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

Withholding tax in respect
of Certificates:
All payments of principal and interest in respect of the Notes will be made free
and clear of, and without withholding or deduction for, any taxes unless such
withholding or deduction is already or shall in the future be required by law. In
that event, the Issuer will make such deductions or withholding and pay the
amounts deducted or withheld to the competent authority.
The Issuer will not be obliged to pay any additional amounts of principal and/or
interest as a result of such deduction or withholding.
For detailed information regarding the tax treatment of the Securities, see 8 -
Taxation.
No tax gross-up. All payments in relation to the Certificates will be made free
and clear of, and without withholding or deduction for, any taxes unless that
withholding or deduction is already or shall in the future be required by law.
The Issuer is not obliged to pay any additional amounts as a result of such deduction
or withholding to the Certificate Holders.
For detailed information regarding the tax treatment of the Securities, see 8 -
Taxation.
Management Services Fees: The Manager, for performing certain management services (the Management
Services) for the Issuer, will receive the management services fees (the
Management Services Fees). See more, 9.1 Principal Documents
Management Agreement).
Status of the Securities: The Certificates will, subject as specified in the relevant Final Terms, constitute
direct, unconditional, unsecured and unsubordinated limited recourse
obligations of the Issuer, save for any obligations required to be preferred
by law.
The Notes may be issued as senior Notes (Senior Notes) or as subordinates
Notes (Subordinated Notes) as described in the Terms and Conditions
of the Notes Status.
The Senior Notes that are specified in the Final Terms (item 15) to be senior
Notes constitute direct, unconditional, unsecured and unsubordinated limited
recourse obligations of the Issuer and rank pari passu among themselves.
The Subordinated Notes (i.e., Suboridnated Notes, Supplementary Capital
Notes or Subordinated Supplementary Capital Notes) that are specified in
the Final Terms (item 15) as subordinated constitute unsecured and subordinated
obligations of the Issuer ranking pari passu among themselves and pari
passu with all other subordinated obligations of the Issuer other than subordinated
obligations which rank senior to the Notes or are preferred by law.
Investment Considerations: The applicable Final Terms will set forth any specific investment considerations
for a particular Series or Tranche of Securities, if applicable. Prospective
purchasers should review any additional investment considerations set
forth in the applicable Final Terms and should consult their own financial
and legal advisers about risks associated with investment in a particular
Series of Securities and the suitability of investing in any Securities in the
light of their particular circumstances.
Negative Pledge: There is no negative pledge (a Negative Pledge) obligation.
9