Obligation Volksbank Wien GmbH 7.75% ( AT000B121991 ) en EUR

Société émettrice Volksbank Wien GmbH
Prix sur le marché refresh price now   100 %  ▲ 
Pays  Autriche
Code ISIN  AT000B121991 ( en EUR )
Coupon 7.75% par an ( paiement semestriel )
Echéance Perpétuelle



Prospectus brochure de l'obligation Volksbank Wien AG AT000B121991 en EUR 7.75%, échéance Perpétuelle


Montant Minimal 200 000 EUR
Montant de l'émission 220 000 000 EUR
Prochain Coupon 09/04/2026 ( Dans 20 jours )
Description détaillée VOLKSBANK WIEN AG est une banque autrichienne offrant une gamme de services financiers aux particuliers et aux entreprises, notamment des comptes, des crédits, des investissements et des services de gestion de patrimoine.

L'obligation de type perpétuel émise par Volksbank Wien AG, une institution bancaire autrichienne établie dont le siège est à Vienne, est actuellement disponible sur le marché au pair, soit à 100% de sa valeur nominale, identifiable par le code ISIN AT000B121991. Libellée en euros (EUR), cette émission offre un taux d'intérêt annuel fixe et notable de 7,75%, avec des paiements de coupon effectués deux fois par an. Le montant total de cette émission s'élève à 220 000 000 EUR, et elle se distingue par sa nature perpétuelle, signifiant qu'elle n'a pas de date de maturité fixe, offrant ainsi un flux de revenus potentiellement illimité à l'investisseur, sous réserve des conditions spécifiques de l'instrument et d'éventuelles clauses de remboursement anticipé à l'initiative de l'émetteur. Il est à noter que la taille minimale pour un achat est fixée à 200 000 EUR, ce qui la destine principalement à des investisseurs institutionnels ou des clients à forte capacité d'investissement.








This prospectus (the "Prospectus") constitutes a prospectus within the meaning of Article 5(3) of Directive 2003/71/EC of the
European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the
public or admitted to trading and amending Directive 2001/34/EC, as amended, inter alia, by Directive 2010/73/EU, ("Prospectus
Directive"), and was set up according to Annex XI and XIII of the Commission Regulation (EC) No 809/2004 of 29 April 2004
implementing Directive 2003/71/EC of the European Parliament and of the Council as regards information contained in
prospectuses as wel as the format, incorporation by reference and publication of such prospectuses and dissemination of
advertisements, as amended ("Prospectus Regulation"). The Issuer wil prepare and make available on its website
(www.volksbankwien.at) an appropriate supplement to this Prospectus if at any time the Issuer is required to prepare a prospectus
supplement pursuant to § 6 of the Austrian Capital Market Act, as amended (Kapitalmarktgesetz ­ "KMG"). This Prospectus wil be
published in electronic form together with al documents incorporated by reference on the website of the Issuer
(www.volksbankwien.at).

