The Keys to Growthand Protection.

A walk in the park.While you are reading these lines, we might possibly be walking through a park – with one of our clients. The park provides a peaceful ambiance to think and listen. With every step the joint understanding of our client’s objectives and strategies, of business intent and personal goals grows. We cast our eyes on carefully

groomed trees and the me-ticulously cut lawn. There is a fascinating order in the vivid growth of flowers and shrubs.

The gardener’s hand gives shape and structure to the natural environment. With his knowledge, he trims undesir-able growth. With great care, he distinguishes between

what is valuable and what is detrimental. His foresight and experience tell him how to protect what he has carefully created against inclement weather.

Imagine that this park is yours – and that we are your gardeners. This is how we define our service for you.

The language of the trees.Allow us to talk about our work, and remain with the metaphor of a gardener in your park. A clever gardener understands his business. If he is really good, he will understand the owner of the park with all his intentions, his culture, and his personal needs – as well as the park itself, and each of its trees,

flowers, lawns and shrubs. It is relatively easy to learn that a palm tree needs a dif-ferent kind of care than an apple tree to be able to grow. Likewise, it is easy to learn the language of the owner of the trees. All this is smart and effective, but not yet good enough – in the sense of deeply understanding our

clients in the context of their world, and what they expect from us. Our members of staff not only speak many languages – they themselves come from the countries and cultures where we are active.

We have our roots where we work. This is our understand-ing of internationality.

Lake Gardens, Kuala Lumpur

Schlosspark Schönbrunn, Vienna

About growing and prospering.Successful asset management demands in-depth knowledge, good skills and a robust strategy, and even more so, responsibility, personal

attention and dedication. We act with resolve so that you can harvest not only in good times, but also in challenging environments.

Over time, it simply adds up – to better yields and consistent outperformance of the typical benchmarks.

Botanical Gardens, Moscow

More than a bouquet of flowers.Our services and compe-tences are comprehen-sive and diversified. We carefully select and tailor them to your individual needs.

• Private Banking• Asset Management• Corporate Finance• Card Payment

Services

Private in the true sense of the word.Euram Bank is 100% privately owned, and its owners manage the bank. This independence creates the freedom to match the clients’ needs and provides a mutual eye-to-eye understanding of economic and personal goals.

Euram Bank Managing Board: Viktor Popovic, Johannes Langer, Manfred Huber

Creativity and Innovation.Creativity has many aspects. We focus on a very specific one: let’s assume you have a business idea. You need the technical and financial means for its implementation, or partners and investors, or a combination thereof. That is where our innovative strength

and competence can help you. For example, our experience in card-based payment solutions, our networks and licences.

To quote the image of the gardener one last time, if you want to create a new park, one that is different from any

other, you benefit from your gardener’s imagination and design skills.

Innovative services and tech-nologies to turn your ideas into a successful business venture. That is what we mean by creative solutions.

Jumeirah, Dubai

2010/2011 Annual ReportEuropean American Investment Bank AG

| 8Foreword by the Chief Executive Officer

When political and business leaders find it difficult to reign in the aberrations in the financial markets it primarily points to a lack of sustainability in the existing con-trol and incentive structures – in other words, their actions do not anticipate and create sustainable results, but merely react to problems and address symptoms.

Sustainability in everyday business must seek to satisfy the needs of our contempo-rary society without diminishing the basis of future generations’ livelihood – enough for all, for all times.

In our world, this means developing, select-ing and providing financial products and services for our customers that ensure last-ing success, not only in the short term but

also for longer-term growth and profitabil-ity, allowing for future risks and inflation.

In doing so we must not forget that taking risks is a core competence of a bank. Now-adays, increasing risk has become a reality which will not diminish in the foreseeable future. The new millenium has not herald-ed an “end of history” but, quite the op-posite, has brought about greater instabil-ity and new sources of risk.

In the past we have managed to achieve positive returns for our investment clients with our public funds and managed portfo-lios, even in most dire market conditions, and we have used our specialised expertise in the expansion of innovate service lines, for example in the development of innova-

tive cashless payment systems to generate sustainable returns and lasting cost savings for our institutional customers.

For us, sustainability is not just an abstract claim crafted by a marketing department, but it is an intrinsic part of our company culture and products. Consistent preserva-tion and growth of assets is the basis of our entrepreneurial activities and goes hand in hand with our clients’ trust in a reliable team, that is led by the active partners of an independent bank which is 100% pri-vately owned. The result is sustainable suc-cess for our clients, members of staff and the entrepreneurs.

