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immigon portfolioabbau ag

EANS-Adhoc: immigon portfolioabbau ag
Start of a buyback programme for non-subordinated liabilities

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
Capital measures/Company Information

immigon portfolioabbau ag (formerly Österreichische
Volksbanken-Aktiengesellschaft), Peregringasse 2, 1090 Vienna, FN116476p
("immigon") announced on 24 June 2015 that it began preparing a buyback
programme for non-subordinated liabilities. Following the implementation of the
demerger of ÖVAG and the continued operation of immigon as wind-down company
(Abbaugesellschaft) pursuant to section 162 of the Austrian Federal Act on the
Restructuring and Resolution of Banks (Bundesgesetzes über die Sanierung und
Abwicklung von Banken) on 4 July 2015 the management board (Vorstand) of immigon
has resolved on 9  July 2015 on the launch, of an invitation to holders or
creditors of certain instruments to offer their outstanding instruments for
purchase or prepayment (as applicable).

Instruments the subject of the tender offer constitute in total 268
non-subordinated liabilities comprising the following instruments: bonds
(Anleihen), registered notes (Namensschuldverschreibungen) and Schuldscheine
(the "Tender Securities"). The anticipated maximum total consideration amount is
EUR 850,000,000. The offer period is expected to begin on 10 July 2015 and
expire at 16.00 (London time)/ 17.00 (CET) on 28 July 2015.

The invitation to offer the Tender Securities for purchase or prepayment is
solely based on the terms and subject to the conditions contained in the Tender
Offer Memorandum dated 10 July 2015 which can (subject to access and offer and
distribution restrictions) be obtained from the Tender Agent Citibank, N.A.,
London branch and the Dealer Manager Citigroup Global Markets Limited.
Details on the tender offer, the Tender Securities and their ISINs or ID-Numbers
(as applicable) are, subject to access and offer and distribution restrictions,
obtainable on immigon's homepage under http://www.immigon.com/investor-relations
under the heading "Ad-hoc releases" or from the Tender Agent Citibank, N.A.,
London branch.

Mandatory information pursuant to the Austrian Publication and Announcements
Regulation (Veröffentlichungs- und Meldeverordnung):

The following issues of participation capital (Partizipationskapital) of immigon
portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) are
admitted to trading on a regulated market in a Member State of the European
Economic Area:

AT0000755665    Österreichische Volksbanken-AG Participation Certificates 
XS0359924643    EUR 500,000,000 Perpetual Non Cumulative Participation Capital
Certificates (issued by Banque de Luxembourg as trustee)
Five bonds issued by immigon portfolioabbau ag (formerly Österreichische 

Volksbanken-Aktiengesellschaft) with the highest nominal volume:

Securities issued by immigon portfolioabbau ag (formerly Österreichische
Volksbanken-Aktiengesellschaft) are admitted for trading on the following stock
Geregelter Freiverkehr of Wiener Börse AG 
Amtlicher Handel of Wiener Börse AG 
Regulated Market of Luxembourg Stock Exchange
Open market (Freiverkehr) of Berlin Stock Exchange
Open market (Freiverkehr) of Stuttgart Stock Exchange
Open Market (Freiverkehr) of Frankfurt Stock Exchange

Further inquiry note:
Press contact:
Petra Roth
immigon portfolioabbau ag
Mobile: 0664 6129223
Mail to: petra.roth@volksbank.com

end of announcement                               euro adhoc 

issuer:      immigon portfolioabbau ag
             Peregringasse 2
             A-1090 Wien
phone:        +43 (0)1 313 40-0
mail:     mail@immigon.com
WWW:      www.immigon.com
sector:      Banking
ISIN:        AT000B056544, AT000B053442,  XS0275528627, AT000B060462,
stockmarkets: free trade: Berlin, Stuttgart, regulated dealing: Luxembourg Stock
             Exchange, Regulated free trade: Wien 
language:   English

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