A NEW DIMENSION IN INVESTMENT

WWW.VOLKSBANKINVESTMENTS.COM

STRUCTURED INVESTMENTSALPHA INVESTMENTSASSET MANAGEMENTTRADITIONAL INVESTMENTS

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Who we are and what we stand for

We cannot offer higher returns than those that can be achieved on the mar-ket – in reality, no one can. But we strive to be better than the competition. This is not always easy, but it is our am-bitious goal. The goal that we have set for ourselves is to keep our perfor-mance promise.

This is also a key factor for advisors and their success on the market.

How do we achieve this? By ensuring that greed is not the motivation for the development of our products. By deve-loping building blocks that work in eve-ry market situation. By representing a new dimension in investment.

Our top priority is maximising earnings efficiency

We are the first source foradvisors who build their success by keeping their performance promises.

VB Investments employs a sustainable market strategyWe are a dynamic company that addresses sustainable developments with the invest-ment focuses we use to create our products.

VB Investments redefines alpha and beta We observe alpha and beta – i.e. market-independent and market-dependent returns – and use them to achieve a new level of earnings efficiency in our investment solutions.

VB Investments offers the best product in the best packaging We are the first company on the market to provide an integrated product offer from a single source. Our entire product offering is designed according to the principle of “the best product in the best packaging”.

VB Investments optimises the earnings efficiency of investmentsWe are the first source for advisors who build their success by keeping their perfor-mance promises. We are not a source of speculative investment vehicles.

VB Investments strengthens advisors as a partnerAdvisors make up our customer base. Our task is to strengthen the role of advisors in the value creation chain so that they can deliver added value to their customers.

VB Investments stands for VOLKSBANK InvestmentsAs a member of the Volksbank AG group, we share a sustainable philosophy of value and quality. Our company is rightly associated with security and stability. However, our demand on ourselves is to provide a high-quality product offering in all areas of the in-vestment market. Thus, we see ourselves as a strong and reliable partner for all advisors who believe in our quality criteria and our philosophy.

VB Investments is at the heart of EuropeWe follow an international strategy and see ourselves as a European company. Our goal is to take advantage of the enormous growth potential we see particularly in the coun-tries of CEE and SEE from our home base of Austria.

There have been many attempts to get around it and many more are sure to follow, but the relationship between risk and return is set in stone.

We see our task as continuously impro-ving this relationship, as making risk bearable for investors.

The construction industry maximises the energy efficiency of offices and resi-dential space. The automotive industry improves the fuel efficiency of cars. We optimise the earnings efficiency of in-vestments.

Positioning in the competitive environment

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Risk/return curve under the assumption of an unlimited term and zero transaction costs

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Know-how no one else can match…

As a team, we want to continue writing thesesuccess stories together with our advisors.

VB Investments stands for a new dimension in investment. And this is backed by a strong, seasoned and dynamic team that possesses know-how and experience no other issuer can match.

Experts who have been in the business for decades and have gone through both booming markets and more difficult times. In the investment fund business, dealing with structured pro-ducts and alternative investments or in the direct trading of se-curities.

Our certificate business in Austria is just one example of the many success stories we have written. Our integrated product offering gives advisors building blocks they can use to further improve their advisory services and act even more responsibly on behalf of their customers.

