1 Group structure and shareholders

1.1 Group structure

1.1.1 Description of the operative structure

Liechtensteinische Landesbank is a public limited company (“Aktiengesellschaft”) under Liechtenstein law. It is the parent bank of the LLB Group. The LLB Group has a divisional management structure that is organised into five divisions. Besides the two market divisions “Retail & Corporate Banking” and “International Wealth Management”, the management structure encompasses the functions of Group Chief Executive Officer , Group Chief Financial Officer and Group Chief Digital & Operating Officer (see chapter Strategy and organisation). The rules of procedure adopted by the Board of Directors, in particular the functions diagram in the appendix, ensure the proper conduct of business, the appropriate organisation as well as the uniform management of the LLB Group. In the functions diagram, the Board of Directors, the Chairman of the Board of Directors, the committees of the Board of Directors, the Group CEO and the Group Executive Board are decision-making authorities. The Board of Directors and the Group Executive Board of LLB are identical personnel-wise to the Board of Directors and the Group Executive Board of the LLB parent company. Within the scope of the duties and powers defined by the rules of procedure and the functions diagram, the above-mentioned bodies can pass binding resolutions and issue instructions that are binding for both the parent bank and the Group companies – but taking into consideration the provisions of current local law applicable to the individual Group companies.

The members of the Group Executive Board are represented on the Boards of Directors of the consolidated subsidiaries. The role of Chairman of the Board of Directors is performed by a member of Group Executive Board. The organisational structure of the LLB Group as at 31 December 2023 can be found here and the detailed segment reports here.

1.1.2 Listed companies included in the scope of consolidation

Liechtensteinische Landesbank AG, with its headquarters in Vaduz, is listed on the SIX Swiss Exchange. As at 31 December 2023, its market capitalisation stood at CHF 2ʼ035.9 million (30ʼ800ʼ000 registered shares at a nominal value of CHF 5.00 at a year-end price of CHF 66.10).

1.1.3 Unlisted companies included in the scope of consolidation

Details of the unlisted companies included in the scope of consolidation (company name, registered office, activities, share capital, percentage of share capital held) can be found in the notes to the consolidated financial statement of the LLB Group in the chapter Scope of consolidation.

1.2 Major shareholders

The Principality of Liechtenstein is the majority shareholder of Liechtensteinische Landesbank AG. The Law on the Liechtensteinische Landesbank states that – in terms of capital and voting rights – the Principality of Liechtenstein must hold at least 51 per cent of the shares. These may not be sold.

At the end of 2023, the Principality’s equity stake in the shares of Liechtensteinische Landesbank stood at 56.3 per cent. This corresponds to 17ʼ336ʼ215 of the total of 30ʼ800ʼ000 LLB shares. Detailed information about the development of this equity stake can be found at www.llb.li/capital+structure.

As at 31 December 2023, the Haselsteiner Familien-Privatstiftung, Ortenburger Strasse 27, 9800 Spittal / Drau, Austria, and grosso Holding Gesellschaft mbH, Walfischgasse 5, 1015 Vienna, Austria, together held 1ʼ805ʼ000 shares, or a share of 5.9 per cent of the capital and voting rights of LLB (https://www.ser-ag.com/en/resources/notifications-market-participants/significant-shareholders.html#/). The Haselsteiner Familien-Privatstiftung and grosso Holding Gesellschaft mbH constitute a shareholder group. The voting rights will be exercised in mutual agreement between the parties.

The remaining registered shares were in free float, whereby none of the other shareholders held more than 3.0 per cent of the share capital.

As at 31 December 2023, Liechtensteinische Landesbank AG held, directly or indirectly, a total of 208ʼ055 of its own registered shares (0.7 % of the share capital). No registered shares were cancelled so that the capital structure remained the same. The registered shares held by LLB are intended to be used for future acquisitions and for treasury management purposes. Less than 0.4 per cent of the share capital was held by members of the Board of Directors and Corporate Management. There are no binding shareholder agreements.

1.3 Cross participations

There are no cross participations between Liechtensteinische Landesbank AG and its subsidiaries or third parties.