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Kommunalkredit Austria AG

EANS-Adhoc: Kommunalkredit Austria AG
Split-up

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
  announcement.
17.11.2009
Kommunalkredit Austria AG expects an agreement on its future 
capitalisation to be concluded with the Republic of Austria in the 
immediate future. Thus, the surety granted by the Republic of Austria
on 24 April 2009 for certain assets of Kommunalkredit Austria AG in 
the amount of EUR 1,207.9 million will be replaced by a three-year 
state guarantee for liabilities in the amount of EUR 1 billion 
against a debtor warrant on future annual surpluses. Kommunalkredit 
Austria AG for its part is obliged to pay, until further notice, a 
consideration of 10% per year, i.e. EUR 100 million annually, to the 
Republic of Austria for the three-year liability guarantee.
Moreover, a capital injection of approx. EUR 250 million is expected 
to be granted by the Republic of Austria to Kommunalkredit Depotbank 
AG, a subsidiary of Kommunalkredit Austria AG, in preparation of the 
planned spin-off of Kommunalkredit Austria AG´s core banking business
to Kommunalkredit Depotbank AG. The minority shareholder of 
Kommunalkredit Austria AG, the Austrian Association of 
Municipalities, will make a contribution corresponding to its share 
of 0.22%. Possible measures accompanying the capital increase are to 
be finally agreed upon with the European Commission.
Against this background, Kommunalkredit Austria AG furthermore 
expects that the split-up planned in the course of its restructuring 
will be approved at the extraordinary general meeting scheduled for 
17 November 2009 and the extraordinary general meeting of its 
subsidiary, Kommunalkredit Depotbank AG, to be held on the same day, 
by the shareholders of both companies and that, subject to entry in 
the Register of Companies and the approval given by the supervisory 
authority, the split-up will be implemented.
Implementation of the measures taken has been agreed upon in 
principle with the competent units of the European Commission. The 
negotiations regarding the required final approval of the entire 
restructuring plan by the European Commission are being conducted in 
a constructive spirit.
As of the effective date of the split-up, Kommunalkredit Austria´s 
core banking business, comprising all strategic assets in the 
municipal and infrastructure-related segments as well as the 
corresponding new business, will be spun off to Kommunalkredit 
Depotbank AG. The future official name of Kommunalkredit Depotbank AG
will be Kommunalkredit Austria AG. The other, non-strategic assets 
and liabilities, including the securities portfolio and 
Kommunalkredit Austria AG´s holding in Kommunalkredit International 
Bank Ltd (Cyprus), remain with Kommunalkredit Austria AG, the future 
official name of which will be KA Finanz AG. After the split-up, the 
total assets of KA Finanz AG according to the new Austrian Company 
Code will amount to approx. EUR 17.5 billion, while the total assets 
of Kommunalkredit Depotbank AG (in future: Kommunalkredit Austria 
AG), including the capital injection, will total about EUR 16.2 
billion.
In the course of the split-up, the holders of supplementary capital 
and participation capital of Kommunalkredit Austria AG will be 
granted equivalent rights pursuant to Sect. 15, sub-sect. 5, of the 
Austrian De-Merger Act in that existing issues remain with KA Finanz 
AG with their nominal value reduced to 75.83% of the original value, 
and Kommunalkredit Depotbank AG (in future: Kommunalkredit Austria 
AG) grants the holders corresponding instruments with identical terms
and conditions for a nominal value of 24.17% of the original amount. 
This division corresponds to the ratio of the risk-weighted assets of
the two companies after the split-up, as determined for the purposes 
of capital adequacy. From today´s point of view, it must be assumed 
that in the foreseeable future no coupon payments will be made on the
supplementary capital and the participation capital remaining with KA
Finanz AG. However, the Executive Board expects that, in principle, 
coupon payments on such instruments at Kommunalkredit Depotbank AG 
(in future: Kommunalkredit Austria AG) should be possible, assuming 
that the bank´s business develops as forecast. Moreover, the loss 
participation of participation capital, based on the accounting rules
of the new Austrian Company Code, as already disclosed in the ad-hoc 
notification of 26 August 2009, is to be noted.
Further information:    german version
http://www.kommunalkredit.at/DE/Kommunalkredit/Presse/Pressetexte
Language: German, English
Emittent:
Kommunalkredit Austria AG
Tuerkenstrasse 9
1092 Vienna
Austria
Phone:  +43/1/31 6 31-640
Mail:    investorrelations@kommunalkredit.at
Internet:    www.kommunalkredit.at
ISIN:
XS0285503248, XS0252707624, DE000A0DHT43, XS0270579856, AT0000320890,
AT0000329966, XS0437341307, AT0000329859, AT0000329842, DE0002490505,
XS0431077550, XS0427232409, XS0422281252, AT0000A0D675, XS0416396108,
XS0414763382, CH0022603424, XS0410581614, AT0000329941, AT0000329768,
XS0455437904, XS0455436179, XS0452330656, XS0450912018, XS0385340764,
XS0384064936, XS0373257590, XS0363957530, XS0362591249, XS0361391617,
XS0354530593, XS0354531211, XS0354530916, XS0342083101, XS0340901908,
XS0336932065, XS0316603785, XS0315498765, XS0315418839, XS0304532392,
XS0302365134, XS0299062389, XS0289015777, XS0286975973, XS0286872576,
XS0286031777, XS0284919056, XS0285666383, XS0279423775, XS0275587987,
XS0275587987, XS0271821513, XS0270872640, XS0267998481, XS0267751245,
XS0266826659, XS0261832942, XS0260020366, XS0257275098, XS0255439803,
CH0025662831, CH0025662831, CH0025662831, XS0253410236, XS0252863245,
XS0252786669, XS0252593198, DE000A0GPU96, XS0245717854, XS0245191555,
XS0244843511, XS0243521530, XS0242204609, XS0242018645, XS0241451581,
CH0024015452, XS0236776877, XS0235597068, CH0022654518, CH0022654518,
CH0022654518, XS0227404661, CH0022280058, XS0222702655, XS0219327524,
XS0218834843, XS0218885670, XS0218885910, XS0218474533, XS0215839019,
XS0215865287, XS0216184621, XS0215246546, XS0214981812, XS0214564972,
XS0213831471, XS0213830820, XS0213696916, XS0213230047, XS0212932700,
CH0020669583, CH0020669583, XS0212122534, XS0211496590, XS0210167218,
CH0020208473, CH0020208473, CH0020208473, XS0205974701, XS0200950599,
XS0197387953, XS0187975262, XS0186736228, AT0000441209, XS0185015541,
CH0017447787, CH0017447787, XS0180539420, XS0176120268, XS0172076365,
CH0016143015, XS0166801174, XS0165196261, XS0163624504, XS0160668181,
XS0144772927, XS0140045302, XS0137435334, DE0004530902, DE0004530902,
XS0107642547, XS0107642547, XS0104786263, AT0000320858, XS0100920353,
AT0000320833, XS0095210034, XS0095210034
Stock Exchanges:        Vienna, Luxembourg, Amsterdam, Frankfurt, 
Zürich
Emittent: Kommunalkredit Austria AG
end of announcement                               euro adhoc

Further inquiry note:

Kommunalkredit Austria AG
Treasury - Financial Markets
Thomas Fendrich
1092 Wien, Türkenstraße 9
Tel. ++43(0)1/31631-640
Fax: ++43(0)1/31631-505 oder/or 99640
Mail: t.fendrich@kommunalkredit.at

Branche: Banking
ISIN:
WKN:
Börsen: Wien / stock market

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