EANS-Adhoc: immigon portfolioabbau ag / 1. Results of buyback programme for non-subordinated liabilities (31 July 2015) 2. Revision of a previous ad-hoc release - positive year end result at single

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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
31.07.2015

Ad-hoc release pursuant to the Austrian Stock Exchange Act
(Börsegesetz - BörseG) / immigon portfolioabbau ag

1. Results of buyback programme for non-subordinated liabilities
(31 July 2015) 2. Revision of a previous ad-hoc release -
positive year end result at single entity level of immigon rather
likely (31 July 2015)

On 9 July 2015 immigon portfolioabbau ag (formerly Österreichische
Volksbanken-Aktiengesellschaft), Peregringasse 2, 1090 Vienna,
FN116476p ("immigon") announced the launch of a buyback programme for
non-subordinated liabilities and published the same on 10 July 2015.
Creditors of a total of 268 non-subordinated liabilities in the form
of bonds (Anleihen), registered notes (Namensschuldverschreibungen)
and Schuldscheine (the "Tender Securities") were addressed and
invited to offer immigon their outstanding instruments for purchase
or prepayment (as applicable). On 28 July 2015, 16:00 London time /
17:00 CET the offer period expired. The anticipated total
consideration amount was EUR 850 mn.

Offers received from investors comprised Tender Securities with a
total nominal volume of around EUR 1.456 bn. Following evaluation of
offers received and prices offered, the management board (Vorstand)
of immigon resolved on 31 July 2015 to accept offers for a total
consideration amount including accrued interest of EUR 933 million.
Details of the results of the tender offer, of offers accepted as
well as of the Tender Securities and their ISINs or ID-Numbers (as
applicable) are, subject to access and offer and distribution
restrictions, available 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.

Following implementation of the buyback programme within the next few
days, the management board of immigon expects a positive effect on
immigon's results.The results planning for 2015 presumed in the
resolution plan (Abbauplan) has intensified further as the management
board's current expectation is that a positive result may likely be
recorded at single entity level in immigon's single entity annual
financial statements for the financial year 2015. This could
potentially lead to subsequent payments by immigon in respect of
certain profit-related instruments in accordance with the terms and
conditions of such instruments. Whether this will in fact be the
case, can only be determined after expiry of the financial year 2015.

On 28 November 2013 Österreichische Volksbanken-Aktiengesellschaft
(now immigon) has announced via EANS-Adhoc that a negative result is
to be expected at single-entity level in any event until the end of
the financial year 2015. Due to the changed expectations of the
management board on 31 July 2015 in relation to its year-end results,
immigon hereby revises its previous ad hoc release for the financial
year 2015 in the sense that pursuant to current expectations held by
the management board it is rather likely that immigon may record a
positive result for the financial year 2015 in its annual financial
statements at single entity level.

Mandatory information pursuant to the disclosure and notification
regulation (Veröffentlichungs- 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 Certificates (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
AT000B059456 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@outlook.com

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