Final Terms RAIFFEISEN ZENTRALBANK ÖSTERREICH AKTIENGESELLSCHAFT EUR 25,000,000,000. Euro Medium Term Note Programme. Series No: PDF

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Final Terms RAIFFEISEN ZENTRALBANK ÖSTERREICH AKTIENGESELLSCHAFT EUR 25,000,000,000 Euro Medium Term Note Programme Series No: 108 Tranche No: 1 ISIN: XS EUR 5,000,000 Inflation-linked Notes

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Final Terms RAIFFEISEN ZENTRALBANK ÖSTERREICH AKTIENGESELLSCHAFT EUR 25,000,000,000 Euro Medium Term Note Programme Series No: 108 Tranche No: 1 ISIN: XS EUR 5,000,000 Inflation-linked Notes due 2017 with coupon linked to the Unrevised Eurostat Eurozone Harmonized Indices of Consumer Prices (HICP) Excluding Tobacco Index The date of these Final Terms is 22 July 2009 PART A CONTRACTUAL TERMS Terms used herein shall be deemed to be defined as such for the purposes of the Terms and Conditions of the Notes set forth in the Debt Issuance Programme Prospectus dated 2 March 2009 and the supplement to the Debt Issuance Programme Prospectus dated 9 April 2009 which together constitute a base prospectus for the purposes of the Prospectus Directive (Directive 2003/71/EC) (the Prospectus Directive). This document constitutes the Final Terms of the Notes described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with such Debt Issuance Programme Prospectus as so supplemented. Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of these Final Terms, the Debt Issuance Programme Prospectus and the supplement to the Debt Issuance Programme Prospectus. The Debt Issuance Programme Prospectus and the supplement to the Debt Issuance Programme Prospectus are available for viewing and available on request at Raiffeisen Zentralbank Österreich Aktiengesellschaft, Am Stadtpark 9, 1030 Vienna, Austria and the Paying Agents, Deutsche Bank AG, London Branch, Winchester House, 1 Great Winchester Street, London EC2N 2DB, United Kingdom and Deutsche Bank Luxembourg S.A., 2, boulevard Konrad Adenauer, 1115 Luxembourg, Luxembourg and on the website of the Luxembourg stock exchange (www.bourse.lu). 1. Issuer: Raiffeisen Zentralbank Österreich Aktiengesellschaft 2. (i) Series Number: 108 (ii) Tranche Number: 1 3. Specified Currency or Currencies: 4. Aggregate Nominal Amount of Notes admitted to trading: EUR EUR 5,000,000 (i) Series: EUR 5,000,000 (ii) Tranche: EUR 5,000, Issue Price: 100% of the Aggregate Nominal Amount 6. (i) Specified Denominations: EUR 50,000 (ii) Calculation Amount: EUR 50, (i) Issue Date: 27 July 2009 (ii) Interest Commencement Date: Issue Date 8. Maturity Date: 27 July Interest Basis: 5.00% Fixed Rate and Index Linked Interest in accordance with paragraph 11 below. 10. Redemption/Payment Basis: Redemption at par 11. Change of Interest or Redemption/Payment Basis: In respect of each Interest Period from and including the Interest Commencement Date to but excluding 27 July 2011, 5.00% Fixed Rate and, in respect of each Interest Period thereafter from and including 27 July 2011 to but excluding the Maturity Date, Index Linked Interest. 12. Put/Call Options: 13. (i) Status of the Notes: Senior (ii) Dates of approvals of Board of Managing Directors and of Supervisory Board of the Issuer obtained for issuance of Notes: 14. Method of distribution: Non-syndicated PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE 15. Fixed Rate Note Provisions: Applicable with respect to each Interest Period from and including the Interest Commencement Date to but excluding 27 July 2011 and, thereafter,. (i) Rate of Interest: 5% per annum payable annually in arrear (ii) Interest Payment Date(s): 27 July in each year to and including 27 July 2011, adjusted (for the purposes of payment only) in accordance with the Following Business Day Convention (iii) Fixed Coupon Amount(s): EUR 2,500 per Calculation Amount (iv) Broken Amount(s): (v) Day Count Fraction: Actual/Actual (ICMA) (vi) Other terms relating to the method of calculating interest for Fixed Rate Notes: Notwithstanding the provisions of Condition 5(g), Interest Amounts shall be calculated in respect of each Calculation Amount and aggregated for each Note of each Specified Denomination 16. Floating Rate Note Provisions: 17. Zero Coupon Note Provisions: 18. Currency Linked Interest Note Provisions: 19. Commodity Linked Interest Note Provisions: 20. Fund Linked Interest Note Provisions: 21. Index Linked Interest Note Provisions: with respect to each Interest Period from and including the Interest Commencement Date to but excluding 27 July 2011 and, thereafter, Applicable. (i) Index/Formula: Rate of Interest (n) = 150% x [(Index Apr (n) / Index Apr (n-1) ) 1] Where: Rate of Interest (n) means the Rate of Interest with respect to the Interest Period ending on (but excluding) the Interest Payment Date falling in year n; Index Apr (n) means the level of the Index for the month of April in year n; Index Apr (n-1) means the level of the Index for the month of April in the year that is one calendar year prior to year n; Index means the EUR-Excluding