Viktor Popovic, October 2011

Viktor Popovic

Manfred Huber

Johannes Langer

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Supervisory Board

Dr. Erik Max Michael Obermayer– ChairmanAdolf Walter Höllmer– Vice chairmanDkfm. Senta Penner

Managing Board

Viktor PopovicManfred HuberJohannes Langer

Corporate Bodies

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resigned from the managing board. Senta Penner, partner and long-standing mem-ber of the managing board, changed to the supervisory board. Johannes Langer suc-ceeded Ms. Penner as Chief Financial Of-ficer. Johannes Langer has worked for Euram Bank since 2000 and was responsi-ble for Accounting & Controlling, Risk, AML and Compliance.

After a temporary setback in growth in the second half of 2010, Q1 2011 was marked by a significant GDP growth in the Euro zone. However, not all countries experi-ence this positive mood. While Germany continues to be the driving force for growth, the peripheral countries are suf-fering from weak economic activity or even a recession. The difficult situation in Greece burdened the entire banking indus-try. Persistent pressure exerted by rating agencies on other European countries (Greece, Portugal, Ireland, Italy and Spain) continues to adversely affect the bond portfolios of many banks.

Business Development and Economic Situation

European American Investment Bank AG („Euram Bank“) is an Austrian pri-vate bank specializing in Private Bank-ing, Asset Management and Corporate Fi-nance. Besides our traditional operations, we increasingly offer bespoke solutions for the card payment service industry. Our customers are mainly wealthy in-ternational private clients and entrepre-neurs, as well as established institutional investors. Our highly qualified employees come from 11 different nations and re-flect Euram Bank’s open-minded corpo-rate culture.

Manfred Huber, managing board member, heads the sectors Private Banking and As-set Management. Viktor Popovic, chief ex-ecutive officer, heads the divisions Corpo-rate Finance and Card Payment Services. Hans-Jürgen Eberling, who was responsi-ble for the sector Alternative Investments,

Management Report

Euram Bank managed this crisis unscathed. Despite these difficult market conditions, we were not only able to preserve, but even to consistently increase our custom-ers’ funds. We achieved outstanding re-sults both with our in-house investment funds and with the portfolios managed on a discretionary basis.

Euram Bank achieved satisfactory results in a very challenging market environment. Despite a decrease of the balance sheet total as of June 30, 2011 to EUR 469,7 mil-lion (June 30, 2010: EUR 734,1 million), we achieved an operating result of EUR 4,7 million (June 30, 2010: EUR 3,5 mil-lion). The operating income amounted to EUR 15,1 million (June 30, 2010: EUR 14 million), operating expenses amounted to EUR 10,5 million as in the last year. The profit on ordinary activities amounted to EUR 2,1 million (June 30, 2010: EUR 3,2 million). The decrease in the profit on ordinary activities was mainly driven by value adjustments in respect of loans and

advances of EUR 2,2 million (June 30, 2010: EUR 138 thousand) and value adjustments in respect of shares in affiliated companies of EUR 389 thousand (June 30, 2010: EUR 122 thousand).

A business model realized in cooperation with Euram Bank Asia Limited (a 51% subsidiary of Euram Bank), namely the support of Indian companies in connection with the issue of Global Depositary Receipts (GDR) at the Luxembourg Stock Exchange, tangibly affected the balance sheet total, due to its underlying structure (100% col-lateralization of lendings by deposits) and the decreasing use of said business model. Receivables from customers were reduced by 40.7% to EUR 334,7 million compared to last year (June 30, 2010: EUR 564,6 mil-lion). Liabilities to customers were also re-duced by 37.8% to EUR 433,7 million (June 30, 2010: EUR 697,3 million).

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Proposed Dividend Payment

In the fiscal year 2010/2011, Euram Bank generated net profits of EUR 1,8 million. Once a relevant resolution has been adopt-ed at the shareholders’ meeting in October 2011, Euram Bank anticipates to distribute a dividend of EUR 1,8 million, i. e. 12.25% of the capital of EUR 14,615 million, to its shareholders Euram Beteiligungverwal-tung GmbH and Euram Holding AG.

Risk Reporting

Euram Bank applies the standard method set out in Section 22a of the Banking Act (BWG) to calculate its credit risk. Euram Bank grants loans in the context of exist-ing customer relationships and subject to full collateralization, either through cash deposits or through securities held in secu-rities deposit accounts at Euram Bank, taking into account the corresponding (conservative) lending limits. Euram Bank does not invest in derivative financial in-struments.

The volume of lendings collateralized by deposits amounted to EUR 303,8 million (June 30, 2010: EUR 532,3 million); the volume of lendings collateralized by mort-gages, deposits & securities amounted to EUR 30,8 million (June 30, 2010: EUR 28,6 million); the volume of unsecured lendings amounted to EUR 0,1 million (June 30, 2010: EUR 3,7 million).

The volume of assets under management decreased simultaneously with the balance sheet total. It amounted to EUR 1,457 mil-lion and decreased by 39% compared to June 30, 2010 (June 30, 2010: EUR 2,385 million).