Prospectus dated 3 April 2019



VOLKSBANK WIEN AG
EUR 220,000,000 Fixed to Reset Rate Additional Tier 1 Notes of 2019
with a First Reset Date on 9 April 2024
ISIN AT000B121991, Common Code 198004103, WKN A191M4
Issue Price: 100 per cent.
VOLKSBANK WIEN AG (the "Issuer" or "VBW") wil issue on 9 April 2019 (the "Issue Date") EUR 220,000,000 Fixed to Reset Rate
Additional Tier 1 Notes of 2019 with a First Reset Date on 9 April 2024 (the "Notes") in the denomination of EUR 200,000 (the
"Specified Denomination") each.
The Notes wil bear distributions on the Current Principal Amount (as defined below) at the rate of 7.75 per cent. per annum (the "First
Rate of Distributions") from and including 9 April 2019 (the "Distribution Commencement Date") to but excluding
9 April 2024 (the "First Reset Date") and thereafter at the relevant Reset Rate of Distributions from and including each Reset Date to
but excluding the next fol owing Reset Date. "Reset Date" means the First Reset Date and each fifth anniversary thereof for as long
as the Notes remain outstanding. The "Reset Rate of Distributions" for each reset period wil be the sum of the Reference Rate and
the Margin, such sum converted from an annual basis to a semi-annual basis in accordance with market convention (both as defined
in the terms and conditions of the Notes (the "Terms and Conditions")). Distributions wil be scheduled to be paid semi-annual y in
arrear on 9 April and 9 October in each year, commencing on 9 October 2019.
Distribution payments are subject to cancel ation, in whole or in part, and, if cancel ed, are non-cumulative and distribution payments in
fol owing years wil not increase to compensate for any shortfal in distribution payments in any previous year.
"Current Principal Amount" wil mean initial y EUR 200,000 (the "Original Principal Amount") which from time to time, on one or
more occasions, may be reduced upon occurrence of a Trigger Event (as defined in the Terms and Conditions) by a write-down and,
subsequent to any such reduction, may be increased by a write up, if any (up to the Original Principal Amount) subject to limitations
and conditions (as defined in the Terms and Conditions).
The Notes are perpetual and have no scheduled maturity date. The Notes are redeemable by the Issuer at its discretion on the First
Reset Date and on each Reset Date thereafter or in other limited circumstances and, in each case, subject to limitations and
conditions as described in the Terms and Conditions. The "Redemption Amount" per Note wil be the Current Principal Amount per
Note.
The Notes, as to form and content, and al rights and obligations of the holders of the Notes (the "Holders") and the Issuer wil be
governed by the laws of the Republic of Austria ("Austria").
The Notes wil be issued in bearer form and be represented by a Global Note (as defined in the Terms and Conditions) without
coupons.
This Prospectus has been approved by the Austrian Financial Market Authority (Finanzmarktaufsichtsbehörde ­ "FMA") as a
prospectus under the Prospectus Directive in its capacity as competent authority under the KMG.
The accuracy of the information contained in this Prospectus does not fall within the scope of examination by the FMA
under the KMG and the Directive 2003/71/EC of the European Parliament and the Prospectus Directive. The FMA has
examined this Prospectus only in respect of its completeness, coherence and comprehensibility pursuant to § 8a KMG.
The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act")
and subject to certain exceptions, the Notes may not be offered or sold within the United States or to, or for the account or
benefit of, U.S. persons.
Application has been made to the Vienna Stock Exchange for the Notes to be admitted to the Official Market (Amtlicher Handel ­ the
"Market"). The Market is a regulated market for the purposes of Directive 2014/65/EU of the European Parliament and of the Council



of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU, as amended
(Markets in Financial Instruments Directive II ­ "MiFID II").
Prospective purchasers of the Notes should ensure that they understand the nature of the Notes and the extent of their
exposure to risks and that they consider the suitability of the Notes as an investment in the light of their own circumstances
and financial condition.
Investing in the Notes involves certain risks. Please review the section entitled "Risk Factors" beginning on page 18 of this
Prospectus. This Prospectus does not describe all of the risks of an investment in the Notes, but the Issuer believes that all
material risks relating to an investment in the Notes have been described.
The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made
available to any retail investor. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as
defined in point (11) of Article 4(1) of MiFID II; or (i ) a customer within the meaning of Directive (EU) 2016/97 of the European
Parliament and of the Council of 20 January 2016 on insurance distribution, as amended (Insurance Distribution Directive ­ "IDD"),
where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently, no key
information document required by Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November
2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs), as amended ("PRIIPs
Regulation") for offering or sel ing the Notes or otherwise making them available to retail investors in the European Economic Area
("EEA") has been prepared and therefore offering or sel ing the Notes or otherwise making them available to any retail investor in the
EEA may be unlawful under PRIIPs Regulation.
Further, the Notes are not intended to be sold and should not be sold to retail clients in the EEA, as defined in the rules set
out in the Product Intervention (Contingent Convertible Instruments and Mutual Society Shares) Instrument 2015, as
amended or replaced from time to time, other than in circumstances that do not and will not give rise to a contravention of
those rules by any person. Prospective investors are referred to the section headed "Restrictions on Marketing and Sales to
Retail Investors" on pages 4 et seq. of this Prospectus for further information.
On each Reset Date the Reset Rate of Distributions payable under the Notes is calculated by reference to the annual swap rate for
swap transactions denominated in Euro with a term of five years, which appears on the Reuters Screen Page ICESWAP2 under the
heading "EURIBOR BASIS ­ EUR" and above the caption "11:00 AM FRANKFURT" as of 11:00 a.m. (Frankfurt time) on the relevant
Reset Determination Date, and which is provided by ICE Benchmark Administration Limited (the "Administrator"). As at the date of
this Prospectus, the Administrator appears on the register of administrators and benchmarks established and maintained by the
European Securities and Markets Authority ("ESMA") pursuant to Article 36 of the Regulation (EU) 2016/1011 of the European
Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to
measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation
(EU) No 596/2014, as amended (Benchmark Regulation ­ "BMR").
The annual swap rate for swap transactions denominated in Euro with a term of five years, which appears on the Reuters Screen
Page ICESWAP2 under the heading "EURIBOR BASIS ­ EUR" is calculated with reference to the Euro Interbank Offered Rate
("EURIBOR"), which is provided by the European Money Market Institute ("EMMI"). As at the date of this Prospectus, the EMMI does
not appear on the register of administrators and benchmarks established and maintained by the ESMA pursuant to Article 36 BMR.
As far as the Issuer is aware, the transitional provisions in Article 51 BMR apply, such that the EMMI is not currently required to obtain
authorisation or registration.
Prospective purchasers of the Notes should ensure that they understand the nature of the Notes and the extent of their exposure to
risks and that they consider the suitability of the Notes as an investment in the light of their own circumstances and financial condition.



