DIE ERSTE österreichische Spar-Casse ... - ERSTE Stiftung

The English translation of the report of the auditors on the audit of the cash flow statements
for the financial year 2010 is included in the English translation of the audited annual financial
statements which is included in this prospectus by reference.
The English translation of the report of the auditors on the audit of the cash flow statements
for the financial year 2009 state:
“We have audited the cash flow statement for the financial year 2009. The cash flow
statement supplement the financial statements of DIE ERSTE österreichische Spar-Casse
Privatstiftung prepared in accordance with the Austrian Commercial Code (UGB) for the year
from 1 January to 31 December 2009.
The preparation and the contents of the cash flow statement for the year from 1 January to 31
December 2009 is the responsibility of the legal representatives. Our responsibility is to
express an audit opinion based on the audit in order to determine whether the cash flow
statements for the year from 1 January to 31 December 2009 have been properly prepared
based on the audited financial statements for the year from 1 January to 31 December 2009.
Our responsibility and liability towards DIE ERSTE österreichische Spar-Casse Privatstiftung
as well as towards third parties is subject to the liability limitations of Art. 275 par. 2 Austrian
Commercial Code.
We conducted our audit in accordance with national auditing standards. Those standards
require that we plan and perform the audit in such a manner that we are able to give a
reasonable assurance whether the cash flow statements are free from any material mistakes.
Our audit has not given rise to any objections. In our opinion, the cash flow statement for the
financial years from 1 January to 31 December 2009 has been properly prepared based on
the financial statements for the year from 1 January to 31 December 2009."
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