Tobacco-Non-Revised Consumer Price Index (CPI) (Bloomberg Code: CPTFEMU Index), being the Non-revised Index of Consumer Prices excluding Tobacco , measuring the rate of inflation in the European Monetary Union excluding tobacco, expressed as an index and published by Eurostat or any successor entity that publishes or announces (directly or through an agent) the level of such Index (the Index Sponsor). The Calculation Agent shall determine the Index level by reference to the relevant Bloomberg page or any other applicable source for the Index that it may select in its sole and absolute discretion. For the purposes of the above formula, the quotient of the levels of the Index shall be rounded, if necessary, to the nearest one hundredmillionth of a percentage point (e.g., % being rounded down to % and % being rounded up to %). (ii) Party responsible for calculating the Rate(s) of Interest and Interest Raiffeisen Zentralbank Österreich Aktiengesellschaft (in such capacity, the Calculation Agent) (iii) Amount(s) (if not the Issuing and Paying Agent): Provisions for determining coupon where calculation by reference to Index and/or Formula is impossible or impracticable: See Annex attached. (iv) Interest Payment Date(s): 27 July in each year from and including 27 July 2012 to and including 27 July 2017, adjusted (for the purposes of payment only) in accordance with the Following Business Day Convention (v) Day Count Fraction: Actual/Actual (ICMA) (vi) Minimum Rate of Interest: 2% per annum (vii) Other terms or special conditions: See Annex attached. 22. Equity Linked Interest Note Provisions: PROVISIONS RELATING TO REDEMPTION 23. Call Option: 24. Put Option: 25. Final Redemption Amount of each Note EUR 50,000 per Calculation Amount 26. A. Early Redemption Amount (i) Early Redemption Amount per Calculation Amount payable on redemption for taxation reasons, redemption upon an event of default (or, in the case of Index Linked Redemption Notes, following an Index Adjustment Except in the case of any early redemption pursuant to Condition 14 (where the Notes will be redeemed at the Early Termination Amount), an amount in EUR determined by the Calculation Agent which represents the fair market value of such Calculation Amount on a day selected by the Issuer less the proportionate cost to the Issuer of unwinding any underlying and/or related hedging and funding arrangements in respect of the Notes. (ii) Event in accordance with Condition 9(b)(ii)(y) or, in the case of Equity Linked Redemption Notes, following certain corporate events in accordance with Condition 10(b)(ii)(B) or, in the case of Credit Linked Notes, following a Merger Event (if applicable)) and/or the method of calculating the same (if required or if different from that set out in Condition 6(b)): Early Redemption Unwind Costs: B. Early Termination Amount 27. Unmatured Coupons to become void upon early redemption pursuant to Condition 7(f)(i) and Condition 7(f)(iv): 28. Currency Linked Redemption Notes: 29. Commodity Linked Redemption Notes: 30. Fund Linked Redemption Notes: 31. Index Linked Redemption Notes: 32. Equity Linked Redemption Notes: The Calculation Amount, together with any accrued but unpaid interest thereon. Yes 33. Credit Linked Notes: GENERAL PROVISIONS APPLICABLE TO THE NOTES 34. Form of Notes: Bearer Notes: (i) Form: Temporary Global Note exchangeable for a Permanent Global Note which is exchangeable for Definitive Notes in the limited circumstances specified in the Permanent Global Note (ii) New Global Note: Yes 35. Business Centre(s) or other special provisions relating to Payment Days: 36. Talons for future Coupons or Receipts to be attached to Definitive Notes (and dates on which such Talons mature): 37. Details relating to Partly Paid Notes: amount of each payment comprising the Issue Price and date on which each payment is to be made and consequences (if any) of failure to pay, including any right of the Issuer to forfeit the Notes and interest due on late payment: 38. Details relating to Instalment Notes: amount of each instalment, date on which each payment is to be made: 39. Redenomination, renominalisation and reconventioning provisions: TARGET2 No 40. Consolidation provisions: The provisions in Condition 17 (Further Issues) apply 41. Other final terms: 42. Additional provisions relating to Notices: 43. TEFRA: The D Rules are applicable 44. The Aggregate Nominal Amount of the Notes has been converted into the Programme currency (euro) at the rate of [ ] euro to one [Specfied Currency]: DISTRIBUTION 45. (i) If syndicated, names of Managers: (ii) (iii) Date of Subscription Agreement: Stabilising Manager(s) (if any): 46. If non-syndicated, name of Dealer: 47. Total commission and concession: Raiffeisen Zentralbank Österreich Aktiengesellschaft 48. Non-exempt: 49. Additional selling restrictions: LISTING AND ADMISSION TO TRADING APPLICATION These Final Terms comprise the final terms required to list and have admitted to trading the issue of Notes described herein pursuant to the EUR 25,000,000,000 Euro Medium Term Note