Sole Lead Manager

Goldman Sachs International
1



IMPORTANT NOTICE
This Prospectus contains, together with the information incorporated by reference and
the Terms and Conditions, all information, which, according to the particular nature of
the Issuer and its consolidated subsidiaries (together the "VBW Group") and the Notes,
is necessary to enable investors to make an informed assessment of the assets and
liabilities, financial position, profits and losses, and prospects of the Issuer and of the
rights attached to the Notes.
Purpose of this Prospectus. This Prospectus has been solely drawn up for the purpose of
facilitating the admission of the Notes to trading on the Market; any other use of this Prospectus is
prohibited. This Prospectus solely serves as information for potential investors. Neither this
Prospectus nor any other information supplied in connection with the Notes should be considered as a
recommendation to purchase or subscribe for the Notes or as a solicitation to make an offer for the
sale of the Notes. If investors have any doubt concerning the content or the meaning of any
information contained in this Prospectus, they are required to contact their own advisers.
Responsibility for this Prospectus. The Issuer accepts the responsibility for the information
contained in this Prospectus and hereby declares that, having taken all reasonable care to ensure that
such is the case, the information contained in this Prospectus is, to the best of its knowledge, in
accordance with the facts and does not omit anything likely to affect the import of such information.
Exclusive relevance of this Prospectus. No person has been authorised to give any information or
to make any representation other than those contained in this Prospectus in connection with the issue
or admission to trading of the Notes. If given or made, such representation must not be relied upon as
having been authorised by the Issuer or the Sole Lead Manager. Any information or undertakings
given or made in connection with the admission to trading, the subscription or the sale of the Notes,
which exceeds the information contained in this Prospectus, are irrelevant.
Limited Future Reliability. Neither the delivery of this Prospectus nor any sale made in connection
herewith shall, under any circumstances, create any implication that the information contained in this
Prospectus in relation to the Issuer, the VBW Group and/or the Association of Volksbanks
(Volksbanken-Verbund ­ the "Association of Volksbanks") is accurate at each date after the date of
this Prospectus or, where applicable, after the date of the latest supplement thereto. In particular
neither the delivery of this Prospectus nor the sale or the delivery of the Notes shal be taken as
implication that there have not been any adverse changes or negative events, which lead or could
lead to a negative change in the assets, the financial position and/or in the income situation of the
Issuer, the VBW Group and/or the Association of Volksbanks since the date of this Prospectus, or, if
earlier, since the date referred to in the information contained in this Prospectus. This holds true
notwithstanding the obligation of the Issuer that any material new circumstances or any material
incorrectness or inaccuracy as to the statements contained in the Prospectus that could influence the
assessment of the Notes and that occur or are determined between the approval of this Prospectus
and the final end of the public offer, or if later, the time when trading of the Notes on a regulated
market begins needs to be included in a supplement (amending or supplementing statements) to this
Prospectus (§ 6 KMG).
Restrictions on the selling and distribution. The distribution of this Prospectus as well as the offer
and the sale of the Notes in certain jurisdictions may be restricted by law. Persons into whose
possession this Prospectus comes are required vis-à-vis the Issuer and the Sole Lead Manager to
2



