06.10.2016, 06:49:22
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OTS0006

Kärntner Ausgleichzahlungs-Fonds Provides Update on Tender and Exchange Offer (Englisch)

Wien (OTS) - Kärntner Ausgleichszahlungs-Fonds (K-AF) today announced
that it has received information that, pursuant to the offers set forth in
the offering memorandum dated 6 September 2016 (the “Offering Memorandum”),
as of 17:00 hours Vienna time (CEDT) on 5 October 2016, the aggregate
nominal amount of senior debt instruments and subordinated debt
instruments subject to the offers which have been tendered by holders
are above the requisite majorities required by § 2a (4) of the
Austrian Financial Market Stability Act (Finanzmarktstabilitätsgesetz
or “FinStaG”). Based on the currently available preliminary
calculations, holders have tendered instruments in the aggregate of
approximately 94.8% of the outstanding nominal amount of senior and
subordinated debt instruments subject to the offers (including
approximately 95.3% of the outstanding nominal amount of senior debt
instruments and approximately 89.2% of the outstanding nominal amount
of subordinated debt instruments).

Assuming that holders of tendered instruments do not withdraw their
tenders prior to the end of the offer period, the K-AF expects that
the requisite majorities under § 2a (4) FinStaG will have been
obtained. There can be no guarantee however that the requisite
majorities under § 2a (4) FinStaG will be achieved and that the
transaction conditions to the offers will therefore be satisfied.
The offer period ends at 17:00 hours Vienna time (CEDT) on Friday, 7
October 2016 and cannot be extended. There is no possibility to
tender debt instruments after expiry of the offer period.

The K-AF intends to announce the preliminary results of the offers at
around 10:30 hours Vienna time (CEDT) on Monday, 10 October 2016 and
the maturity dates of the New Debt Instruments (as defined in the
Offering Memoranum) at around 12:30 hours Vienna time (CEDT) on
Monday, 10 October 2016. The FinStaG results announcement pursuant to
§ 2a (4) FinStaG is expected to be made and settlement of the offers
is expected to occur on 12 October 2016.

The details of the offers are published on the website of K-AF at
http://kaerntner-ausgleichszahlungsfonds.gv.at.

DISCLAIMER

General

This press release is for information purposes only and shall not
constitute or be construed as an offer to buy, sell, issue, or
subscribe for, or the solicitation of an offer to buy, sell, issue,
or subscribe for any securities, nor shall there be any sale of
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction. Copies of this press
release are not being made and may not be distributed or sent into
Australia, Canada, Japan, the United States or any other jurisdiction
in which such distribution would be unlawful or would require
registration or other measures.

United States

The securities mentioned herein have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the
"Securities Act"). Subject to certain exceptions, the securities
mentioned herein may not be offered or sold in the United States,
except pursuant to registration or an exemption from the registration
requirements under the Securities Act. No public offering of the
securities will be made in the United States.

United Kingdom

The communication of this press release and any other documents or
materials relating to the offers is not being made, and such
documents and/or materials have not been approved, by an authorised
person for the purposes of section 21 of the Financial Services and
Markets Act 2000, as amended. Accordingly, such documents and/or
materials are not being distributed to, and must not be passed on to,
the general public in the United Kingdom. The communication of such
documents and/or materials as a financial promotion is only being
made to (1) persons who have professional experience in matters
relating to investments, being investment professionals as defined in
Article 19 of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (the "Financial Promotion Order"); (2) persons
who fall within Article 49 of the Financial Promotion Order ("high
net worth companies, unincorporated associations etc."); or (3) any
other persons to whom these documents and/or materials may lawfully
be communicated under the Financial Promotion Order.

France

The offers are not being made, directly or indirectly, to the public
in the Republic of France ("France"). Neither this press release nor
any other documents or materials relating to the offers have been or
shall be distributed to the public in France and only (i) providers
of investment services relating to portfolio management for the
account of third parties (personnes fournissant le service
d'investissement de gestion 3 de portefeuille pour compte de tiers)
and/or (ii) qualified investors (investisseurs qualifiés) other than
individuals, in each case acting on their own account and all as
defined in, and in accordance with, Articles L.411 -1, L.411-2 and
D.411-1 to D.411-3 of the French Code Monétaire et Financier, are
eligible to accept the Offers. This press release and any other
document or material relating to the offers have not been and will
not be submitted for clearance to nor approved by the Autorité des
marchés financiers.

Belgium

Neither this press release nor any other documents or materials
relating to the offers have been submitted to or will be submitted
for approval or recognition to the Belgian Financial Services and
Markets Authority and, accordingly, the offers may not be made in
Belgium by way of a public offering, as defined in Article 3 of the
Belgian Law of 1 April 2007 on public takeover bids, as amended or
replaced from time to time. Accordingly, the offers may not be
advertised and the offers will not be extended, and neither this
press release nor any other documents or materials relating to the
offers (including any memorandum, information circular, brochure or
any similar documents) has been or shall be distributed or made
available, directly or indirectly, to any person in Belgium other
than "qualified investors" within the meaning of Article 10 of the
Belgian Law of 16 June 2006 on public offerings of investment
instruments and the admission of investment instruments to trading on
regulated markets (as amended from time to time).

Italy

None of the offers, this press release or any other documents or
materials relating to the offers has been or will be submitted to the
clearance procedure of the Commissione Nazionale per le Società e la
Borsa ("CONSOB"). The offers are being carried out in the Republic of
Italy as exempted offers pursuant to article 101-bis, paragraph 3-bis
of the Legislative Decree No. 58 of 24 February 1998, as amended (the
"Italian Financial Services Act") and article 35-bis, paragraph 4 of
CONSOB Regulation No. 11971 of 14 May 1999. Holders, or beneficial
owners of the Instruments, can tender some or all of their
Instruments pursuant to the offers through authorised persons (such
as investment firms, banks or financial intermediaries permitted to
conduct such activities in Italy in accordance with the Italian
Financial Services Act, CONSOB Regulation No. 16190 of 29 October
2007, as amended from time to time, and Legislative Decree No. 385 of
1 September 1993, as amended) and in compliance with applicable laws
and regulations or with requirements imposed by CONSOB or any other
Italian authority. Each intermediary must comply with the applicable
laws and regulations concerning information duties vis-à-vis its
clients in connection with the Instruments or the offers.