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

Exchange is not a Trading Day, or should the price of an Underlying (be it listed or not listed) not
be determinable, the determination date shall be postponed according to the Following Business
Day Convention (as defined in § 5 para 3), save where provided otherwise in the Final Terms. For
the purpose of these Conditions, a Trading Day shall be deemed any day on which the relevant
Reference Stock Exchange(s) is/are open for trading. The closing price shall be the value determined
and published as closing price on the relevant Reference Stock Exchange. Broken interest
amounts shall be payable unless interest is determined at the end of the Interest Period in which
case the Final Terms (item 20b(viii) shall contain provisions on the payment of broken interest
amounts.
If on any determination date in relation to the Underlying or an Underlying contained in a Basket a
Market Disruption (as defined below) occurs or continues to exist and no value can thus be determined,
the determination date shall be postponed to the first Business Day on which the market
disruption ceases to exist and the relevant payment date shall be postponed accordingly.
Market Disruption means, to the extent the Final Terms (item 20b(xi)) contain no other or additional
market disruption events, (i) the suspension or limitation of trading of the Underlying or one
or more Underlyings contained in a Basket, or in the case of Notes, whose Underlying consists of
one or more indices, one or more of the components contained in the relevant index, at the Reference
Stock Exchange (see item 20b(xii) of the Final Terms), to the extent such a suspension or disruption
materially affects the calculation of such Underlying, or (ii) suspension or limitation of
trading of future or option contracts referring to the respective Underlying (or in the case of Notes
whose Underlying consists of one or more indices, of one or more relevant components contained
in such index) on the Relevant Options Exchange, or (iii) when the Reference Stock Exchange (see
item 20b(xii) of the Final Terms) does not open for business or closes early (prior to the normal
close of trading), (iv) when the price or another relevant value (including rates of interest) for the
calculation of the Underlying is not published or not available, or (v) another material disruption
of the calculation or publication of the value of the Underlying or one or more Underlyings contained
in a Basket.
If the Underlyings (or components of Baskets) are commodities, market disruption shall additionally
be constituted by (i) material changes in the calculation formula or method regarding the relevant
commodity, (ii) the introduction, change or abolition of any tax concerning the relevant
commodity, or (iii) other material modifications regarding the relevant commodity.
If the Underlyings (or components of a Basket) are funds or units in a fund, market disruption shall
additionally be constituted if (i) no net asset value is published for the units in the fund, (ii) the
units in a fund can not be redeemed or returned for any reason whatsoever, (iii) the fund is closed,
merged or becomes insolvent, or (iv) other circumstances occur which do not allow a calculation
of the net asset value of the fund units.
If market disruptions occur during the term of the Notes, the Issuer has the right to determine the
price of the Underlying affected by the market disruption in such a way that it corresponds to the
market conditions prevailing on that day in the assessment of the Calculation Agent.
A limitation of hours or number of days on which trading takes place does not constitute a market
disruption, as far as the limitation results from a prior announced change of regular business hours
of the respective stock exchange. A limitation of trading because of price movements exceeding
certain predetermined thresholds and occurring during a trading day only constitutes a market disruption
if this limitation continues to exist until the end of trading hours on the respective day.
If a market disruption continues to exist on the eighth trading day on the relevant Reference Stock
Exchange or if the value of the relevant Underlying can not be determined due to other reasons,
the Issuer shall be entitled to determine a relevant value for the Underlying affected by the market
disruption, which corresponds to the then prevailing market conditions on such Trading Day. Additional
market disruption events and/or changes of market disruption events may be contained in
the Final Terms (item 20b(xi)).
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