inform themselves about and to observe any such restrictions. A description of certain statutory
restrictions on the distribution of this Prospectus as well as in relation to offers and sales of the Notes
in certain jurisdictions are set out under page 140 of this Prospectus. The Notes have not been and
will not be registered or approved pursuant to the United States Securities Act of 1933, as amended
(the "Securities Act") or by any authority of any federal state of the U.S. or pursuant to applicable
securities laws of the United States, Australia, Canada, Japan or the United Kingdom. The Notes are
notes in bearer form that are subject to tax laws of the United States and may not be offered, sold or
delivered within the United States or to U.S. persons (as defined in the Securities Act) except for
certain exemptions as determined by U.S. tax laws.
No financial analysis or recommendation of the Issuer and/or the Sole Lead Manager. Neither
this Prospectus nor any other information supplied in connection with the Notes and/or the Issuer are
intended to provide the basis for any credit evaluation or any other evaluation (such as a financial
analysis) and should not be considered as a recommendation by any of the Issuer and the Sole Lead
Manager to purchase the Notes. With regard to a decision to invest in the Notes each investor should
rely on its own assessment of the Issuer as wel as of the merits and risks associated with the
investment in the Notes of the Issuer.
No independent verification and no information obligation of the Sole Lead Manager. The Sole
Lead Manager has not independently verified the information contained in this Prospectus and is
neither obliged to monitor the financial, business or income situation or other conditions of the Issuer
for the duration of this Prospectus, nor to inform investors of any information in relation to the Issuer
or the Notes coming to the Sole Lead Manager's attention or to otherwise share such information with
the investors.
To the fullest extent permitted by the laws of any relevant jurisdiction, neither the Sole Lead Manager
nor any of its affiliates nor any other person mentioned in this Prospectus, except for the Issuer,
accepts responsibility for the accuracy or completeness of the information contained in this
Prospectus or any document incorporated by reference, and accordingly, and to the ful est extent
permitted by the laws of any relevant jurisdiction, none of these persons accept any responsibility for
the accuracy or completeness of the information contained in any of these documents. The Sole Lead
Manager has not independently verified any such information and accept no responsibility for the
accuracy thereof. The Sole Lead Manager accordingly disclaims all and any liability whether arising in
tort, ex delicto or contract or otherwise which it might otherwise have in respect of this Prospectus or
any such statement.
Decision criteria for investors. Each decision to invest in the Notes of the Issuer shall solely be
based on a due and careful review of this Prospectus (including the documents incorporated by
reference) together with the Terms and Conditions thereby considering that each summary or
description of the legal provisions, corporate structures or contractual relationships contained in this
Prospectus serve for information purposes only and shall not be deemed as a legal or tax advice
concerning the interpretation or enforceability of its provisions or relationships. This Prospectus is no
substitute for the indispensable advice in the individual case by appropriate advisers of the investors.
(Financial) Information on the Association of Volksbanks. Investors should bear in mind that the
Association of Volksbanks is not a group and that the members of the Association of Volksbanks are
no subsidiaries of VBW. Only VBW is the Issuer of and the debtor under the Notes.
3



