Annual Report of Euram Bank Vienna 2011/2012

The Keys to Growth and Protection.

Our path is guided by new and ever more complex
rules and regulations; we are confronted with
challenging transactions and administrative procedures
on a daily basis. It is time to take stock.
Russian State Ballet, Moscow

Symbiosis of competence and trust.
Harmony between rider and horse – and a
perfect performance – are based on trust.
As an independent private bank we rely on
our customers’ trust in order to do what we
can do best: invest their assets according to
their individual needs, to protect and grow
their wealth. With no risky manoeuvres.
We focus on knowledge and experience.
Spanish Riding School, Vienna

Focusing the attention.
Universally educated scholars, like Goethe and
Humboldt, who had all the available knowledge
of their times, are a past phenomenon.
In today’s world experts and specialists are
needed. People and institutions who can concentrate
on one field with undivided attention.
Who have deep knowledge and exceptional
skills and perform their tasks to perfection.
Just like the dancers of the Russian State Ballet
– or like Australian Rugby players.
Russian State Ballet, Moscow

Building and maintaining networks.
One person alone can achieve great things.
But in cooperation with competent partners
we can do even better and build on the safety
net provided by a well functioning platform.
The trusting and mutually focused cooperation
with our international business partners,
partner banks and intermediaries worldwide
creates an extensive knowledge and performance
network, which our most demanding
clients rely on.
Fisherman, Bulgaria

Private in the true
sense of the word.
Euram Bank is completely privately owned. But
not only that: The owners take an active hand
in the bank’s daily business, thus raising the
game to higher levels of understanding and trust
between our entrepreneurial clients and us.
Tailor-made
solutions.
We meet our customers’
objectives with
absolute independence
and with professional
competence in
• Private Banking
• Asset Management
• Corporate Finance
• Card Payment
Services
Rugby player, Melbourne

2011/2012 Annual Report
European American Investment Bank AG

Foreword by the Chief Executive Officer
| 2
When the financial industry continues being
perceived as complex and opaque, simple
and transparent business approaches
win. Global securities markets consistently
reward conservative, wealth preserving,
investment strategies – a philosophy which
we at Euram Bank have successfully implemented
for our clients since inception.
In the past few years we have focused our
strategy on strengthening our core businesses
Private Banking, Asset Management
and Corporate Finance in our geographic
region of Central and Eastern
Europe. In addition, we are expanding our
youngest division Card Payment Services,
implementing our fully developed innovative
card based payment solutions.
In pursuit of our ambitious goals, we
completed the restructuring with the closure
of our Monaco and Dubai subsidiaries,
and the successful sale of our British
concierge service company, WhiteConcierge
Limited – transformed during our
time of ownership into the undisputed
quality leader and most profitable industry
player. These steps significantly increased
our capital base and strengthened
our proven business model, now completely
aligned with the needs of our entrepreneurial
clients.
As a niche player we achieve sustainable,
profitable growth through strong, active
partnerships and strategic alliances which
extend our geographical reach. This in-

cludes shared corporate finance mandates,
successful cooperation with other private
banks, and global alliances in the field of
card based payment systems, where Euram
Bank contributes its specialized competencies
and innovation skill to a global partnership.
We look forward to continuing our fruitful
cooperation with you, our clients and business
partners.
Viktor Popovic
Chief Executive Officer
November 2012

Corporate Bodies
| 4
Supervisory Board
Dr. Erik Max Michael Obermayer
– Chairman
Adolf Walter Höllmer
– Vice chairman
Dkfm. Senta Penner
Viktor Popovic
Managing Board
Viktor Popovic
Manfred Huber
Johannes Langer
Manfred Huber
Johannes Langer

Management Report
| 8
1. Business Development and
Economic Situation
Business Model
European American Investment Bank Aktiengesellschaft
(“Euram Bank") is an Austrian
bank specializing in Private Banking,
Asset Management, Corporate Finance and
Card Payment Services. Our customers are
mainly wealthy international private clients
and entrepreneurs, as well as established
institutional investors. Our highly
qualified employees come from 9 different
nations and reflect Euram Bank's openminded
corporate culture.
Euram Bank is 100% privately owned. The
majority is held by executives and members
of their families together with financial
investors, a proven and traditional
model, ensuring a high level of continuity
and commitment for the bank and its customers.
Business Development
In the second half of 2011, the economic
crisis dramatically demonstrated the structural
weaknesses of some peripheral countries
and the necessity to further develop
the architecture of the Euro zone. In the
past the lack of risk premiums for public
debt induced many countries to spend beyond
their means and created a growing
gap in the competitiveness of the national
economies in Europe thus adversely affecting
the confidence in their ability to repay
debts. The ensuing rapid increase in interest
rate spreads for government bonds of
overindebted Euro countries exacerbated
the pressure for rapid reforms. The crisis
in the financial sector could not be overcome
either, as receivables of some systemically
relevant banks towards countries
in the Euro zone affected their credit
standing.
Euram Bank had to give up its intention to
develop Euram Bank Asia Limited as a
center of competence for its corporate finance
activities and for private banking
business in the “Middle East". Euram Bank
would have had to acquire the 49% share
of the co-owner in Euram Bank Asia Limited,
Pan Asia Advisors Limited, with
whom it was impossible to reach agreement.
While Euram Bank Asia Limited had
been able to distribute very high dividends
relative to capital invested during its first
two fiscal years (fiscal year 2009/2010:
EUR 3.1 million, fiscal year 2010/2011:

