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

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

ities should be based upon any such investigation as it deems necessary. Neither the Manager, the Subscriber

nor the Arranger undertake to review the financial condition or affairs of the Issuer during the life

of the arrangements contemplated by this Prospectus nor to advise any investor or potential investor in the

Securities of any information coming to the attention of any of the Manager, the Subscriber or the Arranger.

In connection with any Series or Tranche (as defined in Summary of the Debt Issuance Programme), the

Subscriber may (where prescribed by the Final Terms) act as a stabilising agent (the Stabilising Agent).

References in the next paragraph to the issue of any Series or Tranche are to each Series or Tranche in

relation to which a Stabilising Agent is appointed.

In connection with the issue of any Series or Tranche, the Subscriber named as the Stabilising Agent (or

persons acting on behalf of the Stabilising Agent) in the applicable Final Terms may over-allot Securities

(provided that the aggregate principal amount of the Securities allotted does not exceed 105 percent of the

aggregate principal amount of the relevant Series or Tranche) or effect transactions with a view to supporting

the market price of the Securities at a level higher than that which might otherwise prevail. However,

there is no assurance that the Stabilising Agent (or persons acting on behalf of a Stabilising Agent)

will undertake stabilisation action. Any stabilisation action may begin on or after the date on which adequate

public disclosure of the terms of the offer of the relevant Series or Tranche is made and, if begun,

may be ended at any time, but it must end no later than the earlier of 30 days after the issue date of the

relevant Series or Tranche and 60 days after the date of the allotment of the relevant Series or Tranche.

Such stabilising shall be in compliance with all applicable laws, regulations and rules.

In this Prospectus, unless otherwise specified or the context otherwise requires, references to EUR,

Euro and are to the currency introduced at the third stage of European economic and monetary

union pursuant to the Treaty establishing the European Community as amended by the Treaty on European

Union and references to USD and US dollar are to the currency of the United States of America.

Certain monetary amounts and currency transactions included in this Prospectus have been subject to

rounding adjustments. Accordingly, the figures shown as totals in certain tables may not be an arithmetic

aggregation of the figures which precede such totals.

This Prospectus contains statements that constitute forward-looking statements. Words such as believes,

anticipates, expects, estimates, intends, plans, will, may, should and similar expressions

are intended to identify forward-looking statements but are not the exclusive means of identifying

such statements. These statements include those regarding the intent, belief or current expectation of the

Issuer and its officers with respect to, among other things: (a) the financial condition of the Issuer and the

characteristics of its strategy, products or services; (b) the Issuers plans, objectives or goals, including

those related to products or services; (c) statements of future economic performance and (d) assumptions

underlying those statements.

Forward-looking statements are not guarantees of future performance and involve risks and uncertainties

and actual results may differ from those in the forward-looking statements as a result of various factors.

Accordingly, prospective purchasers of Securities should not rely on such forward-looking statements. The

information in this Prospectus, including the information set out in 3 - Risk Factors and 4 - Description

of the Issuer and Other Entities Participating in the Issuance identifies important factors that could

cause such differences including, inter alia, change in the Issuers or its shareholders financial condition

and the effect of new legislation or government regulations (or new interpretation of existing legislation or

government regulations) in the European Union (the EU) in general and Luxembourg and Austria in

particular. Such forward-looking statements speak only as at the date of this Prospectus. Accordingly, no

transaction party (Transaction Party) undertakes any obligation to update or revise any of them whether

as a result of new information, future events or otherwise. No Transaction Party makes any representation,

warranty or prediction that the results anticipated by such forward-looking statements will be achieved and

such forward-looking statements represent, in each case, only one of the many possible scenarios and

should not be viewed as the most likely standard scenario. Moreover, no assurance can be given that any of

the historical information, trends or practices mentioned and described in the Prospectus are indicative of

future results or events.

This Prospectus is to be read in conjunction with all documents which are deemed to be incorporated

herein by reference (see Documents Incorporated by Reference below).

III

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