FINANCIAL INSTITUTIONS

ISSUER PROFILE7 December 2018

TABLE OF CONTENTSCompany overview 1Financial highlights 2Business description 3Distribution channels 4Ownership structure 4Subsidiaries 4Company management 5Company history 7Peer group 8Related websites and informationsources 8Moody’s related research 8

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Christina Holthaus +49.69.70730.721Analystchristina.holthaus@moodys.com

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Hypo Vorarlberg Bank AGKey Facts and Statistics - H1 June 2018

Company overviewHypo Vorarlberg Bank AG (Hypo Vorarlberg, previously Vorarlberger Landes- undHypothekenbank AG), a regional universal bank based in Austria, provides a range ofcorporate and retail banking products and services.

As of 30 June 2018, the bank operated in Austria through a network of 21 branches (includingheadquarters) and subsidiaries. Additionally, it was present internationally through a branchin Switzerland and subsidiaries in Italy.

Hypo Vorarlberg was established in 1897 as a state-owned mortgage bank. Effective 1October 2017, the bank changed its corporate name to Hypo Vorarlberg Bank AG fromVorarlberger Landes- und Hypothekenbank AG. As of 30 June 2018, its largest shareholderwas Vorarlberger Landesbank-Holding, which owned 76.0% of its total share capital, andwhich is in turn fully owned by the State of Vorarlberg.

Source: Company reports (annual report December 2017, semiannual report June 2018), Moody’s research, www.oenb.at

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Financial highlightsNote: The financials presented below are those reported by the entity and are not adjusted for Moody’s analytic purposes. For Moody’sgenerated ratios on Hypo Vorarlberg Bank AG, please see <Hypo Vorarlberg Bank AG page on Moodys.com>.

Exhibit 1

Latest full-year resultsHypo Vorarlberg Bank AG

(in € Million) 31-Dec-17 31-Dec-16 31-Dec-15 % Change 17/16 % Change 16/15

Total Assets 13,183 13,324 13,902 (1.06) (4.16)

Total Shareholders' Equity 1,119 1,055 969 6.03 8.85

Shareholders' Equity excluding Minority Interest 1,108 1,055 969 5.04 8.85

Total Regulatory Capital 1,328 1,247 1,161 6.56 7.39

Tier 1 Ratio (%) 14.82 13.33 11.17 149 bps 216 bps

Net Income 67 88 93 (23.69) (4.90)

Net Income Attributable to Equity Holders 67 88 93 (24.25) (4.89)

Note: Based on consolidated financial dataSource: Company reports (annual report December 2017 and December 2016)

Exhibit 2

Latest half-year resultsHypo Vorarlberg Bank AG

(in € Million) 30-Jun-18 30-Jun-17 % Change 18/17

Total Assets 13,209 14,165 (6.75)

Total Shareholders' Equity 1,152 1,065 8.25

Shareholders' Equity excluding Minority Interest 1,142 1,065 7.31

Total Regulatory Capital 1,358 1,229 10.55

Tier 1 Ratio (%) 15.00 13.42 158 bps

Net Income 33 24 34.87

Net Income Attributable to Equity Holders 32 24 32.88

Note: Based on consolidated financial dataSource: Company reports (semiannual report June 2018 and June 2017)

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page onwww.moodys.com for the most updated credit rating action information and rating history.

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Business descriptionHypo Vorarlberg is a universal bank that offers a comprehensive range of retail and corporate banking products and services. The bankoperates through the following four business segments: Corporate Customers, Private Customers, Financial Markets, and CorporateCenter. In the half-year ended 30 June 2018 (H1 2018), the largest contributor to the bank’s net interest income was the CorporateCustomers segment.

Exhibit 3

Business segment(% of net interest income, consolidated, for H1 2018)

Corporate Customers62.5%

Private Customers18.0%

Corporate Center14.6%

Financial Markets4.9%

Source: Company report (semiannual report June 2018)

Corporate Customers: This segment, which in H1 2018 accounted for 62.5% of the bank’s net interest income, includes bankingproducts and services such as loans, cash advances and current, term and demand deposits for small, medium-size and large industrial,trade and commercial enterprises. It also includes income and expenses from business relations with public-sector organisations(such as local, state and federal governments). Additionally, it includes products and services for all clients of its branch in St. Gallen(Switzerland), irrespective of their sector or customer type. As of 30 June 2018, it reported total consolidated assets of €6.1 billion.

Private Customers: This segment includes banking products and services, such as loans, cash advances and current, term and demanddeposits, offered to private households (employees) and freelancers (self-employed individuals). As of 30 June 2018, this segmentreported total consolidated assets of €2.0 billion and accounted for 18.0% of the bank’s net interest income.