Stabilisation. IN CONNECTION WITH THE ISSUE OF THE NOTES THE STABILISING MANAGER
(OR PERSONS ACTING ON BEHALF OF THE STABILISING MANAGER) MAY OVER-ALLOT
NOTES OR EFFECT TRANSACTIONS WITH A VIEW TO SUPPORTING THE MARKET PRICE OF
THE NOTES AT A LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE PREVAIL.
HOWEVER, STABILISATION MAY NOT NECESSARILY OCCUR. ANY STABILISATION ACTION
MAY BEGIN ON OR AFTER THE DATE ON WHICH ADEQUATE PUBLIC DISCLOSURE OF THE
TERMS OF THE OFFER OF THE NOTES IS MADE AND, IF BEGUN, MAY CEASE AT ANY TIME,
BUT IT MUST END NO LATER THAN THE EARLIER OF 30 DAYS AFTER THE ISSUE DATE OF
THE NOTES AND 60 DAYS AFTER THE DATE OF THE ALLOTMENT OF THE NOTES. ANY
STABILISATION ACTION OR OVER-ALLOTMENT MUST BE CONDUCTED BY THE STABILISING
MANAGER (OR PERSONS ACTING ON BEHALF OF ANY STABILISING MANAGER) IN
ACCORDANCE WITH ALL APPLICABLE LAWS AND RULES.
Euro. In this Prospectus, al references to "", "Euro" or "EUR" are to the currency introduced at the
start of the third stage of the European Economic and Monetary Union pursuant to the Treaty
establishing the European Community as amended by Treaty of the European Union or the official
currency of Austria.
RESTRICTIONS ON MARKETING AND SALES
TO RETAIL INVESTORS
The Notes issued pursuant to this Prospectus are complex financial instruments and are not a suitable
or appropriate investment for all investors. In some jurisdictions, regulatory authorities have adopted
or published laws, regulations or guidance with respect to the offer or sale of securities such as the
Notes to retail investors.
In particular, in June 2015, the U.K. Financial Conduct Authority ("FCA") published the Product
Intervention (Contingent Convertible Instruments and Mutual Society Shares) Instrument 2015
("PI Instrument"), which took effect from 1 October 2015. In addition, (i) on 1 January 2018, the
provisions of Regulation (EU) No 1286/2014 on key information documents for packaged and retail
and insurance-based investment products (PRIIPs), as amended ("PRIIPs Regulation") became
directly applicable in al EEA Member States; and (i ) the Directive 2014/65/EU of the European
Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending
Directive 2002/92/EC and Directive 2011/61/EU, as amended (Markets in Financial Instruments
Directive II ­ "MiFID II") was required to be applied by EEA Member States by 3 January 2018 (the
PI Instrument, the PRIIPs Regulation and the MiFID II together referred to as the "Regulations").
The Regulations set out various obligations in relation to (i) the manufacture and distribution of
financial instruments; and (i ) the offering, sale and distribution of packaged retail and insurance-
based investment products and certain contingent write-down or convertible securities such as the
Notes.
The Sole Lead Manager is required to comply with some or all of the Regulations. By purchasing, or
making or accepting an offer to purchase any Notes (or a beneficial interest in the Notes) from the
Issuer and/or the Sole Lead Manager each prospective investor represents, warrants, agrees with and
undertakes to the Issuer and the Sole Lead Manager that:
1.
it is not a retail client as defined in MiFID II or a customer within the meaning of
Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on
4



insurance distribution, as amended (Insurance Distribution Directive ­ "IDD"), where that
customer would not qualify as a professional client as defined in MiFID II);
2.
whether or not it is subject to the Regulations it wil not:
(A) sell or offer the Notes (or any beneficial interest therein) to retail clients (as defined in
MiFID II); or
(B) communicate (including the distribution of the Prospectus) or approve an invitation or
inducement to participate in, acquire or underwrite the Notes (or any beneficial interests
therein) where that invitation or inducement is addressed to or disseminated in such a
way that it is likely to be received by a retail client (in each case, within the meaning of
the MiFID II). In sel ing or offering the Notes or making or approving communications
relating to the Notes you may not rely on the limited exemptions set out in the PI
Instrument; and
3.
it wil at all times comply with all applicable laws, regulations and regulatory guidance (whether
inside or outside the EEA) relating to the promotion, offering, distribution and/or sale of the
Notes (or any beneficial interests therein), including (without limitation) MiFID II and any other
such laws, regulations and regulatory guidance relating to determining the appropriateness
and/or suitability of an investment in the Notes (or any beneficial interests therein) by investors
in any relevant jurisdiction.
Each prospective investor further acknowledges that:
(i)
the identified target market for the Notes (for the purposes of the product governance
obligations in MiFID II) is eligible counterparties and professional clients;
(i )
all channels for distribution of the Notes to eligible counterparties and professional clients are
appropriate; and
(iii) no key information document ("KID") under PRIIPs Regulation has been prepared and therefore
offering or selling the Notes or otherwise making them available to any retail investor in the EEA
may be unlawful under PRIIPs Regulation.
Where acting as agent on behalf of a disclosed or undisclosed client when purchasing, or making or
accepting an offer to purchase, any Notes (or any beneficial interests therein) from the Issuer and/or
the Sole Lead Manager the foregoing representations, warranties, agreements and undertakings wil
be given by and be binding upon both the agent and its underlying client.