Eligible capital pursuant to Section 23 of the Banking Act (BWG) amounted to EUR 14,6 million (June 30, 2010: EUR 14,6 million) and thus exceeded by far the capital requirement of EUR 5,6 million (June 30, 2010: EUR 6,3 million). The equity ratio amounted to 34.7% and thus exceeded by far the statutory minimum level (June 30, 2010: 29.4%). Own funds consist entirely of Tier 1 capital. The cost/income ratio amounted to 69.1% compared to 75.2% of last year.

| 18

the Compliance Officer is automatically warned in case of any significant suspi-cion. In addition to identifying suspicious situations, this AML solution supports the investigation, further processing and doc-umentation of identified cases. Each step is completely documented in compliance with audit guidelines and can be reviewed and verified at any time by means of a report.

To limit its legal risk, Euram Bank closely cooperates with a renowned law firm and uses this firm’s expertise in connection with the launch of new products, transac-tions and lines of business.

In the process of operational risk manage-ment, identification, evaluation and moni-toring guidelines are updated on an annual basis. Daily risk management was incorpo-rated into business and administration are-as. This business partnership model ensures close monitoring and guides the staff to a high awareness of operational risks.

We apply the base indicator method pur-suant to Section 22j of the Banking Act (BWG) in conjunction with Section 182 of the Solvency Ordinance to calculate our operational risk.

In addition, Euram Bank does not engage in proprietary trading. Securities held in the Bank’s current assets were exclusively held for resale to clients and not to take advantage of short-term price and interest fluctuations.

The liquidity risk is limited by largely matching maturities. Customer deposits are mainly invested according to maturi-ties, and demand deposits are invested up to a maximum of one week with a selected group of third banks. Interest rate risks are controlled upon advice from the Asset/Li-ability Management Committee (ALCO), which issues recommendations for the asset/liability management. The results are evaluated and discussed on a monthly basis. The recoverability of collaterals provided for collateralized loans is re-viewed automatically on a daily basis.

Due to Euram Bank’s geographical range, the operational risk is the most significant risk. The money laundering risk is limited by implementing an analytical anti-money laundering-, compliance- and risk solu-tion. This AML solution allows us to iden-tify unusual, unexpected and suspicious customer features and transactions, and

In compliance with the pillar II/Basel II re-quirements, „ICAAP“ measures were tak-en. Euram Bank issues a risk strategy which is updated on an annual basis. As provided in the risk strategy, the risk bear-ing capacity analysis compares the avail-able risk coverage with potential risks. This analysis is prepared on a quarterly basis and submitted to the managing board and the supervisory board as part of the risk report.

Material events after the balance sheet date as of June 30, 2011

On September 22, 2011, by way of an in-terim order of the Securities and Exchange Board of India (SEBI), Euram Bank became aware of possible market manipulations at the Indian stock exchanges by a company acting under Euram Bank’s FII license (for-eign institutional investor license). An af-filiated company of that company is also involved. This market abuse is said to have taken place from January 2009 until May 2010. The misconduct mentioned in the in-terim order suggests illegal agreements of the market participants, of which Euram Bank was not aware. The trading partners

were exclusively brokers and consequently the buyers themselves were not known to Euram Bank. Thus Euram Bank could not have known of any agreements between the sellers and the buyers. The two above mentioned companies are suspected of prohibited action by abusing Euram Bank’s FII license. The order accuses Euram Bank of having breached the rules of conduct of the Indian Stock Exchange as FII licensee in this context.

Upon becoming aware of the accusations, Euram Bank has cooperated with all au-thorities involved and urges a fast clarifi-cation of the matter. A business partner who is also involved has immediately re-linquished his position as director in Euram Bank’s subsidiary Euram Bank Asia Limited.

In addition, Euram Bank decided to refrain from continuing the GDR business model. The contribution of the GDR business mod-el to the results as originally included in the budget 2011/2012 was removed; Euram Bank’s planned results for the fiscal year 2011/2012 will nevertheless be clearly positive.

| 20

Outlook for 2011/2012

For the fiscal year 2011/2012, we expect further growth and hence increase in in-come from our Private Banking business. The outstanding performance of our funds even during the crisis should induce in-creasing volumes for our Asset Manage-ment division. We will no longer focus on Alternative Investments. We will continue to manage existing funds and investment products in this field, but do not anticipate any new issues. With its excellent local Corporate Finance team our subsidiary Euram Bank Asia Limited will become our competence center for Corporate Finance transactions. Furthermore, we will focus on developing our Private Banking busi-ness in this region. In our Card Payment Services division we see very promising projects at launch stage, together with our international partners we are currently de-veloping further ventures in the field of card based payment transactions.

