EANS-Adhoc: immigon portfolioabbau ag / Modification of an already disclosed ad-hoc release pursuant to the Austrian Stock Exchange Act (Börsegesetz - BörseG) / Hybrid capital of ÖVAG Finance (Jersey)

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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
05.07.2016

Ad-hoc-release pursuant to the Austrian Stock Exchange Act
(Börsegesetz - BörseG) / Modification of an already disclosed ad-hoc
release pursuant to the Austrian Stock Exchange Act (Börsegesetz -
BörseG) / Hybrid capital of ÖVAG Finance (Jersey) Limited (ISIN
XS0201306288): possible positive redemption value at the final
redemption date (5 July 2016)

On 14 January 2015 and on basis of the then prevailing situation of
assets and liabilities and earnings of Österreichische
Volksbanken-Aktiengesellschaft (now: immigon portfolioabbau ag;
"immigon") ÖVAG Finance (Jersey) Limited published an ad hoc release
(this ad hoc release was also published by immigon) that ÖVAG Finance
(Jersey) Limited expects a redemption value of zero in respect of the
Preferred Securities issued by ÖVAG Finance (Jersey) Limited (ISIN
XS0201306288).

The basis for this expectation was that the losses attributed to the
supplementary capital (Ergänzungskapital) issued by (now:) immigon
and subscribed for by ÖVAG Finance (Jersey) Limited would be that
high that the total of nominal value plus profits attributed to the
instrument and less losses attributed to the instrument would result
in a (maximum) amount of zero. The amount of the losses to be
attributed to the instrument was that high for the foreseeable future
that those losses could not be covered any more even by considering
the perpetual nature of the instrument.

In the course of the drawing up of the interim accounts of immigon as
at 30 June 2016 (and the preparation of the interim report of immigon
for the 2nd quarter of 2016) immigon has reached the conclusion that
the above forecast needs to be revised due to changed circumstances
(i.e. better results of immigon in its wind-down than expected). At
present, immigon's wind-down plan shows that it is more likely than
not that immigon will generate a liquidation surplus and that immigon
will be able to make a repayment on the supplementary capital
(Ergänzungskapital) issued by it and subscribed for by ÖVAG Finance
(Jersey) Limited out of immigon's liquidation proceeds. In such case
ÖVAG Finance (Jersey) will be able to generate a positive redemption
value in respect of the Preferred Securities issued by it. The amount
and the point in time of the payment cannot be predicted at present
because the results of the wind-down and of the formal liquidation of
immigon will have to be available; according to immigon's present
business plan a positive amount can be expected, however of less than
30 percent of the nominal value of the supplementary capital
(Ergänzungskapital) and also of the Preferred Securities.

immigon is a wind-down company in accordance with the Federal Act on
the Recovery and Resolution of Banks (BaSAG) and is thus exposed to
uncertainties and risks in its wind-down process, including risks
related to the proceeds achievable in the course of the sale of its
assets, outstanding loans, higher expenses and warranty claims.

Mandatory information pursuant to the Disclosure and Notification
Regulation (Veröffentlichungs- und Meldeverordnung - VMV) The
following issues of participation capital (Partizipationskapital) of
immigon are admitted to trading on a regulated market in a Member
State of the European Economic Area:

ISIN: XS0359924643 EUR 500.000.000 Perpetual Non Cumulative
Participation Capital Cer-tificates (issued by Banque de Luxembourg
as trustee)

The five exchange-listed bonds issued by immigon with the highest
nominal volume outstanding are:

ISIN:
AT000B056544
AT000B053442
AT000B115902
AT000B060462
AT0000322458

Securities issued by immigon are admitted to trading on the following
stock exchang-es:

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

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