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

(d) In the case of application of the Preceding Business Day Convention the date shall be brought
forward to the immediately preceding Business Day.
(5) References. References in these Conditions to principal in respect of the Notes shall be deemed to include,
as applicable: the Redemption Amount of the Notes, the Early Redemption Amount of the Notes,
the Optional Redemption Amount of the Notes, the Amortised Face Amount of the Notes, and any premium
and any other amounts which may be payable under or in respect of the Notes. Any reference in
these Conditions to principal or interest will be deemed to include any additional amounts in respect of
principal or interest (e.g. pursuant to § 6) which may be due and payable.
(6) Deposition with a court. The Issuer may deposit with the competent court principal or interest amounts
not claimed by Noteholders within twelve months after the relevant due date, even if such Noteholders
may not be in a default of acceptance of payment. If and to the extent that the deposit is effected and the
right of withdrawal is waived, the respective claims of such Noteholders against the Issuer shall cease.
(7) Default interest. When the Issuer does not perform a due payment under the Notes because of whatsoever
reason, the outstanding amount shall bear default interest of two percentage points above the base interest
rate from and including the due date to and excluding the date of complete payment. According to
sec 1333 para 2 of the Austrian General Civil Code, the base interest rate applicable on the last calendar
day of a mid-year shall be applicable for the next mid-year.
§ 6
(Taxation)
(1) With tax gross-up. In the case of Notes for which according to the Final Terms (item 40) tax gross-up is
payable, the following shall apply:
All payments of principal and/or interest in respect of the Notes shall be made free and clear of, and without
withholding or deduction for, any taxes, duties, assessments or governmental charges of whatever nature
imposed, levied, collected, withheld, assessed under any applicable system of law or in any country
which claims fiscal jurisdiction by, or for the account of, any political subdivision thereof or government
agency therein authorized to levy taxes, unless such withholding or deduction is required by law. In that
event the Issuer shall pay such additional amounts as will result in receipt by the Noteholders of such
amounts as would have been received by them had no such withholding or deduction been required, except
that no such additional amounts shall be payable in respect of the Notes on account of any taxes, duties
assessments or governmental charges, which:
(a) are payable by any person acting as custodian bank or collecting agent on behalf of the Noteholders,
or otherwise in any manner which does not constitute a deduction or withholding by the Issuer
from payments of principal and/or interest made by it; or
(b) are payable by reason of the Noteholder having or having had, some personal or business connection
with the Grand Duchy of Luxembourg and/or any other jurisdiction from which the Issuer
makes, or is deemed to make, payments under the Notes, and not merely by reason of the fact that
payments in respect of the Notes are, or for purposes of taxation are deemed to be, derived from
sources in the Grand Duchy of Luxembourg and/or such other jurisdiction; it being understood that
the Austrian Kapitalertragsteuer (capital-yields tax), as in effect at the time of the issue of the
Notes, is a tax falling under this sub-paragraph (b) and with respect to which, accordingly, no additional
amounts will be payable; or
(c) where such deduction or withholding is imposed on a payment to an individual and is required to
be made pursuant to European Council Directive 2003/48/EC or any other European Union directive
implementing the conclusions of the ECOFIN Council meeting of 26-27 November 2000 on
the taxation of savings income or any law implementing or complying with, or introduced in order
to conform to, such directive; or
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