Baldessarini Alexandra, Baumann Ulrich, Baumgartner Christina, Beke Mark, Bentlage Brigitte, Bierbaum Astrid, Bodley Megan, Dechet Anna, Deszar Peter, Diakonov Andrei, Egger Rudolf, Frey Tanja, Frischauf-Rabl Doris, Frühauf Rita, Fuchsberger Rene, Fuhry Doris, Gligo Claudio, Gradascevic Nadina, Gradl Georg, Grübling Christian, Günther Ulrike, Haider Sandra, Hartung Regina, Hofbauer Gerhard, Hofmeister Wolfgang, Hombrecher Brita Irene, Huber Jürgen, Hütter Gerald, Iankova Petia, Jiszda Maurice, Juhasz Andreas, Juris Werner, Kaudela Mario, Kirchmayr Klaus, Klaner Eva, Koch Robert C., Kögel Marianne, Kögler Martin, Kollendorfer Daniela, Kousalik Miroslav, Kramer Johanna, Krapf-Günther Susanne, Lee Manfred, Leeb Renate, Lengersdorff Joachim, Madsen Flemming, Makuljevic Aleksandar, Mayrhofer Ivana, Mehser Alexander, Millenkovics Regina, Morgenbesser Andreas, Moskov Tzvetan, Nekola Tanja, Oberlojer Martin, Odehnal Thomas, Oschabnig Sabine, Parhammer Regina, Peschta Stefan, Pettermann Eveline, Pfeifer Roland, Pistracher Gerald, Primik David, Pusch Sebastian, Raner Sega Kaja, Rechinger Verena, Reiter Heinrich, Rossmüller Kurt, Rumplmayr Franz, Rupprechter Stefan, Schäfer Simone, Schmidt Karin, Schwabe Bernhard, Schwager Markus, Sigmund Sabine, Simbürger Horst, Skorepa Albert, Sonderer Ursula, Spitzbart Florian, Stagl Manfred, Steindorfer Jürgen, Steininger Markus, Strobl Fritz, Strohofer Regina, Stummer Gila, Szomodi Balazs, Toifl Günter, Toker Gabriele, Vilaskova Hana, Viski Hanka Alexander, Wallisch Marcus, Weismann Markus, Weiss Angelika, Werkovits Regina, Wimmer Regina, Windt Walter, Witzani Andreas, Wolfbeisz Nicole, Zeska Daniel, Zier Martin

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Building blocks and solutions

Leben 3The new product line that addresses the topic of private investment for the future. Volksbank Investments is focussing on the issue of quality of life. As part of the Leben3 product line, Volksbank Investments is offering the proven Austro Garant and, star-ting in 2009, a new savings product.

Structured InvestmentsThe proven product for earning market-dependent returns – now in various investment vehicles. Volksbank Investments’ first innovation to hit the market is the Europa-Bonus-Fonds 1 – the proven Europa Bonus Performer in the form of a fund.

Alpha InvestmentsIn turbulent times, these products demonstrate their strong suit – generating market-independent returns. Alpha Investments addstability to portfolios. The current line-up of Alpha Strategien products is a strong start and additional products are being developed.

Asset ManagementAsset preservation before the maximisation of returns is the clear focus of the new Asset Management strategy. We deliver long-term asset management solutions for our customers through the combination of various asset classes. A dynamic approach generates optimum earnings opportunities in every market situation.

Traditional InvestmentsPart of VB Invest’s previous product offering is being consolidated into the Traditional Investments product line. These are traditionally managed funds (equity, bond and real estate funds).

INSTITUTIONAL ASSET MANAGEMENT

WEALTHMANAGEMENTSOLUTIONS

EQUITY FUNDS

REAL ESTATE FUNDS

MULTI ASSET FUNDS

ASSET MANAGEMENTSOLUTIONS

ALPHA EQUITY*

RENTENIndex-linked bond products

SELEKTION

FIXED INCOME FUNDS

ALPHA BOND*

* current working title

ALPHA STRATEGIEN

BEST BALANCE

KLASSIK

STRUCTURED INVESTMENTS

LEBEN3 ALPHA INVESTMENTS

ASSET MANAGEMENT

TRADITIONAL INVESTMENTS

Advisors can count on us

The core of VB Investments’ philosophy is the separation of market-dependent returns, which can be earned with the Structured Investments product line, and market-independent returns, which can be earned with the Alpha Invest-ments product line. Combinations of these two types of returns are offered by the Asset Management product line.

This provides advisors with reliable building blocks that work in all market situations. Products that produce returns independently of one another.

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We know what it takes to succeed in each country

We develop a customised range of products for each country together with our partners:

- The opportunities on the market are analysed in collaboration with our partners.

- The individual requirements of the investors, particularly the legal and tax-related requirements, are taken into account.

- Together with banks and insurance companies, selective solutions are developed for their needs in asset management, private banking and retail sales and distribution.

Our CEE/SEE experts:

Mark BekeNadina GradascevicMiroslav KousalikIvana MayrhoferKaja Raner SegaBalazs SzomodiHana Vilaskova

Professional structures also in Southern and Eastern Europe

Offering an attractive range of products, clearly defining repay-ment profiles, keeping performance promises and dealing with cutting edge investment topics: These factors form the basis for sustainable success – also on the international markets. Naturally, our philosophy of offering “the best product in the best package” applies to our activities in Southern and Eastern Europe without any limitations.

