EUR 3000000000 debt issuance programme, 10 ... - Volksbank AG

Transaction costs/charges
When Securities are purchased or sold, several types of incidental costs (including transaction fees and
commissions) are incurred in addition to the purchase or sale price of the security. These incidental costs
may significantly reduce or eliminate any profit from holding the Securities. Credit institutions as a rule
charge commissions which are either fixed minimum commissions or pro rata commissions, depending on
the order value. To the extent that additional - domestic or foreign - parties are involved in the execution of
an order, including but not limited to domestic Subscribers or brokers in foreign markets, investors may
also be charged for the brokerage fees, commissions and other fees and expenses of such parties (third
party costs).
In addition to such costs directly related to the purchase of Securities (direct costs), investors must also
take into account any follow-up costs (such as custody fees). Investors should inform themselves about any
additional costs incurred in connection with the purchase, custody or sale of the Securities before investing
in the Securities.
Clearing risk
The Securities may be purchased and sold through different Clearing Systems, such as Clearstream AG or
any other Clearing System as specified in the Final Terms. The Issuer does not assume any responsibility as
to whether the Securities are actually transferred to the securities portfolio of the relevant investor. Investors
have to rely on the functionality of the relevant Clearing System.
Taxation
Interest payments on Securities, or profits realised by an investor upon the sale or repayment of Securities
may be subject to taxation in its home jurisdiction or in other jurisdictions in which it is required to pay
taxes. The tax impact on investors generally in Austria, Czech Republic, Hungary, Germany, Luxembourg,
Slovakia and Slovenia is described under “8 – Taxation”; however, the tax impact on an individual investor
may differ from the situation described for investors generally. Prospective investors, therefore, should
contact their own tax advisors for advice on the tax impact of an investment in the Securities. Furthermore,
the applicable tax regime may change to the disadvantage of the investors in the future.
New Basel equity capital requirements - Basel II
The consequences of the implementation of the framework agreement of the Basel II are not fully foreseeable.
Investors from the banking sector should research whether, in light of the above, obtaining such Securities
as offered in this Programme may affect the way in which their own funds are calculated.
Change of law
The Conditions will be governed by Austrian law in effect as at the date of this document. No assurance
can be given as to the impact of any possible judicial decision or change to Austrian (or law applicable in
Austria), or administrative practice after the date of this Prospectus.
Investors have no collective rights against the Issuer
In this Debt Issuance Programme, Security Holders will not be offered any collective rights to enforce their
claims against the Issuer. Enforcement of claims will, in the absence of specific legislation, take place on
an individual basis. As a result, the interests of those investors who have sufficient means to proceed
against the Issuer be may be promoted to the detriment of all others.
In the case in which an Austrian Paying Agent is appointed, investors seeking to enforce their rights collectively
might be able to rely on the provisions of the Austrian Trustee Act (“KuratorenG”. See more in
respect of the above, “2.7 – Other Aspects of the Programme – Security Holders’ Rights under Austrian
Law - The Austrian Trustee Act (Kuratoren Gesetz) – Statutory Collective Rights”) according to which the
court, where (amongst other things) the rights of security holders are endangered due to the lack of collective
representation, may appoint a trustee to act on behalf of such security holders. Potential investors
should however be aware that, as the Issuer is a Luxembourg company, any proceedings against it might be
subject to the rules on enforcement out of the jurisdiction as applicable in both Austria and Luxembourg,
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