Vienna, September 30, 2011

The Managing BoardViktor Popovic Johannes LangerManfred Huber

| 22Balance sheet as at June 30, 2011

ASSETS June 30, 2011 June 30, 2010 EUR EUR THOUSAND EUR 1. Cash balance and credit balance at central banks 42,688,937.70 47,017 2. Accounts receivable from financial institutions 41,679,686.29 62,006 a) daily receivables 38,329,633.06 43,709 b) other receivables 3,350,053.23 18,297 3. Receivables from customers 334,671,772.54 564,594 4. Shares and other securities without fixed interest 13,953,752.76 14,571 5. Investments 30,591,893.85 35,275 6. Shares in affiliated companies 1,862,983.84 2,417 7. Intangible assets included in assets 77,286.58 59 8. Fixed assets 254,002.40 296 9. Other assets 3,477,394.09 7,28710. Accruals and deferrals 456,370.40 579 469,714,080.45 734,101

11. Foreign assets 386,239,899.78 624,472

LIABILITIES June 30, 2011 June 30, 2010 EUR EUR THOUSAND EUR 1. Liabilities to financial institutions 5,112,288.95 3,085 a) payable daily 111,680.62 85 b) with agreed term and notice of termination 5,000,608.33 3,000 2. Liabilities to customers 433,670,458.05 697,348 a) other liabilities aa) payable daily 125,681,772.37 162,614 ab) with agreed term and notice of termination 307,988,685.68 534,734 3. Securitised liabilities 10,212,943.78 11,298 4. Other liabilities 2,077,755.86 841 5. Accruals and deferrals 13,109.71 200 6. Provisions 2,127,389.78 3,573 a) Provisions for settlements on dismissal 185,993.97 264 b) Tax provisions 275,000.00 880 c) Other provisions 1,666,395.81 2,429 7. Signed up capital 10,045,712.61 10,046 8. Capital reserves 1,886,813.16 1,887 a) tied 1,886,813.16 1,887 9. Revenue reserve 2,098,904.17 2,099 a) other reserves 2,098,904.17 2,099 10. Reserve for liabilities in ac. with § 23 section 6 BWG 660,500.00 661 11. Balance sheet profit 1,808,204.38 3,063 469,714,080,45 734,101

1. Contingent liabilities 3,883,599.00 4,739 2. Credit risks 1,071,267.89 13,214 3. Allowable equity capital in ac. with § 23 BWG 14,614,643.36 14,633 4. Required equity capital in ac. with § 22 section 1 BWG in connection with § 29 BWG 5,595,800.00 6,249 5. Foreign liabilities 430,544,858.59 687,390

| 24Profit and loss account for 2010/2011

PROFIT AND LOSS ACCOUNT FOR 2010/2011 June 30, 2011 June 30, 2010 EUR EUR THOUSAND EUR 1. Interest and similar returns 8,987,587.35 5,897 from fixed interest securities 2. Interest and similar expenditures -4,435,296.03 -3,187 I. NET INTEREST RETURN 4,552,291.32 2,710 3. Returns from securities and investments 1,089,857.22 2,770 a) Returns from shares, other share entitlements and securities 95,220.46 112 without fixed interest b) Returns from investments 994,636.76 2,658 4. Returns from commissions 14,790,548.68 10,865 5. Commission expenditures -7,263,642.83 -3,465 6. Returns/expenditure from financial transactions 1,491.87 223 7. Other business earnings 1,958,045.68 902 II. BUSINESS RETURNS 15,128,591.94 14,004 8. General administration expenditure -5,067,273.14 -5,774 a) Staff expenditure aa) Wages and salaries -4,002,488.14 -4,877 bb) Expenditure for legally required social security payments and pay-related mandatory social security contributions -755,706.74 -715 cc) Other social security payments -59,060.13 -59 dd) Pension expenditures -98,955.17 -91 ee) Payments for settlements on dismissal & contributions to staff pension funds -151,062.96 -32 b) Other operating expenditures (operating expenditure) -4,831,830.61 -4,609 -9,899,103.75 -10,383

PROFIT AND LOSS ACCOUNT FOR 2010/2011 June 30, 2011 June 30, 2010 EUR THOUSAND EUR 9. Value adjustments on items 7. and 8. (assets) -159,622.82 -142 10. Other business expenditure -396,715.13 0 III. BUSINESS EXPENDITURE -10,455,441.70 -10,525 IV. OPERATING RESULT 4,673,150.24 3,479 11. Balance from funding/dissolutions of losses from receivables -2,214,963.86 -138 12. Losses from securities rated as financial investments and from investments and shares in affiliated companies -389,320.09 -122 V. RESULT FROM ORDINARY OPERATIONS 2,068,866.29 3,219 13. Tax on income and earnings -324,099.59 -165 VI. ANNUAL NET INCOME = PROFIT FOR THE YEAR 1,744,766.70 3,055 14. Profit brought forward 63,437.68 9 VII. BALANCE SHEET PROFIT 1,808,204.38 3,064

| 28Notes

to the financial statements of European American Investment Bank AG as of June 30, 2011.

