This additional profit has no cap. Meaning even if the ATX® increases extraordinary the investor fully participates of the positive performance with 100%.


Perfomance:

Bonus Performer

Eastern Europe-Basket


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Bonus Performer


Perfomance:

Bonus Performer



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Scenario 1: Eastern Europe-Basket increases by 55% → Profit 55%, Pay out 155%

Scenario 2: Eastern Europe-Basket declines by 20% CECEEUR und RDX during the term the barrier = 60% → Profit 45%, Pay out 145%

Scenario 3: RDX falls during the term below barrier= 60%, Eastern Europe-Basket On the end of the term 15% above strike price → Profit 15%, Pay out 115% (as „ordinary“ Index certificate)

Scenario 4: RDX declines during the term below barrier = 60%, Eastern Europe-Basket on the end of the term 10% below strike price → Loss 10%, Pay out 90%

EU-tax free

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Crude Oil Bonus Performer

FUNCTIONAL SET UP: If the barrier of 65% is neither touched nor exceeded, the investor receives 150% of the notional amount. If the Brent Crude Oil Future rises beyond 50%, the investor participates in the positive performance of the underlying on a 1:1 basis up to the performance cap of (110%). If the underlying touches or falls below the barrier, the bonus is cancelled and the investor participates fully in the positive or negative development of the Brent Crude Oil Future. There is a performance Cap of 110%.

PRODUCT PROFILE:


Underlying: Brent Crude Oil Future 1-Month-Future per Barrel (CO1 Commodity)

Term: 5 years (01.03.2006 – 28.02.2011)

Start value: 28.02.2006: 61,76

Barrier: 65% of the start value

Bonus: 50%




ISIN: AT000B052162




+ High bonus of 50%, even if the Brent Crude Oil Future shows a lower or negative performance (up to the barrier)

+ Barrier of 65% - thereby clear reduction of risk + Attractive term of 5 years + No currency risk - If the barrier is touched or exceeded, no bonus will be paid and the investor participates

fully in the positive or negative development of the underlying. There is no capital protection in this case.

- Performance Cap: 110% GUARANTEED PERFORMANCE:

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Development:Crude Oil Bonus PerformerBrent Crude Oil Future

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Development:Crude Oil Bonus PerformerBrent Crude Oil Future

Scenario 1: Index rises by 55% → return 55%, payment 155%

Scenario 2: Index falls by 20%, but remains above the barrier (=65%) during term → return 50%, payment 150%

Scenario 3: During term the index falls below the barrier (=65%), but at the end of term closes 15% above the start value → return 15%, payment 115% (equal to conventional index certificates)

Scenario 4: During term the index falls below the barrier (=65%); at the end of term closes 10% below the start value → payment 90%

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Dividend Stoxx Bonus Performer FUNCTIONAL SET UP: If the barrier of 60% is neither touched nor exceeded, the investor receives 145% of the notional amount. If the index rises beyond 45%, the investor participates on the positive performance of the underlying on a 1:1 basis. If the index touches or falls below the barrier, the bonus is cancelled and the investor participates fully in the positive or negative development of the index.

PRODUCT PROFILE:


Underlying: Dow Jones STOXX Select Dividend 30® (SD3P)

Term: 6 years (27.02.2006 – 26.02.2012)

Start value: Close of Dow Jones STOXX Select Dividend 30® on 24.02.2006: 2,937,21 points

Barrier: 60% of the start value

Bonus: 45%




ISIN: AT000B052154




+ 45% bonus in addition to the invested capital if the underlying index never falls by 40% or more, in comparison with the starting value

+ No performance cap if the underlying rises beyond 45% + Investment in Europe’s top dividend stocks - If the underlying index falls by 40% or more, no bonus will be paid to the investors and the yield will correspond to that of an index certificate. There is no capital protection in this case.

GUARANTEED PERFORMANCE: Dividend Stoxx Bonus Performer

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Development DJ STOXX Select Dividend 30 ® (SD3P)(virtual start value at 100)

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Dividend Stoxx Bonus Performer

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Development:Bonus PerformerSD3P Index

Development:Bonus PerformerSD3P Index

Scenario 1: Index rises by 55% → return 55%, payment 155%

Scenario 2: Index falls by 20%, but remains above the barrier (= 60%) during term → return 45%, payment 145%

Scenario 3: During term the index falls below the barrier (= 60%), but at the end of term closes 15% above the start value → return 15%, payment 115% (equal to conventional index certificates)

Scenario 4: During term the index falls below the barrier (= 60%); at the end of term closes 10% below the start value → payment 90% DOW JONES STOXX SELECT DIVIDEND 30:

Extraction of titles: Country Allocation: AGF E.ON Lloyds RWE Volkswagen Denmark

5,9%Ireland4,5%

Germany12,6%

Sweden12,7%

Great Britain56,8%

Norway4,3%

France3,2%

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Japan Bonus Performer FUNCTIONAL SET UP: If the barrier of 60% is neither touched nor exceeded, the investor receives 140% of the notional amount. If the index rises beyond 40% the investor participates in the positive performance of the underlying on a 1:1 basis. If the index touches or falls below the barrier, the bonus is cancelled and the investor participates fully in the positive or negative development of the index.

PRODUCT PROFILE:


Underlying: Nikkei 225® Price Index (NKY)

Term: 6 years (10.02.2006 – 09.02.2012)

Start value: Close of Nikkei 225® Price Index on 09.02.2006: 16,439.67 pts.

Barrier: 60% of the start value (9,863.802 pts.)

Bonus: 40%




ISIN: AT000B052105




+ 40% bonus in addition to the invested capital if the index never falls 40% or more compared to the starting value.

+ No performance cap if the Nikkei 225® Price Index rises beyond 40% + Investment in Japans 225 Blue Chip values - If the underlying falls 40% or more, no bonus will be paid to the investors and the yield

will correspond to that of an index certificate. There is no capital protection in this case.


Japan Bonus Performer

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Development Nikkei 225 Price Index(virtual start value at 100)

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Scenario 1: Index rises by 55% → return 55%, payment 155% Scenario 2: Index falls by 20%, but remains above the barrier (= 60%) during term → return 40%, payment 140% Scenario 3: During term the index falls below the barrier (= 60%); but at the end of term closes 15% above the start value → return 15%, payment 115% (equal to conventional index certificates) Scenario 4: During term the index falls below the barrier (= 60%); at the end of term closes 10% below the start value → payment 90%

Development :

Bonus Performer:

Nikkei 225 Price Index

Development :

Bonus Performer

Nikkei 225 Price Index

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CECE® EURO Bonus Performer I, II FUNCTIONAL SET UP: If the floor of 60% (I) resp. 65% (II) is neither reached nor exceeded during the term of the instrument, investors will receive a payment corresponding to 125% (I) resp. 130% (II) of the nominal value. If the underlying rises by more than 25% (I) resp. 35% (II), investors will also benefit from this upward movement with a 1:1 ratio. If the floor is reached or exceeded during the term of the instrument, no premium will be paid to investors and the yield will correspond to that of an index certificate.

PRODUCT PROFILE:


Underlying: CECE Composite Index® in EURO (CECE EUR®)

Term: I: 6 years (11.07.2005 – 10.07.2011) II: 5 years (03.04.2006 – 02.04.2011)

Start value: Close of CECE EUR®: I: 08.07.2005: 1,796.65 points II: 31.03.2006: 2,281.62 points

Barrier: I: 60% of the start value (1,077.99 pts.) II: 65% of the start value (1,483.05 pts.)

Bonus: 25% (I) resp. 30% (II) of starting value


Coupon dates: No coupon dates


ISIN: I: AT0000439518 II: AT000B052303

Market assessment: Unchanged or upward trend of stock markets



+ 25% (I) resp. 30% (II) bonus plus the set up capital, if the CECE® Composite index in EURO does not fall by more than 40% or more of the start level.

+ If the CECE® Composite Index in EURO rises by more than 25% (I) resp. 30% (II), the return will be unlimited.

+ Investments in the 25 profit strongest and most profitable companies in the Czech Rep., Hungary and Poland.

- If the CECE® Composite Index falls by 40% (I) resp. 35% (II) or more, no premium will be paid to investors and the yield will correspond to that of an index certificate. There is no capital protection in this case.


CECE® EURO Bonus Performer

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Scenario 1: Index rises by 55% → return 55% → payment 155%

Scenario 2: Index falls by 20%; but during the term over the barrier (=60%) → return 25% → payment 125%

Scenario 3: Index falls below the barrier (=60%) during the term, but at the end ot term it lies 15% over the start value → return 15% → payment 115% (like conventional index certificate)

Scenario 4: Index falls below the barrier (=60%) during the term, but at the end ot term it lies 10% under the start value → payment 90%

Development :

CECE ® EURO Bonus Performer CECE Composite Index® in EURO

Development :

CECE ® EURO Bonus Performer CECE Composite Index® in EURO

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DivDAX® Bonus Performer FUNCTIONAL SET UP: If the floor is neither reached nor exceeded during the term of the instrument, investors will receive a payment corresponding to 140% of the nominal value. If the index rises by more than 40%, investors will also benefit from this upward movement with a 1:1 ratio. If the floor is reached or exceeded during the term of the instrument, no premium will be paid to investors and the yield will correspond to that of an index certificate.

PRODUCT PROFILE:


Underlying: DivDAX® Price Index

Term: 6 years (27.06.2005 – 26.06.2011)

Start value: Closing of the DivDAX® Price Index on 24.06.2005 at 100.35 points

Barrier: 65% ot the start value (65.23 points) Bonus: 40%

Ordersizes – minimum investment: 1 piece at EUR 1,000.00



ISIN: AT0000439484




+ Performance advantage and reduced risk stay opposed to direct investments in the index

+ Capital guarantee of 100%, if the index never falls by 35% or more during the term → reduction of risk

+ The index shows a lower or negative performance (up to 35%), but still bonus payment of 40%

+ No return cap, if the index rises by more than 40% + Investments in the 15 strongest dividend DAX®-companies - If the index falls by more than 35%, no premium will be paid to investors and the yield

will correspond to that of an index certificate. There is no capital protection in that case GUARANTEED PERFORMANCE:

DivDAX ® Bonus Performer

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Development DivDAX ® Price ndex(Start value at 100)

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Scenario 1: Index rises by 55% → return 55%, payment 155% Scenario 2: Index falls by 20%, during the term over the barrier (= 65%) → return 40%, payment 140% Scenario 3: During the term the index falls below the barrier (= 65%), at the end of the term 15% over start value. → return 15%, payment 115% (like conventional index certificates) Scenario 4: During the term the index falls below the barrier (= 65%), at the end of the term 10% under start value → payment 90%

DevelopmentBonus Performer:DivDAX® Price Index

DevelopmentBonus PerformerDivDAX® Price Index

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Commodity Bonus Performer US Dollar FUNCTIONAL SET UP: This product offers investors the opportunity to receive a 30% premium at maturity and to participate in the positive performance of the DJ AIG Commodity Index® (DJAIG). Furthermore, it is to some extent hedged against losses: If the 62.5% floor is neither reached nor exceeded during the term of the instrument, investors will receive a payment corresponding to 130% of its nominal value. If the index rises by more than 30%, investors will also benefit from this upward movement with a 1:1 ratio. If the floor is reached or exceeded during the term of the instrument, no premium will be paid. The investors will receive a payment, which corresponds relatively to the performance of the underlying at the start value.

PRODUCT PROFILE:

Issue Price: USD 1,000.00 + 3% issue premium

Underlying: DJ AIG Commodity Index® (DJAIG)

Term: 6 years (25.04.2005 – 24.04.2011)

Start value: Close of DJAIG® on 22.04.2005: 157.681 Points

Barrier: 62.5% of the start value (98.55 points)




ISIN: AT0000439294




+ 30% Bonus plus the set up capital, if the DJAIG Commodity-Index® does not fall by 37.5% or more below the level of the day of Strike Fixings

+ If the DJAIG Commodity-Index® rises more than 30%, the return is unlimited + Investments in a published and understandable commodity index, which will be adapted

annually on fixed rules + The certificate is quoted in US Dollars and there is the opportunity to participate in the

rise of the US Dollar - If the index falls by more than 37.5%, the investor will receive a payment, which

corresponds relatively to the performance of the underlyings at the start value. There is no capital protection in this case

- If the US Dollar falls, investors have the currency risk GUARANTEED PERFORMANCE:

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Scenario 1: Index rises by 55% until the end of term → return 55%, payment 155% (100% set up capital + 55% return of the DJAIG®) Scenario 2: At the end of term the index is 20% below its start value, but never fell by 37.5% or more during term. → return 30%, payment 130% (Bonus is active – in comparison to a direct investment the investor does not suffer a loss of 20%, but gains a return of 30%) Scenario 3: During the term the index falls by more than 37.5%, but at the end of term it lies at 15% over the start value. → return 15%, payment 115%

Development:Bonus Performer:DJAIG

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America Bonus Performer FUNCTIONAL SET UP: This product offers investors the opportunity to receive a 25% premium at maturity and to participate in the positive performance of the Dow Jones Industrial Average® (INDU). Furthermore, it is to some extent hedged against losses: If the 60% floor is neither reached nor exceeded during the term of the instrument, investors will receive a payment corresponding to 125% of its nominal value. If the index rises by more than 25%, investors will also benefit from this upward movement with a 1:1 ratio. If the floor is reached or exceeded during the term of the instrument, no premium will be paid to investors and the yield will correspond to that of an index certificate.

PRODUCT PROFILE:


Underlying: DJ Industrial Average® (INDU)

Term: 6 years (26.02.2004 – 25.02.2010) Start value: Close of INDU on 25.02.04: 10,601.62 points

Barier: 60% of start value (6,360.97 points)




ISIN: AT0000438502




+ Capital guarantee of 100% if the index never looses 40% or more during the term. + Bonus of 25% even if the index shows a negative performance + No performance cap when the index rises more than 25% + Tax advantage: tax free after one year retention period + Compared to a direct investment in the index the investor benefits from an

outperformance and a reduced risk profile + No currency risk - When the barrier is touched during term, the bonus is cancelled and the investor

participates fully in the positive or negative development of the index. - No coupon payments GUARANTEED PERFORMANCE:

Amerika Bonus Performer 2004 – 2010

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INDU

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Bonus Performer :

INDUBonus

-30-20-10

40 50 60 70 80 90 140

150

160

170

180

190

200

110

120

130

100

0


-70-60-50-40

102030405060708090

100110


Gew

inn/

Verlu

st

Bonus Performer :

INDUBonus

-30-20-10

40 50 60 70 80 90 140

150

160

170

180

190

200

110

120

130

100

0


yiel

d/lo

ss

Development of Dow Jones Industrial Average(start value100)


-70-60-50-40

102030405060708090

100110


Gew

inn/

Verlu

st

Bonus Performer :

INDU

Airbagarea

Bonus

-30-20-10

40 50 60 70 80 90 140

150

160

170

180

190

200

110

120

130

100

0


-70-60-50-40

102030405060708090

100110


Gew

inn/

Verlu

st

Bonus Performer :

INDUBonus

-30-20-10

40 50 60 70 80 90 140

150

160

170

180

190

200

110

120

130

100

0


yiel

d/lo

ss

Developmentof Dow Jones Industrial Average(start value100)


-70-60-50-40

102030405060708090

100110


Gew

inn/

Verlu

st

Bonus Performer :

INDUBonus

-30-20-10

40 50 60 70 80 90 140

150

160

170

180

190

200

110

120

130

100

0


-70-60-50-40

102030405060708090

100110


Gew

inn/

Verlu

st

Bonus Performer :

INDUBonus

-30-20-10

40 50 60 70 80 90 140

150

160

170

180

190

200

110

120

130

100

0


yiel

d/lo

ss

Development of Dow Jones Industrial Average(start value100)

Rising prices: Provided that the Dow Jones Industrial Average® (INDU) never drops by 40% or more during the term of the instrument, investors will receive a 25% premium. Should the index rise by more than 25%, investors will participate in the positive performance of the underlying on a 1:1 base.

Declining prices: Up to a 39.99% decline in value, investors will not suffer from losses. If the decline in value reaches or exceeds 60%, the capital guarantee will no longer be granted. In this case, investors will be exposed to the same risk as if they had invested directly in index certificates.

19

China Bonus Performer FUNCTIONAL SET UP: This product offers investors the opportunity to receive a 30% premium at maturity and to participate in the positive performance of the Hang Seng China Enterprises Index (HSCEI). Furthermore, it is, to some extent, hedged against losses: If the 60% floor is neither reached nor exceeded during the term of the instrument, investors will receive a payment corresponding to 130% of its nominal value. If the index rises by more than 30%, investors will also benefit from this upward movement with a 1:1 ratio. If the floor is reached or exceeded during the term of the instrument, no premium will be paid to investors and the yield will correspond to that of an index certificate.

PRODUCT PROFILE:


Underlying: Hang Seng China Enterprises® Index (HSCEI)

Term: 6 years (24.02.2004 – 23.02.2010) Start value: Close of HSCEI on 27.02.04: 5,102.14 points

Barrier: 60% of start value (3,016.28 points)


Coupon dates: No coupon dates Acquisition and sales: marketable daily from 9.15 am to 5.30 pm

ISIN: AT0000436076




+ Capital guarantee of 100% if the index never looses 40% or more during term. + Bonus of 30% even if the index shows a lower or negative performance + No performance cap when the index rises more than 30% + Tax advantage: tax free after one year retention period + Compared to a direct investment into the index the investor benefits from an


participates fully in the positive or negative development of the index. - No coupon payments GUARANTEED PERFORMANCE:

China Bonus Performer 2004 - 2010

-70

-60

-50

-40

-30

-20

-10

0

10

20

30

40

50

60

70

80

90

100

110

40 50 60 70 80 90 100

110

120

130

140

150

160

170

180

190

200

Wertentwicklung des Hang Seng China Enterprises Index

(Startwert bei 100)

Gew

inn/

Ver

lust

Wertentwicklung:

Bonus Performer:

HSCEI


-70

-60

-50

-40

-30

-20

-10

0

10

20

30

40

50

60

70

80

90

100

110

40 50 60 70 80 90 100

110

120

130

140

150

160

170

180

190

200


(Startwert bei 100)

Gew

inn/

Ver

lust

Wertentwicklung:

Bonus Performer:

HSCEI


yiel

d/lo

ss

Development of Hang Seng China Enterprises Index(start value 100)

Airbag area

Bonus


-70

-60

-50

-40

-30

-20

-10

0

10

20

30

40

50

60

70

80

90

100

110

40 50 60 70 80 90 100

110

120

130

140

150

160

170

180

190

200


(Startwert bei 100)

Gew

inn/

Ver

lust

Wertentwicklung:

Bonus Performer:

HSCEI


-70

-60

-50

-40

-30

-20

-10

0

10

20

30

40

50

60

70

80

90

100

110

40 50 60 70 80 90 100

110

120

130

140

150

160

170

180


-70

-60

-50

-40

-30

-20

-10

0

10

20

30

40

50

60

70

80

90

100

110

40 50 60 70 80 90 100

110

120

130

140

150

160

170

180

190

200


(Startwert bei 100)

Gew

inn/

Ver

lust

Wertentwicklung:

Bonus Performer:

HSCEI


-70

-60

-50

-40

-30

-20

-10

0

10

20

30

40

50

60

70

80

90

100

110

40 50 60 70 80 90 100

110

120

130

140

150

160

170

180

190

200


(Startwert bei 100)

Gew

inn/

Ver

lust

Wertentwicklung:

Bonus Performer:

HSCEI


yiel

d/lo

ss

Development of Hang Seng China Enterprises Index(start value 100)

Airbag area

Bonus

Rising prices: Provided that the Hang Seng China Enterprises Index (HSCEI) never drops by 40% or more during the term of the instrument, investors will receive a 30% premium. Should the index rise by more than 30%, investors will participate in the positive performance of the underlying on a 1:1 base.


