Earnings per share are calculated by dividing the consolidated net income (after minority interests) of EUR –519,740 thousand (2007: EUR 3,137 thousand) by the weighted average number of ordinary shares outstanding during the fiscal year, namely 6,132,852 shares (2007: 4,822,296 shares).

In December 2008 Hypo Alpe-Adria-Bank International AG issued participation capital, as defined in Section 23 (3)(8) BWG (Austrian Banking Act), to the value of EUR 900,000 thousand to the Republic of Austria (see also Note 99). Under the terms of the agreement, the Republic of Austria may convert the participation certificates into ordinary shares at any time: the conversion price will be determined at the point of conversion.

For this reason diluted earnings per share cannot be determined.