EUR 2 million), fiscal year 2011/2012
closed with a loss of EUR 1.6 million.
Thanks to the experience and commitment
of its employees, Euram Bank was able to
cope with these challenges. Despite very
difficult market conditions, we not only
preserved, but even continuously increased
our clients' assets, achieving outstanding
results both in our in-house funds and our
managed portfolios. Card Payment Services
became very profitable after a successful
internal restructuring in 2010, and a
long prepared corporate finance transaction
was successfully closed in the fiscal
year 2011/2012.
The balance sheet total as of June 30, 2012
amounted to EUR 377 million, which
is a decrease of 19.75% on last year
(June 30, 2011: EUR 469.7 million). Receivables
from customers declined by
26.8% to EUR 244.5 million on last year
(June 30, 2011: EUR 334.7 million), liabilities
to customers were also down
19% to EUR 351.3 million (June 30, 2011:
EUR 433.7 million) on last year. These declines
are mainly caused by our decision
in the fall of 2011 to end a business model
realized in cooperation with Euram Bank
Asia Limited, a 51% subsidiary of Euram
Bank. That business model supported Indian
companies in the issuance of Global
Depositary Receipts on the Luxembourg
Stock Exchange. Due to the underlying
structure (100% collateralization of lendings
by deposits and securities), the ending
of that business materially affects the balance
sheet total.
Euram Bank's results proved satisfactory
in the fiscal year 2011/2012. The operating
income amounted to EUR 13.9 million
(June 30, 2011: EUR 15.1 million), being
8.3% lower compared to last year, mainly
due to a decline in net interest income to
EUR 3.5 million (June 30, 2011:
EUR 4.6 million), also as a result of ending
the above mentioned business model. Operating
expenses amounted to EUR 11 million
(June 30, 2011: EUR 10.5 million), the
operating result decreased to EUR 2.8 million
(June 30, 2011: EUR 4.7 million).
Value adjustments for receivables amounted
to EUR 440 thousand (June 30, 2011:
EUR 2.2 million) – one receivable from a
customer was written off, another was
provisioned individually.
Value adjustments for securities and for
investments and shares in affiliated com-

| 10
panies amounted to EUR 912 thousand
(June 30, 2011: EUR 389 thousand), the
value adjustment of our investment in
Euram Bank Asia Limited being the main
factor.
As a result, profit from ordinary activities
amounted to EUR 1.5 million (June 30, 2011:
EUR 2.1 million).
Financial and Non-financial Key
Performance Indicators
Euram Bank's capital resources continue to
be excellent, the revenue reserve was increased
by EUR 0.5 million in the fiscal
year 2011/2012. Eligible capital pursuant
to Section 23 of the Banking Act (BWG)
amounted to EUR 15.2 million (June 30, 2011:
EUR 14.6 million) and thus exceeded by far
the capital requirement of EUR 6.1 million
(June 30, 2011: EUR 5.6 million). The equity
ratio amounted to 30.6% (June 30, 2011:
34.7%) and thus by far exceeded the statutory
minimum level. Own funds consist
entirely of Tier 1 capital. The cost/income
ratio amounted to 79.7%, compared to
69.1% last year.
In the fiscal year 2011/2012 Euram Bank
generated a distributable profit of EUR
0.4 million. Once a relevant resolution has
been adopted at the shareholders' meeting
in November 2012, Euram Bank intends to
distribute a dividend of EUR 0.4 million,
i.e. 2.63% of the capital of EUR 15,228
million.
Material Events After the Balance
Sheet Date as of June 30, 2012
On July 30, 2012, Euram Bank made a request
with the Dubai Financial Services
Agency (DFSA) for voluntary surrender of
Euram Bank Asia Limited's license. On
September 5, 2012, a resolution was adopted
for the voluntary liquidation of Euram
Bank Asia Limited. The full impact is already
recognized in the profit and loss
statement as of June 30, 2012.
On September 27, 2012, Euram Bank sold
its 53.5% share in WhiteConcierge Limited
for an equivalent of EUR 5.8 million, the
book value being EUR 0.8 million. The
share purchase agreement contains conditions
precedent, closing is agreed to take
place until October 31, 2012. In 2008,
Euram Bank and a business partner had
collectively purchased the concierge service
from “Travelex", and developed it into
a leading provider of concierge services. In

| 12
subsequent years, WhiteConcierge Limited
gained a reputation as a highly valued expert
in this very specialized sector. Business
clients in 24 countries are supported
from its base in the United Kingdom. Expert
teams coming from 22 nations offer a
unique combination of local expertise and
cultural understanding.
2. Forecast Development and Risks
Outlook for 2012/2013
For the fiscal year 2012/2013 we expect
further growth and hence increase in income
from our Private Banking business.
The outstanding performance of our funds
should induce more substantial volume in
Asset Management. Promising Card Payment
Services projects are about to be concluded.
Together with our partners we are
currently developing further projects in
the field of card-supported payment transactions.
Material Risks and Uncertainties
On January 25, 2012, the Securities and
Exchange Board of India (SEBI) confirmed
an interim order of September 22, 2011 –
the order accuses Euram Bank of having
breached the rules of conduct of the Indian
Stock Exchange as FII licensee. Due to continuing
investigation in that matter it was
not yet possible to appeal the interim order.
On October 10, 2011, Euram Bank filed
a written statement with SEBI, and a hearing
was held before SEBI on November
18, 2011. Euram Bank continues to cooperate
with all authorities involved and
urges a fast clarification of the matter.
In February 2012, an Indian company filed
a complaint with the Vienna Commercial
Court to obtain a declaratory judgment
against Euram Bank. Euram Bank and the
Indian company disagree as to the authenticity
of a pledge agreement dated March
2010 between the Indian company and
Euram Bank and whether Euram Bank is
therefore entitled to use the pledged credit
balance on the Indian company's account
with Euram Bank to secure a loan which
Euram Bank granted to a borrower. In reliance
on that pledge agreement, Euram
Bank refuses to transfer the Indian company's
credit balance to other accounts.
Euram Bank has obtained an opinion from
a sworn and court-certified expert for forensic
graphological examination in order
to clarify whether the signature on the
pledge agreement entered into by the In-

