EANS-Adhoc: immigon portfolioabbau ag/immigon portfolioabbau ag starts new buyback programme for non-subordinated lia-bilities (7 September 2015)

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ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
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announcement.
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other/Company Information
07.09.2015

Ad-hoc release pursuant to the Austrian Stock Exchange Act
(Börsegesetz - BörseG) / immigon portfolioabbau ag starts new buyback
programme for non-subordinated liabilities (7 September 2015)

On 7 September 2015 the managing board of immigon portfolioabbau ag
(formerly Österreichische Volksbanken-Aktiengesellschaft),
Peregringasse 2, 1090 Vienna, FN116476p ("immigon"), has resolved to
invite the holders of certain outstanding instruments (as described
below) to offer their instruments to immigon for repurchase against
consideration in cash.

The instruments subject to the tender offer comprise in total 95
non-subordinated liabilities in the form of bonds (the
"Instruments"). The anticipated maximum total consideration amount is
EUR 400,000,000. The offer period starts on 7 September 2015 and is
due to expire on 14 October 2015, offers to be received by 4.00 pm
London time/ 5.00 pm CET on such date.

The invitation to offer the Instruments for repurchase is primarily
targeted at retail investors and provides a fixed purchase/tender
price for each series of the respective Instruments. In respect of
each series of Instruments, Investors who offer to immigon
Instruments up to EUR 250,000 in aggregate principal amount (or unit
value, as the case may be) (or its equivalent in another currency in
which the Instruments are denominated) of the relevant Instruments
will receive preferential treatment, as further described in the
Tender Offer Memorandum dated 7 September 2015 (the "Tender Offer
Memorandum"). Further, immigon will pay an amount corresponding to
the accrued and unpaid interest for each purchased Instrument (as
applicable).

The invitation to offer the Instruments for repurchase is solely
based on the terms and subject to the conditions contained in the
Tender Offer Memorandum which may - subject to access and offer and
distribution restrictions - be obtained from the tender agent
Citibank, N.A., London branch.

Details on the buyback programme, including details on the
Instruments and their ISINs and ID numbers are, subject to access and
offer and distribution restrictions, available on im-migon'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 disclosure and notification
regulation (Verö-ffentlichungs- und Meldeverordnung - VMV) 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 Certifi-cates (issued by Banque de Luxembourg
as trustee)

The five bonds issued by immigon portfolioabbau ag (formerly
Österreichische Volksbanken-Aktiengesellschaft) with the highest
nominal volume: ISIN:

AT000B056544
AT000B053442
XS0275528627
AT000B060462
AT000B115902

Securities issued by immigon portfolioabbau ag (formerly
Österreichische Volksbanken-Aktiengesellschaft) are admitted to
trading on the following stock exchanges: Geregelter Freiverkehr of
the Vienna Stock Exchange (Wiener Börse AG) Amtlicher Handel of the
Vienna Stock Exchange (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

Press contact:
Thomas Heimhofer
immigon portfolioabbau ag
mobile: +43 (0) 676 790 7890
email: thomas.heimhofer@immigon.com

Further inquiry note:
immigon portfolioabbau ag
Thomas Heimhofer
Mobil: +43 (0)676 790 7890
Mail to: thomas.heimhofer@immigon.com
www.immigon.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: info@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