Provisions for impairment losses are formed on the basis of Group-wide standards according to IFRS accounting principles and cover all identifiable credit risks. In the non-retail segments, problem loan committees from each Group unit decide on building individual loan loss provisions. In the retail area, provisioning is performed by retail risk departments in individual Group units. They compute loan loss provisions according to defined calculation schemes on a monthly basis. The provisioning amount is then approved by local accounting departments.
Impairment losses on loans and advances 958 0 38 0 0 0
Impairment losses on loans and advances 2,275 9 421 187 762 251,366
The following table summarizes the development of impairment losses on loans and advances and off-balance sheet transactions during the fiscal year and shows the underlying balance sheet items: Central europe
Loans and advances to customers 2,354,579 568,304 1,665,236 (507,066) (491,432) 121,095 3,710,716
Loans and advances to customers 726,006 88,880 315,170 (367,013) 0 27,094 790,137 1 Allocation including direct write-downs and income on written down claims. 2 Usage including direct write-downs and income on written down claims.
Portfolio-based loan loss provisions 598,725 0 474,261 (288,431) 0 (14,043) 770,512 1 Allocation including direct write-downs and income on written down claims. 2 Usage including direct write-downs and income on written down claims.
The credit portfolio of RBI is well diversified in terms of geographical region and industry. Single name concentrations are also actively managed (based on the concept of groups of connected customers) by limits and regular reporting. As a consequence portfolio granularity is high. The sum of the maximum credit exposure of the ten largest corporate customers (before taking into account risk mitigation effects) corresponds to 65.9 per cent of core capital. In line with the credit risk policy these customers all have excellent ratings or – given high collateralization (and high fungibility of collateral) – acceptable credit standing.
Risk policies and credit assessments in RBI take into account the industry class of customers as well. The credit and insurance industry represents the largest industry class, which is mostly attributed to exposures against members of the Austrian Raiffeisen Sector (central liquidity balancing function). The second largest industry class is private households, primarily retail customers in Central and Eastern European countries. The following table shows the maximum credit exposure by industry classification: Public administration and defence and social insurance institutions 16,182,139 9.6% 8,069,816 9.1%
Retail trade except repair of motor vehicles 4,087,343 2.4% 1,974,017 2.2%
Electricity, gas, steam and hot water supply 3,516,158 2.1% 1,193,503 1.3%
The bank’s structured credit portfolio was taken over from RZB as a consequence of the merger. RBI ’s strategy for this portfolio is to reduce these investments step-by-step. This will be achieved either through repayment at maturity date or through assest sales depending on the market situation. The size of the structured credit portfolio is shown in chapter (39) securitization. More than 85 per cent of this portfolio is rated A or better by external rating agencies. The pools mainly contain exposures to European customers.
Market risks are transferred to the Group Treasury division by closing internal contracts with customer divisions. Global Treasury is responsible for managing structural market risks and for complying with the Group’s overall limit. The Capital Markets division is responsible for proprietary trading, market making, and for customer business with money market and capital market products.
The Market Risk Committee is responsible for strategic market risk management issues. It is responsible for managing and controlling all market risks in the Group. The Group’s overall limit is set by the Managing Board on the basis of the risk-taking capacity and income budget. This limit is apportioned to sub-limits in coordination with business divisions according to the strategy, business model and risk appetite.
All products in which open positions can be held are listed in the product catalogue. New products are added to this list only after completing the product approval process successfully. Product applications are investigated thoroughly for any risks. They are approved only if the new products can be implemented in the bank’s front- and back-office (and risk management) systems respectively.
RBI uses a comprehensive risk management approach for both the trading and banking book (total-return approach). Market risks are managed consistently in the trading and banking book. The following values are measured and limited on a daily basis in the market risk management system: • Value-At-Risk (confidence level 99 %, risk horizon 1 day)
Value-at-risk (VaR) is of central importance in the design of the instrument used. It is the main steering instrument in liquid markets and normal market situations. VaR is measured based on a hybrid simulation approach, where 5,000 scenarios are calculated. The approach combines the advantages of a historical simulation and a Monte Carlo simulation and derives market parameters from 500 days historical data. Distribution assumptions include modern features like volatility declustering, random time change, and extreme event containers. This helps in reproducing fat-tailed and asymmetric distributions accurately. The Austrian Financial Market Authority has approved this model such that it can be used for calculating own
Sensitivity limits shall ensure that concentrations are avoided in normal market situations and are the main steering instrument under extreme market situations, in illiquidity markets, and in markets that are structurally difficult to measure.
