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

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

This Prospectus contains all relevant information with regard to the Issuer and the Securities which,

according to the particular nature of the Issuer and the Securities, is necessary to enable investors to

make an informed assessment of the assets and liabilities, financial position, profit and losses and

prospects of such Issuer and the rights attached to the Securities.

This Prospectus may be used solely for the purpose of considering an investment in the Securities described

in the Debt Issuance Programme; any other usage of this Prospectus is unauthorised.

The Issuer accepts responsibility for the information contained in this Prospectus and confirms that it has

taken all reasonable care to ensure that the information contained in the Prospectus relating to it is, to the

best of its knowledge, in accordance with the facts and contains no omissions likely to affect its import.

Where information was supplied by third parties, the Issuer confirms that it was faithfully reproduced and

no facts have been in so far as the Issuer is aware and/or is able to ascertain from information published

by a third party misrepresented which might cause the reproduced information to be incorrect or misleading.

No further or other responsibility in respect of such information is accepted by the Issuer.

No person is or has been authorised to give any information or to make any representation other than

those contained in this Prospectus in connection with the issue or sale of the Securities and, if given or

made, such information or representation must not be relied upon as having been authorised by the Issuer,

the Subscriber or the Arranger (each as defined in Summary of the Debt Issuance Programme). Neither

the delivery of this Prospectus nor any sale made in connection herewith shall, under any circumstances,

create any implication that there has been no change in the affairs of the Issuer since the date hereof or the

date upon which this Prospectus has been most recently supplemented or that there has been no adverse

change in the financial position of the Issuer or VBAG since the date hereof or the date upon which this

Prospectus have been most recently supplemented or that any other information supplied in connection

with the Debt Issuance Programme is correct as of any time subsequent to the date on which it is supplied

or, if different, the date indicated in the document containing the same.

Law may restrict the distribution of this Prospectus and the offering or sale of the Securities in certain

jurisdictions. Persons into whose possession this Prospectus comes are required by the Issuer, the Subscriber

and the Arranger to inform themselves about, and to observe, any such restriction. For a description

of certain restrictions on offers and sales of Securities and on distribution of this Prospectus, see 9.2

- Selling Restrictions.

The Securities have not been and will not be registered under the United States Securities Act of 1933, as

amended (the Securities Act) and may include Securities in bearer form that are subject to U.S. tax law

requirements. Subject to certain exceptions, Securities may not be offered, sold or delivered within the

United States or for the account and benefit of U.S. persons (See more, 9.2 - Selling Restrictions).

Under US Treasury Regulation § 1.163-5(c)(2)(i)(C) (the C Rules), Securities in bearer form must be issued and

delivered outside the United States and its possessions in connection with their original issuance. The Issuer

and the Subscriber have not offered, sold or delivered, and will not offer, sell or deliver, directly or indirectly,

Securities in bearer form within the United States or its possessions in connection with their original issuance.

Further, in connection with the original issuance of Securities in bearer form, the Issuer and the Subscriber have

not communicated, and will not communicate, directly or indirectly, with a prospective purchaser within the

United States or its possessions or otherwise involve any of their employees, agents or offices within the United

States or its possessions in the offer and sale of Securities in bearer form (See more, 9.2 - Selling Restrictions).

This Prospectus does not constitute an offer of, or an invitation by or on behalf of the Issuer, the Manager,

the Subscriber or the Arranger to subscribe for, or purchase, any Securities.

The Manager, the Subscriber and the Arranger have not separately verified the information contained in

this Prospectus. Neither the Manager, the Subscriber nor the Arranger make any representation, express

or implied, or accept any responsibility, with respect to the accuracy or completeness of any of the information

in this Prospectus. Neither this Prospectus nor any other financial statements are intended to provide

the basis of any credit or other evaluation and should not be considered as a recommendation by any

of the Issuer, the Manager, the Subscriber or the Arranger that any recipient of this Prospectus or any

other financial statements should purchase the Securities. Each potential purchaser of Securities should

determine for itself the relevance of the information contained in this Prospectus and its purchase of Secu-

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