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

Exposure to Compartment Asset risks
The repayment of principal and the payment of interest or (where applicable) a redemption amount on the
Securities issued through each individual Compartment of the Issuer depends entirely on the proceeds from,
the value of, and/or (if applicable) the accrual of earnings from the Compartment Assets of such Compartment
(see more, 2.2 The Compartment Assets and 3.1 Risk Factors Relating to the Issuer Special
purpose entity; limited assets and limited liability; limited recourse of Security Holders; Management Services
Fees).
Interest rate risk
The interest rate level on the money and capital markets may fluctuate on a daily basis and cause the value
of the Securities to change on a daily basis.
Credit risk
The credit risk is the risk of partial or total failure of the Issuer to make interest and/or redemption payments
that the Issuer is obliged to make under the Securities.
Credit spread risk
A credit spread is the margin payable by the Issuer to the holder of a Security as a premium for the assumed
credit risk. Investors in the Securities assume the risk that the credit spread of the Issuer changes.
Rating of the Securities
A rating (if any) of Securities may not adequately reflect all risks of the investment in such Securities and
may be suspended, downgraded or withdrawn.
Reinvestment risk
The general market interest rate may fall below the interest rate of a Security during its term, in which
event investors may not be able to reinvest cash freed from the Securities in a manner that provides them
with the same rate of return.
Risk of early redemption
The Conditions provide for a right of early redemption by the Issuer. If the Issuer were to exercise its right
during a period of decreasing market interest rates, the yields received upon redemption might be lower
than expected, and the redeemed face value of the Securities might be lower than the purchase price for the
Securities paid by the investor.
Cash flow risk
In general, the Securities provide a certain cash flow to investors. The Final Terms set forth under which
conditions, on which dates and in which amounts interest and/or redemption amounts are/is paid. In the
event that the agreed conditions do not occur, the actual cash flows may differ from those expected.
Currency risk Exchange rate risk
Investors may be exposed to the risk of unfavourable changes in exchange rates or the risk of authorities
imposing or modifying exchange controls.
Inflation Risk
The inflation risk is the risk of future money depreciation which reduces the real yield from an investment.
No active liquid trading market Risk of sale prior to final maturity
Investors should be aware that it cannot be assured that a liquid secondary market for the Securities will
develop or, if it develops, that such market will continue. Investors may therefore not be able to sell the
Securities at the desired time or at the desired price. In the worst case, investors may be unable to sell the
Securities at all before maturity.
Market risk
The listing of the Securities may be suspended or interrupted by the respective stock exchange or a competent
regulatory authority upon the occurrence of a number of reasons. Where trading in an underlying of the
Securities is suspended, interrupted or terminated, trading in the respective Securities will usually also be
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