The financial statements as of June 30, 2011 were prepared according to the provisions of the Accounting Act in compliance with the special provisions of the Banking Act (BWG).

1. GENERAL PRINCIPLES AND INFORMA-TION ON ACCOUNTING AND VALUATION

General PrinciplesThe financial statements as of June 30, 2011 were prepared in compliance with gener-ally accepted accounting principles and the general standard to present a true and fair view of the company’s assets and liabili-ties, financial condition, and results of op-eration.

The financial statements were prepared in compliance with the principle of consist-ency of presentation.

Assets and liabilities were valued in com-pliance with the principle of individual valuation and the going concern principle.

Compliance with the principle of conserva-tism is ensured by recognizing only profits realized on the balance sheet date and rec-ognizing all identifiable risks and impend-ing losses in the balance sheet.

Foreign Currency AmountsPursuant to Section 58 (1) of the Banking Act (BWG), foreign currency amounts are translated on the basis of the mean rates of exchange as of the balance sheet date.

Financial Instruments in the Bank BookAs of June 30, 2011, Euram Bank recorded hedge fund shares as well as two collater-alized loan obligations in the amount of EUR 10,1 million in the bank book.

Hedge Fund Shares EUR thousand 1794 Commodore Overseas Fund EUR 852CFS I EUR 933CFS II EUR 8.082

Collateralized Loan Obligations EUR thousand Whitebark Pine I Ltd EUR 234Canal Point I Ltd EUR 36

Lending RisksIn the fiscal year 2010/2011, Euram Bank’s loans to customers amounted to EUR 334,7 million, of which EUR 303,8 million are collateralized by deposits; the remain-ing loans are mainly collateralized by mortgages, deposits and/or securities.

Lendings EUR million Collateralized by deposits EUR 303,8 Collateralized by mortgages, deposits and securities EUR 30,8 Unsecured EUR 0,1

Shares in affiliated companiesEuram Bank holds 100% in Euram Invest Holdings I GmbH with its registered office in Vienna, Austria, in Euram Invest Holdings II GmbH with its registered office in Vienna, Austria, in Euram Invest Holdings 3 GmbH

with its registered office in Munich, Ger-many, in Euram Invest Holdings Vier GmbH with its registered office in Vienna, Austria (the companies’ line of business being the management of investments), and 51% in Euram Bank Asia Limited with its registered office in Dubai, United Arab Emirates. In the fiscal year 2010/2011, Euram Bank liquidated its 100% shares in Euram Asset Management Monaco S.A.M., a Monaco-based asset management com-pany.

In the fiscal year 2010/2011, Euram Bank Asia Ltd. distributed a dividend of USD 1,4 million to Euram Bank.

Pursuant to Section 238 (2) of the Compa-nies Act, the equity capital and the last fis-cal year’s results of affiliated companies are as follows:

(EUR thousand) Share of Results of last Equity equity fiscal yearEuram Invest Holdings I GmbH 200,8 100% 84,7Euram Invest Holdings II GmbH 108,3 100% 73,9Euram Invest Holdings 3 GmbH 318,2 100% 439,9Euram Invest Holdings Vier GmbH 52,6 100% -10,2Euram Bank Asia Ltd 2,786,5 51% 1,999,0

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ParticipationsThis item includes the investments in the deposit guarantee scheme of “Einlagensi-cherung der Banken und Bankiers GmbH”, Vienna, and in the “Österreichische Clear-ingbank AG”, as well as shares of EUR 30,6 million held in a fiduciary capacity for four companies.

Property, Plant and EquipmentIntangible fixed assets as well as property, plant and equipment are valued at cost less regular depreciation. Low-value items are fully depreciated in the year of acquisition. Regular depreciation is made on a straight-line basis.

Regular depreciation is based on the fol-lowing useful lives:

Company cars: 8 yearsOffice furniture: 5 yearsLeasehold improvements: 5 yearsOffice equipment: 5 yearsSoftware: 5 yearsHardware: 5 years

Accruals for Severance PaymentsAccruals for severance payments are cal-culated according to principles of financial mathematics by applying an interest rate of 4% and on the basis of an arithmetical pension age of 60 years for women and 65 years for men. A fluctuation discount is not applied.

Contingent LiabilitiesContingent liabilities include financing guarantees collateralized by securities (EUR 0,3 million), unsecured guarantees for financing (EUR 1,7 million) as well as a guarantee toward a credit card company for the credit card limits granted to Euram Bank clients (EUR 1,9 million).

