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

§ 13
(Further Issues)
The Issuer reserves the right from time to time, without the consent of the Noteholders to issue additional notes
with identical terms and conditions as the Notes (with the exception of previous interest payments, as the case
may be) in all respects so as to be consolidated and form a single series with such Notes. The term Notes shall,
in the event of such further issue, also comprise such further Notes.
§ 14
(Compartment Assets. Limited Recourse)
(1) Notwithstanding any other provision of these Conditions, any liability of the Issuer to make payments
under the Notes shall be limited to the funds available to the Issuer from time to time in respect
of the assets designated as Compartment Assets in Part B No. 9 of the Final Terms, and the
Issuer shall have no liability to make any payments under the Notes where such funds are not
available to it, provided that:
(a) where such Compartment Assets are designated as debt instruments, such as senior or subordinated
bonds (i.e. Subordinated Notes, Supplementary Capital Notes or Subordinated
Supplementary Capital Notes), debentures, money-market instruments, bank deposits or
any other interest bearing or non-interest bearing financial instruments, (the Debt Instruments),
the following information shall be provided in Part B No. 9 of the Final
Terms:
- the obligor of such Debt Instrument (provided that such obligor shall be an Eligible
Obligor of the Main Compartment Asset);
- a description of such Debt Instrument, including (to the extent applicable) such
Debt Instruments ISIN Number, nominal amount, subscription price, coupon,
term, maturity date, redemption amount and governing law; or
- where the Debt Instrument is a deposit of funds made by the Issuer with an Eligible
Obligor of the Main Compartment Asset, the amount deposited bearing interest
(fixed or otherwise) payable on instalments or upon withdrawal, such as may
be agreed between the Issuer and the relevant Eligible Obligor of the Main Compartment
Asset (the Deposit), a description of such Deposit, including (to the
extent applicable) details of the deposit account (or if relevant, the details of any savings
book representing such Deposit and whether the Debt Instrument is held with a
party specified in the Final Terms as the Main Compartment Asset Custodian
(or, where applicable, the Sub-Custodian) or, if applicable, the details of another
party holding such savings book), amount deposited, interest rate payable
thereon and method of payment, term and governing law.
Eligible Obligor of the Main Compartment Asset shall mean in respect of Debt Instruments:
(1) VBAG; or
(2) another credit institution incorporated in any member state of the European Economic
Area, the Organisation for Economic Cooperation and Development (the OECD), Russia,
Croatia, Serbia or Bosnia-Herzegovina which either:
(i) has securities already admitted to trading on a regulated market (as such market is
defined by Article 4(14) Council Directive 2004/39/EC (the MIFID Directive) - the
Regulated Market) or an equivalent market (sharing with a Regulated Market the
characteristics of regular function; having regulations issued or approved by the competent
authorities to define the conditions for the operation of the market, the conditions
for access to the market; and which requires compliance with all the reporting
and transparency requirements laid down by the competent authorities- the Equiva-
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