»We have audited the consolidated financial statements, including the accounting records of Hypo Alpe-Adria-Bank International AG, Klagenfurt, for the fiscal year from January 1, 2006 to December 31, 2006. The Company’s management is responsible for the preparation and content of the consolidated financial statements and the accounting records and the management report for the group in accordance with Austrian regulations as well as with the articles of association. Our responsibility is to express an opinion on these consolidated financial statements based on our audit and to state whether the management report for the group is in accordance with the financial statements.
      We conducted our audit in accordance with laws and regulations applicable in Austria and Austrian Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance whether the consolidated financial statements are free from misstatement and whether we can state that the management report for the group is in accordance with the consolidated financial statements. In determining audit procedures we considered our knowledge of the business, the economic and legal environment of the group and as well as expected occurrence of errors. An audit involves procedures to obtain evidence about amounts and disclosures in the consolidated financial statements predominantly on a sample basis.
      An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall consolidated financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. Our audit did not give rise to any objections. In our opinion, which is based on the results of our audit, the consolidated financial statements are in accordance with legal requirements as well as with the articles of association and present fairly in all material respects, the financial position of the Hypo Alpe-Adria-Bank International AG as of December 31, 2006 and of the results of its operations and its cash-flows for the fiscal year from January 1, 2006 to December 31, 2006 in accordance with Austrian generally accepted accounting principles. The management report for the group is in accordance with the consolidated financial statements.«


Vienna, 4 April 2007

Deloitte Wirtschaftsprüfungs GmbH