Credit RisksThis item includes undrawn credit facilities (EUR 1,1 million).

Fiduciary ReceivablesFiduciary receivables are included in the positions ”loans and advances to custom-ers” (EUR 10,6 million), “shares and other variable-yield securities” (EUR 9,4 mil-lion), and “participating interest” (EUR 30,6 million).

Fiduciary LiabilitiesFiduciary liabilities are included in the po-sitions “liabilities to customers” (EUR 41,2 million) and in “securitised liabilities” (EUR 9,3 million).

2. NOTES TO THE BALANCE SHEET

A. Presentation of MaturitiesReceivables (not repayable on demand) from banks and customers as well as paya-bles (not repayable on demand) to banks and customers are summarized according to remaining maturities:

Receivables from banks EUR thousandUp to 3 months EUR 3,350 More than 3 months to 1 year EUR 0 More than 1 year to 5 years EUR 0 More than 5 years EUR 0

Receivables from customers EUR thousandUp to 3 months EUR 139,968 More than 3 months to 1 year EUR 141,816 More than 1 year to 5 years EUR 43,175 More than 5 years EUR 9,348

Payables to banks EUR thousandUp to 3 months EUR 5,001 More than 3 months to 1 year EUR 0 More than 1 year to 5 years EUR 0 More than 5 years EUR 0

Payables to customers EUR thousandUp to 3 months EUR 139,254 More than 3 months to 1 year EUR 134,478 More than 1 year to 5 years EUR 34,257 More than 5 years EUR 0

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B. SecuritiesIn the fiscal year 2010/2011, Euram Bank did not hold any fixed-interest securities.

C. Shares and Other Non-fixed-interest SecuritiesThis item includes investment fund shares held as fixed assets of EUR 1,8 million. Current assets include hedge fund shares of EUR 9,0 million held in trust, two col-lateralized loan obligations of EUR 0,3 mil-lion (a related fiduciary liability is recog-nized in “securitised liabilities”) as well as hedge fund shares of EUR 0,9 million of the 1794 Commodore Fund. This item also includes investment fund shares of EUR 1,8 million, a self-issued partial de-benture of EUR 0,2 million as well as a Euro hedge fund certificate of EUR 36 thou-sand.

Fixed Assets EUR thousand Europportunity Bond EUR 1,845 Current Assets EUR thousand CFS I EUR 933CFS II EUR 8,082Whitebark Pine I Ltd EUR 234Canal Point I Ltd EUR 361794 Commodore Overseas Fund EUR 852Europportunity Bond EUR 882USD Convergence Bond EUR 122Advantage Stock EUR 737Euram CLO Note I EUR 194Euram Commodore Index – Euro Protected 2 certificates EUR 36

None of the items of fixed and current as-sets are quoted on the stock exchange.

In the fiscal year 2010/2011, Euram Bank did not hold a securities trading book.

In the fiscal year 2010/2011, Euram Bank did not hold any equity shares.

D. Fixed AssetsThe fixed-asset movement schedule is pre-sented as a separate schedule of the notes.

E. Other AssetsOther assets include corporate income tax, VAT and capital gains tax receivables from prepayments to the Tax Office for Corpora-tions (EUR 61 thousand), a pending repay-ment in the amount of EUR 1 million, fees charged for the management of investment funds (EUR 0,5 million), outstanding re-ceivables (EUR 1 million), a real estate property which is not intended to be held on a long-term basis (EUR 250 thousand), as well as an investment (WhiteConcierge Ltd) which is not intended to be held on a long-term basis (EUR 0,8 million).

F. Prepayments and accrued incomeThis item includes salary advances (EUR 137,2 thousand), prepaid insurance premiums, information and maintenance expenses (EUR 164,1 thousand), prepaid rent (EUR 7,6 thousand), prepayments for the data processing center (EUR 145,8 thou-sand), as well as other prepayments (EUR 1,6 thousand).

G. Securitised Liabilities This item includes fiduciary liabilities (EUR 9,3 million) and a liability for the issue of an index certificate (EUR 0,9 mil-lion).

EUR thousandEuram CLO Note I EUR 251CFS Alternative Investment Note I EUR 933CFS AlternativeInvestment Note II EUR 8.082 Euram Commodore Index – Euro Protected 2 certificates EUR 947

H. Other LiabilitiesBesides invoices received for fees charged for the management of investment funds in the amount of EUR 1,3 million, this item also includes liabilities to a data collection company (amount of profit share from ATM business) of EUR 0,8 million.

I. Accruals and deferred incomeThis item mainly includes fees of EUR 13,1 thousand already received, but allo-cated to the following fiscal year.