Financial Markets: This segment includes a wide range of financial market products and services, including activities related to thebank’s issuance business, as well as revenues arising from the bank’s custodian banking operations and interbank relationships. Thissegment also comprises trading activities, including the issuance of promissory notes and holdings in derivative financial instruments.As of 30 June 2018, it reported total consolidated assets of €3.5 billion and accounted for 4.9% of the bank’s net interest income.

Corporate Center: This segment mainly comprises the bank’s subsidiaries and strategic holdings that supplement its activitieswith banking-related products and services (including leasing or insurance products, among others such as bank's online branchhypodirekt.at). Moreover, it includes income from businesses that do not form part of its banking transactions (such as insurance andreal estate brokerage, leasing and facility management services). As of H1 2018, this segment reported total consolidated assets of €1.6billion and accounted for 14.6% of the bank’s net interest income.

Source: Company reports (annual report December 2017, semiannual report June 2018), Moody’s research

3 7 December 2018 Hypo Vorarlberg Bank AG: Key Facts and Statistics - H1 June 2018

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Exhibit 4

Earnings (loss) before taxes by business segment(consolidated, in € Million)

46

2

(10)

4

40

1 3

(10)

(20)

(10)

0

10

20

30

40

50

Corporate Customers Private Customers Financial Markets Corporate Center

H1 2017 H1 2018

Source: Company report (semi-annual report June 2018)

Distribution channelsAs of 30 June 2018, Hypo Vorarlberg operated through a network of 21 branches (including its headquarters) in Austria, of which17 were located in the state of Vorarlberg and subsidiaries. Internationally, the bank operated through a branch in Switzerland andsubsidiaries in Italy. Additionally, the bank offers its products and services through alternative distribution channels, including internetbanking.

The bank’s market shares in the Austrian banking sector were as follows:

Exhibit 5

Market share of Hypo Vorarlberg Bank AG

(% Share) 31-Dec-17 31-Dec-16 31-Dec-15

Total Loans 1.71 1.66 1.65

Total Deposits 1.20 1.04 1.09

Notes: 1) For the Austrian banking sector, “Total Loans” = “Claims against Credit Institutions” + “Claims against Customers (nonbanks)” and “Total Deposits” = “Liabilities to CreditInstitutions” + “Liabilities to Customers (nonbanks)”.2) For the bank, “Total Loans” = “Loans and Advances to Banks” + “Loans and Advances to Customers” (including loans reported under the fair value option) and “Total Deposits” =“Amounts Owed to Banks” + “Amounts Owed to Customers”.

Source: Company reports (annual report December 2017, semiannual report June 2018), www.oenb.at

Ownership structureAs of 30 June 2018, the bank’s shareholding structure was as follows:

Exhibit 6

Hypo Vorarlberg Bank AG

Shareholder % Share Capital % Voting Rights

Vorarlberger Landesbank-Holding 76.03 76.03

Austria Beteiligungsgesellschaft mbH 23.97 23.97

Landesbank Baden-Württemberg 15.98 –

Landeskreditbank Baden-Württemberg Förderbank 7.99 –

Total 100.00 100.00

Source: Company report (semiannual report June 2018)

SubsidiariesAs of 31 December 2017, the bank’s principal operating subsidiaries were as follows:

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Exhibit 7

Hypo Vorarlberg Bank AGSubsidiary/Holdings Location % HeldLD-Leasing GmbH Dornbirn, Austria 100.0Hypo Vorarlberg Leasing AG Bolzano, Italy 100.0Hypo Vorarlberg Immo Italia GmbH Bolzano, Italy 100.0Hypo Informatikgesellschaft m.b.H. Bregenz, Austria 100.0Hypo Versicherungsmakler GmbH Dornbirn, Austria 100.0Hypo Immobilien & Leasing GmbH Dornbirn, Austria 100.0HIL Mobilienleasing GmbH & Co KG Dornbirn, Austria 100.0MASTERINVEST Kapitalanlage GmbH Vienna, Austria 37.50

Note: Other companies mentioned in company reports do not have an operating characterSource: Company report (annual report December 2017)

Company management

Exhibit 8

Hypo Vorarlberg Bank AGManaging Board Current TitleMichel Haller Chairman of the Managing Board and Chief Executive OfficerJohannes Hefel Member of the Managing BoardWilfried Amann Member of the Managing Board

As of 15 Oct 2018

Exhibit 9

Hypo Vorarlberg Bank AGSupervisory Board Affiliation Committees*Jodok Simma Hypo Vorarlberg: Chairman of the Supervisory

