Euro 25,000,000,000 Debt Issuance Programme - Münchener ...

Auditing of Historical Financial Information
Deutscher Genossenschafts- und Raiffeisenverband e.V. is the auditor of Münchener Hypothekenbank
eG. The auditor of the Issuer has audited the historical financial statements (except for the cash
flow statement) of the Issuer for the two financial years ended 31 December 2004 and 31 December
2005 and has issued an unqualified opinion (uneingeschränkter Bestätigungsvermerk) in each case.
As regards the cash flow statement, Deutscher Genossenschafts- und Raiffeisenverband e.V. issued
on 28 July 2005 and 15 March 2006 the following attestation reports to the Issuer:
50
“ATTESTATION REPORT
To Münchener Hypothekenbank eG, München
We have audited the statement of cash flows prepared by the company for the fiscal year from 1
January 2004 to 31 December 2004 excluding the preceding period from 1 January 2003 to 31
December 2003. The statement of cash flows supplements to the financial statements of
Münchener Hypothekenbank eG, München, for the fiscal year from 1 January 2004 to 31 December
2004 prepared on the basis of the German generally accepted accounting principles.
The preparation of the statement of cash flows for the fiscal year from 1 January 2004 to 31
December 2004 excluding the preceding period from 1 January 2003 to 31 December 2003 is the
responsibility of the Issuer's management.
Our responsibility is to express an opinion based on our audit whether the statement of cash flows
for the fiscal year from 1 January 2004 to 31 December 2004 excluding the preceding period from
1 January 2003 to 31 December 2003 has been properly prepared based on the financial
statements for the fiscal year from 1 January 2004 to 31 December 2004 in accordance with the
German generally accepted accounting principles. An audit of the underlying financial statements is
not subject of this engagement.
We planned and performed our audit correspondingly to the generally accepted German standards
for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer in
Deutschland (IDW) such that material misstatements in the preparation of the statement of cash
flows based on the underlying financial statements are detected with reasonable assurance.
In our opinion, the statement of cash flows for the fiscal year from 1 January 2004 to 31 December
2004 excluding the preceding period from 1 January 2003 to 31 December 2003 has been properly
prepared based on the financial statements for the fiscal year from 1 January 2004 to 31
December 2004 in accordance with the German generally accepted accounting principles.
Berlin, 28 July 2005
Deutscher Genossenschafts- und Raiffeisenverband e.V.
i.V. Berghaus i.V. Huber
Auditor Auditor”
and
“ATTESTATION REPORT
To Münchener Hypothekenbank eG, München
We have audited the statement of cash flows prepared by the company for the fiscal year from
1January 2005 to 31 December 2005 excluding the preceding period from 1 January 2004 to 31
December 2004. The statement of cash flows supplements to the financial statements of
Münchener Hypothekenbank eG, München, for the fiscal year from 1 January 2005 to 31 December
2005 prepared on the basis of the German generally accepted accounting principles.
The preparation of the statement of cash flows for the fiscal year from 1 January 2005 to 31
December 2005 excluding the preceding period from 1 January 2004 to 31 December 2004 is the
responsibility of the Issuer's management.