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J. Shareholders’ Equity1.) The share capital of EUR 10,045,7 thou-sand is divided into 270,000 share units, each representing the same interest in the share capital.

2.) The shareholders’ equity consists of the following: EUR thousandSubscribed capital EUR 10,045,7(Appropriated) reserve EUR 1,886,8Retained earnings EUR 2,098,9 Liability reserve pursuant to Section 23 (6) of the Banking Act (BWG) EUR 660,5

3.) The net profit for the fiscal year 2010/2011 amounts to EUR 1,808,2 thousand.

K. Required own fundsThe calculation of the required own funds is based on the following methods:

Credit risk: Standard method (Standardan-satz)Operational risk: Basis indicator method (Basisindikatorenansatz)

The required own funds for the Credit risk amount to EUR 3,369 thousand,

Pursuant to Section 22a (4) of the Banking Act (BWG), 8% of the weighted receivables for each class of receivables amount to:

EUR thousandReceivables from institutions EUR 667Receivables from companies EUR 1,776Retail receivables EUR 211Receivables collateralized by real estate properties EUR 83Receivables in the form of investment fundshares EUR 188Other items EUR 444

Foreign currency risk amount to EUR 0.Operational risk amount to EUR 2,227 thou-sand.

L. Additional Disclosures1.) Total amount of assets and liabilities in foreign currency: EUR millionForeign currency assets EUR 351,4Foreign currency liabilities EUR 350,2

2.) In the fiscal year 2010/2011, Euram Bank was restraint in the disposal of an as-set in the amount of EUR 3,6 million.

3.) Liabilities to affiliated companies amount to EUR 0,5 million.

4.) Other accruals of EUR 1,7 million in-clude accruals for bonuses, unconsumed annual leave, legal, auditing and advisory fees, as well as other expenses.

5.) Obligations from the use of fixed assets (not recognized in the balance sheet) amount to EUR 396,7 thousand in the next year and to approx. EUR 2 million in the next five years, mainly concerning rent of office space.

6.) In the fiscal year 2010/2011, Euram Bank redesignated 7.270 shares in the Ad-vantage Stock Fund held in the non-current assets at a rate of 65,13 to the current as-sets. The current rate at the time of redes-ignation amounted to 88,06. 3. NOTES TO THE INCOME STATEMENT

With reference to Section 242 (1) of the Companies Act, income will not be itemized by geographical markets pursuant to Sec-tion 64 (1) no. 9 of the Banking Act (BWG).

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With reference to Section 237 of the Com-panies Act, other operating income and other operating expenses are summarized as follows pursuant to Section 64 (1) no. 12 of the Banking Act (BWG):

– Other operating income mainly consists of costs recharged to customers (EUR 638 thousand), income from con-sulting services (EUR 1 million), costs recharged to group companies (EUR 82 thousand), elimination of lia-bilities (EUR 65 thousand), the release of accruals concerning the fiscal year 2009/2010 (EUR 64 thousand) and a VAT credit (EUR 90 thousand).

– In the fiscal year 2010/2011, Euram Bank recognized other operating ex-penses in the amount of EUR 397 thou-sand (expenses for two external consult-ants and for non operating interests).

Expenditures from value adjustments in respect of loans and advances amount to EUR 2,2 million and mainly relate to the depreciation of two receivables from cus-tomers.

Expenditures from value adjustments in respect of securities as well as of participa-tions and shares held in affiliated compa-nies amount to EUR 0,4 million and are mainly related to the liquidation of Euram Asset Management Monaco S.A.M.

„Taxes from income and earnings“ of EUR 0,3 million recognized in profit and loss accounts adversely affect the „Profit or loss on ordinary activities“ to an extent of 15.7%.

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4. MISCELLANEOUS

1.) In the fiscal year 2010/2011, Euram Bank employed on average 37 employees.

2.) In the fiscal year 2010/2011, accruals for redundancy and retirement benefits amount to EUR 116 thousand for executives and EUR 70 thousand for other employees. In ad-dition, contributions in the amount of EUR 99 thousand were made to the internal pension fund. Expenses for a severance pay-ment to a member of the managing board amounted to EUR 142,5 thousand.

3.) The total compensation for 5 members of the managing board amount to EUR 1,6 mil-lion in the fiscal year 2010/2011; the mem-bers of the supervisory board received a compensation of EUR 69,3 thousand in the fiscal year 2010/2011.

4.) In the fiscal year 2010/2011, Euram Bank granted 2 loans amounting to EUR 177 thou-sand to executives.

