Financial statements/consolidated financial statements

The accounting records, the financial statements for 2005 and the management report were audited by the Auditing Board of the Savings Bank Auditing Association, by KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft and by Österreichische Wirtschaftsberatung GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft. As the audit did not give rise to any objections and the legal requirements were fully complied with, the auditors’ report was expressed without qualification.

The Supervisory Board has endorsed the findings of the audit, agrees with the financial statements and the management report, including the proposal for the appropriation of profits, presented by the Managing Board, and approves the 2005 financial statements, which are thereby adopted pursuant to Section 125 (2) of the Austrian Joint Stock Companies Act.

The 2005 consolidated financial statements were audited by the Auditing Board of the Savings Bank Auditing Association, by KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft and by Österreichische Wirtschaftsberatung GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft for consistency with International Financial Reporting Standards (IFRSs) published by the International Accounting Standards Board as adopted by the European Union, and the management report of the Group was audited for consistency with the Austrian Commercial Code. The audit did not give rise to any objections and the legal requirements were fully complied with. In the opinion of the auditors, the consolidated financial statements give a true and fair view of the financial position of the Group as at 31 December 2005 and as at 31 December 2004, and of the results of its operations and its cash flows for the financial year beginning on 1 January 2005 and ending on 31 December 2005, and for the financial year beginning on 1 January 2004 and ending on 31 December 2004, in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union.

The auditors certify that the management report of the Group is consistent with the consolidated financial statements, and – with reference to note 1 to the consolidated financial statements, in which the loss of Bank Austria Creditanstalt AG’s voting rights in Bank BPH S.A. as a result of the acquisition of HVB Group by UniCredito Italiano S.p.A. is explained – they express their unqualified opinion.

The Supervisory Board has endorsed the findings of the audit and thanks the Managing Board and all employees for their strong personal commitment and their performance in the 2005 financial year.

Vienna, 16 March 2006

The Supervisory Board

Carlo Salvatori
Chairman of the Supervisory Board