• Stop loss This limit strengthens the discipline of traders such that they do not allow losses to accumulate on their own proprietary positions but strictly limit them instead.
Trading book VaR 99 % 1d VaR as of 31/12/2010 Average VaR Minimum VaR Maximum
basis. VaR is shown as black line and denotes the maximum loss that will not be exceeded with 99 per cent confidence level on the next day. Theoretical profits and losses are shown as yellow line indicating theoretical returns that the bank would have realized according to the actual changes in market parameters. It is possible to see that the model correctly reproduces market volatility regimes and quickly reacts to changed market conditions.
January February March April May June July August September Oktober november december 228 Consolidated financial statements
RBI holds several large participations located outside of the European Monetary Union with their equity denoted in the corresponding local currency. Also, a significant share of risk weighted assets in RBI is denominated in foreign currencies. Changes in foreign exchange rates thus lead to a change of consolidated capital in RBI and they influence own funds requirement for credit risks as well. Basically, there are two different approaches for managing exchange rate risks: • Preserve equity: With this hedging strategy an offsetting capital position is held on Group level for local currency denominated equity positions. However, the necessary hedging positions cannot be established in all currencies due to the required high volume. And these hedges might be inefficient for some currencies if they carry a high interest rate differential.
• Stable capital ratio: The goal of this hedging strategy is to balance core capital and risk-weighted assets in all currencies according to the targeted core capital ratio (i.e. reduce excess capital or deficits in relation to risk-weighted assets for each currency) such that the core capital ratio remains stable even if foreign exchange rates change.
RBI aims at stabilizing its core capital ratio when managing exchange rate risks. Changes in foreign exchange rates thus lead to changes in consolidated capital amounts; however, the regulatory capital requirements for credit risks stemming from assets denoted in foreign currencies also change correspondingly. This risk is managed on a monthly basis in the Group Asset /Liability Committee based on historical foreign exchange volatilities, exchange rate forecasts, and the sensitivity of the core capital ratio to changes in individual foreign exchange rates.
Interest rate risk in the banking book is not only measured in a value-at-risk framework but also managed by the traditional tools of nominal and interest rate gap analyses. Since 2002, interest rate risk has been the subject of quarterly reporting within the scope of the interest rate risk statistics submitted to the banking supervisor. These reports show the change in the present value of the banking book as a percentage of own funds in line with the requirements of Basel II. Maturity assumptions needed in this analysis are defined as specified by regulatory authorities or based on internal statistics and empirical values. In 2010, the changes in present value of banking book positions after an interest rate shock of 200 basis points were always lower than the regulatory reporting threshold of 20 per cent of eligible own funds.
The following table shows the change in the present value of Raiffeisen Bank International’s banking book given a one-basispoint interest rate increase for the whole yield curve in € thousand for reporting dates 31 December 2009 and 31 December 2010. Currencies with total interest rate sensitivity exceeding € 10 thousand are shown separately. Interest rate risk in the banking book increased due to investments into securities issued by first class issuers, which are also held to improve the liquidity position.
The market risk management system takes into account time-dependent bond and CDS-spread curves as market risk factors in order to measure credit spread risks. This market risk category thus captures the specific interest rate risk of all securities in the trading and banking book. The value-at-risk report covers Raiffeisen Bank International AG in this risk category, where a major part of securities positions are booked. The roll out of this system to all Group units is being planned.
Internal limits have been established in each Group unit in order to limit liquidity risk. They require a positive short-term liquidity gap based on the internal liquidity model. In addition the Group holds sizeable positions in liquid securities and favors assets eligible in tender transactions in the lending business in order to ensure liquidity in various currencies. In the case of a liquidity shortage in the Group, contingency plans would come into force. Such prioritized action lists for handling short-term liquidity needs (also with regard to the publicity impact) exist for all major Group units.