5



DOCUMENTS INCORPORATED BY REFERENCE
This Prospectus should be read and construed in conjunction with the following parts of the
following documents which are incorporated by reference into this Prospectus and which have
been filed with the FMA:
Document / Heading
Page reference
German language version of the Unaudited Condensed Consolidated Interim Financial
Statements of the Issuer as at 30 June 2018 ­
Half-year Financial Report 2018 (Halbjahresfinanzbericht 2018) (the "Unaudited Condensed
Consolidated Interim Financial Statements as at 30 June 2018")1
Condensed statement of comprehensive income
10
(Verkürzte Konzerngesamtergebnisrechnung)

Condensed statement of financial position as at 30 June 2018
11
(Verkürzte Konzernbilanz zum 30. Juni 2018)

Condensed changes in the Group's equity
12
(Verkürzte Entwicklung des Konzerneigenkapitals)

Condensed cash flow statement
13
(Verkürzte Konzerngeldflussrechnung)

Condensed Notes (Verkürzter Anhang)
14-61
German language version of the Unaudited Condensed Consolidated Interim Financial
Statements of the Issuer as at 30 June 2017 ­
Half-year Financial Report 2017 (Halbjahresfinanzbericht 2017) (the "Unaudited Condensed
Consolidated Interim Financial Statements as at 30 June 2017")2
Condensed statement of comprehensive income
10
(Verkürzte Konzerngesamtergebnisrechnung)

Condensed statement of financial position as at 30 June 2017
11
(Verkürzte Konzernbilanz zum 30. Juni 2017)

Condensed changes in the Group's equity
12
(Verkürzte Entwicklung des Konzerneigenkapitals)



1 The officially signed German language versions of the Issuer's Unaudited Condensed Consolidated Interim Financial
Statements as at 30 June 2018 are solely legally binding and definitive.

For the purposes of this Prospectus the defined term "Unaudited Condensed Consolidated Interim Financial
Statements as at 30 June 2018" shall also include the English translation of the Unaudited Condensed Consolidated
Financial Statements as at 30 June 2018.
2 The officially signed German language versions of the Issuer's Unaudited Condensed Consolidated Interim Financial
Statements as at 30 June 2017 are solely legally binding and definitive.

For the purposes of this Prospectus the defined term "Unaudited Condensed Consolidated Interim Financial
Statements as at 30 June 2017" shall also include the English translation of the Unaudited Condensed Consolidated
Interim Financial Statements as at 30 June 2017.
6



Condensed cash flow statement
13
(Verkürzte Konzerngeldflussrechnung)

Condensed Notes (Verkürzter Anhang)
14-33
German language version of the Audited Consolidated Financial Statements of the Issuer
for the financial year ended 31 December 2017 ­
Annual Financial Report 2017 (Jahresfinanzbericht 2017) (the "Audited Consolidated
Financial Statements 2017") together with the Auditor's Report3
Statement of comprehensive income
28
(Konzerngesamtergebnisrechnung)

Statement of financial position as at 31 December 2017
29
(Konzernbilanz zum 31. Dezember 2017)

Changes in the Group's equity
30
(Entwicklung des Konzerneigenkapitals)

Cash flow statement (Konzerngeldflussrechnung)
31
Notes (Anhang)
32-136
Auditors' Report (Bestätigungsvermerk)
138-142
Balance sheet as of 31 December 2017 (Bilanz zum 31. Dezember
146-147
2017) of the individual annual financial statements of VOLKSBANK
WIEN AG
German language version of the Audited Consolidated Financial Statements of the Issuer
for the financial year ended 31 December 2016 ­
Annual Financial Report 2016 (Jahresfinanzbericht 2016) (the "Audited Consolidated
Financial Statements 2016") together with the Auditor's Report4
Statement of comprehensive income
28
(Konzerngesamtergebnisrechnung)

Statement of financial position as at 31 December 2016
29
(Konzernbilanz zum 31. Dezember 2016)

Changes in the Group's equity
30
(Entwicklung des Konzerneigenkapitals)



3 The officially signed German language versions of the Issuer's Audited Consolidated Financial Statements 2017 are
solely legally binding and definitive.

For the purposes of this Prospectus the defined term "Audited Consolidated Financial Statements 2017" shall also
include the English translation of the Audited Consolidated Financial Statements of the Issuer for the financial year
ended 31 December 2017.
4 The officially signed German language versions of the Issuer's Audited Consolidated Financial Statements 2016 are
solely legally binding and definitive.