20

Nikkei Bonus Performer FUNCTIONAL SET UP: This product offers investors the opportunity to receive a 25% premium at maturity and to participate in the positive performance of the NIKKEI 225® (NKY). Furthermore, it is to some extent hedged against losses: If the 59% floor is neither reached nor exceeded during the term of the instrument, investors will receive a payment corresponding to 125% of the nominal value. If the index rises by more than 25%, investors will also benefit from this upward movement with a 1:1 ratio. If the floor is reached or exceeded during the term of the instrument, no premium will be paid to investors and the yield will correspond to that of an index certificate.

PRODUCT PROFILE:


Underlying: NIKKEI 225® Price Index (NKY)

Term: 6 years (12.01.2004 – 12.01.2010) Start value: Close of NIKKEI 225® on 09.01.2004: 10,965.05 points

Barrier: 59% of start value (6,469.38 points)


Copon dates: No coupon dates


ISIN: AT0000436001




+ Capital guarantee of 100%, if the index never looses 41% or more during term + Bonus of 25%, even if the index shows a lower or negative performance + No performance cap when the index rises more than 25% + Tax advantage: tax free after one year retention period + Compared to a direct investment into the index the investor benefits from an


participates fully on the positive or negative development of the index - No coupon payments GUARANTEED PERFORMANCE:

Nikkei Bonus Performer 2004 – 2010

-70-60-50-40

102030405060708090

100110

Wertentwicklung des Nikkei 225(Startwert bei 100)

Gew

inn/

Verlu

st Wertentwicklung:

Bonus Performer :

NKYBonus

-30-20-10

40 50 60 70 80 90 140

150

160

170

180

190

200

110

120

130

100

0


-70-60-50-40

102030405060708090

100110


Gew

inn/

Verlu

st Wertentwicklung:

Bonus Performer :

NKY

Airbagarea

Bonus

-30-20-10

40 50 60 70 80 90 140

150

160

170

180

190

200

110

120

130

100

0

NikkeiBonus Performer 2004 - 2010

yiel

d/lo

ss

Development of Nikkei 225 Index(start value 100)


-70-60-50-40

102030405060708090

100110


Gew

inn/

Verlu

st Wertentwicklung:

Bonus Performer :

NKYBonus

-30-20-10

40 50 60 70 80 90 140

150

160

170

180

190

200

110

120

130

100

0


-70-60-50-40

102030405060708090

100110


Gew

inn/

Verlu

st Wertentwicklung:

Bonus Performer :

NKY

Airbagarea

Bonus

-30-20-10

40 50 60 70


-70-60-50-40

102030405060708090

100110


Gew

inn/

Verlu

st Wertentwicklung:

Bonus Performer :

NKYBonus

-30-20-10

40 50 60 70 80 90 140

150

160

170

180

190

200

110

120

130

100

0


-70-60-50-40

102030405060708090

100110


Gew

inn/

Verlu

st Wertentwicklung:

Bonus Performer :

NKY

Airbagarea

Bonus

-30-20-10

40 50 60 70 80 90 140

150

160

170

180

190

200

110

120

130

100

0

NikkeiBonus Performer 2004 - 2010

yiel

d/lo

ss

Development of Nikkei 225 Index(start value 100)

Rising prices: Provided that the Nikkei 225® (NKY) never drops by 41% or more during the term of the instrument, investors will receive a 25% premium. Should the index rise by more than 25%, investors will participate in the positive performance of the underlying on a 1:1 basis.


21

Europe Bonus Performer I – V FUNCTIONAL SET UP: This product offers investors the opportunity to receive a 30% (I – IV) resp. 40% (V) premium at maturity and to participate in the positive performance of the DJ EURO STOXX 50®. Furthermore, it is, to some extent, hedged against losses: If the 50% floor (I – III), 55% (IV) resp. 60% (V) is neither reached nor exceeded during the term of the instrument, investors will receive a payment corresponding to 130% (I – IV) resp. 140% (V) of its nominal value. If the index rises by more than 30% (I – IV) resp. 40% (V), investors will also benefit from this upward movement with a 1:1 ratio. If the floor is reached or exceeded during the term of the instrument, no premium will be paid to investors and the yield will correspond to that of an index certificate.

PRODUCT PROFILE:



Term: 6 years I: 01.08.2003 – 31.07.2009 II: 01.09.2003 – 31.08.2009 III: 17.11.2003 – 16.11.2009 IV: 19.01.2004 – 18.01.2010 V: 12.09.2005 – 11.09.2011

Start value: (close of DJ EURO STOXX 50®) I: 2,519.79 points (31.07.2003) II: 2,556.71 points (29.08.2003) III: 2,656.94 points (14.11.2003) IV: 2,865.96 points (16.01.2004) V: 3,359.65 points (03.09.2005)

Barrier: I: 50% of start value, at 1,259.90 II: 50% of start value, at 1,278.35 III: 50% of start value, at 1,328.47 IV: 55% of start value, at 1,576.28 V: 60% of start value, at 2,015.79

Ordersizes: Minimum Investment: 1 piece at EUR 1,000.00 denomination: 1 piece at EUR 1,000.00


ISIN: I: AT0000435839 II: AT0000435854 III: AT0000435961 IV: AT0000436019 V: AT0000439815



OPPORTUNITIES/RISKS: + Capital guarantee of 100%, if the index never looses 49.99% (I – III), 44.99% (IV) resp.

39.99% (V) or more during term + Bonus of 30% (I – IV) resp. 40% (V), even if the index shows a lower or negative

performance + No performance cap when the index rises more than 30% (I – IV) resp. 40% (V) + Compared to a direct investment into the index the investor benefits from an


participates fully on the positive or negative development of the index - No coupon payments GUARANTEED PERFORMANCE:

-70-60

-50-40

10

20304050

60

708090

100110

Wertentwicklung des DJ Euro Stoxx50 Index(Startwert bei 100)

Gew

inn/

Verlu

st Wertentwicklung:Bonus Performer:

SX5E

Sicherheitsbereich

Bonus

-30-20

-10

40 50 60 70 80 90 140

150

160

170

180

190

200

110

120

130

100

0

-70-60

-50-40

10

20304050

60

708090

100110


Gew

inn/

Verlu


SX5E

Sicherheitsbereich

Bonus

-30-20

-10

40 50 60 70 80 90 140

150

160

170

180

190

200

110

120

130

100

0

Europe Bonus Performer, 4. Tranche

yiel

d/lo

ss

Development of DJ Euro Stoxx 50 Index(start value 100)

Airbag area

-70-60

-50-40

10

20304050

60

708090

100110


Gew

inn/

Verlu


SX5E

Sicherheitsbereich

Bonus

-30-20

-10

40 50 60 70 80 90 140

150

160

170

180

190

200

110

120

130

100

0

-70-60

-50-40

10

20304050

60

708090

100110


Gew

inn/

Verlu

st

Bonus Performer:

SX5E

Sicherheitsbereich

Bonus

-30-20

-10

40 50 60 70 80 90 140

150

160

170

180

190

200

110

120

130

100

0


yiel

d/lo

ss


Airbag area

-70-60

-50-40

10

20304050

60

708090

100110


Gew

inn/

Verlu


SX5E

Sicherheitsbereich

Bonus

-30-20

-10

40 50 60 70 80 90 140

150

160

170

180

190

200

110

120

130

100

0

-70-60

-50-40

10

20304050

60

708090

100110


Gew

inn/

Verlu


SX5E

Sicherheitsbereich

Bonus

-30-20

-10

40 50 60 70 80 90 140

150

160

170

180

190

200

110

120

130

100

0


yiel

d/lo

ss


Airbag area

-70-60

-50-40

10

20304050

60

708090

100110


Gew

inn/

Verlu


SX5E

Sicherheitsbereich

Bonus

-30-20

-10

40 50 60 70 80 90 140

150

160

170

180

190

200

110

120

130

100

0

-70-60

-50-40

10

20304050

60

708090

100110


Gew

inn/

Verlu

st

Bonus Performer:

SX5E

Sicherheitsbereich

Bonus

-30-20

-10

40 50 60 70 80 90 140

150

160

170

180

190

200

110

120

130

100

0


yiel

d/lo

ss


Airbag area

Rising prices: Provided that the DJ EURO STOXX 50® Price Index (SX5E) never drops below the respective barrier during the term of the instrument, investors will receive a 30% (I – IV) resp. 40% (V) premium. Should the index rise by more than 30% (I – IV) resp. 40% (V), investors will participate in the positive performance of the underlying on a 1:1 basis.

Declining prices: Up to a decline in value to the respective barrier, investors will not suffer from losses. If the decline in value reaches or exceeds the barrier, the capital guarantee will no longer be granted. In this case, investors will be exposed to the same risk as if they had invested directly in index certificates.

22

Airbag-Certificate I / II FUNCTIONAL SET UP: Investors participate fully in the positive performance of the underlying. In the case of up to a 30% decrease in value of the underlying, investors will not suffer from losses as they will remain inside the safety margin. Investors will participate in a price decline on the basis of a factor of 1.42857 only if a value reduction of assets of more than 30% occurs. PRODUCT PROFILE:


Underlying: 10% NIKKEI 225® 45% DJ EURO STOXX 50® Price Index 45% DJ Industrial Average®

Term: 5 years I: 31.10.2002 – 31.10.2007 II: 02.12.2002 – 02.12.2007

Start values: I II NIKKEI 225® 8,640.48 pts. 9,215.56 pts. DJ Eurostoxx50® 2,518.99 pts. 2,656.85 pts. DJ Ind. Av. ® 8,397.03 pts. 8,896.09 pts.

Barrier: I-II: 70 of the start value

Ordersizes: Min. investment: 5 pcs at EUR 1,000.00 Denomination: 1 pcs. at EUR 1,000.00


ISIN: I: AT0000435383 II: AT0000435425




+ 100% participation on the positive development of the underlying + No performance cap

+ Conditional capital protection

+ Tax advantage: Tax free after one year retention period + Opportunity to participate in the development of 3 worldwide diversified indices with one

investment

- No coupon payments UNDERLYING: The composition of the underlying is as follows:


Payb

acka

mou

ntin

EUR

100

0-100 -80 -60 -40 -20 20 40 60 80 100

80

60

20

120

140

180

200

0

40

160

Development of underlying in %

Underlying

Airbag-Certificate Airbag area

Loss barrier

Payb

acka

mou

ntin

EUR

100

0-100 -80 -60 -40 -20 20 40 60 80 100

80

60

20

120

140

180

200

0

40

160


Underlying


Loss barrier

Rising prices: The investor participates fully in the positive performance of the underlying. Declining prices: Investors will not suffer from any losses with price declines of up to 30%. Only if a value reduction of the assets of more than 30% occurs, will investors participate in the price decline on the basis of a factor of 1.42857.

23

Airbag-Certificate with guaranteed minimum return FUNCTIONAL SET UP: Investors participate fully in the positive performance of the underlying. In the case of up to a 20% decrease in value of the underlying, investors will not suffer from losses as they will remain inside the safety margin. Only if the value reduction exceeds 20% will investors participate in the price decline on the basis of a factor of 1.25. In addition, investors receive a guaranteed minimum return of 5% at maturity.

PRODUCT PROFILE:


Underlying: 10% NIKKEI 225® 45% DJ EURO STOXX 50® Price Index 45% DJ Industrial Average®

Term: 5 years (03.03.2003 – 03.03.2008)

Start values: NIKKEI 225® 8,363.04 points DJ EURO STOXX 50® 2,140.73 points DJ Ind. Av.® 7,891.08 points

Barrier: 80% of the start value Ordersizes: Min. volume: 5 pcs. at EUR 1,000.00 Denomination: 1 pcs. at EUR 1,000.00

Coupon dates: 5% at maturity Acquisition and sales: marketable daily from 9.15 am to 5.30 pm

ISIN: AT0000435524




+ 100% participation in the positive development of the underlying + No performance cap

+ Conditional capital protection and minimum return

+ Tax advantage: tax free after one year retention period + Opportunity to participate on the development of 3 worldwide diversified indices with one

investment

- No coupon payments UNDERLYING: The composition of the underlying is as follows:

GURANTEED PERFORMANCE:

Payb

acka

mou

ntin

EUR

100

0-100 -80 -60 -40 -20 20 40 60 80 100

80

60

20

120

140

180

200

0

40

160


Underlying


Loss barrier

Payb

acka

mou

ntin

EUR

100

0-100 -80 -60 -40 -20 20 40 60 80 100

80

60

20

120

140

180

200

0

40

160


Underlying


Loss barrier

Rising prices: The investor participates fully in the positive performance of the underlying with a cap of 105%. Declining prices: Investors will not suffer from any losses if prices decline of up to 20%.

Declines > 20% Declines which exceed the airbag area do not have to be carried fully by the investor as he receives additional 5% of the invested capital.

24

DJ EURO STOXX 50® Deep Discount Certificate FUNCTIONAL SET UP: The investor acquires the DJ EURO STOXX 50® Index at a lower price compared to a direct index investment. For this price advantage, the investor accepts a revenue cap.

PRODUCT PROFILE:

Issue Price: EUR 18.05

Underlying: DJ EURO STOXX 50® Index (SX5E)

Term: 5 years (05.01.2005 – 04.01.2010)

Calculation of redemption price: on 04.01.2010

Max. yield (in EUR): Cap/100 minus current price of the certificate.

Cap: 2,250 points

Discount: EUR 4.45 (38.92% of

2,950.11)

Exchange ratio: 100:1

Subscription price: Current price of the certificate

Ordersizes: Min. investment: 1 piece


ISIN: AT0000439039




+ Higher yield possible than with a direct investment + Safety zone due to discount + Investment in 50 Blue Chips in the Eurozone + Liquidity at any time + Cost efficiency - Risk of loss if index falls heavily - Revenue cap GUARANTEED PERFORMANCE:

-30

-20

-10

0

10

20

30

40

50

Eurostoxx 50

Yiel

d%

Discountzertifikat

DJ Eurostoxx 50

Cap

22,50%

18,05

22,50

29,55

-30

-20

-10

0

10

20

30

40

50

Eurostoxx 50

Yiel

d%

Discountzertifikat

DJ Eurostoxx 50

Cap

22,50%

18,05

22,50

29,55

Example: purchase price 18,05 Scenario 1: The index rises to 2,955 pts. at payout of EUR 22.50 due to the cap at return of 24.6% Scenario 2: The index closes at 2,250 pts. at payout of EUR 22.50 EUR due to the cap at return of 24.6% Scenario 3: The index closes at 2,000 pts. at The return on the certificate is 10.8%. Compared to a direct investment (-32.32%) the investor gets a return of 10.8%. Scenario 4: The index closes at 1,500 at The “Discount Certificate” suffers a loss of 16.9% compared to a loss of 49.2% if invested directly

25

China Alpha Performer I , II

FUNCTIONAL SET UP: The certificate will be recalled before maturity, if the HSCEI® shows a better performance than the S&P500® on the evaluation date. The relevant parameter is the change in percentage in comparison to the initial value. The growth of both indices will be screened yearly (first time after 13 months). Already a minor outperformance of the HSCEI® causes the repayment after 13 months of the investment. If there is no refunding, the term will be extended for another year. In the same way the chance of repayment increases yearly for additional 11% (I) or 10% (II) (of the nominal amount). The USP of the China Alpha Performer is the possibility of a positive yield also at negative chart development. The evaluation of HSCEI® will be after 4 years and 1 month. If the HSCEI® performed not better than the SPX and the quotation is between initial value and 75% (I) or 80% (II) of the initial value, the repayment will be done at 100. Is the quotation below 75% (I) or 80% (II) of the initial value or above the initial value, the repayment occurs in accordance to the actual performance of the HSCEI® in comparison to the initial value.

PRODUCT PROFILE:

Issue Price: EUR 1,000.00 + 2% issue premium Underlying: Hang Seng China Enterprises I. (HSCEI®) S&P 500® Index (SPX)

Term: I: July 24th 2006-up to August 23rd 2010 (min. 23rd August 2007) II: September 22nd 2006-October 21st 2010 (min. 21st October 2007) Strike fixing: I: Close of the Underlying Indices on July 21st 2006 HSCEI®: 6,736.12 Points SPX: 1,240.29 Points II: Close of the Underlying Indices on September 21st 2006 HSCEI®: 6,936.37 Points SPX: 1,304.28 Points Observation days: I: Yearly on August 17th, first observation on August 17th 2007 II: Yearly on October 13th, first observation on October 15th 2007 Order sizes: Minimum investment: 1 piece at EUR 1,000.00

Barrier: I: 75% of the starting value II: 80% of the starting value

Taxes: 25% capital gains tax, EU withholding tax free

ISIN: I: AT000B052568 II: AT000B052725


+ 100% participation on the positive development of the HSCEI® + Short Term Period + Positive yields also at negative growth of HSCEI® + No FX-risk because of EUR denomination + Cache of 25 (I)% or 20% (II) + Daily trade able during the whole term + Advantage to direct investment at lateral and falling prices - Risk of not gaining loss - Single share risk because of participation on indices - Price fluctuation during term period GUARANTEED PERFORMANCE:

Fixation of the reference value otHang Seng China Enterprises and S&P500 Index

HSCEI better than S&P 500



After 13 months

After 2 yrs 1 mon

After 3 yrs and 1 mon

no

yes

yes

yes

111% / 110 %

122% / 120%

133% / 130%

HSCEI better than S&P500

no

no

yes144% / 140%

Issue Price: EUR 1,000 / each.


