I This document constitutes the base prospectus of ... - Volksbank AG

(i) Share basket transaction: not applicable
applicable
(ii) Shares / Underlying(s): not applicable
applicable
(iii) Issuer of the shares: [l]
(iv) Extraordinary dividend: [l]
(v) Exchange ratio: [l]
(vi) Determination date: [l]
(If not applicable, delete the remaining subparagraphs
of this paragraph)
(vii) Valuation Date: [l] (insert date and financial centre)
(viii) Payment date: [l]
(ix) Delivery agent: [l]
(x) Clearing system for the delivery of the
underlying:
[l]
(xi) Cash-settlement not applicable
applicable
(xii) Price in case of delivery disruption: [l] (insert formula or calculation method)
(xiii) Capital guarantee: not applicable
[l] per cent of the Specified Denomination
(xiv) Extraordinary event: termination and payment
adjustment by Calculation Agent
other (insert details)
(xv) Exchange(s): [l]
(xvi) Further provisions: not applicable
applicable
GENERAL PROVISIONS APPLICABLE TO THE NOTES
36. Form of Notes: Permanent Global Note
37. New Global Note: Yes
No
[Note that this Programme contemplates
that Notes may be issued in NGN form even
if they are not intended to be recognised as
eligible collateral for Eurosystem marketing
policy and intra-day credit operations by
103