As a European company, VB Investments sees the provision of expertise, product development and professional marketing services in Southern and Eastern Europe – tailored to the individual needs of its customers and the prevailing market conditions – as one of its core tasks.

VB Investments collaborates with numerous partners, mainly local banks and insurance companies, in Slovakia, the Czech Republic, Hungary, Slovenia, Croatia, Bosnia and Herzegovina, and Serbia. A true success story that is demonstrated by our rapidly growing market shares in the individual countries.

A combined VB Investments team made up of seven experts provides the highest level of service with com prehensive know-ledge of the entire range of products.

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Structured Investments

SI KlassikProducts for investment advisors that provide them with attractive, cutting-edge investments. Innovative SI Klassik invest-ment focuses are presented at regular intervals and certificates are issued under the auspices of these investment focuses. The current investment focus is megacities.

The product lines

Focus: „A Changing Life“

Change as a challenge and an opportunity: Innovative companies transform changing customer needs and new market situations into success. The products issued as part of the “A Changing Life” investment focus aim to recognise these trends and invest in the sectors and companies that benefit from them: This allows investors to profit from our changing lives.

Structured Investments mirror the performance that can be achieved on the market. The ability to restructure market risks according to investors’ needs so that they precisely correspond to their risk/return expectations results in transparency, reliability and stability for investors.

Structured products are an innovative alternative to conventional forms of investment. We have developed specific product lines so that we can cater to the diverse needs of our customers as best as possible.

Spar Garant Megacities

STRUKTURIERTE INVESTMENTS SI KLASSIK

CHANCE AUF 7% P.A.4% P.A. FIXVERZINSUNG100% SICHERHEIT FÜR IHR KAPITAL

A true classic – Spar Garant- 100% capital guarantee and a fixed interest rate - Chance to earn an additional above-average coupon- Invest in a transparent and cost-effective manner

starting with as little as €1,000- Tradable on a daily basis: maximum flexibility

The products offered by Structured Investments- SI Klassik: Products for investment advisors- SI Selektion: The product line for portfolio diversification- Best Balance: The product line for financial service providers- SI Renten: Index-linked bond products as building blocks for portfolio diversification

Europa-Bonus-Fonds 1For the first time from an Austrian issuer: a structured fund with a fixed term. This allows investors to combine the advantages of two worlds: - The bonus strategy, which offers the ability to earn a

bonus in addition to the invested capital at maturity and participate in price gains without a cap.

- The characteristics and the unique security of an invest-ment fund with the classification as separate assets. An ad-ditional important factor: an attractive after-tax return.

Europa-Bonus-Fonds 1 is being issued according to the rules defined by § 20a Austrian Investment Fund Act (In-vestmentfondsgesetz)

SI SelektionThis product line offers the ability to select flexible products that employ various asset classes, markets and risk profiles, allowing investors to put together portfolios that provide optimal diversification and are tailored to their individual needs. Certificates are issued with standardised repayment profiles on established markets. The focus is on bonus and index certificates, whereby the maturities and barriers for these certificates are structured as closely as possible to those of previous issues. With regard to index certificates, the focus is on the expansion of the product range, especially in Eastern Europe.

Europa-Bonus-Fonds 1

EUROPA-BONUS-FONDS 1

STRUKTURIERTE INVESTMENTS SELEKTION

40% BONUS50% BARRIERE5 JAHRE LAUFZEIT

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INDEX-CERTIFICATES

BONUS-CERTIFICATES

AIR

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EXPRESS-CERTIFICATES

DISCOUNT-CERTIFICATES

GUARANTEE CERTIFICATES

OUTPERFORMANCE CERTIFICATES

Platform for market-dependent returns

Because of their variety and flexibility, certificates are suitable for many different types of investors and risk profiles. The under lying instruments, such as stocks, bonds, indexes, currencies and com-modities, allow for positive earnings not only when the markets are rising, but also when they are developing sidewardly or falling. Structured investments can be traded any time. The issuers constantly update the bid and offer prices for their products. Guarantee certificates combine a capital guarantee with the chance to earn a return. Coupon-bearing guarantee certificates offer a 100% capital guarantee, a fixed interest rate and the chance to earn more. They allow for attractive returns on the equity and commodity markets – with a 100% capital guarantee.