Redemption100 %

Closing Price HSCEI ≥ 75% / 85% of the initial value ≥ initial value

Closing Price HSCEI < 75% / 80% of the initial value or >

yes

yes

Redemption will correspondentTo the performence of the HSCEI

no

Redemption:

100%

Redemption:

Redemption:

Redemption:

Redemption:





After 13 months

After 2 yrs 1 mon


no

yes

yes

yes

111% / 110 %

122% / 120%

133% / 130%


no

no

yes144% / 140%



Redemption100 %



yes

yes


no

Redemption:

100%

Redemption:

Redemption:

Redemption:

Redemption:





After 13 months

After 2 yrs 1 mon


no

yes

yes

yes

111% / 110 %

122% / 120%

133% / 130%


no

no

yesyes144% / 140%



Redemption100 %



yesyes

yesyes


no

Redemption:

100%

Redemption:

Redemption:

Redemption:

Redemption:

EU-tax free

26

Europe Level Performer FUNCTIONAL SET UP: This product offers investors the opportunity to receive a yield of 11% to 44% at maturity, if the DJ EURO STOXX 50® Price Index closes at or above the start value on one of the given observation days. Furthermore, the airbag protects the investor against losses to some extent.

PRODUCT PROFILE:



Term: Minimum: 18 months – Max.: 4.5 years: (01.03.2006 – max. 31.08.2010)

Possible maturities: 31.08.07 111% redemption on 03.09.07 01.09.08 122% redemption on 02.09.08 31.08.09 133% redemption on 01.09.09 31.08.10 144% redemption on 01.09.10 Start value: Close of SX5E on 28.02.2006

Observation days: 29.08.2007 28.08.2008 27.08.2009 27.08.2010 Barrier: 70% of the start value at 2,642.16 points



ISIN: AT000B052113

Market assessment: Unchanged and upward trend of stock markets



+ Opportunity of gaining a high redemption of 111% up to 144% (depending on maturity) + Short term (18 months to 4.5 years) + Reduction of risk due to a safety margin of 29.99% - If the index closes below the start value on all observation days and below 70,01% of the

start value on the last observation day, the investor participates fully in the negative performance of the index

- Product price losses during term possible

GUARANTEED PERFORMANCE: Fixation of the reference value of

the underlying = 100%

Index at or above 100% of its reference value



After 1,5 years

After 2,5 years

After 3,5 years

no

no

yes

yes

yes

Redemption: 111%

Redemption: 122%

Redemption: 133%


no

no

yesRedemption: 144%After 4,5 years

Redemption of 100% if the index closesabove70%. Otherwise the redemption will

correspond to the index value.

Issue DateFixation of the reference value of

the underlying = 100%




After 1,5 years

After 2,5 years

After 3,5 years

no

no

yes

yes

yes

Redemption: 111%

Redemption: 122%

Redemption: 133%


no

no

yesRedemption: 144%After 4,5 years

Redemption of 100% if the index closesabove70%. Otherwise the redemption will

correspond to the index value.

Issue Date

Rising markets If the underlying closes at or above the starting value the certificate is redeemed at 111% after 18 months. Otherwise the maturity will be extended for another 12 months and the possible redemption will be increased by 11% to 122%. This procedure will repeat every year until the maximum term is reached. Decreasing markets After reaching the maximum term of 4.5 years, the underlying is observed for the last time. If the underlying is at or above the start value the product is redeemed at 144%. If it is between the barrier and the start value the investor receives 100% of the invested capital. If the underlying has touched or exceeded the barrier the redemption will correspond to the index value.

27

German Level Performer FUNCTIONAL SET UP: The German Level Performer offers investors the opportunity to receive a yield of 13% to 52% at maturity. Furthermore, the airbag protects against losses to some extent.

PRODUCT PROFILE:


Underlying: Share basket of 10 German Blue-Chip titles See www.strukturierte-investments.at

Term: Minimum 13 months – max. 49 months (21.11.2005 – max. 20.12.2009)

Possible maturities: 21.12.2006 Redemption: 113% 21.06.2007 Redemption: 119.5% 21.12.2007 Redemption: 126% 23.06.2008 Redemption: 132.5% 22.12.2008 Redemption: 139% 22.06.2009 Redemption: 145.5% 21.12.2009 Redemption: 152% Start value: Xetra-close of each share on 18.11.2005 See www.strukturierte-investments.at Barrier: 75% of the start value

Barrier for capital protection: 50% of the start value



ISIN: AT0000440003

Market assessment: Unchanged, upward and slight downward trend of stock markets



+ Opportunity of gaining a high redemption of 113% up to 152% (depending on maturity) + Short term (13 months to 4 years and 1 month) + Performance advantage in the case of unchanged or slightly moving markets + Reduction of risk due to a safety margin of 49.99% - If no preterm liquidation occurs and at least one share from the basket closes at or below

50% of its start value, the investor has no capital protection and the redemption will correspond to the share with the lowest performance


Fixationof the start values Price:

EUR 1.000 / piece

Shares > 75% of the start values



13th Month

19th Month

25th Month

no

no

yes Redemption: 113,00%

Redemption: 119,50%

Redemption: 126,00%

Redemption: 139,00 %

31st Month Redemption: 132,50%

37th Month

43rd Month Redemption: 145,50%

50% <Price 75% of the start value

no

Redemption: 100 %

Shares ≤ 50%(Redemptioncorrespondingto share)

49th Month Redemption: 152,00%

no

no

no


no



no


yes

yes

yes

yes

yes

yes

yes

Issuedate Fixationof the start values Price: EUR 1.000 / piece




13th Month

19th Month

25th Month

no

no

yes Redemption: 113.00%

Redemption: 119.50%

Redemption: 126.00%

Redemption: 139.00 %

31st Month Redemption: 132.50%

37th Month

43rd Month Redemption: 145.50%

50% <Price <75% of the start value

no

Redemption: 100%

Shares ≤ 50%(Redemptioncorresponding to share)

49th Month Redemption: 152.00%

no

no

no


no



no


yes

yes

yes

yes

yes

yes

yes





13th Month

19th Month

25th Month

no

no

yes Redemption: 113,00%

Redemption: 119,50%

Redemption: 126,00%

Redemption: 139,00 %

31st Month Redemption: 132,50%

37th Month

43rd Month Redemption: 145,50%

50% <Price 75% of the start value

no

Redemption: 100 %

Shares ≤ 50%(Redemptioncorrespondingto share)

49th Month Redemption: 152,00%

no

no

no


no



no


yes

yes

yes

yes

yes

yes

yes





13th Month

19th Month

25th Month

no

no

yes Redemption: 113.00%

Redemption: 119.50%

Redemption: 126.00%

Redemption: 139.00 %

31st Month Redemption: 132.50%

37th Month

43rd Month Redemption: 145.50%

50% <Price <75% of the start value

no

Redemption: 100%

Shares ≤ 50%(Redemptioncorresponding to share)

49th Month Redemption: 152.00%

no

no

no


no



no


yes

yes

yes

yes

yes

yes

yes

Issuedate

Rising markets: The certificate will be redeemed at 113% after 13 months if all shares in the basket close above 75% of their start value. Otherwise the maturity will be extended for another period of 6 months and the possible redemption will be increased by 6.50% to 119.50%. This procedure will repeat every 6 months up to the reaching of the maximum term. Decreasing markets: After reaching the maximum term of 49 months the underlying is observed for the last time. If all shares in the basket close above 75% of their start value, the certificate will be redeemed at 152%. If at least one share closes between 75% and 50.01%, the investor will receive 100% of the invested capital. If one or more shares close at or below 50%, the redemption will correspond to the share with the lowest performance.

28

GUARANTEE PRODUCTS

DESCRIPTION These products offer the chance to participate in the positive performance of an underlying (equity index, investment funds, basket of shares, hedge funds, commodity index, etc.). The risk of losses is completely excluded by a capital guarantee. Chances for high yields without any risk are the most important characteristics for these products!

PRICE DEVELOPMENT The price development during the term depends on the development of the underlying financial instruments.

SOURCE OF CURRENT PRICES Internetlink: www.strukturierte-investments.at Reuters: GARANTIE=OVAG (Chain/F3) Bloomberg: VBEQ3

PRODUCT NAME WKN ISIN SELECT DIVIDEND-Stürmer 05276 AT000B052766

Saving Guarantee Energy 05254 AT000B052774

Saving Guarantee 05254 AT000B052543

Japan Alpha Guarantee 05250 AT000B052501

Austria Guarantee 2006-2011 05253 AT000B052535

China Guarantee 05237 AT000B052378

Property Guarantee – Limited Edition 05232 AT000B052329

Range Guarantee 05218 AT000B052188

Austria Guarantee 05217 AT000B052170

CHI Guarantee I 44016 AT0000440169

CHI Guarantee II 05219 AT000B052196

CHI Guarantee III 05239 AT000B052394

Formula 8 Guarantee 44012 AT0000440128

Japan Commodity Silver Guarantee 44018 AT0000440185

Scandinavia Guarantee 43993 AT0000439930

3 Plus Target Guarantee (Target coupon) I 43969 AT0000439690

3 Plus Target Guarantee (Target coupon) II 43998 AT0000439989

3 Plus Target Guarantee (Target coupon) III 44017 AT0000440177

World Performance Guarantee (World Basket) 43954 AT0000439542

Commodity Protect Guarantee I 43946 AT0000439468

Commodity Protect Guarantee II 43963 AT0000439633

Commodity Protect Guarantee III 43978 AT0000439781

Commodity Protect Guarantee IV 44008 AT0000440086

Japan Guarantee 43932 AT0000439328

5.5% Guarantee 2011 43917 AT0000439179

Europe Highest Level-Guarantee I 43910 AT0000439104

Europe Highest Level-Guarantee II 43979 AT0000439799

Blue Basket Capital Guarantee 43911 AT0000439112

Step Guarantee 43902 AT0000439021

Top Guarantee I 43899 AT0000438999




29

PRODUCT NAME WKN ISIN Top Guarantee II 43900 AT0000439005

Top Guarantee III 43915 AT0000439153

Top Guarantee IV 43931 AT0000439310

Top Guarantee V 43953 AT0000439534

Top Guarantee VI 43983 AT0000439831

Top Guarantee VII 43995 AT0000439955

3 Plus Guarantee “Frozen Coupon” I 43901 AT0000439013

3 Plus Guarantee “Frozen Coupon” II 43927 AT0000439278

3 Plus Guarantee I 43887 AT0000438874

3 Plus Guarantee II 43893 AT0000438932

3 Plus Guarantee III 43916 AT0000439161

Commodity Highest Level- Guarantee 43862 AT0000438627

Up & Down Guarantee 43591 AT0000435912

Up & Down Guarantee “Frozen Coupon“ II 43598 AT0000435987

Up & Down Guarantee “Frozen Coupon” III 43618 AT0000436183

Up & Down Guarantee “Frozen Coupon” IV 43873 AT0000438734

Top 20 Guarantee I 43565 AT0000435656

Top 20 Guarantee II 43573 AT0000435730

Top 20 Guarantee III 43586 AT0000435862

Top 20 Guarantee IV 43604 AT0000436043

Top 20 Guarantee V 43858 AT0000438585

Top 20 Guarantee VI 43877 AT0000438775

Top 20 Guarantee VII 43896 AT0000438965

Top 20 Guarantee VIII 44011 AT0000440110

Top 20 Guarantee IX 44013 AT0000440136

Top 20 Guarantee X 05233 AT000B052337

Top 20 Guarantee XI 05251 AT000B052519

Top 20 Guarantee XII 05258 AT000B052584

Carinthian Best Performer 43554 AT0000435540

GP Hedge 43530 AT0000435300

GP Hedge 80% 43534 AT0000435342

GP 112 World 43299 AT0000432992

Europe Invest GP 100 43281 AT0000432810

Knock-Out-or Participation 43289 AT0000432893





30

-5,00%

-4,50%

-4,00%

-3,50%

-3,00%

-2,50%

-2,00%

-1,50%

-1,00%

-0,50%

0,00%

0,50%

1,00%

1,50%

2,00%

2,50%

3,00%

3,50%

4,00%

4,50%

5,00%

5,50%

6,00%

6,50%

7,00%

7,50%

Dez.04

Jän.0

5

Feb.05

Mär.05

Apr.05

Mai.05

Jun.0

5Ju

l.05

Aug.05

Sep.05

Okt.05

Nov.05

Dez.05

Jän.0

6

Feb.06

Mär.06

Apr.06

Mai.06

Jun.0

6Ju

l.06

Aug.06

SELECT DIVIDEND-Stürmer

FUNCTIONAL SET UP. The Investor receives a guaranteed repayment of 100%. He additionally obtains the defined performance of the underlying. The performance results from the sum to the 21 monthly performances of the underlying. The five months with the best values are considered overall at 2,5%1. The further sixteen months account with their actual performance in the calculation.

PRODUCT PROFILE:

Issuing price: 100% + 1,75% issuing premium

Underlying: DJ EURO STOXX Select Dividend 30® (SD3E)

Term: 21 months (02.11.2006 – 01.08.2008)

Strike fixing: Closing of the Index 30.10.2006

Observation dates: Each last trading day of the month, total of 21 observations Minimum yield: No minimum return Coupon dates: No coupon dates Denomination: EUR 1,000.00 Minimum Investment: EUR 1,000.00

Acquisitions and sales: Marketable daily from 9.15 am to 5.30 pm Taxes: 25% capital gains tax, EU withholding tax free

ISIN: AT000B052766


+ Unlimited Participation + Easy and cost-efficient access to the dividend-strategy (no management fee) + Short duration + Transparent Underlying + No Exchange risk + 100% Capital guarantee at maturity + No Performance Cap + Daily tradability gives flexibility, the capital is available at any time - Fluctuation in price is possible during the term (price of the SELECT DIVIDEND-Stürmer can fall below 100%) - Capital guarantee only on the end of term EXAMPLE2:

127,67%Clearance after 21 Months

27,67%Total Performance

2,84%2,84%Aug.2006

2,58%2,58%Jul.2006

-0,27%-0,27%Jun.2006

-4,09%-4,09%May.2006

0,00%0,00%Apr.2006

1,22%1,22%Mar.2006

2,50%6,34%Feb.2006

2,50%6,58%Jan.2006

4,51%4,51%Dec.2005

3,42%3,42%Nov.2005

-3,81%-3,81%Oct.2005

2,50%4,94%Sep.2005

-0,88%-0,88%Aug.2005

3,95%3,95%Jul.2005

2,50%4,75%Jun.2005

2,50%4,96%May.2005

-3,89%-3,89%Apr.2005

-0,57%-0,57%Mar.2005

2,98%2,98%Feb.2005

3,51%3,51%Jan.2005

3,67%3,67%Dec.2005

Monthly Performance

127,67%Clearance after 21 Months

27,67%Total Performance

2,84%2,84%Aug.2006

2,58%2,58%Jul.2006

-0,27%-0,27%Jun.2006

-4,09%-4,09%May.2006

0,00%0,00%Apr.2006

1,22%1,22%Mar.2006

2,50%6,34%Feb.2006

2,50%6,58%Jan.2006

4,51%4,51%Dec.2005

3,42%3,42%Nov.2005

-3,81%-3,81%Oct.2005

2,50%4,94%Sep.2005

-0,88%-0,88%Aug.2005

3,95%3,95%Jul.2005

2,50%4,75%Jun.2005

2,50%4,96%May.2005

-3,89%-3,89%Apr.2005

-0,57%-0,57%Mar.2005

2,98%2,98%Feb.2005

3,51%3,51%Jan.2005

3,67%3,67%Dec.2005

Monthly Performance

With this product, the investor has the chance to gain an attractive net yield of 27.67% after only 21 months The product is tradable daily, for full flexibility, and the capital guarantee at maturity ensures additional security.

1 The Yield can range from 2.25% to 2.75% . The exact value is fixed at the end of the subscription period (30.10.2006). 2 The values shown are a historical simulation. Future development can not be predicted.

27.67% Yield after 21 months!

31

Saving Guarantee Energy

FUNCITIONAL SET UP: A guaranteed fixed interest rate of 3⅛% p.a. will be disbursed. Additionally 4⅜% p.a. will be paid annually, if all energy shares quote above 75% of their start value on the 12 monthly observation dates. Thus, each share has a safety gap of 24.99%. If no share passes this safety gap at none of the monthly observation days a coupon of 7.5% will be paid for this yearly period. In the case, that one or more shares passes the safety gap, the coupon for this yearly period will be 3⅛%. PRODUCT PROFILE:

Issuing price: 100% + 2% issuing premium

Underlying: Share basket, 20 int. Energy titles

Term: 6 years (18.10.2006 – 17.10.2012)

Strike fixing: Closing of the shares 17.10.2006, see www.strukturierte-investments.at

Observation dates: 9th of each month, starting at the 9th of November 2006 Minimum yield: 3⅛% p.a. Additional return: + 4⅜% p.a., if no share < barrier Barrier: 75% of the strike fixing of each share Coupon dates: Annually, always on 18,10 starting on 18.10.2007 Denomination: EUR 1,000.00 Minimum Investment: EUR 1,000.00


ISIN: AT000B052774

OPPORTUNITIES/RISKS: + 3⅛% p.a. fix on nominal value + 4⅜% p.a. additional profit opportunity on the nominal value + Up to 7.5% interest rate per year possible + 100% safety for your invested capital, 24.99% safety gap + Raising energy costs are compensated through the capital gained with the Saving

Guarantee Energy + Daily tradability gives flexibility, capital is available at any time - Fixed interest rate of 3⅛% p.a. but the risk of no additional profit - Fluctuation in price is possible during the term, the price of the Saving Guarantee

Energy can be below 100% - Capital guarantee only at the end of term ANNUAL COUPON:

0

1

2

3

4

5

6

7

8

1 2Minimum coupon

Additional profit

No share drops morethan 24.99%

Minimum one share dropsmore than 24.99%

7.5%

3⅛%0

1

2

3

4

5

6

7

8

1 2Minimum couponMinimum coupon

Additional profitAdditional profit

No share drops morethan 24.99%

Minimum one share dropsmore than 24.99%

7.5%

3⅛%

Example1: No share decreases more than 24.99% → 7.5% p.a. interest rate Example 2: One or more share drops, but not more than 24.99% (e.g.-20%)→ 7.5% p.a. interest rate Example 3: One ore more shares loose more than 24.99% → 3⅛% p.a. interest rate

32

Saving Guarantee I , II FUNCTIONAL SET UP: A guaranteed fixed interest rate of 3% p.a. will be disbursed. Aditionally 4% p.a. will be paid annually, if all Blue-Chip shares quote above 75% of their start value on the 12 monthly observation dates. In addition 4% will be paid yearly, if all chosen Blue-Chips are quoting above 75% of the strike fixing at each of the 12 monthly observation days. Thus each share has got a safety gap of 24.99%. If no share passes this safety gap at none of the monthly observation days a coupon of 7% will be paid for this yearly period. In the case, that one (or more) share (s) passes the safety gap, the coupon for this yearly period will be 3%. The strike fixing and the barrier fixing are done at the start of the term. PRODUCT PROFILE:


Underlying: Share basket (20 international Blue Chip shares)

Term: 6 years I: 22.08.2006 – 21.08.2012 II: 20.09.2006 – 19.09.2012

Strike fixing: I: Closing of the shares on 21.08.2006 II:Closing of the shares on 19.09.2006