dian company and Euram Bank is an authentic
signature of the Indian company's
authorized representative, or whether it
might be forged, as the Indian company
claimed. The expert concluded that the signature
on the pledge agreement between
the Indian company and Euram Bank is an
authentic signature of the person authorized
by the Indian company and not a forgery.
Based on the above expert opinion,
Euram Bank anticipates that the court will
decide in favor of Euram Bank.
3. Risk Reporting
Euram Bank applies the standard method
set out in Section 22a of the Banking Act
to calculate its credit risk. Euram Bank
grants loans in the context of existing customer
relationships and subject to full collateralization,
either through cash deposits
or through securities held with Euram
Bank, taking into account appropriately
conservative lending limits. Euram Bank
does not invest in derivative financial instruments.
Moreover, Euram Bank does not engage in
trading for its own account. Securities held
as current assets were exclusively held for
resale to customers and not with a view to
take advantage of short-term price and interest
fluctuations.
Liquidity risk is limited by largely matching
maturities. Customer deposits are
mainly invested according to maturities,
and demand deposits are invested up to a
maximum of one week with a selected group
of other banks. Interest rate risks are
controlled upon advice from the Asset-/
Liability Management Committee (ALCO),
which issues recommendations for the asset/
liability management. The results are evaluated
and discussed on a monthly basis.
The recoverability of collateral provided
for collateralized loans is reviewed automatically
on a daily basis.
Given Euram Bank's geographical focus,
operational risk is the most significant
risk. The money laundering risk is mitigated
by implementing an analytical anti-money
laundering-, compliance- and
risk solution. The AML solution allows us
to identify unusual, unexpected and suspicious
customer patterns and transactions,
and the Compliance Officer is automatically
warned in case of any significant
suspicious patterns. In addition to identifying
suspicious situations, this AML solution
supports the investigation, further

| 14
processing and documentation of identified
cases. Each step is completely documented
in compliance with audit guidelines
and can be reviewed and verified at
any time by means of reporting tools.
To limit its legal risks, Euram Bank closely
cooperates with a renowned law firm
and uses this firm's expertise in connection
with the launch of new products,
transactions, and lines of business.
In the process of operational risk management,
guidelines for the identification,
evaluation and monitoring of risks
are reviewed on an annual basis. Daily
risk management was incorporated into
business and administration sectors. This
business partnership model ensures close
monitoring and guides the staff to a high
awareness for operational risks.
We apply the base indicator method pursuant
to Section 22j of the Banking Act
(BWG) in conjunction with Section 182 of
the Solvency Ordinance to calculate our
operational risk.
In compliance with the pillar II/Basel II requirements,
the “ICAAP" measures were
adopted. Euram Bank issues a risk strategy
which is updated on an annual basis. As
provided in the risk strategy, the risk bearing
capacity analysis compares the available
risk coverage with potential risks.
That analysis is prepared on a quarterly
basis and is submitted to the managing
board and the supervisory board as part of
the risk report.
Vienna, dated October 29, 2012
The Managing Board
Viktor Popovic
Manfred Huber
Johannes Langer

Balance sheet as of June 30, 2012
| 16
ASSETS June 30, 2012 June 30, 2011
EUR EUR THOUSAND EUR
1. Cash in hand, balances
with central banks and post office banks 37,749,965.46 42,689
2. Claims against credit institutions 46,896,439.84 41,680
a) repayment on demand 23,197,627.16 38,830
b) other loans and advances 23,698,812.68 3,350
3. Loans and advances to customers 244,546,377.70 334,672
4. Stocks and other
non fixed income securities 9,908,538.80 13,954
5. Participations 33,523,187.14 30,592
6. Shares in affiliated companies 1,007,488.21 1,863
7. Intangible fixed assets 56,754.84 77
8. Tangible assets 195,542.87 254
hereof: land and buildings used by
the credit institution in the course
of its own business
9. Other assets (EUR 0.00) 2,555,938.40 3,477
10. Prepayments and accrued income 453,928.37 456
376,894,161.64 469,714
11. Foreign assets 292,763,096.93 386,240