BoardAudit and Risk Committee (DC), Loan committee (C),Remuneration and Nomination committee (DC)

Alfred Geismayr Hypo Vorarlberg: Deputy Chairman of theSupervisory Board

Audit and Risk Committee (C), Loan committee (DC),Remuneration and Nomination committee (C)

Astrid Bischof Hypo Vorarlberg: Member of the Supervisory Board Audit and Risk CommitteeBirgit Sonnbichler Hypo Vorarlberg: Member of the Supervisory Board N/AKarl Fenkart Hypo Vorarlberg: Member of the Supervisory Board Audit and Risk Committee, Loan committee, Remuneration and

Nomination committeeMichael Horn Hypo Vorarlberg: Member of the Supervisory Board Loan CommitteeKarlheinz Rüdisser Hypo Vorarlberg: Member of the Supervisory Board N/ANicolas Stieger Hypo Vorarlberg: Member of the Supervisory Board Remuneration and Nomination CommitteeUlrich Theileis Hypo Vorarlberg: Member of the Supervisory Board Remuneration and Nomination CommitteeEduard Fischer Hypo Vorarlberg: Member of the Supervisory Board N/AVeronika Moosbrugger Hypo Vorarlberg: Member of the Supervisory Board

(Works Council Delegate)Audit and Risk Committee, Loan committee, Remuneration andNomination committee

Andreas Hinterauer Hypo Vorarlberg: Member of the Supervisory Board(Works Council Delegate)

N/A

Elmar Köck Hypo Vorarlberg: Member of the Supervisory Board(Works Council Delegate)

Audit and Risk Committee, Loan committee, Remuneration andNomination committee

Gerhard Köhle Hypo Vorarlberg: Member of the Supervisory Board(Works Council Delegate)

N/A

Peter Niksic Hypo Vorarlberg: Member of the Supervisory Board(Works Council Delegate)

N/A

As of 15 Oct 2018* As of Apr 2018(C) = Committee Chairman, (DC) = Committee Deputy ChairmanSource: Company report (annual report December 2017), company data

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Exhibit 10

Organisational chart as of 15 May 2018

Data Protection

Data Protection

Managing Board

Corporate Customers

Sales

» Branch Offices Corporate

Customers

» International Services

» Syndication/Structured

Financing

Division Corporate CustomersDivision Private

Customers/Private BankingDivision Risk Management

Corporate Customers

Vienna

Treasury

» Funding & Investor Relations

» ALM & Investments

» Money, Foreign Exchange

and Interest Derivatives

Trading

» Securities Customer Trading

Strategic Bank

Management

Accounting

» Controlling

» Bookkeeping, Supervisory

Reporting

» Accounting

» Data and Document

Management

Participation

Administration

Hypo Vorarlberg Leasing,

Italy

» Sales

Hypo Immobilien &

Leasing GmbH

Hypo Versicherungsmakler

GmbH

St. Gallen Branch Office

St. Gallen Branch Office

Compliance

Ombudsperson

Corporate and Internal Audit

Vienna Branch Office

Graz Branch Office

Wels Branch Office

Bludenz Branch Office

Feldkirch Branch Office

Götzis Branch Office

Hohenems Branch Office

Lustenau Branch Office

Höchst Branch Office

Service and Private Customers

Private Banking

Key Account Management

Corporate Customers Branch Office Germany

Messepark

Bregenz Private Customers Branch Office

Bregenz Corporate Customers Branch Office

Hard Branch Office

Lauterach Branch Office

Dornbirn Branch Office

LKH-Feldkirch Branch Office

Rankweil Branch Office

Egg Branch Office

Riezlern Branch Office

Schruns Branch Office

Lech Branch Office

Bregenz Wealth Management

Private Customers

Sales/Private Banking

» Branch Offices Private

Customers

» Private Banking

» Product Management

» Customer Service Center

Private Customers

Vienna/Mobile Sales Unit

Wealth Management

» Vienna

» Bregenz

Asset Management

» Asset Management

» Fonds Management

» Financial Analysis/Research

» Active Advisery

Corporate and Internal

Audit

Marketing

» Marketing Management

» Youth Marketing

» Sponsoring and Events

» Creation

Logistics

» Facility and Materials

Administration

» Sustainability

Credit Management –Corporate Customers

» Credit Management –Corporate Customer

» Credit Management Banks &

Leasing

» Credit Management St.