For the purposes of this Prospectus the defined term "Audited Consolidated Financial Statements 2016" shall also
include the English translation of the Audited Consolidated Financial Statements of the Issuer for the financial year
ended 31 December 2016.
7



Cash flow statement (Konzerngeldflussrechnung)
31
Notes (Anhang)
32-127
Auditors' Report (Bestätigungsvermerk)
128-132
Balance sheet as of 31 December 2016 (Bilanz zum 31. Dezember
136-137
2016) of the individual annual financial statements of VOLKSBANK
WIEN AG
English translation of the Unaudited Condensed Consolidated Interim Financial
Statements of the Issuer as at 30 June 2018 ­
Half-year Financial Report 2018 (Halbjahresfinanzbericht 2018)5
Condensed statement of comprehensive income
10
Condensed statement of financial position as at 30 June 2018
11
Condensed changes in the Group's equity
12
Condensed Cash flow statement
13
Condensed Notes
14-59

English translation of the Unaudited Condensed Consolidated Interim Financial
Statements of the Issuer as at 30 June 2017 ­
Half-year Financial Report 2017 (Halbjahresfinanzbericht 2017)6
Condensed statement of comprehensive income
10
Condensed statement of financial position as at 30 June 2017
11
Condensed changes in the Group's equity
12
Condensed Cash flow statement
13
Condensed Notes
14-33

English translation of the Audited Consolidated Financial Statements of the Issuer 2017 ­
Annual Report 2017 (Konzernbericht 2017)7
Statement of comprehensive income
28
Statement of financial position as at 31 December 2017
29


5 The English translations of the Unaudited Condensed Consolidated Interim Financial Statements of the Issuer as at
30 June 2018 are not legally binding and are incorporated into this Prospectus by reference for convenience
purposes only.
6 The English translations of the Unaudited Condensed Consolidated Interim Financial Statements of the Issuer as at
30 June 2017 are not legally binding and are incorporated into this Prospectus by reference for convenience
purposes only.
7 The English translations of the Audited Consolidated Financial Statements of the Issuer 2017 are not legally binding
and are incorporated into this Prospectus by reference for convenience purposes only.
8



Changes in the Group's equity
30
Cash flow statement
31
Notes
32-131
Auditors' Report
132-136
Balance sheet of the individual annual financial statements of
140-141
Volksbank Wien AG
English translation of the Audited Consolidated Financial Statements of the Issuer 2016 ­
Annual Report 2016 (Konzernbericht 2016)8
Statement of comprehensive income
28
Statement of financial position as at 31 December 2016
29
Changes in the Group's equity
30
Cash flow statement
31
Notes
32 - 125
Auditors' Report
126 ­ 130
Balance sheet of the individual annual financial statements of
134-135
Volksbank Wien AG
English translation of the Unaudited Condensed Consolidated Half Year Financial
Statements of Association of Volksbanks according to IFRS as at 30 June 2018 which
have been prepared according to IFRS rules with certain exceptions9 ­ Half Year
Report Association of Volksbanks 2018 (Halbjahresverbundbericht 2018)
(the "Unaudited Condensed Consolidated Interim Financial Statements of Association of
Volksbanks as at 30 June 2018")
Condensed statement of comprehensive income
12
(Verkürzte Verbundgesamtergebnisrechnung)

Condensed statement of financial position as at 30 June 2018
13
(Verkürzte Verbundbilanz zum 30. Juni 2018)



8 The English translations of the Audited Consolidated Financial Statements of the Issuer 2016 are not legally binding
and are incorporated into this Prospectus by reference for convenience purposes only.
9 The Association of Volksbanks' financial statements are prepared according to IFRS rules. For full consolidation
purposes § 30a(8) of the Austrian Banking Act (Bankwesengesetz ­ "BWG") specifies that the central organisation is
to be regarded as superordinate institution and every affiliated institution and, under certain conditions, each
transferring legal entity, is to be treated as a subordinate institution. In accordance with IFRS, a full consolidation only
can take place if a company has full authority over decisions of the associated company, in other words, it has the
ability to influence returns on equity by its power of disposition (IFRS 10.6). The Association of Volksbanks central
organisation has the right to issue instructions, but doesn't receive returns from the member cred it institutions;
therefore the central organisation has no control as defined by IFRS 10. The lack of an ultimate controlling parent
company means that despite the central organisation's extensive power to issue instructions, the consolidated
accounts can only be drawn up by treating the Association of Volksbanks as a group of companies which are legally
separate entities under unified control without a parent company. It was therefore necessary to define a set of rules
for preparing the Association of Volksbanks' financial statements.
9


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