LIABILITIES June 30, 2012 June 30, 2011
EUR
EUR THOUSAND EUR
1. Liabilities to credit institutions 3,072,841.07 5,112
a) repayable on demand 72,479.40 112
b) with agreed maturity dates
or period of notice 3,000,361.67 5,001
2. Liabilities to customers (non-bank) 351,301,110.27 433,671
a) Other liabilities
aa) repayable on demand 323,253,145.31 125,682
bb) with agreed maturity
or period of notice 28,047,964.96 307,989
3. Securitised liabilities 1,904,844.37 10,213
4. Other liabilities 2,320,983.21 2,078
5. Accruals and deferred income 140,225.39 13
6. Provisions 2,525,672.03 2,127
a) provisions for severance payments 253,787.10 186
b) provisions for taxation 275,000.00 275
c) other provisions 1,996,884.93 1,666
7. Subscribed capital 10,045,712.61 10,046
8. Capital reserves 1,886,813.16 1,887
a) tied-up 1,886,813.16 1,887
9. Profit reserves 2,634,904.17 2,099
a) other reserve 2,634,904.17 2,099
10. Liability reserve pursuant to
§ 23 para 6 Banking Act 660,500.00 661
11. Net Profit 400,555.35 1,808
376,894,161.64 469,714
1. Contingent liabilities 3,968,286.47 3,884
2. Fiduciary Deposits 2,580,639.49 1,071
3. Own funds to be taken into account pursuant to § 23 15,171,175.10 14,615
4. Required own funds pursuant to § 22 para 1 6,148,440.00 5,596
5. Liabilities abroad 346,776,951.41 430,545

Profit and loss account for 2011/2012
| 18
PROFIT AND LOSS ACCOUNT FOR 2011/2012 June 30, 2012 June 30, 2011
EUR
EUR THOUSAND EUR
1. Interest and interest-like earnings 5,435,415.80 8,987.6
hereof: fixed interest securities EUR 0.00
2. Interest and interest-like expenditures -1,979,995.69 -4,435.3
I. NET INTEREST EARNINGS 3,455,420.11 4,552.3
3. Earnings from securities and participations 94,348.06 1,089.8
a) Income from shares and
variable income securities 85,663.41 95.2
b) Income from participations 8,684.65 994.6
4. Earnings from commissions 17,331,216.32 14,790.5
5. Expenditures from commissions -9,874,374.05 -7,263.6
6. Earnings/expenditures from financial transactions -123,762.38 1.5
7. Other operating earnings 2,988,451.23 1,958.1
II. OPERATING EARNINGS 13,871,299.29 15,128.6
8. General administrative expenditures
a) Personnel expenditures -5,038,893.57 -5,067.4
aa) Wages and salaries -4,120,623.86 -4,002.5
bb) Payment of legal social levies
and compulsory contributions -651,694.89 -755.7
cc) Other social expenditures -52,875.29 -59.1
dd) Expenditures for old-age care
and assistance -109,109.18 -99.0
ee) Endowment of the severance
compensation provision -104,590.35 -151.1
b) Other administrative expenditures
(overhead) -5,612,263.01 -4,831.8
-10,651,156.58 -9,899.2

PROFIT AND LOSS ACCOUNT FOR 2011/2012 June 30, 2012 June 30, 2011
EUR THOUSAND EUR
9. Value adjustments of the assets listed
in asset items 7 and 8 -154,919.94 -159.6
10. Other operating expenditures -242,495.49 -396.7
III. OPERATING EXPENDITURES -11,048,572.01 -10,455.5
IV. OPERATING RESULT 2,822,727.28 4,673.1
11. Balance of value adjustments and earnings from the
dissolution of value adjustments of claims and allocations
to/from provisions for contingent liabilities and credit risks -440,199.48 -2,214.9
12. Balance of earnings and expenditures from value adjustments
of securities valued like financial investments as well as
of participations and shares held in affiliated companies -912,409.20 -389.3
V. RESULT OF ORDINARY BUSINESS OPERATION 1,470,118.60 2,068.9
13. Income and earnings tax -541,767.63 -324.1
VI. ANNUAL SURPLUS 928,350.97 1,744.8
14. Change of reserve -536,000.00 0.0
VII. ANNUAL PROFIT 392,350.97 1,744.8
15. Profit carryforward / loss carryforward 8,204.38 63.4
VIII. NET PROFIT 400,555.35 1,808.2

Notes
| 22
to the financial statements of European
American Investment Bank Aktiengesellschaft
(“Euram Bank") as of June 30, 2012.
The financial statements as of June 30, 2012
were prepared according to the provisions
of the Accounting Act in compliance with
the special provisions of the Banking Act.
1. GENERAL PRINCIPLES AND
INFORMATION ON ACCOUNTING
AND VALUATION
General Principles
The financial statements as of June 30, 2012
were prepared in compliance with generally
accepted accounting principles and the
general standard to present a fair view of
the company's assets and liabilities, financial
condition and results of operation.
The financial statements were prepared in
compliance with the principle of consistency
of presentation.
Assets and liabilities were valued in compliance
with the principle of individual
valuation and the going concern principle.
Compliance with the principle of conservatism
is ensured by recognizing only profits
realized on the balance sheet date and recognizing
all identifiable risks and impending
losses in the balance sheet.
According to Section 9 of the Corporate
Income Tax Act on the taxation of corporate
groups, as of June 30, 2012,
the group consists of Euram Holding
Aktien gesell schaft as group parent and
of Euram Beteiligungverwaltung GmbH
and Euram Bank as group companies.
Taxes are allocated using the stand-alone
method.
Foreign Currency Amounts
Pursuant to Section 58 (1) of the Banking
Act, amounts in foreign currency are
translated at the mean rates of exchange
on the balance sheet date.
Financial Instruments
in the Bank Book
As of June 30, 2012, Euram Bank recorded
shares in hedge funds as well as two collateralized
loan obligations (EUR 3.3 million
/ June 30, 2011: EUR 10.1 million) in
the bank book.
Shares in Hedge Funds EUR thousand
1794 Commodore
Overseas Fund EUR 720
CFS I EUR 942
CFS II EUR 0
Sharpe Futures Fund EUR 1,364
Collateralized
Loan Obligations EUR thousand
Whitebark Pine I Ltd EUR 261
Canal Point I Ltd EUR 38