Programme of Raiffeisen Zentralbank Österreich Aktiengesellschaft. RESPONSIBILITY The Issuer accepts responsibility for the information contained in these Final Terms. Signed on behalf of the Issuer: Raiffeisen Zentralbank Österreich Aktiengesellschaft By: By: Duly authorised Duly authorised PART B OTHER INFORMATION 1. LISTING AND ADMISSION TO TRADING (i) Listing: Vienna (ii) Admission to trading: Application has been made by the Issuer for the Notes to be admitted to trading on the regulated market (Geregelter Freiverkehr) of the Vienna Stock Exchange with effect from 27 July (iii) Estimate of total expenses related to admission to trading: EUR RATINGS Ratings: Moody's: Standard & Poor's The Issuer has been rated: Senior unsecured (long-term) A1 Senior unsecured (long term) A, negative outlook 3. NOTIFICATION The Luxembourg Commission de Surveillance du Secteur Financier has provided the Austrian Financial Market Authority (Finanzmarktaufsicht) with a certificate of approval attesting that the Debt Issuance Programme Prospectus has been drawn up in accordance with the Prospectus Directive. 4. INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE Save as discussed in Subscription and Sale , so far as the Issuer is aware, no person involved in the offer of the Notes has an interest material to the offer. 5. REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES (i) Reasons for the offer: The net proceeds from the issue of the Notes will be used by the Issuer for its general funding purposes (ii) Estimated net proceeds: EUR 5,000,000 (iii) Estimated total expenses: None 6. YIELD Indication of yield: 7. PERFORMANCE OF INDEX AND OTHER INFORMATION CONCERNING THE UNDERLYING Each Noteholder will receive, in respect of each Calculation Amount, EUR 50,000 on the Maturity Date. Interest in respect of the Notes is (i) initially 5 per cent. per annum payable on 27 July 2010 and 27 July 2011 and (ii) thereafter, linked to the performance of the Index. On 27 July of each year from (and including) 27 July 2012 to (and including) the Maturity Date, investors will receive an amount of interest in respect of each Calculation Amount calculated by reference to the performance of the EUR-Excluding Tobacco-Non-Revised Consumer Price Index (CPI) (the Index). The amount of interest payable on each such date shall be calculated as the product of (i) the Calculation Amount; (ii) the day count fraction of Actual/Actual (ICMA); and (iii) the greater of (A) 2 % and (B) the product of (x) 150% and (y) the quotient of (I) the level of the Index in respect of the month that falls 3 months prior to such date (as numerator) and (II) the level of the Index in respect of the month that falls 15 months prior to such date (as denominator), all minus one. Details of the historic performance of the Index can be obtained from (under HCIP all items excluding tobacco). 8. OPERATIONAL INFORMATION ISIN Code: XS Common Code: Any clearing system(s) other than Euroclear Bank S.A./N.V. and Clearstream Banking société anonyme and the relevant identification number(s): Intended to be held in a manner which would allow Eurosystem eligibility: Delivery: Names and addresses of additional Paying Agent(s) (if any): No Delivery against payment 9. POST ISSUANCE INFORMATION The Issuer does not intend to issue post issuance information in respect of any underlying. ANNEX ADDITIONAL TERMS AND CONDITIONS 1. Delay in Publication (a) If the Calculation Agent determines, in respect of the Index and an Interest Payment Date, that the level of the Index for a Reference Month (an Underlying Level) has not been published or announced by the Interest Determination Date for such Interest Payment Date, the Calculation Agent shall determine the level of such Index for such Reference Month (the Substitute Index Level) in place of such Underlying Level by using the following methodology: (i) (ii) if applicable, the Calculation Agent will take the same action to determine the Substitute Index Level for the Affected Interest Payment Date as that taken by the calculation agent pursuant to the terms and conditions of the Related Bond; or if the Calculation Agent is not able to determine a Substitute Index Level under subparagraph (a)(i) above the Calculation Agent shall determine the Substitute Index Level by reference to the following formula: Substitute Index Level = Base Level x (Latest Level/Reference Level), where: Base Level means the level of the Index (excluding any flash estimates) published or announced by the Index Sponsor in respect of the month which is 12 calendar months prior to the month for which the Substitute Index Level is being determined. Latest Level means, in respect of the Index, the latest level of such Index (excluding any flash estimates) published or announced by the Index Sponsor prior to the month in respect of which the Substitute Index Level is being determined. Reference Level means, in respect of the Index, the level of such Index (excluding any flash estimates) published or announced by the Index Sponsor in respect of the month that is 12 calendar months prior to the month in respect of the Latest Level. The Issuer shall promptly give notice to the Noteholders in accordance with Condition 20. (b) If an Underlying Level in respect of an Interest Payment Date is published or announced at any time after the Interest Determination Date for such Interest Payment Date, such Underlying Level will not be used in any calculations. The Substitute Index Level determined pursuant to paragraph (a) above will be the definitive level for that Reference Month. 