Airbag Certificates offer unlimited opportunities for revenues in profitable stock and commodity markets. The airbag implicates a capital guarantee within the safety margins and a chance for out-performance with a manageable risk.

Index certificates are the ideal product for investors who would rather invest in whole markets than individual securities.

Structured Investments

SI RentenIndex-linked bond products Ideal bond-based building blocks for putting together a port-folio. Investors specify their preferences according to term and securitisation class (government, mortgage, corporate) and can choose the perfect product from a wide selection.

Best BalanceThis product line for financial service providers offers a wide range of products issued under the auspices of a Best Balance investment focus. The current focus is “Energy – Currency of the Future”. Both a coupon-oriented and a growth-oriented product are available.

Focus: „Energy – Currency of the Future“

Investments in the performance of fossil fuels as well in the growth potential of companies that are active in the alternative energy sector are promising sources of earnings. The pace of growth and the prospects for future growth on the world market are extraordinary. Investors can profit from a sensible mix of energy-re-lated securities.

Fix&More

- The coupon-oriented products are issued as part of the Best Balance Fix&More product line

- 100% capital guarantee and a fixed interest rate - Opportunity of additional earnings - Investment starting with as little as €1,000 - Particularly well suited for security-oriented investors

Fix&More

Fix&More Energie

STRUKTURIERTE INVESTMENTS BEST BALANCE

FIXE TILGUNG VON 120%CHANCE AUF TILGUNG BIS ZU 145%5 JAHRE LAUFZEIT

Your contacts:

Best Balance Regina Hartung Mag. Martin Oberlojer

SI RentenMag. Thomas Odehnal

strukturierte.investments@volksbank.comwww.vb-si.at

SI Klassik & SI SelektionChristian GrüblingAleksandar MakuljevicMaga Sabine OschabnigFranz RumplmayrMaga Karin SchmidtMaga Ursula Sonderer

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■ Equity indices ■ Metals■ Energy■ Interest rates ■ Currencies■ Fibres■ Foods■ Bonds■ Grains

As of January 2009

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20082007200620052004

Alpha Investments

Alpha Strategien Futures MHAlpha Strategien Futures MH trades in trends on 75 different financial and commodities markets. A characteristic of the fund is the fact that investors can earn a return regardless of whether the markets are rising or falling because the fund profits from clearly traceable trends. The average performance since the launch of the fund amounts to over 15% p.a.

Alpha Strategien Triple MHThe Alpha Strategien Triple MH fund has been on the market since the beginning of 2008. The investment concept of follow-ing trends and the fact that the fund trades in 75 financial and commodities markets are identical to Alpha Strategien Futures MH. The difference between the two funds lies in the risk profile, which in the case of the Triple corresponds to a bond, which means that the fund is primarily geared towards security-oriented investors.

Market-independent returns

Your contacts:

Mag. Wolfgang HofmeisterMaga Verena Rechinger

alpha.investments@volksbank.comwww.alpha-strategien.at

ALPHA STRATEGIEN FUTURES MH FUND

- Conventional “trend follower” that can profit from both uptrends and downtrends

- The trading model is 100% systematic - Specified stop/loss orders are executed without

compromise- High transparency: www.alpha-strategien.at - Low minimum investment of €1,000 - Tradable on a weekly basis

Alpha aims to achieve a return that is independent of market developments. This is particularly valuable during phases in which markets cannot deliver positive returns. Alpha Invest ments are valuable stabilisers for portfolios during times of crisis.

VB Alpha Strategien products generate systematic returns inde-pendently of equity and bond markets. As a fixed component of security portfolios, VB Alpha Strategien products improve the relationship between security and earnings. Alpha Strategien funds are legally classified as separate assets.

Whether in nature, business or fashion – we are confronted with trends in every area of life. These are consistent developments that can be observed over a longer period of time. Uptrends and downtrends can also be regularly observed on financial and com-modities markets. The Alpha Strategien funds invest in and take advantage of trends. The completely systematic trading model eliminates emotional decisions.

