Earnings per share are calculated by dividing the consolidated net income by the weighted average number of ordinary shares outstanding.

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 m to the Republic of Austria (see also Note (54)). 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.