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

Issuer on the Expiry Date and the Redemption Amount (as defined below) will be paid to the Certificate
Holders on the final payment date (see item 7 of the Final Terms). For open-end-Certificates, the Final
Payment Date is the third Business Day (as defined in § 11 para 2) following the Early Redemption Date.
(2) Redemption amount. The redemption of the Certificates is effected by way of payment of an amount in
the Specified Currency (the Redemption Amount) per Certificate, which shall be calculated in the way
foreseen in the Final Terms (item 14(ii)) by referring to the Closing Price (as defined in § 7). The Redemption
Amount will be commercially rounded to two decimal figures following the decimal point, except
where the Final Terms (item 14(ii)) provide for another rounding rule.
For the purpose of calculating the Redemption Amount, the Offer Table and the Final Terms (item 14(v))
may, especially in the case of Bonus-Certificates (see item 4 of the Final Terms) foresee that a bonus
which can be stated in a fixed amount or as a percentage rate is payable by reference to a barrier (all as
determined in the Offer Table or in item 14(x)).
In the case of Turbo-Certificates (see item 4 of the Final Terms), the Redemption Amount shall, depending
whether the Turbo-Certificates are Long-Certificates or Short-Certificates (as determined in the Offer
Table), be calculated as follows:
(a) Turbo-Long-Certificates:
Redemption Amount = (Closing Price of the Underlying - Exercise Price) x Subscription Rate
(b) Turbo-Short-Certificates:
Redemption Amount = (Exercise Price - Closing Price of the Underlying) x Subscription Rate
The Exercise Price is determined by the Issuer and corresponds to the exercise price stated in the Offer
Table and in the Final Terms (item 14(xi)).
(3) Minimum redemption amount (Floor) and maximum redemption amount (Cap). A floor (item
14(viii)) (a Floor) and/or a cap (item 14(ix)) (a Cap) may be specified in the Final Terms. If the Redemption
Amount calculated pursuant to § 6 para 2 is lower than the Floor or higher than the Cap, in the
former case the Floor and in the latter case the Cap shall be payable. In the case of adjustments pursuant
to § 9, the Floor and/or the Cap may be adjusted by the Issuer.
(4) Subscription rate. The subscription rate corresponds to the subscription rate determined in the Offer
Table and in the Final Terms (item 14(xii)) and is expressed as a decimal number (the Subscription
Rate).
§ 7
(Closing Price. Substitute Price)
(1) Closing price. The closing price (the Closing Price) corresponds to the price of the Underlying, as
determined by the Reference Stock Exchange or the Reference Agent (both as defined below in § 7 para
3) or, to the extent deviating, as determined by the Calculation Agent (as defined below in § 14) (i) in the
case of Certificates which are no open-end-Certificate on the Determination Date (item 14(vi) of the Final
Terms) and, (ii) on the Early Redemption Date in the case of open-end-Certificates. The closing price will
be commercially rounded to five figures following the decimal point, except where provided otherwise in
the Final Terms (item 14(iv)). If the Determination Date is no Business Day, the Determination Date shall
be deferred according to the Following Business Day Convention (as defined in § 11 para 2), except
where provided otherwise in the Final Terms (item 14(vi)).
(2) Substitute price. If no Closing Price is determined on the Determination Date of the Underlying or of an
Underlying contained in a Basket, or if a market disruption as defined in § 8 exists on that day, determination
shall be deferred to the next Business Day on which such value may be determined or on which no
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