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

(d) the New Issuer is in the position to pay to the Clearing System or to the Principal Paying Agent in
the Specified Currency and without deducting or withholding any taxes or other duties of whatever
nature imposed, levied or deducted by the country (or countries) in which the New Issuer has its
domicile or tax residence all amounts required for the performance of the payment obligations
arising from or in connection with the Notes.
(2) References.
(a) in the event of a substitution pursuant to § 10 para 1, any reference in these Conditions to the Issuer
shall be a reference to the New Issuer and any reference to the Republic of Austria shall be a
reference to the New Issuers country of domicile for tax purposes.
(b) In § 4 para 4 and § 6, if such reference would be missing as a result of the foregoing paragraph, an
alternative reference to the Republic of Austria shall be deemed to have been included in addition
to the reference according to the preceding sentence to the New Issuers country of domicile for
tax purposes.
(3) Notice and effectiveness of substitution. Notice of any substitution of the Issuer shall be given by publication
in accordance with § 11. Upon such publication, the substitution shall become effective, and the Issuer,
and in the event of a repeated application of this § 11, any previous new Issuer, shall be discharged
from any and all obligations under the Notes. In the case of such substitution, the exchange(s), if any, on
which the Notes are then listed will be notified and a supplement to the Prospectus describing the new Issuer
will be prepared.
§ 11
(Notices)
(1) Notices. All Notices relating to the Notes will be deemed to be validly given when effected as determined
in the Final Terms (item 55). The Issuer shall ensure that all notices are duly and to the extent legally required
published and in compliance with the requirements of the relevant authorities of each stock exchange
on which the Notes are listed. All notices regarding the Notes shall be published if and for so long
as the Notes are listed on the official list of the Luxembourg Stock Exchange in one leading newspaper
having general circulation in Luxembourg, which is expected to be the Luxembourg Wort. Publications
relating to Notes which are not mandatorily required to be published in a newspaper are valid if they may
be retrieved from the website determined in the Final Terms (item 55) or if they are forwarded to the respective
Noteholder directly or via the account holding entity.
(2) Notice to the Clearing System. The Issuer has the right to substitute a newspaper publication according
to § 11 para 1 by delivering the relevant notice to the Clearing System for communication by the Clearing
System to the Noteholders, provided that, so long as any Notes are listed on any stock exchange, the rules
of such stock exchange permit such form of notice.
§ 12
(Invalidity. Modifications)
(1) Severability clause. If at any time, any one or more of the provisions of the Notes is or becomes invalid,
illegal or unenforceable in any respect under the law of any jurisdiction, such provision shall as to such
jurisdiction, be ineffective to the extent necessary without affecting or impairing the validity, legality and
enforceability of the remaining provisions hereof or of such provisions in any other jurisdiction.
(2) Modifications. The Issuer shall without consent of the Noteholders be entitled to rectify apparent clerical
errors or miscalculations or other errors contained in these Conditions, to change and/or supplement contradictory
or incomplete provisions, provided that changes and/or supplements shall only be permissible
to the extent they are, after taking into account the interests of the Issuer, reasonable for the Noteholders,
i.e. do not materially impair their financial situation. No duty to publication of changes or supplements
exists, as far as the economic position of the Noteholders is not materially negatively affected.
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