Report of the independent auditors

As statutory auditors, we have audited the accounting records and the financial statements (balance sheet, income statement and notes) and the management report of Liechtensteinische Landesbank Aktiengesellschaft for the year ended 31 December 2014.

These financial statements and the management report are the responsibility of the Board of Directors. Our responsibility is to express an opinion on these financial statements based on our audit. We confirm that we meet the legal requirements concerning professional qualification and independence.

Our audit was conducted in accordance with auditing standards promulgated by the profession in Liechtenstein, which require that an audit be planned and performed to obtain reasonable assurance about whether the financial statements and the management report are free from material misstatement. We have examined on a test basis evidence supporting the amounts and disclosures in the financial statements. We have also assessed the accounting principles used, significant estimates made and the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements give a true and fair view of the financial position and the results of operations in accordance with the Liechtenstein law. Furthermore, the accounting records and financial statements and the management report and the proposed appropriation of available earnings comply with Liechtenstein law and the company’s articles of incorporation.

The management report is in accordance with the financial statements.

We recommend that the financial statements submitted to you be approved.

PricewaterhouseCoopers AG

Claudio Tettamanti, Auditor in charge (signature)

Claudio Tettamanti
(Auditor in charge)

Patrick Schwarz (signature)

Patrick Schwarz

St. Gallen, 26 February 2015

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