Introduction

Deloitte Audit Wirtschaftsprüfungs GmbH, Renngasse 1/Freyung, 1010 Vienna und PwC INTER-TREUHAND GmbH, Erdbergstrasse 200, 1030 Vienna have reviewed the accompa-nying condensed consolidated interim financial statements of HYPO ALPE-ADRIA-INTERNATIONAL AG, Klagenfurt am Wörthersee, for the period from January 1 to June 30, 2009. The condensed consolidated interim financial statements comprise the condensed consolidated balance sheet as of June 30, 2009, the condensed consolidated statement of comprehensive income, the condensed consolidated cash flow statement and the condensed consolidated statement of changes in equity for the period from January 1 to June 30, 2009 as well as the explanatory notes.

Management is responsible for the preparation and presentation of these condensed con-solidated interim financial statements in accordance with the IFRS applicable on interim fi-nancial reporting as adopted by the EU.

Our responsibility is to draw a conclusion on these condensed consolidated interim financial statements based on our review.

Scope of review

We conducted our review in accordance with laws and regulations applicable in Austria and in accordance with International Standard on Review Engagements 2410, »Review of Interim Financial Information Performed by the Independent Auditor of the Entity«. A review of interim financial statements consists of making inquiries, primarily of persons responsible for finan-cial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope and involves less documentation than an audit and consequently does not enable us to obtain assurance that we would become aware of all significant mat-ters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial statements are not prepared, in all material respects, in accordance with the IFRS applicable on interim financial reporting as adopted by the EU. Comment on the semi-annual management report for the Group and on the declaration of the legal representatives in accordance with Section 87 BörseG (Austrian Stock Exchange Law) We have read the semi-annual management report for the Group and assessed whether it did not include any obvious inconsistencies with the condensed consolidated interim financial statements. In our view the semi-annual management report for the Group does not contain any obvious inconsistencies with the condensed consolidated interim financial statements.

The semi-annual financial report contains the declaration of the legal representatives as stipulated by Section 87 (1) (3) BörseG.

Vienna, 10 August 2009