Observation dates: I: 9th of each month, starting at the 9th of September 2006 II: 9th of each month, starting at the 9th of October 2006 Capital guarantee: 100% Minimum yield: 3% p.a. Additional return: +4% p.a., if no share < barrier Barrier: 75% of the strike fixing of each share Denomination: EUR 1,000.00 Minimum Investment: EUR 1,000.00 Coupon dates: I: Annually, each 22.08., starting on 22.08.2007 II: Annually, each 20.09., starting at the 20.09.2007


ISIN: I: AT000B052543 II: AT000B052709


+ 3% p.a. fix on the nominal value + 4% p.a. additional profit opportunity on the nominal value + Consequently up to 7% interest rate per year possible + 100% safety for your invested capital, 24.99% safety gap + daily tradability gives flexibility, the capital is available at any time - fix interest rate of 3% p.a. but the risk to gain no additional profit - fluctuation in price is possible during the term (price of the Saving Guarantee can fall below 100%) - capital guarantee only on the end of term ANNUAL COUPON

- Minimum coupon

- Additional profit

No share dropsmore than 24.99%

Minimum one share drops Not more than 24.99%

Minimum on share drops more than 24.99%

0

1

2

3

4

5

6

7

8

1 2 3

7% 7%

3%

- Minimum coupon

- Additional profit

No share dropsmore than 24.99%

Minimum one share drops Not more than 24.99%

Minimum on share drops more than 24.99%

0

1

2

3

4

5

6

7

8

1 2 3

7% 7%

3%

Example1: No share decreases more than 24.99% → 7% p.a. interest rate Example 2: One or more share drops, but not more than 24.99% (e.g.-20%)→ 7% p.a. interest rate Example 3: One ore more shares loose more than 24.99% → 3% p.a. interest rate

EU-tax free

33

Japan Alpha Guarantee FUNCTIONAL SET UP: With the Japan Alpha Guarantee the investor has the possibility to gain profit in any market situation. Thereby it is irrelevant how the markets develops, it is only important that the Japanese market is performing better. If Japan performs better than the US the investor receives up to 8.5%, even if both markets are decreasing. The difference between both performances will be paid out up to a ceiling of 8.5% p.a. That is the reason why profits are always possible independently whether the markets are increasing or decreasing. PRODUCT PROFILE:


Underlying: Nikkei 225® Index (NKY) S&P 500® Index (SPX)

Term: 4 years (10.07.2006 – 09.07.2010) Strike fixing: Price of the underlying on 7th July 2006 Nikkei 225® Index: 15,307.61 S&P 500® Index : 1,265.48

Observation days: Annually, on 5th July Capital guarantee: 100% on the end of term

Coupon dates: Annually, first payment on the 10th July 2007

Coupon: Annually out performance of NKY compared to SPX at 100%, but a maximum of 8.5% p.a. Taxes: Capital gains tax, EU withholding tax

Minimum investment: EUR 1,000.00

Pieces: EUR 1,000.00 Profit ceiling: 8.5% p.a. ISIN: AT000B052501

OPPORTUNITIES/RISKS: + chance to gain higher-than-average yearly coupon of up to 8.5% + 100% capital guarantee on the end of term + short term of only 4 years + attractive coupon at increasing as well as sideways or negative market development possible + 100% participation on the out performance (up to a ceiling of 8.5% p.a.) + transparency and traceability of the underlying + daily trading - no interest payment, if US American market develops better than Japanese market - capital guarantee only at the end of term ANNUAL COUPON:

80

90

100

110

120

130

140

150

1 2 3 4 5

pric

e NikkeiS&P 500

2. year 4. year3. year1. year

-20.00%6.00%7.50%13.00%Difference

0.00%6.00%7.50%8.50%Paid coupon

-5.00%-20.00%+10.00%+5.00%Yearly performance S&P 500

-25.00%-14.00%+17.50%+18.00%Yearly performance Nikkei 225

87.7892.40115.50105100Price S&P 500

89.43119.24138.65118100Price Nikkei 225

after 4 yearafter 3 yearafter 2 yearafter 1 yearStart

-20.00%6.00%7.50%13.00%Difference

0.00%6.00%7.50%8.50%Paid coupon

-5.00%-20.00%+10.00%+5.00%Yearly performance S&P 500

-25.00%-14.00%+17.50%+18.00%Yearly performance Nikkei 225

87.7892.40115.50105100Price S&P 500

89.43119.24138.65118100Price Nikkei 225

after 4 yearafter 3 yearafter 2 yearafter 1 yearStart

The disbursed coupon equals the Outperformance of the NIKKEI 225® compared to the S&P 500®. The maximal coupon can reach 8.5%. At the end of the duration, a capital guarantee protects of losses.

34

Austria Guarantee 2006-2011 FUNCTIONAL SET UP: The investor receives a guaranteed redemption amounting to 100%. Additionally the investor participates on the average performance of the ATX®. The average performance is calculated out of 5 observation days (annually monitoring). The participation amounts to 100%. There is no limitation of profits! PRODUCT PROFILE:

Issue price: 100% + 3% issue premium

Underlying: ATX® (Austrian Traded Index) includes about 21 Austrian enterprises listed on stock exchange Term: 5 years (03.07.2006 – 02.07.2011)

Strike fixing: Closing of the Underlying at 29.06.2006 At 3,619.36 points

Observations: annually, total of 5 observations

Coupon dates: No coupon payments


Order Size: EUR 1,000.00

ISIN: AT000B052535


+ 100% participation in „the“ top values of Austria with only one product + No Limitation of Profit + 100% Capital guarantee + Easy and transparent product configuration - The price of the Austria Guarantee is subject to market impacts during the term (e.g. index development, interests and volatilities). The defined pay out profile is guaranteed


Ex. 1 Ex. 2 Ex. 3

Strike fixing 100 100 100

1. year 115 110 110

2. year 132 120 105

3. year 140 129 95

4. year 155 107 90

5. year 168 98 75

Average value

142.0

112.8

95.0

Redemption on the end of

the term at

142.0

112.8

100.0

Calculation of the average value as in example 1:

115+132+140+155+168

5 ( observations ) = 142.0 average

performance

EU-tax free

35

China Guarantee 2006-2012 FUNCTIONAL SET UP: Investor receives 97.5% of notional at maturity plus a participation of 90% of the positive development of the underlying index.

PRODUCT PROFILE:

Issue price: 100% + 3% issue surcharge Minimum investment: EUR 1,000.00 Underlying: Hang Seng Index (HSI)®

Term: 6 years (05.05.2006 – 04.05.2012) Strike fixing: Closing of the underlying on the 05.05.2006 (17,013.93 points) Coupon dates: No coupon payments Strike Fixing: Close of underlying on 04.05.2006

Capital protection: 97.5% Profit cap: None Taxes: 25% capital gains tax, EU withholding tax free

ISIN: AT000B052378

OPPORTUNITIES/RISKS: + 97.5% capital protection at maturity + Participation on leading index of Hong Kong stock exchange + Unlimited upside potential + Daily liquidity - Risk of gaining no interest - Capital protection only at maturity

80,00

85,00

90,00

95,00

100,00

105,00

110,00

115,00

88,96

90,16

91,36

92,56

93,76

94,97

96,17

97,37

98,57

99,78

100,9

8

102,1

8

103,3

8

104,5

8

105,7

8

106,9

9

108,1

9

109,3

9

HSI China Garant

Capital guaranty*)

break even*)

*) normalised diagram

80,00

85,00

90,00

95,00

100,00

105,00

110,00

115,00

88,96

90,16

91,36

92,56

93,76

94,97

96,17

97,37

98,57

99,78

100,9

8

102,1

8

103,3

8

104,5

8

105,7

8

106,9

9

108,1

9

109,3

9

HSI China Garant

Capital guaranty*)

break even*)

*) normalised diagram The investor participates to 90% of the positive development of the HSI® (Hang Seng Index). Therefore the investor gets the possibility with this product to participate in the rise of China. The Index represents around 70% of the market capitalisation of Hong Kong stock exchange. Additionally this product has got a 97.5% capital guaranty at maturity.

EU-tax free

36

Property Guarantee – Limited Edition FUNCTIONAL SET UP: The investor receives a guaranteed redemption amounting to 100%. Additionally the investor participates on the average performance (semi-annually monitoring) of “the” five Austrian real estate shares of the shares basket. The participation amounts to 115%. There is no limitation of profits. The first value of the underlying is fixed by 13.04.2006. The Immo Garant - Limited Edition offers the investor the possibility with only one product to participate in “the” five Austrian real estate shares. PRODUKTPROFIL:

Issue Price: 100% + 3% issue premium

Underlying: Real estate equity basket, consisting of

CA Immobilien Anlagen AG AT0000641352

Conwert Immobilien Invest AG AT0000697750

Immoeast Immobilien Anlagen AG AT0000642806

Immofinanz Immobilien Anlagen AG AT0000809058

Meinl European Land Ltd. AT0000660659

Term: 6 years (18.04.2006 – 17.04.2012) Strike fixing: Closing of the underlying at the 18.04.2006 CA Immobilien Anlagen AG: 21.305 Pt. Conwert Immobilien Invest: 15.800 Pt. Immoeast Immobilien Anlagen: 8.585 Pt. Immofinanz Immob. Anlagen: 8.486 Pt. Meinl European Land: 15.530 Pt.

Observation dates: Every 6 months, 12 observation dates

Taxes: 25% capital gains tax, EU withholding tax free Issue Volume: Maximum EUR 10.000.000,-

ISIN: AT000B052329


+ Participation in „the“ five Austrian real estate shares to a growing real estate sector + 115% participation in the performance of the shares basket + 100% capital guarantee at the end of the term + No Limitation of Profit + Daily trading + EU tax free - Risk of gaining no interest - Fluctuation in price is possible during the term - Capital protection only at maturity

PERFORMANCE OF THE BASKET VALUE (SINCE 01/2004):

90

100

110

120

130

140

150

160

Dec

03

Jan

04

Feb

04

Mar

04

Apr

04

May

04

Jun

04

Jul 0

4

Aug

04

Sep

04

Oct

04

Nov

04

Dec

04

Jan

05

Feb

05

Mar

05

Apr

05

May

05

Jun

05

Jul 0

5

Aug

05

Sep

05

Oct

05

Nov

05

Dec

05

Jan

06

Feb

06

Meinl European Land

Immoeast

Immofinanz

Conwert

CA Immobilien

iBoxx-Index (Company bond 5-7 Years)

90

100

110

120

130

140

150

160

Dec

03

Jan

04

Feb

04

Mar

04

Apr

04

May

04

Jun

04

Jul 0

4

Aug

04

Sep

04

Oct

04

Nov

04

Dec

04

Jan

05

Feb

05

Mar

05

Apr

05

May

05

Jun

05

Jul 0

5

Aug

05

Sep

05

Oct

05

Nov

05

Dec

05

Jan

06

Feb

06

Meinl European Land

Immoeast

Immofinanz

Conwert

CA Immobilien

iBoxx-Index (Company bond 5-7 Years)

ASSET ALLOCATION (BY 2005):

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

CA Immobilien Conwert IMMOEAST IMMOFINANZ Meinl EuropeanLand

Austria East-/Southern Europe Westerneurope/USA

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

CA Immobilien Conwert IMMOEAST IMMOFINANZ Meinl EuropeanLand

Austria East-/Southern Europe Westerneurope/USA

EU-tax free

37

Range Guarantee FUNCTIONAL SET UP: The investor can obtain a maximal repayment of 120%. Every share, that eases out of the fluctuation of 80%-120% of the daily monitoring, reduces the maximal repayment amount of 120% by 2.5%. If more than 7 shares lie out of the fluctuation, it leads to the minimum repayment by 102% of the nominal amount. Every share of the shares basket will be taken only once into consideration. PRODUCT PROFILE:

Issue price: 100% + 1.5% issue premium

Underlying: Shares basket (15 Shares) www.strukturierte-investments.at

Term: 18 months (10.03.2006 – 09.09.2007) Strike fixing: Closing of the Underlying at 09.03.2006 Observations: daily Coupon dates: No coupon payments

Order size: EUR 1,000.00 Fluctuation margin: Upper Barrier : 120% Lower Barrier : 80% Capital guarantee: 102% of the nominal on the end of the term

Taxes: Capital gains tax, EU gains tax ISIN: AT000B052188


+ Chance of repayment of 120% + 102% capital guarantee on the end of the term + Short Term of 1.5 years + High yields at increasing as well as sideways market development possible + Daily Trading - Single share risk by virtue of the share basket as underlying instrument - Capital guarantee can be granted only at the end of the term SHARE BASKET: SHARES ISIN Stock Exchange

1. BANCO SAN CENT HISP STK ES0113900J37 MADRID 2. ENI S.P.A IT0003132476 MAILAND 3. EXXON MOBIL CORP US30231G1022 NEW YORK 4. GENERAL ELEC CO (USD) US3696041033 NEW YORK 5. MICROSOFT CP US5949181045 NASDAQ 6. MITSUBISHI TOKYO FINANCIAL GRP JP3902900004 TOKYO 7. MIZUHO FINANCIAL GROUP INC JP3885780001 TOKYO 8. NOKIA OYJ FI0009000681 HELSINKI 9. NTT DOCOMO INC JP3165650007 TOKYO 10. PROCTER & GAMBLE CO US7427181091 NEW YORK 11. SANOFI-AVENTIS STK FR0000120578 EN PARIS 12. SUMITOMO MITSUI FINANCIAL GR JP3890350006 TOKYO 13. TOTAL SA FR0000120271 EN PARIS 14. TOYOTA MOTOR CORPORATION JP3633400001 TOKYO 15. WAL-MART STORES INC US9311421039 NEW YORK

38

Austria Guarantee FUNCTIONAL SET UP: The investor participates 100% on the positive development of the ATX. Thereby the investor has been offered the possibility to participate with only one product to the Top enterprises of Austrian. Additionally we have a capital guarantee of 92.50% on the end of the term.

PRODUCT PROFILE:


Underlying: Austrian Traded Index (ATX)®

Term: 3 years (17.02.2006 – 16.02.2009) Strike fixing: Closing of the underlying at 16.02.2006 (4,064.14 points) Limitation of profits: none

Capital guarantee: 92.5% of the nominal on the end of the term Taxes: 25% capital gains tax, EU withholding tax free Order size: EUR 1,000.00

ISIN: AT000B052170

OPPORTUNITIES/RIKS:

+ 100% participation on the positive performance of ATX + 92.5% capital guarantee on the end of the term + No Limitation of Profit + Daily tradable during the whole term + EU withholding tax free - Risk, no obtained interest - Capital guarantee can be granted only on the end of the term

60%

70%

80%

90%

100%

110%

120%

130%

79%

81%

84%

86%

89%

91%

94%

96%

98%

100%

102%

105%

107%

109%

112%

114%

117%

119%

Indexperformance

Prof

it / l

oss

ATX

Pay Off92,5%

Break even at ATX +7.5%

60%

70%

80%

90%

100%

110%

120%

130%

79%

81%

84%

86%

89%

91%

94%

96%

98%

100%

102%

105%

107%

109%

112%

114%

117%

119%

Indexperformance

Prof

it / l

oss

ATX

Pay Off92,5%

Break even at ATX +7.5%

To participate on the profit of the Austrian Top – Enterprises, with capital guarantee! → Use now the updraft of the Austrian stock exchange!

Payoff

80,00%

85,00%

90,00%

95,00%

100,00%

105,00%

110,00%

115,00%

3.200

,00

3.300

,00

3.400

,00

3.500

,00

3.600

,00

3.700

,00

3.800

,00

3.900

,00

4.000

,00

4.064

,14

4.150

,00

4.250

,00

4.350

,00

4.450

,00

4.550

,00

4.650

,00

4.750

,00

4.850

,00

Break even at ATX +7.5%(4,368.95 Points)

Start

Payoff

80,00%

85,00%

90,00%

95,00%

100,00%

105,00%

110,00%

115,00%

3.200

,00

3.300

,00

3.400

,00

3.500

,00

3.600

,00

3.700

,00

3.800

,00

3.900

,00

4.000

,00

4.064

,14

4.150

,00

4.250

,00

4.350

,00

4.450

,00

4.550

,00

4.650

,00

4.750

,00

4.850

,00


Start


Start

EU-tax free

39

CHI Garant I-III FUNCTIONAL SET UP: This product is equipped with a Highest Level-Guarantee of 85% as well as with a capital guarantee of 100%. If the portfolio reaches a new peak on one of the observation days, 85% of this value will be locked-in until maturity. At the end of the term the investor receives 85% of the highest level of the Portfolio, but at least 100% (capital protection) of the invested capital. PRODUCT PROFILE:


Underlying: Portfolio consisting of

17.5% each India (S&P CNX Nifty Index) China (Hang Seng Ch. Enterprises Index)

65% EFFAS Euro All Over One Index1

Term: 7 years I: 31.01.2006 – 30.01.2013 II: 03.04.2006 – 02.04.2013 III: 12.06.2006 – 11.06.2013

Start value: I: per 30.01.2006: S&P CNX Nifty® Index: 2,974. 50 Pt. EFFAS®: 142.085 Pt. per 01.02.2006: HSCEI®: 6,431.900 Pt. II: per 31.03.2006: S&P CNX Nifty® Index: 3,402.550 Pt. EFFAS®: 140.329 Pt. HSCEI®: 6,703.780 Pt. III: per 09.06.2006: S&P CNX Nifty® Index: 6,255.810 Pt. EFFAS®: 140.181 Pt. HSCEI®: 6,255.810 Pt.

Observation days: The 25th of each month

Coupon dates: none


Order size: Minimum investment: EUR 1,000.00 Denomination: EUR 1,000.00

ISIN: I: AT0000440169 II: AT000B052196 III: AT000B052394


+ Participation in China and India – two of the largest growing markets in the world + Retrospective lock-in of the highest index value of the whole term with a ratio of 85% + Optimal exit strategy at any time + 100% capital protection at the end of term + No performance cap + Full flexibility, as selling and buying is possible on a daily basis during the whole term + No EU-withholding tax + No currency risk - Risk of no interest gains - Single share risk due to participation in three indices - Capital protection is only granted at the end of term ALL-TIME-HIGH:

During the term the portfolio is observed on the 25th of each month. If the portfolio reaches a new peak on one of the observation days, 85% of this value will be locked-in until maturity. At the end of the term the investor receives 85% of the highest level of the Portfolio, but at least 100% (capital protection) of the invested capital.

→ This automatically secures the optimal exit time Example: This simulation is based on fictitious values:

Year 280

100

120

140

160

180

200

220

240

260

Index (Start bei 100%) 85% HöchststandYear 1 Year 4 Year 5 Year 6Year 3 Year 7

80

100

120

140

160

180

200

220

240

260

Index (Start value at 100%) 85%of All -Time -High

All-Time-High of 252 pts.