Funding liquidity risk is mainly driven by changes in the risk appetite of lenders or by a rating downgrade of a bank that needs external funding. Funding rates and supply rise and fall with credit spreads, which change due to the market- or bank-specific situation.
medium-term and long-term borrowing activities of its subsidiaries through syndicated loans, bilateral funding agreements with banks, and financing facilities of supranational institutions. These funding sources are based on long-term business relationships.
Derivatives in the trading book 4,530,916 10,751,156 5,200,176 2,130,544 2,320,808 1,099,627
An important task for controlling operational risks is identifying and evaluating risky areas that might endanger the Group’s existence if a loss occurs (but where losses are highly unlikely to be realized) and also areas where losses are more likely to happen frequently (but cause only smaller losses).
Operational risk self-assessment is executed in a structured and Group-wide uniform manner, where all operational risk categories and business functions are assessed in a two-dimensional matrix (per business line or product group). This applies to new products as well. All Group units grade the impact of high probability/low impact events and low probability/high impact incidents according to their estimation of the loss potential for the next year and in the next ten years in relation to profits. Low probability/high impact events are quantified by a Group-wide scenario analysis framework that includes the simulation of up to ten specific scenarios. Individual Group units furthermore run additional scenarios depending on their individual risk profile and local specifics.
Operational losses in Raiffeisen Bank International mainly are caused by external fraud in the lending business, and thus are taken into account when building loans loss provisions. The increase in the category internal fraud results from active investigative actions in particular in the CIS region, where corresponding preventive actions already have been taken.
RBI currently calculates regulatory capital requirements for operational risks according to Basel II using the Standardized Approach. This approach applies to all major Group units.
Breakdown of operational loss events by loss amount (before risk mitigation)
(46) Fair value of financial instruments not reported at fair value
Positive fair values of derivatives 1 69,408 4,117,769 0 85,846 768,055 3,729
Bonds, notes and other fixed-interest securities 5,466,589 2,169,834 154,058 2,298,067 738,342 0
Financial assets available for sale 80,060 0 0 24,921 0 0
Level I: Quoted market prices Level II: Valuation techniques based on market data Level III: Valuation techniques not based on market data
€000 Level I Level II Level III Level I Level II Level III
Call/time deposits from trading purposes 0 0 0 4,072 0 0
Liabilities at fair value through profit and loss 0 2,557,396 0 0 0 0
Negative fair values of derivatives from hedge accounting 0 476,764 0 0 50,026 0 1 Including other derivatives.
RBI AG is member of Raiffeisen-Kundengarantiegemeinschaft Österreich. The members of this association have a contractual obligation to guarantee jointly the punctual fulfillment of the entirety of an insolvent association member’s commitments arising from customer deposits and its own issues up to the limit of the sum of the individual capacities of the remaining association members. The individual capacity of an association member is measured on the basis of its freely available reserves subject to the pertinent provisions of BWG.
The most crucial bank steering instrument is equity. RBI as an international Group considers several control parameters. From a regulatory view, RBI is part of the RZB credit institution group. Moreover, RBI – on an individual basis – has to adhere to the legal own funds regulations.
RBI uses target values for internal regulation, which comprises all risk types (including trading book, currency risk and operational risk). The current discussions are shaped by the developments in Basel and Brussels regarding the advancement of own funds regulations. Parallel to the development of these regulations, RBI will introduce new target values, which are sufficiently above the 7 per cent tier 1 capital in order to avoid regulatory limitations regarding management decisions (e.g. amount of dividend).
Tier 2 capital available to be redesignated as tier 3 capital 69,078 181,581
Own funds requirement for position risk in bonds, equities and commodities 326,655 136,189
The same regulations for employees are in principle valid for six members of the Managing Board. These regulations provide a basic contribution to a pension fund from the company and an additional contribution if the employee pays own contributions of the same amount. One member of the Managing Board has a defined benefit plan. Four members of the Managing Board additionally have individual retirement benefits, which are funded by reinsurance.