Lending Risks
In the fiscal year 2011/2012, Euram Bank's
loans to customers amounted to EUR
244.5 million (June 30, 2011: EUR
334.7 million), EUR 215.0 million of which
(June 30, 2011: EUR 303.8 million) are
collateralized by deposits; the remaining
loans are mainly collateralized by mortgages,
deposits and/or securities.
Lendings
EUR million
Collateralized by
deposits EUR 215.0
Collateralized by
mortgages, deposits
and securities EUR 29.4
Non-collateralized EUR 0.1
Shares in affiliated companies
Euram Bank holds 100% in Euram Invest
Holdings I GmbH with its registered office
in Vienna, Austria, in Euram Invest
Holdings II GmbH with its registered
office in Vienna, Austria, and in Euram
Invest Holdings 3 GmbH with its registered
office in Munich, Germany, in
Euram Invest Holdings Vier GmbH with
its registered office in Vienna, Austria
(the companies’ line of business being
the management of investments), and
51% in Euram Bank Asia Limited with
its registered office in Dubai, United
Arab Emirates. The shares in Euram
Bank Asia Limited were written down to
EUR 569.4 thousand (June 30, 2011: EUR
1,383.1 thousand).
No dividends were distributed to Euram
Bank in the fiscal year 2011/2012. (In fiscal
year 2010/2011: USD 1,4 million from
Euram Bank Asia Limited).
Pursuant to Section 238(2) of the Companies
Act, the equity capital and the last fiscal
year’s results of affiliated companies
can be summarized as follows:
(in EUR thousand) Share Results last
Equity in Equity fiscal year
Euram Invest Holdings I GmbH 199.3 100% -1.5
Euram Invest Holdings II GmbH 106.6 100% -1.7
Euram Invest Holdings 3 GmbH 314.4 100% -3.8
Euram Invest Holdings Vier GmbH 52.9 100% 0.3
Euram Bank Asia Ltd 1,453.5 51% -1,640.9

| 24
Participations
This item includes the investment in the
deposit guarantee scheme of “Einlagensicherung
der Banken und Bankiers GmbH”,
Vienna, as well as shares (EUR 33.5 million
/ June 30, 2011: EUR 30.6 million) in
five (June 30, 2011: four) companies held
in trust. The investment in Österreichische
Clearingbank AG was terminated in the
fiscal year 2011/2012.
Property, Plant and Equipment
Intangible fixed assets as well as property,
plant and equipment are valued at cost,
less regular depreciation. Low-value items
are fully depreciated in the year of acquisition.
Regular depreciation is made on a
straight-line basis.
Regular depreciation is based on the following
useful lives:
Company cars
8 years
Office furniture
5 years
Leasehold improvements 5 years
Office equipment
5 years
Software
5 years
Hardware
5 years
Accruals for Severance Payments
Accruals for severance payments are calculated
according to principles of financial
mathematics by applying an interest rate
of 4% on the basis of an arithmetical pension
age of 60 years for women and 65
years for men. A fluctuation discount is
not applied.
Contingent Liabilities
Contingent liabilities include financing
guarantees collaterized by securities or by
cash (EUR 0.3 million / June 30, 2011:
EUR 0.3 million), an unsecured financing
guarantee (EUR 0.6 million / June 30, 2011:
EUR 1.7 million), and guarantees to credit
card companies for the credit card limits
granted to Euram Bank clients (EUR 3.0 million
/ June 30, 2011: EUR 1.9 million).
Credit Risk
This item contains undrawn credit facilities
(EUR 2.6 million / June 30, 2011: EUR
1.1 million).
Fiduciary Receivables
Fiduciary receivables are included in the
positions “loans and advances to customers”
(EUR 5.6 million / June 30, 2011:
EUR 10.6 million), “shares and other variable-yield
securities" (EUR 1.2 million /
June 30, 2011: EUR 9.4 million) and
“participating interest" (EUR 33.5 million /
June 30, 2011: EUR 30.6 million).

Fiduciary Liabilities
Fiduciary liabilities are included in the
positions “liabilities to customers” (EUR
39.1 million / June 30, 2011: EUR 41.2 million)
and in “securitised liabilities" (EUR
1.2 million / June 30, 2011: EUR 9.3 million).
2. NOTES TO THE BALANCE SHEET
A. Presentation of Maturities
Receivables (not repayable on demand)
from banks and customers as well as payables
(not repayable on demand) to banks
and customers are summarized according
to remaining maturities:
Receivables from banks EUR thousand
Up to 3 months EUR 23,698
More than 3 months
to 1 year EUR 0
More than 1 year
to 5 years EUR 0
More than 5 years EUR 0
Receivables from customers
Up to 3 months EUR 37,528
More than 3 months
to 1 year EUR 172,087
More than 1 year
to 5 years EUR 24,175
More than 5 years EUR 9,128
Payables to banks
Up to 3 months EUR 3,000
More than 3 months
to 1 year EUR 0
More than 1 year
to 5 years EUR 0
More than 5 years EUR 0
Payables to customers
Up to 3 months EUR 1,747
More than 3 months
to 1 year EUR 13,756
More than 1 year
to 5 years EUR 12,545
More than 5 years EUR 0
B. Securities
In the fiscal year 2011/2012, Euram Bank
did not hold any fixed-interest securities.
C. Shares and Other
Non-fixed-interest Securities
This item includes investment fund shares
held as fixed assets (EUR 1.8 million /
June 30, 2011: EUR 1.8 million). Current
assets include hedge fund shares (EUR
2.3 million / June 30, 2011: EUR 9.0 million),
two collateralized loan obligations
(EUR 0.3 million / June 30, 2011: EUR
0.3 million), and hedge fund shares in the
“1794 Commodore Overseas Fund" (EUR
0.7 million / June 30, 2011: EUR 0.9 mil-

