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

Scheduled Closing Time means in respect of an Exchange or a Relevant Options Exchange and a Scheduled
Trading Day, the scheduled weekday closing time of such Exchange or Relevant Options Exchange on such
Scheduled Trading Day, without regard to after hours or any trading outside of the regular trading hours.
Scheduled Trading Day means in respect of a Share any day on which each Exchange or Related Exchange are
scheduled to be open for trading for their respective regular trading sessions.
Disrupted Day means in respect of a Share a Scheduled Trading Day on which a relevant Exchange or a Related
Exchange fails to open for trading during its regular trading session or on which a Market Disruption has occurred.
Right to choose with regard to redemption means the right of the Issuer to redeem the Notes either by delivery
of the Underlying (physically or by cash settlement) or by payment of the Redemption Amount.
Related Exchange means, subject to the following proviso, with regard to a Share each exchange or quotation
system specified as such for such Share, any successor to such exchange or quotation system or any substitute
exchange or quotation system to which trading in futures or options contracts relating to such Share has temporarily
relocated (provided that the Calculation Agent has determined that there is comparable liquidity relative to
the futures or options contracts relating to such Share on such temporary substitute exchange or quotation system
as on the original Related Exchange), provided however that where All Exchanges is specified as the Related
Exchange, Related Exchange shall mean each exchange or quotation system where trading has a material effect
(as determined by the Calculation Agent) on the overall market for futures or options contracts relating to
such Share or, in each of this cases, a purchaser or legal successor of such Exchange.
Exchange Ratio is determined in the Final Terms (see item 35(v)), subject to an adjustment pursuant § 4d.
§ 4b
(Right to choose with regard to redemption. Termination)
(1) Right to choose with regard to redemption. The Issuer has the right to redeem all, but not only some of
the Notes either (i) by delivery of the Underlyings or (ii) by payment of the Redemption Amount, in both
cases together with interest accrued until the Delivery Date or the Due Date. In the case of (i), the delivery
takes place on the Delivery Date according to the provisions of § 4c. In the case of (ii), the payment of
the Redemption Amount takes place on the payment date (see item 35(viii)) (the Payment Date). The
Issuer may determine on the Valuation Date at the Valuation Time, whether (i) or (ii) should be the applicable
redemption modality for the Notes. If a capital guarantee (see item 35(xiii)) is expressly declared in
the Final Terms to be applicable, redemption will be effected at least at the amount of the capital guarantee
(or, by delivery of Underlyings corresponding to the capital guarantee). Without undue delay after the
exercise of its right to choose, the Issuer will notify the Calculation Agent and the Noteholders of the applicable
mode of redemption pursuant to § 11.
(2) Cash-settlement. To the extent foreseen in the Final Terms (see item 35(xi), the Issuer reserves the right
to redeem the Notes instead by redemption by delivery of Underlyings pursuant to § 4b(1)(i) by payment
of an amount (converted in the Specified Currency, as the case may be) which corresponds to the closing
price of the Underlyings on the Valuation Date.
(3) Termination and Payment. If Termination and Payment is specified in the Final Terms (item 35(xiv),
the Issuer may, in case of an Extraordinary Event, repay all or only some of the outstanding Notes at their
early redemption amount (item 34 of the Final Terms) plus, if applicable, interest accrued until and excluding
the date of repayment, provided the Issuer has notified the Noteholders at least five Business
Days in advance pursuant to § 11.
§ 4c
(Delivery of Underlyings)
(1) Delivery of Underlyings. For each Note with a denomination in the amount of the Specified Denomination
(item 10 of the Final Terms or another denomination determined in the Final Terms in item 35), the
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