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

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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
announcement.
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Capital measures/Company Information
09.07.2015

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:

ISIN: 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:
ISIN:
AT000B056544
AT000B053442
AT000B121884
AT000B121868
XS0275528627

Securities issued by immigon portfolioabbau ag (formerly
Österreichische Volksbanken-Aktiengesellschaft) are admitted for
trading on the following stock exchanges: 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
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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,
AT000B115902
indexes:
stockmarkets: free trade: Berlin, Stuttgart, regulated dealing: Luxembourg Stock
Exchange, Regulated free trade: Wien
language: English