| 26
lion). This item also includes investment
fund shares (EUR 4.4 million / June 30,
2011: EUR 1.8 million), a self-issued partial
debenture of EUR 250 thousand (June 30,
2011: EUR 194 thousand) and a self-issued
certificate in the amount of EUR 53 thousand
(June 30, 2011: EUR 36 thousand).
Furthermore, shares (EUR 10.0 / June 30,
2011: EUR 0.0) are held in “Petrocapital
Resources PLC".
Fixed Assets
EUR thousand
Europportunity Bond EUR 1,845
Current Assets
CFS I EUR 942
CFS II EUR 0
Sharpe Futures Fund EUR 1,364
Whitebark Pine I Ltd EUR 261
Canal Point I Ltd EUR 38
1794 Commodore
Overseas Fund EUR 720
Europportunity Bond EUR 701
USD Convergence Bond EUR 0.7
Advantage Stock EUR 3,732
Euram CLO Note I EUR 250
Euram Commodore
Index Certificate
Euro Protected 2 EUR 53
Petrocapital
Resources PLC EUR 0.01
None of the items of fixed and current
assets are quoted on the stock exchange.
The listing of “Petrocapital Recources PLC"
was suspended in 2010.
In the fiscal year 2011/2012, Euram Bank
did not hold a securities trading book.
In the fiscal year 2011/2012, Euram Bank
held one share (“Petrocapital Resources
PLC").
D. Fixed Assets
The fixed-assets movement schedule is
presented as a separate schedule of the
notes.
E. Other Assets
Other assets include corporate income tax,
VAT and capital gains tax receivables from
prepayments to the Tax Office for Corporations
(EUR 241 thousand / June 30, 2011:
EUR 61 thousand), a pending repayment
(EUR 0.5 million / June 30, 2011: EUR
1.0 million), fees charged for the management
of investment funds (EUR 0.5 million
/ June 30, 2011: EUR 0.5 million), outstanding
receivables (EUR 185 thousand /
June 30, 2011: EUR 1.0 million), a real estate
property which is not intended to be
held on a long-term basis (EUR 250 thou-

sand / June 30, 2011: EUR 250 thousand),
as well as an investment (WhiteConcierge
Ltd) which is not intended to be held on a
long-term basis either (EUR 0.8 million /
June 30, 2011: EUR 0.8 million).
F. Prepayments and accrued income
This item includes current salary payments
(EUR 130.9 thousand / June 30, 2011:
EUR 137.2 thousand), prepaid insurance
premiums, information and maintenance
expenses (EUR 242.5 thousand / June 30,
2011: EUR 164.1 thousand), prepaid rent
(EUR 11.7 thousand / June 30, 2011: EUR
7.6 thousand), prepayments for the data
processing center (EUR 62.5 thousand /
June 30, 2011: EUR 145.8 thousand), and
other prepayments (EUR 6.3 thousand /
June 30, 2011: EUR 1.6 thousand).
G. Securitised Liabilities
This item contains self-issued bonds and a
self-issued certificate.
EUR thousand
Euram CLO Note I EUR 268
CFS Alternative
Investment Note I EUR 942
CFS Alternative
Investment Note II EUR 0
Euram Commodore
Index Certificate
Euro Protected 2 EUR 694
H. Other Liabilities
Besides invoices already received but not
yet paid in respect of the fiscal year
2011/2012 (EUR 0.4 million / June 30, 2011:
EUR 1.3 million) and liabilities to a data
collection company – amount of profit
share from ATM business – (EUR 1.4 million
/ June 30, 2011: EUR 0.8 million), this
item contains liabilities to an affiliated
company (EUR 0.5 million / June 30, 2011:
EUR 0.0 million) from tax allocations.
I. Accruals and Deferred Income
This item mainly includes fees
(EUR 140.2 thousand / June 30, 2011:
EUR 13.1 thousand), already received but
allocated to the following fiscal year.
J. Shareholders' Equity
1.) The share capital in the amount of EUR
10,045.7 thousand is divided into 270,000
share units, each representing the same interest
in the share capital.
2.) The shareholders' equity consists of the
following:
EUR thousand
Subscribed capital EUR 10,045.7
(Appropriated) reserve EUR 1,886.8
Retained earnings EUR 2,634.9
Liability reserve pursuant
to Section 23 (6)
Banking Act (BWG) EUR 660.5