Gallen

» Financial Aids Department

» Balance Sheet Analysis

Credit Management –Private Customers

» Credit Management –Private Customers

» Certification/Credit Service

» Housing Construction Aids

Group Risk Controlling

Law

» Central Loan Monitoring

Corporate Customers

» Central Loan Monitoring

Private Customers

» Contract Law

Communication

Mid- and Backoffice

Fonds, Securities and

Derivatives

Hypo Vorarlberg, Italy

» Hypo Leasing (Backoffice –Risk Management)

» Real Estate

IT/Organisation

» Information Technology

» Organisation

» Payment Transactions

Human Resources

Compliance

Digitization

Source: Company data

6 7 December 2018 Hypo Vorarlberg Bank AG: Key Facts and Statistics - H1 June 2018

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Company historyHypo Vorarlberg was established in 1897 as a state-owned mortgage bank. In 1996, it became a limited company. In 1998, AustriaBeteiligungsgesellschaft mbH became a strategic partner and shareholder of the bank. In 2012, bank's subsidiaries – Hypo ImmobilienGmbH and Hypo SüdLeasing GmbH – merged to form Hypo Immobilien & Leasing GmbH, which is wholly owned by Hypo Vorarlberg.In the same year, the bank established its online distribution platform “hypodirekt.at”. Effective 1 October 2017, the bank has changedits name to Hypo Vorarlberg Bank AG (previously Vorarlberger Landes- und Hypothekenbank AG).

Hypo Vorarlberg used to benefit from guarantees by its owner for its debt issuances. Following an extended transition period, the vastmajority of such guaranteed debt matured before 30 September 2017. Hypo Vorarlberg in the meantime diversified its funding toolsand in particular built up a covered bond franchise which it mainly used to refinance maturing guaranteed debt. As of today, only afraction of debt issued before 1 April 2003 remains outstanding and continues to benefit from a deficiency guarantee of the State ofVorarlberg.

The significant reduction of guaranteed debt amounts outstanding after 30 September 2017 also reduced the previous linkageof Austria's Landeshypothekenbanks through the joint debt issuance vehicle Pfandbriefbank Oesterreich AG (Pfandbriefbank),which assumed the legal succession of “Pfandbriefstelle der österreichischen Landes-Hypothekenbanken” in 2015. TheLandeshypothekenbanks were (regardless of their actual ownership structures) jointly and severally liable, together with the Austrianregional states, for the liabilities of Pfandbriefbank.

Following a payment moratorium on the liabilities of one of the Landeshypothekenbanks (Heta Asset Resolution AG, the successor ofCarinthia's Hypo Alpe-Adria-Bank International AG), Hypo Vorarlberg and its peers provided liquidity for Pfandbriefbank and assumedon a pro rata basis the Heta-related asset losses. These were ultimately contained by Heta's successful debt exchange executed in 2016,as part of which Hypo Vorarlberg accepted the zero coupon bond offer which was given by Carinthian Compensation Payment Fund(KAF) for exchange of Heta's Carinthia-backed senior unsecured and subordinate obligations.

Source: Company reports (annual report December 2011, December 2013 and December 2016, semiannual report June 2017), Moody’s research

7 7 December 2018 Hypo Vorarlberg Bank AG: Key Facts and Statistics - H1 June 2018

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Peer group

» Hypo Tirol Bank AG

» Raiffeisenlandesbank Vorarlberg

» Raiffeisen-Landesbank Tirol

» Landesbank Saar

Related websites and information sourcesFor additional information, please see:

The company’s website

» Hypo Vorarlberg Bank AG

MOODY’S has provided links or references to third party World Wide Websites or URLs (“Links or References”) solely for your convenience in locating related information and services. Thewebsites reached through these Links or References have not necessarily been reviewed by MOODY’S, and are maintained by a third party over which MOODY’S exercises no control. Accordingly,MOODY’S expressly disclaims any responsibility or liability for the content, the accuracy of the information, and/or quality of products or services provided by or advertised on any third party website accessed via a Link or Reference. Moreover, a Link or Reference does not imply an endorsement of any third party, any website, or the products or services provided by any third party.

Moody’s related researchIssuer page on Moodys.com

» Hypo Vorarlberg Bank AG

Credit opinion

» Hypo Vorarlberg Bank AG, September 2018

Banking system outlook

» Moody's changes outlook for Austria's banking system to stable from positive on loan quality, capital generation, August 2018

Rating methodology

» Banks, August 2018

To access any of these reports, click on the entry above. Note that these references are current as of the date of publication of this report and that more recent reports may be available on theissuer’s page . All research may not be available to all clients.

8 7 December 2018 Hypo Vorarlberg Bank AG: Key Facts and Statistics - H1 June 2018

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9 7 December 2018 Hypo Vorarlberg Bank AG: Key Facts and Statistics - H1 June 2018