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
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
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