| 28
3.) An amount of EUR 536 thousand
(June 30, 2011: EUR 0 thousand) was allocated
to revenue reserves in the fiscal
year 2011/2012.
4.) The net profit for the fiscal year
2011/2012 amounts to EUR 400.6 thousand
(June 30, 2011: EUR 1,808.2 thousand).
K. Required own funds
Euram Bank uses the following methods to
calculate its required own funds:
Credit risk: Standard method
Operational risk: Basis indicator method
The required own funds for the credit risk
amount to EUR 3,967 thousand
(June 30, 2011: EUR 3,369 thousand).
Pursuant to Section 22a (4) of the Banking
Act (BWG), 8% of the weighted receivables
for each class of receivable amount to:
EUR thousand
Receivables from central
states or central banks EUR 0
Receivables from
regional administrative
bodies EUR 0
Receivables from
institutions EUR 751
Receivables from
companies EUR 2,080
Retail receivables EUR 193
Receivables collateralized
by real estate properties EUR 0
Receivables in the form of
investment fund shares EUR 377
Other items EUR 566
The required own funds for the foreign currency
risk amount to EUR 0 (June 30, 2011:
EUR 0).
The required own funds for the operational
risk amount to EUR 2,181 thousand
(June 30, 2011: EUR 2,227 thousand).

L. Additional Disclosures
1.) Total amount of assets and liabilities in
foreign currency:
EUR million
Assets in foreign
currency EUR 273.0
Liabilities in foreign
currency EUR 271.5
2.) In the fiscal year 2011/2012, Euram
Bank was restraint in the disposal of an
asset (EUR 3.6 million / June 30, 2011:
EUR 3.6 million).
3.) Receivables from affiliated companies
amount to EUR 6.5 million (June 30, 2011:
EUR 0.1 million).
4.) Liabilities to affiliated companies
amount to EUR 0.5 million (June 30, 2011:
EUR 0.5 million)
5.) Other accruals (EUR 2.0 million /
June 30, 2011: EUR 1.7 million) include
accruals for bonuses, unconsumed annual
leave, legal, auditing and advisory fees, as
well as other expenses.
6.) Obligations from the use of fixed assets
not recognized in the balance sheet amount
to EUR 389.6 thousand in the next year
(June 30, 2011: EUR 396.7 thousand),
EUR 2.0 million in the next five years and
are mainly related to rental payments for
the use of office space.
7.) In the fiscal year 2011/2012, Euram
Bank redeemed a self-issued note (“CFS
Alternative Investment Note II") of a total
nominal value of EUR 6.6 million, because
the investor had exercised his termination
right.
8.) The total volume of forward exchange
transactions not yet executed on the
balance sheet date can be summarized as
follows:
June 30, June 30,
EUR million 2012 2011
Contracts
to buy EUR 0.4 EUR 0.0
Contracts
to sell EUR 0.4 EUR 0.0

| 30
3. NOTES TO THE INCOME
STATEMENT
With reference to Section 242 (1) of the
Companies Act, income will not be itemized
by geographical markets pursuant to
Section 64 (1) no. 9 of the Banking Act.
With reference to Section 237 of the Companies
Act, other operating income and
other operating expenses pursuant to Section
64 (1) no 12 of the Banking Act are
summarized as follows:
– Other operating income mainly consists
of costs recharged to customers
(EUR 1.0 million / June 30, 2011:
EUR 638 thousand), income from a corporate
finance transaction (EUR 1.6 million
/ June 30, 2011: EUR 1.0 million),
the release of accruals concerning the
fiscal year 2010/2011 (EUR 0.2 million /
June 30, 2011: EUR 0.1 million), and a
VAT credit (EUR 0.2 million /
June 30, 2011: EUR 0.1 million).
– In the fiscal year 2011/2012 Euram Bank
recognized other operating expenses
(EUR 242 thousand / June 30, 2011:
EUR 397 thousand), being expenses for
two external advisors.
Expenditures from value adjustments for
receivables amount to EUR 440 thousand
(June 30, 2011: EUR 2.2 million) – one receivable
from a customer was fully depreciated
(EUR 103 thousand), a second receivable
from a customer was written
down (EUR 337 thousand).
Expenditures from value adjustments in
respect of securities as well as of participations
and shares held in affiliated companies
amount to EUR 0.9 million
(June 30, 2011: EUR 0.4 million) and are
mainly related to the value adjustment for
Euram Bank Asia Limited (EUR 813.6 thousand)
and a value adjustment for Euram
Invest Holdings II GmbH (EUR 41.8 thousand).
“Taxes from income and earnings”
(EUR 541.8 thousand / June 30, 2011:
EUR 0.3 million) recognized in the profit
and loss accounts, taking into account tax
allocations, adversely affect the “Profit or
loss on ordinary activities” (35.7% /
June 30, 2011: 15.7%).
An amount of EUR 536 thousand was allocated
to revenue reserves in the fiscal
year 2011/2012.

| 32
4. MISCELLANEOUS
1.) The Bank employed on average 35.7
(June 30, 2011: 37) employees in the fiscal
year 2011/2012.
2.) In the fiscal year 2011/2012, accruals
for severance payments and pensions
amount to EUR 156 thousands
(June 30, 2011: EUR 116 thousand) for executives
and EUR 98 thousand
(June 30, 2011: EUR 70 thousand) for other
employees. In addition, contributions
(EUR 109 thousand / June 30, 2011:
EUR 99 thousand) were paid to the company
pension fund.
3.) The total compensation of 3 members
of the managing board (June 30, 2011: 5
members) amount to EUR 1.3 million
(June 30, 2011: EUR 1.6 million) for their
activities in the fiscal year 2011/2012; the
members of the supervisory board received
a compensations of EUR 127.4 thousand in
the fiscal year 2011/2012 (June 30, 2011:
EUR 69.3 thousand).
4.) In the fiscal year 2011/2012, Euram
Bank granted two loans (EUR 150 thousand
/ June 30, 2011: EUR 177 thousand)
to executives.
5.) In the fiscal year 2011/2012 the managing
board of the company was composed
of the following members:
Viktor Popovic
Manfred Huber
Johannes Langer
6.) In the fiscal year 2011/2012 the elected
supervisory board was composed of the
following members:
Erik Max Michael Obermayer
– Chairman
Adolf Walter Höllmer
– Vice-chairman
Dkfm. Senta Penner
7.) Euram Bank is included in consolidated
financial statements. The company, which
prepares the consolidated financial statements
is as follows:
Euram Holding Aktiengesellschaft
Wallnerstrasse 4
1010 Wien