Year 280

100

120

140

160

180

200

220

240

260


80

100

120

140

160

180

200

220

240

260



Year 280

100

120

140

160

180

200

220

240

260


80

100

120

140

160

180

200

220

240

260



Year 280

100

120

140

160

180

200

220

240

260


80

100

120

140

160

180

200

220

240

260



The graph displays the payoff profile of the „CHI Guarantee“ in relation to the performance of the underlying index basket. This simulation adopts a term of 7 years. In this scenario the investor receives a redemption of 214.20% (All-time-high = 252 pts. x 85%, Start value: 100 pts.)

1 The EFFAS All Over One Index summarizes European government loans with maturities over one year as transparent comparison yardstick.

EU-tax free

Start value: 100 All-time-high: 252 pts. Return: 114.20%* Payment: 214.20%

* (252 x 85 / 100) – 100

40

Formula 8 Guarantee FUNCTIONAL SET UP: The investor receives 100% of his invested capital at the end of the term as well as a guaranteed coupon of 8% p.a. in the first year. After that, the investor receives a yearly coupon which depends on the performance of the underlying basket of shares. If the guaranteed coupon of year 1 and the variable coupons of the following periods add up to at least 9%, the investor will receive a guaranteed coupon of 8% p.a. for the rest of term.

PRODUCT PROFILE:


Underlying: Basket of shares (25 titles) See www.strukturierte-investments.at

Term: 8 years (06.02.2006 – 05.02.2014) Start value: Close of the shares in the basket on 03.02.2006

Observation days: Once a year on January 23rd, starting with 23.01.2008

Coupon dates: annual

Guaranteed coupon in year 1: 8% p.a.

Order sizes: Minimum investment: EUR 1,000.00 Denomination: EUR 1,000.00


ISIN: AT0000440128

Market assessment: Unchanged and upward trend of stock markets



+ 100% capital protection at the end of term + High guaranteed coupon of 8% in year 1 + Opportunity to obtain high variable coupons + Opportunity to obtain guaranteed coupons of 8% p.a. + Full flexibility, as selling and buying is possible on a daily basis during the whole term - Risk of gaining no coupon after year 2 - Share risk on account of the nature of the basic instruments - Capital protection is only granted at the end of term - Product price losses during term possible ANNUAL COUPON:

guaranteedcoupon

0%

4%

2%

8%

6%

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

10%

8% 8%8% 8% 8%

variable coupon0,4%

4%

8%

guaranteedcoupon

0%

4%

2%

8%

6%

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

10%

8% 8%8% 8% 8%

variable coupon0,4%

4%

8%

After the third year the accumulated coupons sum up for 12.4%→ this results in a guaranteed coupon of 8% p.a. for the following periods.

Coupon year 1: 8% p.a.

Coupon after year 2:

8% basic interest + 30% of the share with the lowest performance (in %) at the time of observation (in comparison with its start value). Negative coupons are not possible. Coupons will be paid in full. As soon as the accumulated coupons reach 9% the investor will receive a guaranteed coupon of 8% p.a. for the rest of term. From this point the annual coupon will no longer depend on the performance of the underlying basket of shares.

Kick-Out-Feature If at least one share falls below 50% of its start value on one of the yearly observation days, the share with the lowest performance will be removed from the basket for the rest of term.

41

Japan Commodity Silver Guarantee FUNCTIONAL SET UP: The investor receives 100% of the invested capital and furthermore participates 100% in the performance of the Japanese stock market, a commodity index and the price of silver. At the end of term the investor receives the positive average performance from the yearly observation days (five dates).

PRODUCT PROFILE:


Underlying: Basket consisting of 1/3 each Nikkei 225® Index (NKY) DJ AIG Commodity Index® (DJAIG) Silver (SLVRLN)

Term: 5 years (05.01.2006 – 04.01.2011)

Start value: Close on 04.01.2006 Nikkei 225® Index: 16,361.540 DJ AIG Commodity Index®: 171.829 Silver: 9.140

Observation days: Once a year on January 4th, starting with 04.01.2007



ISIN: AT0000440185

Market assessment: Upward trend of markets



+ Direct participation in commodities, silver and the Japanese Blue Chip values of the Nikkei 225® Index

+ High participation in three underlyings + No performance cap - Capital protection is only granted at the end of term UNDERLYING: Nikkei 225® Index: The Nikkei 225® is a price weighted stock index that contains 225 Japanese companies from the first section of the Tokyo stock exchange. It was released in 1949. To ensure continuity, a maximum of 6 companies can be replaced at the yearly revision. DJ AIG Commodity Index®: The Dow Jones AIG Commodity Index® is a highly liquid and diversified index which contains 20 commodities. Production quantity and conveyance-mass are taken into account as well as availability and importance to the global economy. The index is adapted annually to current market conditions. An over and under weighting is prevented through the adjustment rules (shares of the single commodities range between 2% and 33%).

DJ AIG structure:

Silver: Silver is a very ductile and malleable precious metal. It has the highest electrical and thermal conductivity of all metals as well as a distinctive optical reflectivity. Therefore it is highly valuable for use in electricity, electronics and optics. As the worldwide demand in silver is continuously rising, countries like China are already disposing of their reserves to supply the demand. Given that stocks are getting low, silver currently seems to be highly underrated which is persuading investors to invest in it.

42

Scandinavia Guarantee FUNCTIONAL SET UP: The investor receives 100% of his invested capital as well as a payment of a coupon that depends on the development of a basket of shares. PRODUCT PROFILE:


Underlying: Basket of shares (16 Scandinavian titles) See www.strukturierte-investments.at

Term: 3 years (07.11.2005 – 06.11.2008)

Start value: Close of the shares in the basket on 04.11.2005

Observation days: Once a year on October 25th




ISIN: AT0000439930


Investment period: Short/medium term


+ Short term + Opportunity to participate in the development of Scandinavian stock markets + Opportunity to obtain high variable coupons (up to 8% p.a.) + Basket structure, whose coupon doesn’t depend on the development of only one share + 100% capital protection at the end of term - Share risk on account of the nature of the basic instruments - Capital protection is only granted at the end of term ANNUAL COUPON: This simulation is based on fictitious values to explain the functionality:

Coupon calculation Share Performance Coupon

1 6.30% 6.30% 2 4.70% 4.70% 3 8.20% 8.00% 4 -32.30% -10.00% 5 7.90% 7.90% 6 10.50% 8.00% 7 9.60% 8.00% 8 -2.40% -2.40% 9 7.90% 7.0%

10 5.30% 5.30% 11 7.10% 7.10% 12 -18.90% -10.00% 13 7.60% 7.60% 14 11.30% 8.00% 15 8.80% 8.00% 16 5.50% 5.00%

Total 2.94% 4.37% After each year the change of each share will be taken into consideration in accordance with its start value. A share’s positive performance will be taken into account with its real performance, but at a maximum of 8%. A share’s negative performance will be included with the real performance but at a maximum of -10%. The balanced average performance of the basket forms the annual coupon. A negative coupon is not possible.

43

3 Plus Target Guarantee (Target coupon) I - III FUNCTIONAL SET UP: The investor receives 100% of his invested capital as well as a guaranteed coupon of 8.125% p.a. (I) resp. 8.25% p.a. (II - III) in the first two years. After the third year the he receives a yearly coupon which depends on the performance of the underlying basket shares.

PRODUCT PROFILE:


Underlying: See www.strukturierte-investments.at

Term: I: 16.09.2005 until 15.09.2015 at the latest II: 01.12.2005 until 30.11.2015 at the latest III: 06.02.2006 until 05.02.2016 at the latest

Start value: Close of the underlying I: 15.09.2005 II: 30.11.2005 III: 03.02.2006

Observation days: Starting with I: 09.09.2008 II: 09.11.2008 III: 25.01.2009

afterwards once a year


Fixed coupon in year 1 and 2: I: 8,125% p.a. II - III: 8,25% p.a.

Ordersizes: Minimum investment: EUR 1,000.00 Denomination: EUR 1,000.00

Acquisitions and sales: Marketable daily from 9.15 am to 5.30 pm

ISIN: I: AT0000439690 II: AT0000439989 III: AT0000440177




+ 100% capital guarantee at the end of term or in case of preterm liquidation + Guaranteed coupon of 8.125% p.a. (I) resp. 8.25% p.a. (II - III) in year 1 and 2 + Opportunity to obtain high variable coupons after the 3rd year + Liquidation before maturity when the target coupon of 20% is reached + High chance of a quick repayment of capital + Acquisition and sales possible during the whole term - A negative performance of a single share may affect the total performance of the

product - Capital guarantee is only granted at the end of term ANNUAL COUPON: Example (3 Plus Guarantee I):

Coupon year 1 and 2: I: 8.125% p.a. II - III: 8.25% p.a.

Coupon after year 3: Basic interest: I: 8.125% II: 9.25% III: 9.5%

Basic interest +30% of the share with the lowest performance (in %) at the time of observation (in comparison to its start value). Negative coupons are not possible.

Preterm liquidation 100% of the invested capital – Preterm liquidation will be executed as soon as the sum of the accumulated coupons reaches or exceeds 20%. All past coupons as well as present ones add up to this sum. The coupon that triggers the preterm liquidation will be paid in full. Kick-Out-Feature If one or more shares are below 50% of its start value at the time of observation, the share with the lowest performance will be removed from the basket for the rest of term.

Year 1 Year 3 Year 10Year 4 ...…

accumulated coupon

22.45% 20.00%

8,125%

16.25%

total coupon time of redemption

1st coupon 8.125%

2nd coupon 8.125%

target coupon variable coupon 6.20% in year 3

Example for year 3: The lowest performance is -6.42%. 8,125% plus 30% of -6.42% gives a variable coupon of 6.20% in year 3. This coupon triggers the preterm liquidation and will be totally paid.

Year 5 Year 2

44

World Performance Guarantee (World Basket) FUNCTIONAL SET UP: The investor receives 100% of his invested capital as well as a guaranteed coupon of 4.5% p.a. in the first three years. After the fourth year he receives a yearly coupon which depends on the performance of the underlying basket shares. PRODUCT PROFILE:


Underlying: Sharebasket of 20 international titles See www.strukturierte-investments.at

Term: 7 years (11.07.2005 – 10.07.2012)

Start value: Close of the underlying on 08.07.2005

Observation days: July 1st (once a year) Starting with July 1st 2009


Coupon: 4.5% p.a. in year 1 to 3


Acquisitions and sales: Marketable daily from 9.15 am to 5.30 pm

ISIN: AT0000439542



OPPORTUNITIES/RISKS: + Guaranteed coupon of 4.5% p.a. in the first three years + Opportunity to receive yearly coupons up to 8% p.a. after the fourth year + 100% Capital guarantee at the end of term + Opportunity to benefit from a widely spread share basket + Acquisitions and sales possible during the whole term - Share risk on account of the basic instrument - Capital guarantee is only granted at the end of term - After the third year a higher market price fluctuation may occur ANNUAL COUPON:

0%

1%

2%

3%

4%

5%

6%

7%

8%

Year 1 Year 2 Year 3 Year 4 Year 5

guaranteed coupon variable coupon

Explanation of the graph:

Coupon year 1-3: 4.5% p.a.

Coupon year 4-7: A share’s positive performance contributes up to 8% (Cap) to the average performance of the basket. A negative performance will be accounted in full to the average performance of the basket. The basket’s average performance forms the coupon.

Example for year 4: 12 shares have a performance of 8% or more: 12 x 8% = 96% The remaining 8 shares have following performance: 2% + (-14%) + 4% + (-9%) + (-12%) + 2% + (-4%) + 1% = -30% Total performance: 96% - 30% = 66% / 20 = 3.30% Example for year 5: All shares have a performance of 8% or more: 20 x 8% = 160% Total performance: 160% / 20 = 8% The same calculation applies for the years 6 and 7.

45

Commodity Protect Guarantee I - IV FUNCTIONAL SET UP: The investor receives 100% of his invested capital as well as a guaranteed coupon of 1.5% p.a. PRODUCT PROFILE:


Underlying: DJ AIG Commodity Index® (DJAIG)

Term: 7 years I: 23.05.2005 – 22.05.2012 II: 27.06.2005 – 26.06.2012 III: 22.08.2005 – 21.08.2012 IV: 22.11.2005 – 21.11.2012

Start value: Close of underlying of DJ AIG Commodity Index®

I: 20.05.2005 (146.078 pts.) II: 24.06.2005 (159.839 pts.) III: 19.08.2005 (162.583 pts.) IV: 21.11.2005 (164.272 pts.)

Annual minimum coupon: 1.5% p.a.

Participation factor: 85% on the average annual performance of the Dow Jones AIG® Commodity Index minus 10.5%


Acquisitions and sales: marketable daily from 9.15 am to 5.30 pm

ISIN: I: AT0000439468 II: AT0000439633 III: AT0000439781 IV: AT0000440086



Basket of shares:

18%

8%

11%

11%12%3%

20%

17%

Ind. metals Noble metalsNourishments Production animalsGas Oil fruitsPetrol Corn


+ Interesting product for portfolio diversification + Fixed coupon of 1.5% p.a. + Capital guarantee of 100% + Selling and buying is possible on a daily basis during the whole term. + No currency risk - Commodity risk of participation on DJ AIG® Commodity Index - Capital guarantee is only granted at the end of term COUPON CALCULATION:

Example 1 Example 2 Example 3 Index Index Index

Start value 100.00 100.00 100.00 1st Year 115.00 110.00 115.00 2nd Year 132.25 120.00 130.00 3rd Year 141.51 130.00 155.00 4th Year 151.41 140.00 170.00 5th Year 162.01 150.00 120.00 6th Year 173.35 160.00 100.00 7th Year 185.49 170.00 90.00

Average 151.57 140.00 125.71 85% of the performance 43.84 34.00 21.86 Return customer of DJAIG % 33.34 23.50 11.36 Return customer of coupon % 10.50 10.50 10.50 Total return customer % 43.84 34.00 21.86

Portfolio diversification: On account of the inflation safe qualities of commodities are loans and shares for the portfolio diversification

Under Water Analysis 1995-2005

-6,00%

-4,00%

-2,00%

0,00%

2,00%

4,00%

6,00%

8,00%

10,00%

12,00%

14,00%

Qua

terly

retu

rn

100% EFFAS

Portfolio with 90% EFFAS

100% DJAIG


-6,00%

-4,00%

-2,00%

0,00%

2,00%

4,00%

6,00%

8,00%

10,00%

12,00%

14,00%

Qua

terly

retu

rn

100% EFFAS


100% DJAIG Example observation point 1: The intermixture of 10% commodities nearly halves the loss caused by bonds in times of rising interest.

The graph shows how commodities, settled in a 90/10 mixed portfolio, counteract the negative returns of loans in times of rising interest.

46

Japan Guarantee FUNCTIONAL SET UP: The investor receives 100% of his invested capital as well as a payment of one coupon, which depends on the development of the share baskets. PRODUCT PROFILE:


Underlying: sharebasket of nine diversified Japanese titles. See www.strukturierte-investments.at

Term: 3 years (02.05.2005 – 01.05.2008)

Start value: Close of underlying of each share of the basket on 25.04.2005 See www.strukturierte-investments.at

Observation days: April 25th (once a year)


Coupon: max. 7.5% p.a.



ISIN: AT0000439328


Investment period: Medium term Basket of shares:

11%

22%

34%

11%

11%11%

Automobile Finance TechnologyTelecom. Services Chemical Ind.


+ Short term + Opportunity to obtain above average high coupons (up to 7.5% p.a.) + Basket structure, whose coupon doesn’t depend on the development of only one share. - Share risk on account of the nature of the basic instruments - Capital guarantee is only granted at the end of term ANNUAL COUPON:

After each year the change of each share will be taken into consideration in accordance with its start value. A share’s positive performance contributes to the real performance, but at a maximum of up to 7.5% of the average performance of the basket. Negative performance will be included within the real performance, but at a maximum of up to -10%. The basket’s average performance forms the coupon The balanced average performance of the basket forms the coupon, maximum 7.5% p.a. A negative coupon is not possible.

Coupon calculation Share Performance Coupon

1 6.30% 6.30% 2 1.70% 1.70% 3 8.10% 7.50% 4 -1.30% -1.30% 5 6.90% 6.90% 6 12.50% 7.50% 7 9.90% 7.50% 8 -32.40% -10.00% 9 6.90% 6.90%

Total 2.07% 3.67%

47

5.5% Guarantee FUNCTIONAL SET UP: The investor receives 100% of his invested capital as well as a guaranteed coupon of 5.5% p.a. in the first two years. After the third year he receives a yearly coupon which depends on the performance of the underlying basket shares. PRODUCT PROFILE:


Underlying: see www.strukturierte-investments.at

Term: 6 years (30.03.2005 – 29.03.2011)

Start value: close of the underlying on 29.03.2005 → see www.strukturierte-investments.at

Observation days: March 19th


Minimum coupon: 5.5% p.a.



ISIN: AT0000439179


Investment period: Medium term Basket of shares:


+ 100% capital guarantee at the end of term

+ Guaranteed coupon of 5.5% p.a. in year 1 and 2 + Opportunity to obtain high variable coupons + No performance cap + High coupons will not be lost due to the „frozen feature“ + Acquisition and sales possible during the whole term - A negative performance of a single share may affect the total performance of the product - Capital guarantee is only granted at the end of term ANNUAL COUPON:

advantage 1: minimum coupon

5.5% p.a. in year 1 und 2

advantage 2: possible coupon

Variable coupons after year 3: Yearly coupon of 8% +30% of the lowest performance (as percentage) on the day of observation (compared to the starting value) Negative coupons are not possible!

advantage 3: frozen coupon

After the 3rd year a coupon holds as minimum coupon for succeeding years.

eg. 3rd year: lowest performance (as percentage): -25% = 8% + 30% x 25% = 0.5% → investor receives coupon of 0.5% = „Frozen Coupon“

4th year: lowest performance (as percentage): -10% → investor receives coupon of 5% = „Frozen Coupon“

5th year: lowest performance (as percentage): -22% → coupon would only be 1.4% → investor receives „Frozen Coupon“ = 5%

6th year: lowest performance (as percentage): 3.4% → investor receives coupon of 9%

8% + 30% of the lowest performance

Paid coupon

t

YearlyCoupon

2%

4%

6%

8%

10%

Year 3 Year 4 Year 5 Year 6

„Frozen“ coupon after the fourth year = New minimum

Year 2Year 1

„Frozen“ coupon after the third year = New minimum

Guaranteed coupon of 5.5% p.a.

816

4

1248484

8

24

Engineering Consumer Goods Supplier Pharmacy Internet Biotech.Telecom. Automobile Media Commodities Technology

48

Europe Highest Level-Guarantee (All-time high on DJ Eurostoxx 50) I , II FUNCTIONAL SET UP: The DJ EURO STOXX 50® Price Index is observed on a monthly base. At the end of the term the investor receives a yield which is 90% of the highest index value during the term. As the product is capital guaranteed the minimum liquidation will be 100%.

