EANS-Capital Market Information: Raiffeisen Zentralbank Österreich AG / Change of law on securities other than shares

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Notice to Noteholders under the EMTN Programme of Raiffeisen
Zentralbank Österreich Aktiengesellschaft ("RZB")(the "Programme")

Corporate Reorganisation of RZB

Notes outstanding under the Programme (the "Notes"):

XS0119732641; XS0120255137; XS0146284442; XS0197070674; XS0204408214;
XS0217832426; XS0220636343; XS0221295115; XS0242395357; XS0258576403;
XS0264586503, XS0266396547, XS0266842771, XS0270492654; XS0271430679,
XS0279660046; XS0284860656; XS0284781431;XS0289338609; XS0300807939;
XS0305474461; XS0307006436; XS0309195724; XS0312177339; XS0312177503;
XS0326967832; XS0332835395; XS0341159316; XS0361753204; XS0363644591;
XS0366798089; XS0371504365; XS0373706497; XS0375345872; XS0376005715;
XS0376434246; XS0383448114; XS0385075758; XS0393579684; XS0439489625;
XS0444603780

On 9 October 2010 the demerger of the main part of RZB´s assets and
liabilities, constituting RZB´s "corporate customer business"
division including associated shareholdings, to Cembra Beteiligungs
AG ("Cembra"), a wholly-owned indirect subsidiary of RZB, was
registered in the Austrian commercial register (Firmenbuch).

On 10 October 2010 the merger of Cembra into its majority-owned
subsidiary Raiffeisen International Bank-Holding AG ("RI") was
registered in the Austrian commercial register. On the same day RI,
being the absorbing entity of the merger, changed its name to
Raiffeisen Bank International AG ("RBI"). RBI´s shares continue to be
listed on the Vienna Stock Exchange.

RZB has retained approximately 12 percent of its consolidated total
assets and liabilities (as at 31 December 2009) and continues to
operate as the central institution of the Austrian Raiffeisen Banking
Group and as the steering holding company of the RZB group, which
includes RZB´s approximately 79 percent stake in RBI.

Deutsche Trustee Company Limited as trustee (the "Trustee") for the
holders of the Notes (the "Noteholders") has determined pursuant to
clause 10.1 of each of the Trust Deeds appertaining to each of the
Series of Notes that any Potential Event of Default or Event of
Default that might have otherwise occurred as a result of the merger
and the demerger referred to above pursuant to:

(A) Condition 10(e)(ii) of the Notes constituted by each of the 10
May 1999 Trust Deed (as amended on 26 June 2000), the 26 June 2001
Trust Deed and the 30 July 2004 Trust Deed; and

(B) Condition 14(e)(ii) of the Notes constituted by each of the 18
January 2006 Trust Deed, the 22 December 2006 Trust Deed, the 20
December 2007 Trust Deed and the 2 March 2009 Trust Deed,

(to the extent such Conditions relate to RZB as Issuer ceasing to
carry on a substantial part of its business or operations) shall not
be treated as such for the purposes of the Notes. In reaching its
determination the Trustee has taken financial advice and has made its
determination on the basis that (i) RZB remains the issuer under the
Programme and continues to be the principal obligor under and fully
liable for all Notes and (ii) RBI has issued for the benefit of the
Noteholders an unconditional and irrevocable guarantee with respect
to the senior Notes as well as an unconditional and irrevocable
subordinated payment undertaking with respect to the subordinated
Notes to ensure that the Noteholders have direct access to the assets
of RBI, including the assets that were transferred from RZB to RBI.

This notice applies to the following trust deeds (each as amended
and/or restated from time to time including by a supplemental trust
deed dated 8 October 2010) relating to the Programme: - trust deed
dated 10 May 1999 (the "10 May 1999 Trust Deed"); - trust deed dated
26 June 2001 (the "26 June 2001 Trust Deed"); - trust deed dated 30
July 2004 (the "30 July 2004 Trust Deed"); - trust deed dated 18
January 2006 (the "18 January 2006 Trust Deed"); - trust deed dated
22 December 2006 (the "22 December Trust Deed"); - trust deed dated
20 December 2007 (the "20 December 2007 Trust Deed"); and - trust
deed dated 2 March 2009 (the "2 March 2009 Trust Deed" and, together
with 10 May 1999 Trust Deed, 26 June 2001 Trust Deed, 30 July 2004
Trust Deed, 18 January 2006 Trust Deed, 22 December 2006 Trust Deed
and 20 December 2007 Trust Deed, the "Trust Deeds").

Capitalised terms used in this notice and not otherwise defined bear,
in respect to each Series of Notes, the meanings given to them in the
relevant Trust Deed appertaining to each such Series of Notes.

Noteholders may obtain further information as well as copies of the
Trust Deeds and the guarantee/subordinated payment undertaking from:

Susanne Langer
Head of Group Investor Relations
Raiffeisen Zentralbank Österreich Aktiengesellschaft
Am Stadtpark 9, A-1030 Vienna
investor@rzb.at
Phone: +43-1-71707-2089

October 2010 Raiffeisen Zentralbank Österreich
Aktiengesellschaft

end of announcement euro adhoc
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ots Originaltext: Raiffeisen Zentralbank Österreich AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Raiffeisen Zentralbank Österreich AG

Am Stadtpark 9

Prokurist Andreas Ecker

43 1 71707-1753

andreas.ecker@rzb.at

MMag. Doris Eder

43 1 71707-1289

doris.eder@rzb.at

Branche: Banking
ISIN:
WKN:
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Wien / stock market