EANS-Adhoc

immigon portfolioabbau ag / - immigon portfolioabbau ag announces successful completion of the disposal of 9.92 million shares in Raiffeisen Bank International AG through an accelerated bookbuilding; sales price set at EUR 21.00 per share - M

--------------------------------------------------------------------------------
Disclosed inside information pursuant to article 17 Market Abuse Regulation
(MAR) transmitted by euro adhoc with the aim of a Europe-wide distribution.
The issuer is solely responsible for the content of this announcement.
--------------------------------------------------------------------------------

other/Company Information
21.03.2017

- immigon portfolioabbau ag announces successful completion of the
disposal of 9.92 million shares in Raiffeisen Bank International AG
through an accelerated bookbuilding; sales price set at EUR 21.00 per
share - Modification of an already disclosed inside information
pursuant to the Austrian Stock Exchange Act: Hybrid capital of ÖVAG
Finance (Jersey) Limited (ISIN XS0201306288): anticipated redemption
amount at liquidation: 100 % (21.3.2017)

The management board of immigon portfolioabbau ag (formerly
Österreichische Volksbanken-Aktiengesellschaft), Peregringasse 2,
1090 Vienna, FN 116476p ("immigon"), herewith announces the
successful placement of 9,921,965 shares (the "Sale Shares") in
Raiffeisen Bank International AG ("RBI"), ISIN AT0000606306, which
immigon held indirectly via its 100% subsidiary
Unternehmensbeteiligungs Gesellschaft mit beschränkter Haftung. The
Sale Shares were placed today with institutional investors by way of
an accelerated bookbuilding at a sales price of EUR 21.00 per Sale
Share. The Sale Shares represent approximately 3.02% of RBI's stated
share capital. The transaction generated total gross proceeds for
immigon as a group of approximately EUR 208 million. Settlement of
the transaction and delivery of the Sale Shares (closing) is expected
to take place on 24 March 2017. Following closing of the transaction,
immigon will no longer hold any shares (directly or indirectly) in
RBI.

As a result of the sale of the Sale Shares, in the financial year
2017 immigon will be generating a profit which, compared to previous
planning, is expected to result in more favorable wind down and
liquidation results of immigon. With regard to the preferred
securities (ISIN XS0201306288) issued by ÖVAG Finance (Jersey)
Limited ("ÖVAG Finance Jersey"), this has the following implications:
The redemption value of the Preferred Securities issued by ÖVAG
Finance (Jersey) Limited depends, inter alia, on the amount of the
repayment under the supplementary capital (Ergänzungskapital) issued
by immigon and held by ÖVAG Finance (Jersey) Limited, i.e. whether