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

days (or within another notice period determined in the Final Terms item 31(iii)) in advance, to repay the
respective Notes on the optional redemption date (item 31(i) of the Final Terms) (each an Optional Redemption
Date) at its Optional Redemption Amount (as defined below) plus interest accrued. To exercise
this right, the Noteholder has to deliver a properly completed exercise notice in the form available at
the office of the Paying Agent or the Issuer. A revocation of the exercise of this right is not possible.
(7) Early redemption in the case of a change of law, a hedging-disruption, increased hedging-costs
and/or an event related to the main compartment assets (Main Compartment Assets) and/or increased
Main Compartment Assets costs. If provided for in the Final Terms, the Issuer has the right to
redeem the Notes at any point in time before the Maturity Date upon occurrence of a change of law and/or
a hedging-disruption and/or increased hedging costs or an event related to the Main Compartment Assets
and/or increased Main Compartment Assets costs at the Early Redemption Amount (as defined below).
The Issuer will repay the Notes of such a series completely (but not just partially) on the second Business
Day after the notice pursuant to § 11 of the early redemption was effected, provided that this day is no
later than two Business Days prior to the Maturity Date of the Notes (the Early Redemption Date) and
will pay the Early Redemption Amount for the Notes to the creditors or arrange such payment in accordance
with the relevant tax provisions or other statutory or administrative provisions and in accordance
with these Conditions and the provisions of the relevant Final Terms. The creditors have to bear taxes or
fees for early redemption and the Issuer does not undertake any liability in this respect.
Whereby:
Change of law means that due to (A) the entry into force of changes of the laws or regulations (including
but not limited to tax provisions), or (B) changes of the interpretation of decisions of courts or administrative
bodies, which are relevant for the respective laws or regulations (including the opinion of tax authorities),
the Issuer determines that (Y) the holding, purchase or sale of the Underlyings relevant for the Notes
has become illegal, or (Z) the costs, which are linked to the obligations under the Notes have increased
substantially (including but not limited to increases of the tax burden, the decrease of tax benefits or other
negative effects on such tax treatment), given that such changes are effective on or after the issue date.
Hedging-Disruption shall mean that the Issuer is in no position, upon application of economically reasonable
efforts, (A) to conclude, continue or settle transactions and purchase, exchange, hold or sell assets
respectively, which the Issuer deems necessary for the hedging of price risks related to the Underlying (or
several thereof) with regard to its obligations under the respective Notes deemed necessary, or the Issuer
(B) is in no position to realise, recover or forward the proceeds of the transactions and assets respectively;
and
Increased Hedging-Costs means that the Issuer has to pay a substantially higher amount (in comparison
to the issue date) of taxes, charges, expenditures and fees (excluding brokerage fees) in order to (A) conclude,
continue or settle transactions and purchase, exchange, hold or sell assets respectively, which the
Issuer deems necessary for the hedging of price risks related to the Underlying (or several thereof) with
regard to its obligations under the respective Notes deemed necessary, or the Issuer (B) is in no position
to realise, recover or forward the proceeds of the transactions and assets respectively, under the condition
that amounts which have only increased due to the fact that the creditworthiness of the Issuer has decreased
are not regarded as Increased Hedging Costs.
An event related to the Main Compartment Assets means that the Issuer is in no position, upon application
of economically reasonable efforts, (A) to conclude, continue or settle transactions relating to the
purchase, exchange, holding or sale of the Main Compartment Assets which the Issuer deems necessary
with regard to its obligations arising in respect of Notes issued through a Compartment of the Issuer, or
the Issuer (B) is in no position to realise, recover or forward the proceeds of the transactions relating to
the Main Compartment Assets respectively; and
Increased Main Compartment Assets costs means that the Issuer has to pay a substantially higher
amount (in comparison to the issue date) of taxes, charges, expenditures and fees (excluding brokerage
fees) in order to (A) to conclude, continue or settle transactions relating to the purchase, exchange, holding
or sale of the Main Compartment Assets which the Issuer deems necessary with regard to its obliga-
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