PRODUCTPROFILE:



Term: 6 years I: 28.02.2005 – 27.02.2011 II: 01.09.2005 – 31.08.2011

Start value: (close of the underlying) I: 3,062.72 pts. on 25.02.2005 II: 3,263.78 pts. on 31.08.2005


Observation days: The 25th of each month


ISIN: I: AT0000439104 II: AT0000439799

Market assessment upward trend of stock markets



+ Retrospective lock-in of the highest index value of the whole term with a ratio of 90%.

+ All-time-high means: optimal exit strategy at any time

+ No performance cap

+ No currency risk

+ Acquisitions and sales possible during the whole term

- Capital guarantee is only granted at the end of term

- During the term the price of the product is influenced by different market developments (esp. index, volatilities, interest)

UNDERLYING: DJ EURO STOXX 50® Price Index (SX5E): industrial sectors

ALL-TIME-HIGH: This simulation adopts a 6 year term and uses monthly closing prices of the DJ EURO STOXX 50® Price Index from the past 6 years. (26.02.1999 –26.02.2005).

Comparison: DJ Euro Stoxx 50® / 90% All-Time-High

Feb.05

40,00%

60,00%

80,00%

100,00%

120,00%

140,00%

160,00%

Feb.99

Jun.9

9

Okt.99

Feb.00

Jun.0

0

Okt.00

Feb.01

Jun.0

1

Okt.01

Feb.02

Jun.0

2

Okt.02

Feb.03

Jun.0

3

Okt.03

Feb.04

Jun.0

4

Okt.04

Development SX5E Performance Highest Level Guarantee

+37 %

Start 100 %

DJ EUROStoxx 50 Index ®

Europe Highest Level Guarantee

Feb.05

40,00%

60,00%

80,00%

100,00%

120,00%

140,00%

160,00%

Feb.99

Jun.9

9

Okt.99

Feb.00

Jun.0

0

Okt.00

Feb.01

Jun.0

1

Okt.01

Feb.02

Jun.0

2

Okt.02

Feb.03

Jun.0

3

Okt.03

Feb.04

Jun.0

4

Okt.04


+37 %

Start 100 %



40,00%

60,00%

80,00%

100,00%

120,00%

140,00%

160,00%

Feb.99

Jun.9

9

Okt.99

Feb.00

Jun.0

0

Okt.00

Feb.01

Jun.0

1

Okt.01

Feb.02

Jun.0

2

Okt.02

Feb.03

Jun.0

3

Okt.03

Feb.04

Jun.0

4

Okt.04


+37 %

Start 100 %



Functional set up (graph): Due to a capital guarantee of 100% at the end of term, the redemption is 100% immediately. The example shows that the investor receives a redemption of 137% (All-time-high = 5,303.95 pts. x 90%, start value: 3,484.24), even though the DJ EURO STOXX 50® Price Index lost 15.24%! (2,953.24 points).

49

Blue Basket Capital Guarantee

FUNCTIONAL SET UP: The investor receives 100% of his capital and a minimum coupon of 1.5% p.a.. Additional income depends on underlying basket developments.

PRODUCT PROFILE:



Term: 5 years (07.02.2005 – 06.02.2010)

Start value: Close on 04.02.2005: see www.strukturierte-investments.at

Observation days: January 20th (each year)


Coupon: depends on the development of the shares included in the basket

Minimum coupon: 1.5% p.a.



ISIN: AT0000439112


Investment period: Medium term Underlying: Basket of shares

5%20%

15%15%15%

15%10% 5%

Finance Telecom. PharmacyConsumer Goods Technology ServicesSupplier Chemical Ind.

5%20%

15%15%15%

15%10% 5%

Finance Telecom. PharmacyConsumer Goods Technology ServicesSupplier Chemical Ind.


+ Interesting product for sidewards moving stock markets + Minimum coupon of 1.5% p.a. + Opportunity of 9% p.a. + When a share has a positive performance, 9% will be contributed to the basket-

performance + 100% capital guarantee at the end of term + Acquisition and sales possible during the whole term - Capital guarantee is only granted at the end of term - A negative performance of a single share may affect the total performance of the

product ANNUAL COUPON:

Minimum Coupon: 1.5% p.a.

Coupon: 1.5% to 9% p.a.. The coupon depends on the development of the shares included in the basket. Positive performance always contributes 9% to the total performance. Negative performance will be included unlimitedly. The average performance of the basket forms the coupon.

The following graphs show the calculation of the coupon of two shares.

After each year a share’s performance (compared to its starting value) is weighted with 1/20 and included in the calculation of the average basket performance → positive performance automatically contributes 9%!

Perf. Coupon Perf. Coupon Perf. Coupon Perf. Coupon Perf. Coupon

Share 1 3.00% 9.00% 1,00% 9.00% -3.00% -3.00% -0.50% -0.50% 3.00% 9.00%

Share 2 0.20% 9.00% -1.00% -1.00% 1.00% 9.00% -1.00% -1.00% 0.20% 9.00%yearly coupon 1.60% 9.00% 0.00% 4.00% -1.00% 3.00% -0.75% 1.50% 1.60% 10.00%

Year 5Year 1 Year 2 Year 3 Year 4

Perf. Coupon Perf. Coupon Perf. Coupon Perf. Coupon Perf. Coupon

Share 1 3.00% 9.00% 1,00% 9.00% -3.00% -3.00% -0.50% -0.50% 3.00% 9.00%

Share 2 0.20% 9.00% -1.00% -1.00% 1.00% 9.00% -1.00% -1.00% 0.20% 9.00%yearly coupon 1.60% 9.00% 0.00% 4.00% -1.00% 3.00% -0.75% 1.50% 1.60% 10.00%

Year 5Year 1 Year 2 Year 3 Year 4

If the total performance is below 1.5%, the investor receives the minimum coupon of 1.5%!

Share 1 Share 2

50

Step Guarantee FUNCTIONAL SET UP: The investor receives 100% of his capital and a coupon of 5% p.a. in the first three years. After the fourth year, the annual coupon depends on the performance of the shares included in the underlying basket.

PRODUCT PROFILE:



Term: 7 years 18.01.2005 – 17.01.2012

Start value: Close of the underlying on 17.01.2005

Observation days: January 9th (each year)




ISIN: AT0000439021


Investment period: Medium term Underlying: basket of shares

44%

4%4%20%

4%

8%

4% 12%

Technology Automobile Chemical Ind.Cons. Goods Pharmacy FinanceAviation Supplier

44%

4%4%20%

4%

8%

4% 12%

Technology Automobile Chemical Ind.Cons. Goods Pharmacy FinanceAviation Supplier



+ Guaranteed coupon of 5% p.a. in the first three years + Opportunity to receive yearly coupons up to 8% p.a. + A once defined coupon tier holds as the basis for the following coupons + Acquisition and sales possible during the whole term - A negative performance of a single share may affect the total performance of the product - Capital guarantee is only granted at the end of term - After the first three years a higher fluctuation of the market price may occur ANNUAL COUPON:

Coupon year 1-3: 5% p.a.

Coupon year 4-7: A share’s positive performance contributes up to 8% (Cap) to the average performance of the basket. Negative performance will be included unlimitedly. The basket’s average performance forms the coupon.

Frozen Coupon: After year 4, a coupon holds as minimum coupon for the following periods, provided that one of the tiers of 5%, 6%, 7% or 8% were reached.

Example: Year 4:: 18 shares have a performance of 8% or more → 18 x 8% = 144%

Performance of the 7 remaining shares: 5% + (-8%) + 3% + 7% + (-9%) + 1% + (-2%)= - 3%

Total performance: 144% - 3% = 141% / 25 = 5.64%

Year 5: Minimum coupon of 5% (coupon of the previous year: 5.64% → tier of 5% was reached and locked-in)

15 shares perform with 8% or more → 15 x 8% = 120%

The remaining 10 shares have the following performance: 6% + (-12%) + (-2%) + 4% + (-9%) + (-8%) + 3% + (-10%) + 1% + (-2%)= -29%

Total performance: 120% - 29% = 91% / 25 = 3.64%

Although the coupon is only 3.64%, a coupon of 5% will be paid as in the previous year, the minimum coupon of 5% was locked-in for all following periods.

55%% 66%%

77%% 88%%

51

Top Guarantee I - VII

FUNCTIONAL SET UP: The annual coupon depends on the performance of a basket consisting of 25 international shares. The product guarantees a minimum and annual coupon.

PRODUCT PROFILE:



Term: I: 4 years (07.02.2005 – 06.02.2009) II: 4 years (18.01.2005 – 17.01.2009) III: 5 years (21.02.2005 – 20.02.2010) IV: 5 years (01.04.2005 – 31.03.2010) V: 5 years (16.06.2005 – 15.06.2010) VI: 5 years (26.08.2005 – 25.08.2010) VII: 5 years (31.10.2005 – 30.10.2010)

Observation days: The 9th day of each month


Minimum coupon: 1% p.a.

Kick-Out-Effect: If at least one share falls below 50% of its start value on the last observation day of the period, the share with the worst performance will be removed from the basket.



ISIN: I: AT0000438999 II: AT0000439005 III: AT0000439153 IV: AT0000439310 V: AT0000439534 VI: AT0000439831

VII: AT0000439955



+ 100% capital guarantee at the end of term + Guaranteed minimum coupon + Opportunity to receive yearly coupons up to 9% p.a. or 6% p.a. or 3% p.a. + The quality of the 25 international shares increases the chance of receiving 9% p.a. + Short term of 4 respectively 5 years + Yearly kick-out-effect + Acquisition and sales possible during the whole term - Capital guarantee is only granted at the end of term - A negative performance of a single share may affect the total performance of the product ANNUAL COUPON:

REFERENCE VALUE:

Reference value 1 2 3 Start value on

I II III IV V VI VII

83% 80% 80% 80% 80% 80% 80%

73% 70% 70% 70% 70% 70% 70%

63% 60% 60% 60% 60% 60% 60%

04.02.2005 17.01.2005 18.02.2005 31.03.2005 15.06.2005 19.08.2005 28.10.2005

Scenario calculation (I):

Year 1: None of the 25 shares performs below 83% of their start value at the time of observation. Year 2: None of the 25 shares performs below 73% of their start value at the time of observation. → lowest performance = 75% of the start value → Coupon = 6% p.a. Year 3: At least one of the 25 shares is below 50% of its start value at the time of observation → lowest performance = 48% of the start value → Coupon = 1% p.a. In addition this share will be removed from the basket for the rest of term.

9%

6%

Minimum Coupon 1%

3%

At the time of observation (9th day of each month, 12 times p.a.) none of the shares performs below reference value 1.

At the time of observation (9th day of each month, 12 times p.a.) none of the shares performs below reference value 2. At the time of observation (9th day of each month, 12 times p.a.) none of the shares performs below reference value 3.

52

3 Plus Guarantee „Frozen Coupon“ I , II FUNCTIONAL SET UP: The “3 Plus Guarantee Frozen Coupon“ offers a capital guarantee as well as a guaranteed minimum annual return of 2%. Higher coupons depend on the development of the underlying basket of shares.

PRODUCT PROFILE:



Term: 6 years I: 07.0220.05 - 06.02.2011 II: 07.04.2005 - 06.04.2011

Start value: See www.strukturierte-investments.at

Observation days: I: January 25th (each year) II: March 30th (each year)



Minimum coupon: 2% p.a.



ISIN: I: AT0000439013 II: AT0000439278





+ Attractive minimum coupon of 2% p.a.

+ Opportunity to gain high variable coupons + No performance cap

+ Once a coupon has reached a certain high it cannot be lost + Acquisition and sales possible during the whole term - Capital guarantee is only granted at the end of term

UNDERLYING: Basket of 25 shares:

8%24%

8%16%4%12%

4%

8%

4%

8%

4%8%

24%

8%16%

4%

12%

4%

8%

4%

8%

4%

CommodititesTechnologyEngineeringCosumer GoodsSupplierPharmacyInternetBiotech.Telecom.AutomobileMedia

ANNUAL COUPON: 1st advantage: Minimum coupon of 2% 2nd advantage: Coupon of 8% p.a. plus 30% of the lowest performance of all shares in the basket in relation to their starting value. 3rd advantage: Once a coupon has reached a certain height this serves as the minimum for succeeding years - frozen coupons

Scenario calculation Basis 8% + 30% of the share with the lowest performance 1st year: - 25% (lowest performance): 8% - (25 x 30%) = 0.5% → minimum interest: 2% 2nd year: - 1.7% (lowest performance): 8% - (1.7 x 30%) = 7.5% 3rd year: + 8.3% (lowest performance): 8% + (8.3 x 30%) = 10.5%…

Year 1 2 3

8%Base

2%Min.Co

8%Base7,5%

- 1,7 x 30% 10,5%

8,3 x 30%

8%Base

- 25 x 30%

Year 1 2 3

8%Base

2%Min.Co

8%Base7,5%

- 1,7 x 30% 10,5%

8,3 x 30%

8%Base

- 25 x 30%

8%Base

2%Min.Co

8%Base7.5%

- 1,7 x 30% 10.5%

8,3 x 30%

8%Base

- 25 x 30%

53

3 Plus Guarantee I - III FUNCTIONAL SET UP: The investor receives 100% of his capital plus a guaranteed coupon of 6% p.a. in the first two years of the term. After the third year the coupon depends on the development of a basket of shares.

PRODUCT PROFILE:



Term: 7 years I: 17.09.2004 – 16.09.2011 II: 15.11.2004 – 14.11.2011 III: 21.02.2005 – 20.02.2012

Reference value: (Close – Underlying) I: 16.09.2004 II: 29.10.2004 III: 18.02.2005 → see www.strukturierte-investments.at

Observation days: I: September 9th (each year) → starting with 09.09.2007 II: October 31st (each year) → starting with 31.10.2007 III: February 9th (each year) → starting with 09.02.2008



Minimum coupon: 6% coupon p.a. in year 1 and 2, after that: none



ISIN: I: AT0000438874 II: AT0000438932 III: AT0000439161





+ Guaranteed coupon of 6% p.a. in year 1 and 2

+ Opportunity of high variable coupons + Opportunity to receive a guaranteed coupon of 8% p.a. + Acquisition and sales possible during the whole term - Risk of no coupon gain after year 3 - A negative performance of a single share may affect the total performance of the product - Capital guarantee is only granted at the end of term UNDERLYING: Basket of shares, 25 shares; sectors:

8%8%

20%

4%4%4%12%8%

4%

8%

4%

4% 4% 8%

8% 8%

20%

4%

4%

4%

12%8%

4%

8%

4%

4%

4%

8%

CommodititesChemical Ind.BanksSupplierInsurancesPhoto/FilmTelecom.RetailComputerAutomobileElectronicPharmacyTechnologySemi-Conductors

ANNUAL COUPON: Plus 1: Guaranteed coupon of 6% p.a. in year 1 and 2; 100% capital guarantee at the end of term Plus 2: After the 2nd year →variable interest 10% basis coupon + 30% of the share with the lowest performance If one or more shares fall below 50% of their start value on one of the observations days, the share with the worst performance will be permanently removed from the basket.

Plus 3: If the accumulated coupons (after the third year) add up to 10% → guaranteed coupon of 8% p.a. until maturity Scenario calculation 1: Year 1 + 2: Guaranteed coupon of 6% p.a. Year 3 (example with fictional values): share 1: performance + 5.80% share 2: performance + 3.33% share 3: performance + 7.20%

In this case the share with the lowest performance (in percentage terms) is share 2 (+ 3.33%). Payout formula: 10% + 30% x (3.33%) = 11% The accumulated coupon amount 11% → guaranteed coupon of 8% p.a. for the following periods

6% 6%

11%

8% 8% 8% 8%

0%

5%

10%

15%

20%

25%

1 2 3 4 5 6 7

Plus 1 and 2 Plus 3

54

Commodity Highest Level-Guarantee (All-time high based on commodities) FUNCTIONAL SET UP: The Dow Jones AIG Commodity Index® (DJAIG) is observed on a monthly basis. At the end of the term the investor receives a yield which is 83% of the highest index value during the term. As the product is capital guaranteed the minimum liquidation will be 100%.

PRODUCT PROFILE:


Underlying: Dow Jones AIG Commodity Index®

Term: 6 years (07.06.2004 – 06.06.2010)

Start value: (close of the Underlying) 148,165 pts. on 04.06.2004


Observation days: Monthly observation days, 12 days p.a., the last day of the month


ISIN: AT0000438627

Market assessment: Upward trend of commodity markets

Investment period: Medium term UNDERLYING: The DJ AIG Commodity® Index is a very liquid and highly diversified index which covers 20 different commodities

18%

8%

11%11%12%3%

20%

17%Industrial MetalsPrecious MetalsFoodLivestockGasOil fruitsPetroleumGrain

18%

8%

11%11%12%3%

20%

17%Industrial MetalsPrecious MetalsFoodLivestockGasOil fruitsPetroleumGrain

OPPORTUNITIES/RISKS: + Portfolio diversification: historically observed commodities perform differently from

equities and bonds + Retrospective lock-in of the highest index value of the whole term with a ratio of 83% + All-time-high means: optimal exit strategy at any time + No performance cap + No currency risk + Acquisition and sales possible during the whole term - Capital guarantee is only provided at the end of term - During the term the price of the product is influenced by different market developments

(esp. index, volatilities, interests) PORTFOLIO DIVERSIFICATION:

The graph shows how commodities counteract the negative developments of bonds in times of rising interest rates (in a 50/50 mixed portfolio: 50% bonds, 50% commodities).


-6,00%

-4,00%

-2,00%

0,00%

2,00%

4,00%

6,00%

8,00%

10,00%

12,00%

14,00%

Qua

terly

retu

rn

100% EFFAS


100% DJAIG


-6,00%

-4,00%

-2,00%

0,00%

2,00%

4,00%

6,00%

8,00%

10,00%

12,00%

14,00%

Qua

terly

retu

rn

100% EFFAS


100% DJAIG

ALL-TIME-HIGH: The graph shows an example of how commodity all-time-highs perform compared to the DJ AIG Commodity® Index (start value: 152.36 pts.).

Comparison DJ AIG Commodity / 83% all-time-high

100110120130140150160170180190200210220230240

1 5 9 13 17 21 25 29 33 37 41 45 49 53 57 61 65 69

Observation Days

Inde

x

Start: 100%Commodity HighestLevel Guarantee

DJ AIG Commodity

Index

+28,31%

Comparison DJ AIG Commodity / 83% all-time-high

100110120130140150160170180190200210220230240

1 5 9 13 17 21 25 29 33 37 41 45 49 53 57 61 65 69

Observation Days

Inde

x

Start: 100%Commodity HighestLevel Guarantee

DJ AIG Commodity

Index

+28,31%

Functional set up: In this example the investor receives a pay back of 128.31%

(all-time-high = 230pts x 83%).