Group relations of key management Key management refers to the members of the Managing Board and the Supervisory Board of Raiffeisen Bank International AG, the parent company and Raiffeisen Zentralbank Österreich Aktiengesellschaft, the major shareholder. Relations of key management to Raiffeisen Bank International are as follows (respective fair values): The following table shows relations of close family members of key management to Raiffeisen Bank International: Moreover, as of 31 December 2010 guarantees for a loan granted to a member of the Managing Board amounted to € 765 thousand (2009: € 765 thousand). There is no compensation agreed between the company and their members of the Managing Board and Supervisory Board or employees in the case of a takeover bid.
The members of the Managing Board of Raiffeisen Bank International AG are remunerated as follows: Fixed and performance-based remunerations 8,191 4,610
It should be noted that the figures of the remuneration of the Managing Board for 2010 is not directly comparable with that of 2009 as the merger of Raiffeisen International and the principal business areas of RZB and withdrawals during the year led to a change in the composition of the Managing Board.
From 1 January 2010 until the legally effective registration of the merger in the Companies Register on 10 October 2010, the Managing Board of Raiffeisen International Bank-Holding AG was as follows: First assignment End of period
Helge Rechberger2 10 October 2010 Until further notice 1 Assignment effective with registration of the merger in the Companies Register as of 10 October 2010. 2 Staff council delegates
The members of the Supervisory Board had further mandates in the Supervisory Board or similar functions in quoted companies in Austria and abroad: • Walter Rothensteiner: UNIQA Versicherungen AG • Erwin Hameseder: AGRANA Beteiligungs-AG, STRABAG SE, UNIQA Versicherungen AG • Ludwig Scharinger: voestalpine AG • Christian Teufl: AGRANA Beteiligungs-AG • Hannes Schmid: UNIQA Versicherungen AG • Kurt Geiger: Raiffeisen Bank Aval JSC
Acquisition of a majority stake in Polbank On 3 February 2011 RBI closed an agreement with the Greek EFG Eurobank Ergasias S.A. (Eurobank EFG) about the acquisition of a majority 70 per cent stake in its business unit Polbank EFG (Polbank). Polbank is the Polish banking network of Eurobank EFG, which, prior to implementation of the acquisition, is set to be converted into an independent legal entity with a Polish banking license. RBI will pay € 490 million for the 70 per cent stake when the agreement is closed. The acquisition is still dependent on the successful closing of the agreement and the approval of the EU Commission as well that of the Greek and Polish regulatory authorities. The transaction is expected to close in the fourth quarter of 2011 or the first quarter of 2012.
It has been agreed that RBI shall, in a first stage, acquire a 70 per cent stake in Polbank and, in a second transaction stage immediately afterwards, Eurobank EFG and RBI shall invest their respective shares (Eurobank EFG: 30 per cent, RBI: 70 per cent) in Raiffeisen Bank Polska S.A in exchange for new shares of Raiffeisen Bank Polska S.A. As a result, Eurobank EFG will retain a 13 per cent stake in the Polish Raiffeisen Bank. The purchase price is based on guaranteed equity of at least € 400 million for Polbank and € 750 million for Raiffeisen Bank Polska. The implicit price-book value ratio stands at 1.7 but may change when the agreement is closed because of the equity requirements which are yet to be definitively determined. In addition, both parties agreed , on the one hand, on a put option for Eurobank EFG permitting it to sell its stake in the merged Polish unit to RBI at a price that is dependent on business developments, but for a figure of at least € 175 million plus interest. On the other hand, RBI shall receive an analog call option which will be exercisable from 31 March 2016.
The following table shows a selection of companies of the consolidated group. The complete list of the equity participations of RBI AG is deposited with the Group parent’s headquarters.
