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Unqualified Audit Certificate

Report on the Consolidated Financial Statements

I have audited the consolidated financial statements of

Raiffeisenlandesbank Oberösterreich Aktiengesellschaft,
4020 Linz, Europaplatz 1a,

for the financial year from 1 January 2007 to 31 December 2007. These consolidated financial statements include the consolidated balance sheet as of 31.12.07, the group income statement, the group cash flow statement and the group statement of changes in equity for the financial year ending 31.12.07 and a summary of material accounting policies and other data in the appendices.

The legal representatives of the company are responsible for compiling the consolidated financial statements presenting a true and fair view of the assets, financial position and earnings of the company in accordance with the International Financial Reporting Standards (IFRS), as they are applied in the EU. This responsibility includes: The design, implementation and maintaining of an internal control system, insofar as this is important for the compiling of consolidated financial statements and presenting a true and fair view of the assets, financial position and earnings of the company so that these consolidated financial statements are free of material misstatements, whether due to intended or unintended errors; the selection and application of suitable accounting policies; the submission of estimates which, taking into account the given framework conditions, appear appropriate.

My responsibility consists of issuing an auditing opinion about these consolidated financial statements based on my audit. My audit was conducted in accordance with the applicable Austrian legal regulations. These standards require that I plan and perform the audit in such a manner that I can form a reasonable opinion as to whether the financial statements are free of material misstatement.

An audit includes the implementation of auditing actions to obtain auditing evidence in respect of the amounts and other details given in the consolidated financial statements. The choice of auditing actions is left to the obligatory discretion of the auditor, taking into account his assessment of the risk of material misstatements occurring, whether due to intended or unintended errors. In assessing this risk, the auditor takes into account the internal control system, insofar as it is important for compiling the consolidated financial statements and presenting a true and fair view of the assets, financial position and earnings of the company, in order to determine suitable auditing actions taking account of the framework conditions, not however to submit an auditing opinion about the effectiveness of the company's internal control system. Furthermore, the audit also includes the assessment of the appropriateness of the accounting principles used and material estimates made by the legal representatives of the company, as well as the evaluation of the overall financial statement presentation.

I believe that I have obtained sufficient and suitable auditing proof, so that my audit provides a reasonable basis for my opinion.

The results of my audit gave no reason for objection. On the basis of the knowledge gained during the audit, in my judgement the consolidated financial statements comply with the legal regulations and present a true and fair view of the company's Unqualified Audit Certificate assets and financial position as at 31.12.07 and the company's earnings and cash flow in the financial year from 1 January 2007 to 31 De cember 2007, in accordance with the International Financial Reporting Standards (IFRS), as they are applied in the EU.

The unqualified auditor's certificate was issued for the unabridged, German-language version of the consolidated financial statements.

As a result of Austrian legal regulations, the group management report is to be audited as to whether it is consistent with the consolidated financial statements and whether other details given in the group management report give a misleading impression of the group's financial position.

In my opinion, the group management report is consistent with the consolidated financial statements.

Linz, 07 April 2008

Auditing association: Österreichischer Raiffeisenverband
Auditor:

Ursula Palle-Futschik
Association Auditor

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