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

The Issuer specifically points to the fact that changes in the market levels of interest rates during an interest period
may adversely affect the interest payable in subsequent interest periods. The Issuer cannot influence these
factors.
In case of a sale of the Notes prior to redemption, investors may lose amounts (in part) invested as the market
value of such Notes may be below the issue price.
For a detailed description of the risks associated with floating rate Notes, please refer to the section "Risks relating
to the Notes" of the Prospectus.]
[Please insert in the case of deviation from the standard-interest: The Issuer explicitly points to the fact that in
the case of a negative performance of the Underlying [description of the variable component] the amount of the
total return on interest may be below the market interest levels or the interest rate.]
[In the case of minimum interest rates: The minimum interest rate of this Note has been determined by taking
the standard interest rate at the time of the issuance of this Note less a deduction. Such deduction shall accommodate
for the fact that the minimum interest rate may exceed interest rates calculated by reference to the applicable
market level.]
7 INDEX-LINKED OR OTHER VARIABLE-LINKED NOTES 8
l] (insert details)
not aplicable
[
[The information included herein with respect to the underlyings to which the Notes are linked (the Underlyings)
consists only of extracts from, or summaries of, publicly available information. The Issuer accepts responsibility
that such information has been correctly extracted or summarised. No further or other responsibility
in respect of such information is accepted by the Issuer [or any of the Subscribers (as defined in the Prospectus)].
In particular, the Issuer [and any of the Subscribers] accepts no responsibility in respect of the accuracy or completeness
of the information set forth herein concerning the Underlyings of the Notes or that there has not occurred
any event which would affect the accuracy or completeness of such information.]
[insert, if appropriate] [Additional data and information such as previous or future developments of the Underlyings
may be obtained by inspecting the webpage of the relevant exchange on which the Underlyings are traded
or through information providers such as Bloomberg, Reuters [or under [l]].
The development of these Notes depends particularly on the development of the Underlyings. As a consequence,
the market value of these Notes may fluctuate depending on the development of the Underlyings, offer and demand
on the secondary market, full or partial payment of interest and or principal by the Issuer and the creditworthiness
of the Issuer. A change in such factors may lead to a fluctuation of the market value of the Notes.
In case of a sale of the Notes prior to redemption, investors may lose amounts invested as the market value of
such Notes may be below the issue price.
For a detailed description of the risks associated with index-linked or other variable-linked Notes, please refer
to the section "Risks relating to the Notes" of the Base Prospectus.
8 Need to include details of where past and future performance and volatility of the index/formula/other variable can be
obtained and a clear and comprehensive explanation of how the value of the investment is affected by the underlying
and the circumstances when the risks are most evident. [Where the underlying is an index need to include the name of
the index and a description if composed by the Issuer and if the index is not composed by the Issuer need to include
details of where the information about the index can be obtained. Where the underlying is not an index need to include
equivalent information.]
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