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

Islands) and each holder and beneficial holder of the Permanent Global Note shall hereby agree not to offer,
sell, pledge, assign, deliver or otherwise transfer any of the Securities represented by the Permanent Global
Note at any time to any person. The Issuer will reserve unless such person shall warrant and represent in writing
that it is no U.S. person, such warranty and representation to be repeated upon each periodic or final payment
due on the Notes.
Terms used in the preceding two paragraphs not elsewhere defined in the main text of this Prospectus have the
meanings given to them by Regulation S. For the purposes of the above paragraph, affiliate has the meaning
given to it in Rule 405 under the Securities Act.
U.S. Treasury Regulations
The Securities with an original maturity of more than 365 days are subject to United States tax law requirements
and may not be offered, sold or delivered to any United States person or within the United States or its
possessions. For Securities with an original maturity of more than 365 days, the Issuer represents and warrants
that neither it nor the Subscriber have offered, sold or delivered, and will not offer, sell or deliver, directly or
indirect, 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.
Terms used in this paragraph have the meanings given to them by the U.S. Internal Revenue Code and regulations
thereunder, including the C Rules.
Each issue of index-, commodity- or currency-linked Securities shall be subject to such additional U.S. selling
restrictions as the relevant Dealer(s) shall agree with the Issuer as a term of the issue and purchase or, as the
case may be, subscription of such Securities. Each relevant Dealer agrees that it shall offer, sell and deliver
such Securities only in compliance with such additional U.S. selling restrictions.
United Kingdom
Each Subscriber has represented and agreed that:
Japan
1. in relation to any Securities having a maturity of less than one year, (i) it is a person whose ordinary
activities involve it in acquiring, holding, managing or disposing of investments (as principal or
agent) for the purposes of its business and (ii) it has not offered or sold and will not offer or sell any
Securities other than to persons whose ordinary activities involve them in acquiring, holding, managing
or disposing of investments (as principal or agent) for the purposes of their businesses or who it is
reasonable to expect will acquire, hold, manage or dispose of investments (as principal or agent) for
the purposes of their businesses where the issue of the Securities would otherwise constitute a contravention
of section 19 of the UK Financial Services and Markets Act 2000 (the FSMA) by the Issuer;
2. it has only communicated or caused to be communicated and will only communicate or cause to be
communicated any invitation or inducement to engage in investment activity (within the meaning of
section 21 of the FSMA) received by it in connection with the issue or sale of any Securities in circumstances
in which section 21(1) of the FSMA does not apply to the Issuer; and
3. it has complied and will comply with all applicable provisions of the FSMA with respect to anything
done by it in relation to such Securities in, from or otherwise involving the United Kingdom.
The Securities have not been and will not be registered under the Financial Instruments and Exchange Law of
Japan (Law No.25 of 1948, as amended) (the Financial Instruments and Exchange Law) and each Subscriber
has agreed, and each further Subscriber appointed under the Programme will be required to agree, that
it will not offer or sell any Securities, directly or indirectly, in Japan or to, or for the benefit of, any resident in
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