The ALPHA INVESTMENTS product line is currently being further developed and ex-panded and these efforts represent a significant aspect of VB Investments’ strategy.

Performance of Alpha Strategien Futures MH since launch

Traded markets

■ Equity indices ■ Metals■ Energy■ Interest rates ■ Currencies■ Fibres■ Foods■ Bonds■ Grains

As of January 2009

Note: This information regarding performance is based on past values. The past performance shown

here is not a reliable indication of future performance.

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The conventional fund line-upTraditionally managed funds (equity, bond and real estate funds) are being combined in the Traditional Investments line and will be offered as part of a streamlined product portfolio in the future. The goal is to ensure that our performance promises are kept through professional risk management. Optimizing the range of funds will be of benefit:- Merging of similar investment funds (investment mix)- Revised fund conditions that result in more flexibility in the implementation

of strategies- Effective termination of funds and tranches. We will keep you up to date about this process through our various channels of communication.

traditional.investments@volksbank.comwww.volksbankinvestments.com

Asset Management

The primary target group of VB Invest-ments’ Asset Management product line consists of companies, insurance compa-nies, pension funds, foundations and banks (A portfolios). The clear priority for all of our institutional clients is to develop and implement tailored invest-ment solutions.

Asset Management combines asset classes (such as equities, bonds and commodities) in order to seize perfor-mance opportunities and guarantee a high degree of diversification. The basis for this strategy consists of both alpha- and beta-oriented product lines.ASSET MANAGEMENT’s primary goal is securing value.

Your contacts:

Institutional investorsMaga Christina BaumgartnerRoland Pfeifer, MBAGerald Pistracher, MBA

BanksMarcus Wallisch

asset.management@volksbank.com www.volksbankinvestments.com

Traditional Investments

Integrated, dynamic solutions that are put together using alpha and beta building blocks, among other types of investments. The Asset Management team does not favour any particular issuer in the selection of these building blocks for portfolios.

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The right offer for everyone

VB Investments is well aware of the various requirements of advisors on the market. Our product offering meets the following needs:

Products for investment advisorsCareful selection of sustainable investment focuses that are developed for advisors so that they can approach the advisory of their customers with a clear advantage in terms of information. Packaged in proven repayment profiles – such as Spar Garant or Fix&More with a capital guarantee, fixed interest coupon and the chance to earn more.

Products for loan advisorsLeben3 guaranteed savings plans offer the ideal combination of savings and repayment vehicles and thus open up new oppor-tunities.

Product programmes for portfolio managersOptimum building blocks for covering different markets and as-set classes – in various risk structures. Building blocks that pro-duce returns independently of one another.

Solutions for institutionsWith its Institutional Asset Management team, VB Investments has its own experience in managing a pension and private investment fund – we know what it takes. Not only when it comes to asset management solutions themselves, but also with regard to the associated services such as customised reporting.

We develop solutions for:

InvestorsInvestment is not your core business, but rather the result of your core business.- Corporations- Foundations- Chambers and welfare funds

Professional investors Investment is your core business- Pension funds/company private investment funds- Insurance companies- Banks: A portfolios

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This brochure is solely intended to provide non-binding information. The information contained in this brochure is not a re-commendation to buy or sell financial instruments. This brochure is not a substitute for professional advice about the financial instruments described therein and, in particular, is not a substitute for a comprehensive risk evaluation. This information is not an offer or an invitation to buy or sell financial instruments. The information presented here was researched with the utmost care. Volksbank Invest Kapitalanlagegesellschaft m.b.H. and Österreichische Volksbanken-AG assume no responsibility for the accuracy, completeness or timeliness of the information contained in this brochure. Misprints excepted.

Note on prospectuses: The published prospectuses for the Volksbank funds and certificates described in this presentation are available in their current versions including all amendments since the first publication at the headquarters and branches of Volksbank Group and online at www.volksbankinvestments.com.

Owner and producer of medium: VB Invest Kapitalanlagegesellschaft m.b.H., Saturn Tower, Leonard-Bernstein Straße 10, 1220 Wien und Österreichische Volksbanken AG, Kolingasse 19, 1090 Wien.