Kathrein & Co. Privatgeschäftsbank Aktiengesellschaft, Vienna (AT) 20,000,000 EUR 100.0% BA
RSC Raiffeisen Daten Service Center GmbH, Vienna (AT) 2,000,000 EUR 71.9% BR
RZB Finance (Jersey) II Ltd, St. Helier (JE) 100,000,002 EUR 0.0% FI
RZB Finance (Jersey) III Ltd, St. Helier (JE) 200,001,000 EUR 0.0% FI
RZB Finance (Jersey) IV Limited, St. Helier (JE) 500,002,000 EUR 0.0% FI
Tatra Asset Management sprav.spol., a.s., Bratislava (SK) 1,659,696 EUR 65.7% FI
Company, domicile (country) Subscribed capital in local currency Share Indirectly held1 Type2
OOO “Raiffeisen Capital” , Moscow (RU) 225,000,000 RUB 100.0% 0.0% FI
Raiffeisen Asset Management (Bulgaria) EAD, Sofia (BG) 250,000 BGN 100.0% 0.0% FI
Raiffeisen Datennetz Gesellschaft m.b.H., Vienna (AT) 145,346 EUR 4.7% 0.0% OT
Organisation & Internal Control System, Group Strategy and PR, Marketing and Event Management
Chief Operating Officer responsible for Information Technology, Operations & Productivity Management, Credit Services, Transaction Services, Retail CRM, Premium & Private Banking, Lending & Cards, Sales, Distribution & Service and
Chief Financial Officer responsible for Tax Management, Treasury, Planning and Finance and Investor Relations
Johann Strobl Chief Risk Officer responsible for Risk Controlling, Financial Institutions and Country Risk & Group Portfolio Management, Credit Management Retail,
Associated companies – Entities over which the investor has significant influence.
Badwill – Any remaining excess of the acquirer’s interest in the fair values of the identifiable assets and liabilities acquired over the cost of the acquisition as at the date of the exchange transaction.
Basel II – The body of capital adequacy regulations proposed in recent years by the “Basel Committee”, an international forum dedicated to improving bank supervision. According to EU Directives 2006/48/EC and 2006/49/EC, the regulations must be applied in the member states of the European Union from 1 January 2007 onwards to all banks and financial service institutions. As in the case of the Basel I Accord, the goal is to ensure that banks have adequate capital resources and that uniform competitive conditions are created for both lending and credit trading. The main objective of the changes made by Basel II compared with Basel I is to orient capital adequacy requirements prescribed by government more strongly to actual risk and hence approximate the capital requirements internally ascertained by banks.
Basel III – Basel-II-regulatory broadened with the experiences and insights of the financial crisis to harmonize incurred risks and the banks risk-taking capacity (deduced from the equity’s amount and quality).
CAGR – Compound Annual Growth Rate is the average increase of a figure.
Cash flow hedge – Protection against the risk of variability in projected cash flows, resulting either from risk associated with a recognized asset or liability or risk associated with a forecasted transaction. Whereas the effective portion of the hedge relating to changes in value of the hedging instruments can be directly recognized in equity, the ineffective portion has an immediate effect on profit and loss statement.
Consolidated ROE – Return on Consolidated Equity, i.e. the equity attributable to the shareholders of RBI. It is calculated by consolidated profit in relation to average equity on the statement of financial position (without non-controlling interests). Average equity is based on month-end figures and does not include current year profit.
Core capital – So called tier 1 capital, involves regulatory core capital as defined in Section 23 BWG.
default risk – Risk that counterparties in a financial transaction will not be able to fulfil an obligation, causing the other party a financial loss.
deferred tax liabilities – The amounts of income taxes payable in future periods in respect of taxable temporary differences.
Earnings per share (EPS) – Adjusted consolidated profit (after deduction of dividend for participation capital) divided by the weighted average number of ordinary shares outstanding.
Fair Value level III – (measurement techniques not based on observable parameters ). If observable parameters are not available; the fair value will be measured through valuation methods appropriate for the financial instrument.
Held-for-trading – Securities held to take advantage of short-term market fluctuations.
IFC (International Finance Corporation) – An institution of the World Bank that supports the establishment and strengthening of the private sector in developing countries by means of investments and advisory service.
Monte-Carlo-Simulation – Numerical method to aggregate risks to evaluate specific risks concerning their influence on corresponding income statement items.
net provisioning ratio (total credit exposure) – Risk valuation ratio. Is calculated by provisioning for impairment losses divided by the total credit exposure.
Operating leasing – Lease under which commercial and legal ownership remains with the lessor, with the effect that the lessor must show the asset on its statement of financial position.