8.) The “EURAM GROUP”:
100%
Euram Beteiligungverwaltung GmbH
Euram Holding AG
37%
63%
European American Investment Bank AG
Euram Invest Holdings I GmbH (100%)
Euram Invest Holdings II GmbH (100%)
Euram Invest Holdings 3 GmbH (100%)
Euram Invest Holdings Vier GmbH (100%)
Euram Bank Asia Ltd. (51%)
5. ADDITIONAL DISCLOSURES
In compliance with the company's disclosure requirements acc. to section 26 of the
Banking Act (BWG), reference is made that the publication is available on the website
of Euram Bank (www.eurambank.com) at “Euram Bank/Publications and Disclosures”.
Vienna, dated October 29, 2012
The Managing Board
Viktor Popovic
Manfred Huber
Johannes Langer

Audit opinion
| 36
Report on the Financial Statements
We have audited the accompanying financial
statements, including the accounting
system, of European American Investment
Bank Aktiengesellschaft, Vienna, for the
fiscal year from July 1, 2011 to
June 30, 2012. These financial statements
comprise the balance sheet as of
June 30, 2012, the income statement for
the fiscal year ended June 30, 2012, and
the notes.
Management’s Responsibility for
the Financial Statements and for
the Accounting System
The Company’s management is responsible
for the accounting system and for the
preparation and fair presentation of these
financial statements in accordance with
Austrian Generally Accepted Accounting
Principles. This responsibility includes: designing,
implementing and maintaining
internal control relevant to the preparation
and fair presentation of financial statements
that are free from material misstatement,
whether due to fraud or error;
selecting and applying appropriate accounting
policies; and making accounting
estimates that are reasonable in the circumstances.
Auditor’s Responsibility and
Description of Type and Scope of
the Statutory Audit
Our responsibility is to express an opinion
on these financial statements based on our
audit. We conducted our audit in accordance
with laws and regulations applicable
in Austria and Austrian Standards on Auditing.
Those standards require that we
comply with professional guidelines and

that we plan and perform the audit to obtain
reasonable assurance whether the financial
statements are free from material
misstatement.
An audit involves performing procedures
to obtain audit evidence about the amounts
and disclosures in the financial statements.
The procedures selected depend on the auditor’s
judgment, including the assessment
of the risks of material misstatement of
the financial statements, whether due to
fraud or error. In making those risk assessments,
the auditor considers internal
control relevant to the Company’s preparation
and fair presentation of the financial
statements in order to design audit
procedures that are appropriate in the circumstances,
but not for the purpose of expressing
an opinion on the effectiveness of
the Company’s internal control. An audit
also includes evaluating the appropriate-
ness of accounting policies used and the
reasonableness of accounting estimates
made by management, as well as evaluating
the overall presentation of the financial
statements.
We believe that the audit evidence we have
obtained is sufficient and appropriate to
provide a basis for our audit opinion.
Opinion
Our audit did not give rise to any objections.
In our opinion, which is based on
the results of our audit, the financial statements
comply with legal requirements and
give a true and fair view of the financial
position of the Company as of June 30, 2012
and of its financial performance for the
fiscal year from July 1, 2011 to
June 30, 2012 in accordance with Austrian
Generally Accepted Accounting Principles.

| 38
Comments on the Management
Report
Pursuant to statutory provisions, the management
report is to be audited as to
whether it is consistent with the financial
statements and as to whether the other
disclosures are not misleading with respect
to the Company’s position. The auditor’s
report also has to contain a statement as to
whether the management report is consistent
with the financial statements.
In our opinion, the management report is
consistent with the financial statements.
Vienna, October 29, 2012
Ernst & Young
Wirtschaftsprüfungsgesellschaft m.b.H.
Dr. Robert Wauschek mp
Certified Public Accountant
Mag. Ernst Schönhuber mp
Certified Public Accountant

Euram Bank AG
Palais Esterházy
Wallnerstrasse 4
1010 Vienna, Austria
Tel. +43 1 512 38 80 0
Fax +43 1 512 38 80 888
office@eurambank.com
www.eurambank.com
This is a translation from German. In case of any
discrepancies between the English and the German
version the German text shall prevail.
Concept, design and production
die3 Agentur für Werbung und Kommunikation GmbH
Photographs
Michael Stelzhammer, Shutterstock
Print
Vorarlberger Verlagsanstalt

Euram Bank AG
Palais Esterházy
Wallnerstrasse 4
1010 Vienna
Tel. +43 1 512 38 80 0
Fax +43 1 512 38 80 888
office@eurambank.com
www.eurambank.com
Euram Bank at the
Palais Esterházy, Vienna