2. Cessation of Publication If the Calculation Agent determines that a level of the Index has not been published or announced for two consecutive months (the Period of Cessation of Publication) and/or the Index Sponsor announces that it will no longer continue to publish or announce the Index and/or the Index Sponsor cancels the Index then the Calculation Agent shall determine a successor index (a Successor Index) (in lieu of the previously applicable Index) for the purposes of the Notes by using the following methodology: (i) (ii) (iii) (iv) if a successor index has been designated by the calculation agent pursuant to the terms and conditions of the Related Bond, such successor index shall be designated the Successor Index for the purposes of all Interest Payment Dates on and after the Affected Interest Payment Date in relation to the Notes, notwithstanding that any other Successor Index may previously have been determined pursuant to subparagraphs (ii) or (iii) below; if a Successor Index is not determined pursuant to sub-paragraph (i) above and a notice has been given or an announcement has been made by the Index Sponsor specifying that such Index will be superseded by a replacement index specified by the Index Sponsor and the Calculation Agent determines that such replacement Index is calculated using the same or substantially similar formula or method of calculation as used in the calculation of the previously applicable Index, such replacement index shall be the Successor Index for the purposes of the Notes from the date that such Successor Index comes into effect; if a Successor Index is not determined pursuant to sub-paragraphs (i) or (ii) above by the next Interest Determination Date, the Calculation Agent will determine an appropriate alternative index for such Affected Interest Payment Date and such index will be deemed to be the Successor Index ; or if the Calculation Agent determines that there is no appropriate alternative index, there will be deemed to be no Successor Index (an Inflation Index Cancellation) and, on giving notice to Noteholders in accordance with Condition 20, the Issuer shall redeem all but not some only of the Notes, each Calculation Amount being redeemed by payment of an amount (which, for the avoidance of doubt, shall include amounts in respect of accrued interest (if applicable)) equal to the fair market value of such Calculation Amount, on a day selected by the Issuer, taking into account the Inflation Index Cancellation, less the proportionate cost to the Issuer of unwinding any underlying and/or related hedging and funding arrangements, all as determined by the Calculation Agent. Payments will be made in such manner and subject to such conditions as shall be notified to the Noteholders in accordance with Condition 20 and upon such payment in respect of such Calculation Amount, the Issuer's obligations in respect thereof shall be discharged. If a Successor Index is determined in accordance with the above, the Issuer may make appropriate adjustment(s) to the Final Terms as the Calculation Agent determines necessary, or appropriate to account for such replacement and determine the effective date(s) of the adjustment(s) to the Notes. Notice of the determination of a Successor Index and the date from which such index becomes the Successor Index and any relevant adjustment(s) to the Final Terms or any Inflation Index Cancellation will be given to Noteholders by the Issuer in accordance with Condition Revised Index Levels and Manifest Error in Publication (a) (b) The first publication and announcement of a level of such Index for a Reference Month shall be final and conclusive and later revisions to the level for such Reference Month will not be used in any calculations. If, in respect of an Interest Payment Date and an Underlying Level in respect of such Interest Payment Date, the Calculation Agent determines that the Index Sponsor has corrected such Underlying Level to correct a manifest error, prior to the earlier of thirty days of publication of such Underlying Level and the Manifest Error Cut-off Date for such Interest Payment Date the Calculation Agent may use such corrected Underlying Level to calculate any payments under the Notes in respect of such Interest Payment Date. Corrections published after the Manifest Error Cut-off Date in respect of such Interest Payment Date will be disregarded by the Calculation Agent for the purposes of determining any payments under the Notes. 4. Rebasing If
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