→ at the end of the term the investor receives a pay back of +128.31% although the index shows a negative performance of -10.08%

55

Up & Down Guarantee 2003 – 2007 FUNCTIONAL SET UP: The “Up & Down Guarantee“ is a product offering both a capital guarantee and a guaranteed minimum annual return. Furthermore, a higher annual return may be attained. A 100% capital guarantee is granted at maturity. The investor receives a guaranteed redemption of 100% plus an annual return the amount of which depends on the development of a basket of 25 international shares.

PRODUCT PROFILE:


Underlying: see www.strukturierteinvestments.at

Term: 4 years (09.10.2003-08.10.2007)

Order sizes: Min. investment: EUR 5,000.00 Denomination: EUR 1,000.00


Observation days: Yearly, on 1st October

Minimum coupon 2% p.a.

Participation: 100%


ISIN: AT0000435912

Market assessment: Volatile stock markets



+ 100% capital guarantee

+ Guaranteed minimum yield of 2%

+ Chance for a high yield in rising and falling markets

+ Short term of 4 years


- Capital guarantee is only granted at the end of term ANNUAL COUPON:

The yearly coupon depends on the smallest absolute performance (positive or negative) of all shares which are in the underlying basket and is based on the previous year.

Share 1 - 9 %

Share 28 %

Share 3- 4 %

Share 45 %

Share 5- 7 %

Share 1- 3 % Share 2

- 6 %

Share 31 %

Share 4- 5 %

Share 54%

Scenario 1:

Scenario 2:

Share 1 - 9 %

Share 28 %

Share 3- 4 %

Share 45 %

Share 5- 7 %


- 6 %

Share 31 %

Share 4- 5 %

Share 54%

Scenario 1:

Scenario 2:

MINIMUM COUPON:

The annual minimum coupon is 2% p.a.. BASKET OF SHARES: The underlying consists of 25 international shares

Bank of America Citigroup Hewlett Packard Johnson&Johnson Pepsi Co Merck Procter & Gamble Canon Inc Takeda Chemical Toyota Motor Deutsche Bank BASF BP

DaimlerChrysler E.ON Endesa Eni HSBC L’Oreal Nestlé Novartis Rio Tinto Roche Royal Dutch Total Fina Elf

Share 3 shows the smallest performance (-4%), therefore the coupon is + 4% p.a..

Share 3 shows the smallest performance (+1%), therefore the coupon is the minimum coupon of +2% p.a.

56

Up & Down Guarantee „Frozen Coupon“ II - IV FUNCTIONAL SET UP: The “Up & Down Guarantee“ is a product which offers both a capital guarantee and a guaranteed minimum annual return. Furthermore, a higher annual return can be attained. The investor receives a guaranteed redemption of 100% plus an annual return the amount of which depends on the development of a basket of 25 international shares.

PRODUCT PROFILE:


Underlying: see www.strukturierteinvestments.at

Term: 5 years (II+III) or 6 years (IV) II: 09.02.2004 – 08.02.2009 III: 09.03.2004 – 08.03.2009 IV: 16.08.2004 – 15.08.2010


Coupon dates: Yearly

Observation days: II: Yearly on 30.01. III: Yearly on 27.02. IV: Yearly on 06.08.

Minimum coupon II: 2,0% p.a. III: 2,0% p.a. IV: 2,625% p.a.

Participation: Factor for participation: 75%


ISIN: II: AT0000435987 III: AT0000436183 IV: AT0000438734

Market assessment: Volatile stock markets




+ Guaranteed minimum yield of 2% (II - III) resp. 2.625% (IV)

+ The yield of one year is the minimum yield of the following years

+ Opportunity for a high yield in rising and falling markets

+ Short term of 4 years



The yearly coupon depends on the smallest absolute performance (positive or negative) of all shares which are in the underlying basket and is based on the previous year.

Share 1- 9 %

Share 28 %

Share 3- 4 %

Share 45 %

Share 5- 7 %


- 6 %

Share 31 %

Share 4- 5 %

Share 54%

Scenario 1:

Scenario 2:

Share 1- 9 %

Share 28 %

Share 3- 4 %

Share 45 %

Share 5- 7 %


- 6 %

Share 31 %

Share 4- 5 %

Share 54%

Scenario 1:

Scenario 2:

MINIMUM COUPON / “FROZEN COUPON“:

The annual minimum coupon is 2% p.a. (II - III) resp. 2.625% (IV)

Annualcoupon

t

2 %

4 %

6 %

8 %

10 %Smallest performance x factor of participation (75%)

Payed coupon

1. year 2. year 3. year 4. year 5. year

eg.: 1. year:Smallest performance x 0,75 = 1,2 %

Investor receives min. coupon = 2 %

2. year: Smallest performance x 0,75 = 5 %

Investor receives coupon = 5 %,which is frozen for the next years

Coupon in 2. year isfrozen = new min. coupon

New minimum coupon

3. year: Smallest performance x 0,75 = 1,5 %

Investor receives frozen coupon = 5 %

Share 3 shows the smallest performance (-4%), therefore the coupon is + 3.00% p.a. (= 4% x 0.75)

Share 3 shows the smallest performance (+1%), therefore the coupon is the minimum coupon of +2.625% p.a. (IV)

57

Top 20 Guarantee I – XII FUNCTIONAL SET UP: The “Top 20 Guarantee“ is a product which offers both a capital guarantee and a guaranteed minimum annual return. Furthermore, a higher annual return can be attained. A 100% capital guarantee is granted at maturity. The amount of annual interest payments are determined by the performance of an international basket which consists of 20 international shares.

PRODUCT PROFILE:



Term: I: 6 years (07.05.2003-06.05.2009) II: 6 years (01.07.2003-30.06.2009) III: 6 years (08.09.2003-07.09.2009) IV: 5 years (29.01.2004-29.09.2009) V: 5 years (07.05.2004-29.09.2009) VI: 4 years (10.08.2004-29.09.2009) VII: 6 years (29.10.2004-28.10.2010) VIII: 6 years (29.11.2005-28.11.2011) IX: 6 years (17.02.2006-16.02.2012) X: 6 years (28.04.2006-27.04.2012) XI: 6 years (06.06.2006-05.06.2012) XII: 6 years (24.07.2006-23.07.2012)


Minimum coupon: I: 2.4% p.a. II-IV: 1.9% p.a. V-VII: 4.0% p.a. (1. interest period) 1.0% p.a. (further int. per.) VIII-XI: 1.5% p.a. XII: 2.0% p.a.

Observation days: The 9th day of each month

Order size: Minimum investment: EUR 1,000.00 Denomination: EUR 1,000.00

Taxes: Capital gains tax, EU gains tax

ISIN: I: AT0000435656 II: AT0000435730 III: AT0000435862 IV: AT0000436043 V: AT0000438585 VI: AT0000438775 VII: AT0000438965 VIII: AT0000440110 IX: AT0000440136 X: AT000B052337 XI: AT000B052519 XII: AT000B052584



+ Guaranteed minimum yield

+ Possible yield of 10% p.a.

+ The quality of 20 international top companies increases the likeliness for a yield of 10% p.a.

+ No currency risk


REFERENCE VALUE:

Reference value Observation day I II III IV V VI VII VIII IX X XI XII

75% 75% 75% 80% 80% 80% 80% 80% 80% 80% 80% 80%

30.04.2003 30.06.2003 29.08.2003 15.01.2004 30.04.2004 09.08.2004 28.10.2004 28.11.2005 15.02.2006 27.04.2006 02.06.2006 09.08.2006

BASKET OF SHARES: The yearly coupon depends on the performance of all shares in the underlying basket over the previous year.

10%

4%

Minimum yield

None of the titles in the basket of shares quotes below the reference value on one of the observation days.

Maximum 2 of the titles in the basket of shares quote below the reference value on one of the observation days.

3 or more of the titles in the basket of shares quote below the reference value on one of the observation days.

58

Carinthian Best Performer FUNCTIONAL SET UP: At maturity, the investor receives 100% of the invested capital depending upon which is the higher. This equates to either a 12% minimum return or the sum total of the annual performance values of the DJ EURO STOXX 50® Price Index; these annual performance values have a 10% ceiling and a -5% floor.

PRODUCT PROFILE:



Term: 6 years (03.03.2003 – 02.03.2009)

Start value: (Close of DJ EURO STOXX 50®) on 28.02.2003: 2,140.73 points

Order sizes: Min. investment: EUR 5,000.00 Denomination: EUR 1,000.00



ISIN: AT0000435540

Market assessment: Upward trend of equity markets



+ Capital guarantee of 100% on the invested capital

+ Guaranteed minimum yield of 12% at the end of term

+ Opportunity to participate in the positive development of the DJ EURO STOXX 50® at the end of term

- Capital guarantee is only granted at the end of term PAYOUT PROFILE:

At the end of term the investor receives 100% of the invested capital plus a higher yield of:

a) 12% minimum yield b) Sum of the yearly performance of the DJ EURO STOXX 50® Price Index, where

the positive annual performances are capped with 10% and the negative floored with -5%.

Example of a performance calculation

Year Annual performance of DJ Euro Stoxx 50®

Calculation of annual performance Comment

1 + 8% + 8% 2 - 10% - 5% Floor! 3 + 12% + 10% Cap! 4 - 15% - 5% Floor! 5 + 9% + 9% 6 + 10% + 10% Sum: + 27% Pay back: 127%

Minimum pay back: 112% Maximum pay back: 160%

59

GP Hedge / GP Hedge 80% FUNCTIONAL SET UP: The investor in GP Hedge acquires the right to participate in the performance of the GP Hedge Performance Fund during the instrument’s term and has a leverage option of up to 150%. At maturity, the buyer benefits from a 100% capital guarantee. The performance of the Hedge depends on the development of the portfolio. Participation is initially 100%. If the portfolio shows a positive performance the participation may rise to up to 150%. However, in the worst case scenario, it may drop to 10% at maturity.

PRODUCT PROFILE:


Underlying: 20 different Managed Accounts (Hedge- und Future Funds)

Term: GP Hedge 7 years (16.09.2002 – 15.09.2009)

GP Hedge 80% 5 years (16.09.2002 – 16.09.2007)

Order sizes: Min. investment: EUR 5,000.00 denomination: EUR 1,000.00

Participation: GP Hedge Participation at the start: 100% Best case scenario: up to 150% Worst case scenario: up to 8%

GP Hedge 80% Participation at the start: 80% Best case scenario: up to 120% Worst case scenario: up to 8%

Acquisition and sales: Weekly during the whole term

ISIN: GP Hedge: AT0000435300 GP Hedge 80%: AT0000435342

Market assessment: Positive performance of the GP Hedge Portfolio, which is composed of different Hedge Funds and Future Funds. GP Hedge is nearly independent from the performance of equity or bond markets.



+ 100% capital guarantee at the end of term + Dynamic capital guarantee: participation in the GP Hedge portfolio at the start is 100%

resp. 80% + Opportunity to benefit from a participation in the GP Hedge portfolio of 150% resp. 120%

- at least 8% + Exchange of manager and style is possible if necessary + Accounts and transactions are examined by two independent auditors + Risk diversification over different managers and styles, who operate in liquid markets - Due to its construction (Zero Bond + Option) and a product focus over a 7 year term the price only partially reflects the performance of the underlying.

- Capital guarantee is only granted at the end of term GP HEDGE: Alternative Investments - why?

Absolute return approach Performance measurement is evaluated based on the increase of customer´s assets, earning power is not market based but know-how based Good Risk/Yield chances Relatively high chance of a high yield at relatively low variations Portfolio diversification Low correlation with equity and bond markets

Equity / bond Portfolio

Portfolio inc. Hedge Funds

Risk

Profit

5 %

10 %

15 %

20 %

5 % 10 % 15 %

Equity / bond Portfolio

Portfolio inc. Hedge Funds

Risk

Profit

5 %

10 %

15 %

20 %

5 % 10 % 15 %

The graph schematically shows how the risk/yield of a conventional portfolio consisting of equities and bonds compares with a mixture of hedge funds. The portfolio with GP Hedge clearly shows a higher performance at the same risk.

→ It is possible to reduce the risk and increase the yields!

A.I. PRODUCT

60

GP 112 World FUNCTIONAL SET UP: At maturity, the buyer receives 112% of the invested product plus a participation corresponding to 50% of the positive performance of the world index basket, with no ceiling being imposed (no cap). Thus the investor has the opportunity to participate in three indices and hence in three of the world’s leading economic areas by acquiring a single product.

PRODUCT PROFILE:


Underlying – 1/3 each: NIKKEI 225® DJ EURO STOXX 50® Price Index S&P 500®

Term: 6 years (22.03.2002 – 21.03.2008)

Start value: 21.03.2002 NIKKEI 225®: 11,345.10 pts. DJ EURO STOXX 50® 3,722.68 pts. S&P 500®: 1,153.59 pts.

Order sizes: Minimum volume: EUR 5,000.00 denomination: EUR 1,000.00

Guaranteed performance: 50% of the positive performance of the underlying


ISIN: AT0000432992




+ 112% capital guarantee at the end of term + Additional participation with 50% performance of the world-index basket over a 6 year

without cap

+ Opportunity to participate in 3 indices with only one product.

- Capital guarantee is only granted at the end of term


The graph shows the yield the investor receives at the end of term.

6060

100100

120120

140140

160160

180180

200200

8080

--40%40% --20%20% 0%0% 20%20% 40%40% 60%60% 80%80% 100%100% 120%120% 140%140%

UnderlyingUnderlying --PerformancePerformance nach 6 Jahrennach 6 Jahren

Ertr

ag n

ach

6 Ja

hren

Ertr

ag n

ach

6 Ja

hren

6060

100100

120120

140140

160160

180180

200200

8080

--40%40% --20%20% 0%0% 20%20% 40%40% 60%60% 80%80% 100%100% 120%120% 140%140%


Ertr

ag n

ach

6 Ja

hren

Ertr

ag n

ach

6 Ja

hren

ParticipationRate 50%

Performance of underlying after 6 years

Prof

it af

ter

6 ye

ars

ValueOf GP 112

Minimum payback 112%

6060

100100

120120

140140

160160

180180

200200

8080

--40%40% --20%20% 0%0% 20%20% 40%40% 60%60% 80%80% 100%100% 120%120% 140%140%


Ertr

ag n

ach

6 Ja

hren

Ertr

ag n

ach

6 Ja

hren

6060

100100

120120

140140

160160

180180

200200

8080

--40%40% --20%20% 0%0% 20%20% 40%40% 60%60% 80%80% 100%100% 120%120% 140%140%


Ertr

ag n

ach

6 Ja

hren

Ertr

ag n

ach

6 Ja

hren

ParticipationRate 50%

Performance of underlying after 6 years

Prof

it af

ter

6 ye

ars

ValueOf GP 112

Minimum payback 112%

WORLD-INDEXBASKET:

Underlying Index Weighting in basket Some examples for included titles

NIKKEI 225®

NKY 1/3 Nippon, Mitsubishi, Toshiba, Nikon,

Toyota, Canon, Nomura,...

DJ EURO STOXX 50®

SX5E

1/3 ABN Amro, Alcatel, BASF, BNP Paribas, Carrefour, Daimler Chrysler, Deutsche Bank, Nokia, L’Oreal, Royal Dutch Petrol, Siemens AG, Societe Generale, Telecom Italia, Unicredito, Total SA, Unilever, Vi-vendi,...

S&P 500®

SPX 1/3 American Express, Apple Computers,

Bank of New York, Baxter Int., Boeing, Coca-Cola, Walt Disney Corp., Exxon Mobil Corp., General Electric, IBM, Intel Corp., Johnson-&Johnson, Microsoft, Pfi-zer, Procter-&Gamble, Wal-Mart,…

61

GP 100

FUNCTIONAL SET UP: The buyer of GP 100 guarantee products acquires the right to participate in the performance of a selected fund during its term with a maximum performance of 100% being defined as the limit (cap). At maturity, the buyer benefits from a 100% capital guarantee and receives 100% of the invested capital plus 67% (VB Modern Times), 73% (VB Dividend Invest) or 70% (VB Europe Invest) of the performance of the individual fund. However, there is a ceiling of up to 100% increase of the fund value.

PRODUCT PROFILE:


Underlying: VB Europa Invest

Term: 5 years

Europe Invest GP 100: 06.11.2001 – 05.11.2006

Start values: VB Europe Invest: 157,65 (NAV)

Order sizes: Min. volume: EUR 5,000.00 denomination: EUR 1,000.00

Guaranteed performance: 70% → perf. VB Europe Invest

Acquisition and sales: Once a day during the whole term

ISIN:

Europa Invest GP 100: AT0000432810




+ 100% capital guarantee at the end of term + Opportunity to participate in the performance of the respective fund over a term of 5

years.

+ The averaging of the fund values in the previous year protects the investor from possible losses at the end of term.

- Capital guarantee is only granted at the end of term AVERAGING:

In the fifth year of term an arithmetic average of the values on the respective observation days is calculated: Observation days:

Europa Invest GP 100 06.02.2006 08.05.2006 07.08.2006 02.11.2006

GP 100 is available based on the following funds1:

Underlying fund Factor of participation/Sta

rt value

Short description of the fund

VB Europe Invest WKN 43281

70%

157.65 (NAV)

Assessed in shares and convertible bonds of European enterprises. With this fund underestimated titles with high revaluing potential are sought. This also allows participation in smaller enterprises. This strategy can lead to value developments, which deviate from the main stock price averages.

1 Note: description of funds as per VB capital investment company on 27.09.2006

62

Knock Out-or-Participation FUNCTIONAL SET UP: By acquiring the guarantee product the investor obtains the right either to benefit fully from the asset growth of the underlying (DJ EURO STOXX 50®) over a maturity period of five years or, in the event that notice of redemption is given by the issuer, to receive an attractive 16% coupon after two years. Options: 1. The buyer receives 100% of the invested capital at maturity, that is after five years, and an additional 100% of the positive

performance of the EURO STOXX 50®. 2. The issuer gives notice of redemption after two years, in which case the issuer pays the investor 100% of the invested

capital plus 16 per cent.

PRODUCT PROFILE:


Underlying: DJ EURO STOXX 50®

Term: 5 years (12.11.2001 – 10.11.2006)

Issuer´s right of cancelation: after 2 years: investor receives coupon (16%)

Start value: 3.680,05 pts.

Coupon: 16% - if issuer cancels after 2 years

Order sizes: Min. investment: EUR 100,000.00 denomination: EUR 1,000.00


ISIN: AT0000432893




+ 100% capital guarantee at the end of term + 100% participation in the positive development of the DJ EURO STOXX 50®


+ Acquisition and sales are possible at any time during term

- Capital guarantee is only granted at the end of term PAYOUT PROFILE:

Two possibilities: 1. The investor receives at the end of term (after 5 years) 100% of the invested capital plus

100% of the positive development of the DJ EURO STOXX 50®.

2. The issuer cancels the product after 2 years and the investor receives 100% of the invested capital plus a coupon of 16%.