5.) In the fiscal year 2010/2011, the manag-ing board consisted of the following mem-bers:

Viktor Popovic Dkfm. Senta Penner (until July 27, 2010)Hans Jürgen Eberling (until October 7, 2010)Manfred HuberJohannes Langer (since August 1, 2010)

6.) In the fiscal year 2010/2011, the super-visory board consisted of the following elected members:

Dr. Erik Max Michael Obermayer – ChairmanAdolf Walter Höllmer– Vice chairmanMag. Helmut W. Seitz (until July 1, 2010)Dkfm. Senta Penner (since July 28, 2010)

7.) Euram Bank is included in consolidated financial statements. The company, which prepares the consolidated financial state-ments is as follows:

Euram Holding AGWallnerstrasse 41010 Wien

Euram Holding AG

Euram Beteiligungverwaltung GmbH

European American Investment Bank AG

Euram Invest Holdings I GmbH (100%)Euram Invest Holdings II GmbH (100%)Euram Invest Holdings 3 GmbH (100%)Euram Invest Holdings Vier GmbH (100%) Euram Bank Asia Ltd. (51%)

Vienna, September 30, 2011

The managing board

Viktor PopovicJohannes LangerManfred Huber

100%

63%

37%

The Euram Group

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Report on the Financial Statements

We have audited the accompanying finan-cial statements, including the accounting system, of European American Investment Bank Aktiengesellschaft, Vienna, for the fiscal year from July 1, 2010 to June 30, 2011. These financial statements comprise the balance sheet as of June 30, 2011, the income statement for the fiscal year ended June 30, 2011, and the notes.

Management’s Responsibility for the Fi-nancial Statements and for the Accounting System

The Company’s management is responsible for the accounting system and for the

preparation and fair presentation of these financial statements in accordance with Austrian Generally Accepted Accounting Principles. This responsibility includes: de-signing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial state-ments that are free from material mis-statement, whether due to fraud or error; selecting and applying appropriate ac-counting policies; and making accounting estimates that are reasonable in the cir-cumstances.

Auditor’s Responsibility and Description of Type and Scope of the Statutory Audit

Our responsibility is to express an opinion on these financial statements based on our

Audit opinion

control relevant to the Company’s prepa-ration and fair presentation of the finan-cial statements in order to design audit procedures that are appropriate in the cir-cumstances, but not for the purpose of ex-pressing an opinion on the effectiveness of the Company’s internal control. An audit also includes evaluating the appropriate-ness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluat-ing the overall presentation of the finan-cial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

audit. We conducted our audit in accord-ance with laws and regulations applicable in Austria and Austrian Standards on Au-diting. Those standards require that we comply with professional guidelines and that we plan and perform the audit to ob-tain reasonable assurance whether the fi-nancial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the au-ditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk as-sessments, the auditor considers internal

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Opinion

Our audit did not give rise to any objec-tions. In our opinion, which is based on the results of our audit, the financial state-ments comply with legal requirements and give a true and fair view of the financial position of the Company as of June 30, 2011 and of its financial performance for the fiscal year from July 1, 2010 to June 30, 2011 in accordance with Austrian Generally Accepted Accounting Principles.

Comments on the Management Report

Pursuant to statutory provisions, the man-agement report is to be audited as to whether it is consistent with the financial statements and as to whether the other disclosures are not misleading with respect to the Company’s position. The auditor’s report also has to contain a statement as to whether the management report is consist-ent with the financial statements. In our opinion, the management report is con-sistent with the financial statements.

Vienna, September 30, 2011

Ernst & YoungWirtschaftsprüfungsgesellschaft m.b.H.

Dr. Robert Wauschek mp Certified Public Accountant

Mag. Ernst Schönhuber mpCertified Public Accountant

Euram Bank AGPalais EsterházyWallnerstrasse 41010 Vienna, AustriaTel. +43 1 512 38 80 0Fax +43 1 512 38 80 888office@eurambank.comwww.eurambank.com

Euram Bank Asia Ltd.Liberty House, Offices 915/916DIFC, Sheikh Zayed RoadDubai, United Arab EmiratesTel. +971 4 5080 300Fax +971 4 3258 331office@eurambankasia.comwww.eurambankasia.com

This is a translation from German. In case of any discrepancies between the English and the German version the German text shall prevail.

Concept, design and productiondie3 Agentur für Werbung und Kommunikation GmbH

PhotographsMichael Stelzhammer, Shutterstock

PrintVorarlberger Verlagsanstalt

Euram Bank AGPalais EsterházyWallnerstrasse 41010 Vienna, AustriaTel. +43 1 512 38 80 0Fax +43 1 512 38 80 888office@eurambank.comwww.eurambank.com

Euram Bank Asia Ltd.Liberty House, Offices 915/916DIFC, Sheikh Zayed RoadDubai, United Arab EmiratesTel. +971 4 5080 300Fax +971 4 3258 331office@eurambankasia.comwww.eurambankasia.com

Euram Bank at Palais Esterházy, Vienna