16 %

2 years 5 yearsStart

Star

tin

v est

itio n

Star

t in

v est

men

t Payback in case of cancelation after 2 years:

Start investition + 16 % coupon

Payback withoutcancelation:

Start investition + partizipation in positive development of Dow Jones EURO STOXX 50 Price Index

Development of Dow Jones EURO STOXX50 Price Index

Prof

it fr

omPa

rtiz

ipat

ion

in D

J E

UR

O S

TO

XX

50

S tar

t in

v est

men

t

Star

t in

v est

men

t


1. 100% of the invested capital plus 100% of the positive development of the DJ EURO STOXX 50® without cap

2. 100% of the invested capital plus 16% coupon in the case of a cancellation by the issuer

EUR 100.000

OVERVIEW OF THE STURCTURED PRODUCTS U.P.-Index-Certificates p. 2 – 3

Index-Certificate– Underlying ISIN Curr. Acquisition

and sales Stock- Split rate Calculation Regions / Sectors Included Titles: Page

ATX® AT0000436100 EUR 09.15 – 17.30 100:1 Price index Austrian Blue Chips BA-CA AG, Erste Bank, OMV AG, Telekom Austria AG, Voestalpine AG, Wienerberger AG, ... Page 3

CECE® AT0000436118 EUR 09.15 – 17.30 100:1 Price index Polish, Czech and Hungarian Blue Chips

Bank BPH, Bank Pekao, Cesky Telecom, CEZ, Erste Bank, Telekom Polska, Unipetrol, ... Page 3

DAX® AT0000435581 EUR 09.15 – 17.30 100:1 Performance- Index German Blue Chips E.ON AG, DaimlerChrysler, Dt. Bank, Dt. Telekom, Bank,

SAP AG, Siemens AG, ... Page 3

DJ EURO STOXX 50® AT0000432711 EUR 09.15 – 17.30 100:1 Price index European Blue Chips (only EURO-Zone)

Bayer AG, ENI SpA, E.ON AG, Nokia, Telefonica, Total SA, Siemens AG, Unilever NV, ... Page 3

DJ GLOBAL TITANS® AT0000435219 EUR 09.15 – 17.30 100:1 Price index 50 biggest multinational Companies

Bank of America, BP PLC, Citigroup, Dell Inc., Exxon, General Electric, Microsoft, Pfizer, ... Page 3

DJ INDUSTRIAL AVERAGE® AT0000432703 USD 09.15 – 17.30 1000:1 Price index American Blue Chips 3M, American Intern. Group, Caterpillar Inc,

Johnson&Johnson, United Technologies, … Page 3

DJ STOXX 50® AT0000436126 EUR 09.15 – 17.30 100:1 Price index European Blue Chips Allianz AG, BP PLC, HSBC, GlaxoSmithKline, Nestle SA, Novartis, Total SA, Vodafone,... Page 3

HANG SENG® AT0000436134 HKD 09.15 – 17.30 100:1 Price index Blue Chips of the stock exchange Hong Kong

China Mobile Hong Kong, CNOOC Ltd., Hang Seng Bank, HSBC Holding PLC, Hutchison Whampoa Ltd., Sun Hung Kai Properties, …

Page 3

HANG SENG-CHINA ENTERPRISES® AT0000436142 HKD 09.15 – 17.30 100:1 Price index Chinese Blue Chip

Stocks (H-Shares) Aluminium Corp. of China, China Life Insurance, China Petroleum & Chemical Corp., … Page 3

HEALTHCARE® AT0000435227 EUR 09.15 – 17.30 100:1 Price index European Health Sector AstraZeneca, GlaxoSmithKline, Novartis, Novo-Nordisk, Roche, Sanofi-Synthelabo, ... Page 3

IFG® AT0000432885 EUR 09.15 – 17.30 100:1 Price index Austrian Emerging Stocks AT&S, BWT, EMTS, Gericom, Jenbacher, Palfinger, SEZ, Page 3

NIKKEI 225® AT0000432729 JPY 09.15 – 17.30 100:1 Price index 225 biggest Companies of Japan

Fanuc Ltd., Honda Motor Co, KDDI Corp, Kyocera, Advantest, Tokyo Electron Ltd., ... Page 3

RDX USD® AT0000436167 USD 09.15 – 17.30 100:1 Price index Russian Emerging Stocks Gazprom, LUKoil, Tatneft, UES, ... Page 3

S&P 500® AT0000435573 USD 09.15 – 17.30 100:1 Price index 500 biggest Companies of the US market

Citi Group, Exxon, General Electric, Microsoft, Pfizer, Stores Inc, Wal-Mart, ... Page 3

SMI® AT0000436175 CHF 09.15 – 17.30 100:1 Price index Swiss Blue Chip Stocks Credit Suisse Group, Nestle SA, Novartis AG, Zurich Financial Services AG, ... Page 3

TecDAX® AT0000435631 EUR 09.15 – 17.30 100:1 Performance- Index

30 best German Technology Stocks BB Biotech, Epcos AG, Mobilcom AG, ... Page 3

OVERVIEW OF THE STRUCTURED PRODUCTS Airbag-Certificates p. 4 - 27

Airbag-Certificates Underlying ISIN Curr. Maturity Marketexpectation Taxes Page Outperformance - Certificates

Japan Turbo Performer NIKKEI 225® AT0000439906 EUR 23.10.2011 Rising Stock Markets KESt: obligatory QueSt: free Page 6

Nikkei 225 Turbo Performer NIKKEI 225® AT0000435953 EUR 23.11.2008 Rising Stock Markets KESt: free QueSt: free Page 7

Turbo Performer 2003-2008 (I - II) DJ EUROSTOXX50® AT0000435722 (I)

AT0000435771 (II) EUR 27.05.2008 (I)

12.06.2008 (II) Rising Stock Markets KESt: free

QueSt: free Page 8

Bonus - / Partial Protection - Certificates

Europe TWIN Performer DJ EURO STOXX 50® Price Div. AT000B052733 EUR 01.10.2011 Rising – stable – declining Stock Markets

KESt: obligatory QueSt: free Page 9

Austrian Bonus Performer

ATX® (Austrian Traded Index) AT000B052527 EUR 02.07.2012 Rising – stable – declining Stock Markets


Eastern Europe Bonus Performer 70% CECE Composite Index®

in Euro 30% Russian Depository Index®

in Euro

AT000B052311 EUR 02.04.2012 Rising – stable – declining Stock Markets


Crude Oil Bonus Performer Brent Crude Oil Future 1-Montth Future per Barrel AT000B052162 EUR 28.02.2011 Rising – stable – declining

Stock Markets KESt: obligatory QueSt: free Page 12

Dividend Stoxx Bonus Performer DJ STOXX Select Dividend 30® AT000B052154 EUR 26.02.2012 Rising – stable – declining Stock Markets


Japan Bonus Performer NIKKEI 225® AT000B052105 EUR 09.02.2012 Rising – stable – declining Stock Markets


CECE® EURO Bonus Performer (I - II)

CECE Composite Index®

in EURO AT0000439518 (I) AT000B052303 (II) EUR 10.07.2011 (I)

02.04.2011 (II) Rising – stable – declining Stock Markets


DivDAX® Bonus Performer DivDAX® Price Index AT0000439484 EUR 26.06.2011 Rising – stable – declining Stock Markets


Commodity Bonus Performer US Dollar DJ AIG Commodity Index® AT0000439294 USD 24.04.2011 Rising – stable – declining Stock Markets


America Bonus Performer DJ INDUSTRIAL AVERAGE® AT0000438502 EUR 25.02.2010 Rising – stable – declining Stock Markets

KESt: free QueSt: free Page 18

OVERVIEW OF THE STRUCTURED PRODUCTS Airbag-Certificates p. 4 – 27

Airbag-Certificates Underlying ISIN Curr. Maturity Marketexpectation Taxes Page Bonus - / Partial Protection - Certificates

China Bonus Performer HANG SENG China Enterprises® AT0000436076 EUR 23.02.2010 Rising – stable – declining Stock Markets


Nikkei Bonus Performer NIKKEI 225® AT0000436001 EUR 12.01.2010 Rising – stable – declining Stock Markets


Europe Bonus Performer (I – IV) DJ EUROSTOXX50®

AT0000435839 (I) AT0000435854 (II) AT0000435961 (III) AT0000436019 (IV)

EUR

31.07.2009 (I) 31.08.2009 (II) 16.11.2009 (III) 18.01.2010 (IV)

Rising – stable – declining Stock Markets


Europe Bonus Performer (V) DJ EUROSTOXX50® AT0000439815 EUR 11.09.2011 Rising – stable – declining


Airbag-Certificate (I - II)

10% NIKKEI 225®

45% DJ EUROSTOXX50®

45% DJ INDUSTR. AVERAGE®

AT0000435383 (I) AT0000435425 (II)

EUR 31.10.2007 (I) 02.12.2007 (II)

Rising Stock Markets KESt: free QueSt: free Page 22

Airbag-Certificate with minimum return 10% NIKKEI 225 45% DJ EUROSTOXX50®

45% DJ INDUSTR. AVERAGE®

AT0000435524

EUR 03.03.2008

Rising Stock Markets KESt: free QueSt: free Page 23

Discount - Certificates DJ Euro Stoxx 50 Deep Discount Certificate DJ EUROSTOXX50® AT0000439039 EUR 04.01.2010 Rising – stable Stock

Markets KESt: obligatory QueSt: free Page 24

Express - Certificates China Alpha Performer

Hang Seng China Enterprises Index (HSCEI®) S&P 500® Index (SPX®)

AT000B052568 EUR 23.08.2010 Rising- stable – declining – volatile Stock Markets


Europe Level Performer DJ EUROSTOXX50® AT000B052113 EUR Max. 31.08.2010 Rising – stable Stock Markets


German Level Performer Sharebasket: 10 shares e.g. BASF, E.On, Tui AT0000440003 EUR 20.12.2009 Rising – stable – declining


OVERVIEW OF THE STRUCTURED PRODUCTS Guarantee-Certificates p. 28 – 62i

Guarantee Product Underlying ISIN Curr. Maturity Marketexpectation Taxes Page

SELECT DIVIDEND-Stürmer DJ EURO STOXX Select Dividend 30® (SD3E) AT000B052766 EUR 01.08.2008 Rising Stock Markets KESt: obligatory

QueSt: free Page 30

Saving Guarantee Energy Int. Energytitles AT000B052774 EUR 17.10.2012 Rising Stock Markets KESt: obligatory QueSt: obligatory Page 31

Saving Guarantee I + II Sharebasket: 20 shares e.g. ALLIANZ, AXA, BASF AT000B052543 EUR 21.08.2012 Rising – stable – declining


Japan Alpha Guarantee Nikkei 225® Index (NKY) S&P 500® Index (SPX)

AT000B052501 EUR 09.07.2010 Rising- stable – declining – volatile Stock Markets

KESt: obligatory QueSt: obligatory Page 33

Austria Guarantee 2006-2011 ATX® (Austrian Traded Index) AT000B052535 EUR 02.07.2011 Rising Stock Markets KESt: obligatory QueSt: free Page 34

China Guarantee Hang Seng® Index (HSI) AT000B052378 EUR 04.05.2012 Rising Stock Markets KESt: obligatory QueSt: free Page 35

Property Guarantee – Limited Edition

Sharebasket, consisting 1/5 of each: CA Immobilien Anlagen AG Conwert Immobilien Invest AG Immoeast Immobilien Anlagen aG Immofinanz Immobilien Anlagen AG Meinl European Land Ltd

AT000B052329 EUR 17.04.2012 Rising Stock Markets KESt: obligatory QueSt: free Page 36

Austria Guarantee Austrian Traded Index (ATX®) AT000B052170 EUR 16.02.2009 Rising Stock Markets KESt: obligatory QueSt: free Page 37

Range Guarantee Sharebasket: 15 shares e.g. Banco Santander, Microsoft,… AT000B052188 EUR 09.09.2007 Rising - stable – declining

Stock Markets KESt: obligatory QueSt: obligatory Page 38

CHI Guarantee (I – III)

Indexbasket: 17.5% S&P CNX Nifty® Index 17.5% HSCEI® 65% EFFAS Euro All Over One® Index

AT0000440169 (I) AT000B052196 (II)

AT000B0523914 (III) EUR

30.01.2013 (I) 02.04.2013 (II) 11.06.2013 (III)

Rising Stock Markets KESt: obligatory QueSt: free Page 39

Formula 8 Guarantee Sharebasket: 25 Shares e.g. Aeon, Merck & Co, Nintendo AT0000440128 EUR 05.02.2014 Rising – stable Stock

Markets KESt: obligatory QueSt: obligatory Page 40

OVERVIEW OF THE STRUCTURED PRODUCTS Guarantee-Certificates p. 28 - 62


Japan Commodity Silver Guarantee

Indexbasket consisting 1/3 of each: NIKKEI 225®

DJ AIG Commodity Index®

Silver

AT0000440185 EUR 04.01.2011 Rising Stock Markets KESt: obligatory QueSt: obligatory Page 41

Scandinavia Guarantee Sharebasket: 16 Shares e.g. Ericsson, Volvo AB, … AT0000439930 EUR 06.11.2008 Rising Stock Markets KESt: obligatory

QueSt: obligatory Page 42

3 Plus Target Guarantee (I - III)

Sharebasket: 20 Shares e.g. Nokia, Cable & Wireless, Merck & Co.,…

AT0000439690 (I) AT0000439989 (II) AT0000440177 (III)

EUR

Until the reach of the target-coupon

of 20% latest: 15.09.2015 (I) 30.11.2015 (II) 05.02.2016 (III)

Rising – stable Stock Markets


World Performance Guarantee Sharebasket: 20 Shares e.g. Amazon.com Inc., Merck & Co. Inc., Nokia OYJ


Commodity Protect Guarantee (I - IV) DJ AIG Commodity Index®

AT0000439468 (I) AT0000439633 (II) AT0000439781 (III) AT0000440086 (IV)

EUR

22.05.2012 (I) 26.06.2012 (II) 21.08.2012 (III) 21.11.2012 (IV)

Rising Commodity Markets KESt: obligatory QueSt: obligatory Page 45

Japan Guarantee Sharebasket: 9 Shares e.g. Canon, Sony, Takeda Pharmaceutical, Toyota Motor


5.5% Guarantee 2011 Sharebasket: 25 Shares e.g. Bayer AG, General Motors Corp., Schlumberger Ltd., …

AT0000439179 EUR 29.03.2011 Rising – stable Stock Markets


Europe Highest Level-Guarantee (I - II) DJ EUROSTOXX50® AT0000439104 (I)

AT0000439799 (II) EUR 27.02.2011 (I) 31.08.2011 (II) Rising Stock Markets KESt: obligatory

QueSt: free Page 48

Blue Basket Capital Guaranteeie Sharebasket: 20 Shares e.g. Banco Santander, Bristol Myers Squibb, HJ Heinz, …


Step Guarantee Sharebasket: 25 Shares e.g. BMW AG, Nokia, Siemens AG, …

AT0000439021

EUR 17.01.2012

Rising Stock Markets

KESt: obligatory QueSt: obligatory

Page 50



Top Guarantee (I - VII)

Sharebasket: 25 Shares e.g. Amazon.Com, Canon Inc., Infineon …

AT0000438999 (I) AT0000439005 (II) AT0000439153 (III) AT0000439310 (IV) AT0000439534 (V) AT0000439831 (VI) AT0000439955 (VII)

EUR

06.02.2009 (I) 17.01.2009 (II) 20.02.2010 (III) 31.03.2010 (IV) 15.06.2010 (V) 25.08.2010 (VI) 31.10.2010 (VII)

Rising - stable – declining Stock Markets


Page 51

3 Plus Guarantee “Frozen Coupon” (I - II)

Sharebasket: 25 Shares e.g. General Motors, McDonalds, Ebay, …

AT0000439013 (I) AT0000439278 (II)

EUR 06.02.2011 (I) 06.04.2011 (II)



Page 52

3 Plus Guarantee (I - III)

Sharebasket: 25 Shares e.g. ABN Amro, Daimler Chrysler, Nokia, …

AT0000438874 (I) AT0000438932 (II) AT0000439161 (III)

EUR 16.09.2011 (I

14.11.2011 (II) 20.02.2012 (III)



Page 53

Commodity Highest Level-Guarantee DJ AIG Commodity Index® AT0000438627 EUR 06.06.2010 Rising Commodity Markets KESt: obligatory QueSt: free

Page 54

Up & Down Guarantee Sharebasket: 25 Shares e.g. Bank of America, Citigroup, …

AT0000435912 EUR 18.10.2007 Volatile Stock Markets KESt: obligatory QueSt: obligatory

Page 55

Up & Down Guarantee “frozen coupon” (II - IV)

Sharebasket: 25 Shares e.g. Bank of America, Citigroup, Hewlett Packard, ...

AT0000435987 (II) AT0000436183 (III) AT0000438734 (IV)

EUR 08.02.2009 (II) 08.03.2009 (III) 15.08.2010 (IV)

Volatile Stock Markets KESt: obligatory QueSt: obligatory

Page 56

Top 20 Guarantee (I - XII)

Sharebasket: 20 Shares e.g. Citigroup, IBM, Mc Donald, Kellog, Daimler Chrysler, …

AT0000435656 (I) AT0000435730 (II) AT0000435862 (III) AT0000436043 (IV) AT0000438585 (V) AT0000438775 (VI) AT0000438965 (VII) AT0000440110 (VIII) AT0000440136 (IX) AT000B052337 (X)

EUR

06.05.2009 (I) 30.06.2009 (II) 07.09.2009 (III) 29.09.2009 (IV) 29.09.2009 (V) 29.09.2009 (VI) 28.10.2010 (VII) 28.11.2011 (VIII) 16.02.2012 (IX) 27.04.2012 (X)

Rising - stable – declining Stock Markets


Page 57



Carinthian Best Performer DJ EUROSTOXX50® AT0000435540 EUR 02.03.2009 Rising Stock Markets KESt: obligatory QueSt: obligatory

Page 58

GP Hedge GP Hedge 80%

GP Hedge Performance Fund

AT0000435300 AT0000435342

EUR 15.09.2009 16.09.2007

The GP Hedge portfolio is almost independent from the performance of the Share- and Bond Market

KESt: obligatory QueSt: free

Page 59

GP 112 World 1/3 DJ EUROSTOXX50®

1/3 NIKKEI 225®

1/3 S&P500®

AT0000432992

EUR 21.03.2008 Rising Stock Markets KESt: obligatory QueSt: obligatory

Page 60

GP 100 VB Europa Invest AT0000432810 EUR 05.11.2006 Rising Stock Markets KESt: obligatory QueSt: free

Page 61

Knock-Out-or-Participation DJ EUROSTOXX50® AT0000432893 EUR 10.11.2006 Rising Stock Markets KESt: obligatory QueSt: free

Page 62

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Volksbank · “How has automobile technology changed in the last 30 years?“ Some would answer this question with a short “Not at all”. Toward the end of the seventies, nearly