Operating result – In IFRS-compliant financial statements, it consists of operating income less general administrative expenses. Operating income comprises net interest income, net fee and commission income, net trading income and other net operating income. General administrative expenses comprise staff expenses and other administrative expenses and depreciation on intangible and tangible fixed assets.
Own funds ratio – The ratio’s numerator is own funds within the meaning of the Austrian Banking Act (BWG) and its denominator is the own funds requirement multiplied by 12.5.
Plan assets – Assets held by a long-term employment benefit fund.
Portfolio rate – Total provisions for impairment losses divided by total credit exposure.
Risk-weighted assets (credit risk) – This is the sum of the weighted accounts receivable and includes receivables in the form of asset items, items off the statement of financial position according to annex 1 of Section 22 and derivatives according to Annex 2 of Section 22 BWG.
SEPA – Single European Payments Area. This is a project to create a Europeanwide standardized payment area. In this payment area there is no distinction between cross-border and national payments for customers anymore.
Share-based remuneration – Performance-based allotments of company shares for eligible employees for a given period of time.
Total shareholder return – A ratio illustrating the development of a share investment over a period considering the dividends and changes in share price.
Albania Raiffeisen Bank Sh.a. European Trade Center Bulevardi ”Bajram Curri“ Tirana Phone: +355-4-238 1000 Fax: +355-4-2275 599 SWIFT/BIC: SGSBALTX www.raiffeisen.al
Croatia Raiffeisenbank Austria d.d. Petrinjska 59 10000 Zagreb Phone: +385-1-456 6466 Fax: +385-1-481 1624 SWIFT/BIC: RZBHHR2X www.rba.hr
Poland Raiffeisen Bank Polska S.A. Ul. Piękna 20 00-549 Warsaw Phone: +48-22-585 2001 Fax: +48-22-585 2585 SWIFT/BIC: RCBWPLPW www.raiffeisen.pl
Russia ZAO Raiffeisenbank Smolenskaya-Sennaya sq., 28 119002 Moscow Phone: +7-495-721 9900 Fax: +7-495-721 9901 SWIFT/BIC: RZBMRUMM www.raiffeisen.ru
Serbia Raiffeisen banka a.d. Bulevar Zorana Djindjića 64a 11070 Novi Beograd Phone: +381-11-320 2100 Fax: +381-11-220 7080 SWIFT/BIC: RZBSRSBG www.raiffeisenbank.rs
Slovenia Raiffeisen Banka d.d. Zagrebška cesta 76 2000 Maribor Phone: +386-2-229 3100 Fax: +386-2-303 442 SWIFT/BIC: KREKSI22 www.raiffeisen.si
Ukraine Raiffeisen Bank Aval JSC Vul Leskova, 9 01011 Kiev Phone: +38-044-490 8888 Fax: +38-044-285 3231 SWIFT/BIC: AVALUAUK www.aval.ua leasing companies
Albania Raiffeisen leasing Sh.a. Rruga Kavajës 44 Tirana Phone: +355-4-2274 920 Fax: +355-4-2232 524 www.raiffeisen-leasing.al
Bulgaria Raiffeisen leasing Bulgaria OOd Business Park Sofia Building 7B, 4th floor 1766 Sofia Phone: +359-2-491 9191 Fax: +359-2-974 2057 www.rlbg.bg
Croatia Raiffeisen leasing d.o.o. Radnicka cesta 43 10000 Zagreb Phone: +385-1-6595 000 Fax: +385-1-6595 050 www.rl-hr.hr
Hungary Raiffeisen lízing Zrt. Hungária krt. 40-44 1087 Budapest Phone: +36-1-298 8000 Fax: +36-1-298 8010 www.raiffeisenlizing.hu
Kazakhstan Raiffeisen leasing Kazakhstan llP 146, Shevchenko St., Flat 1 050008 Almaty Phone: +7-727-3785 430 Fax: +7-727-3785 447 www.rlkz.kz
France RBI Representative Office Paris 9-11 Avenue Franklin D. Roosevelt 75008 Paris Phone: +33-1-4561 2700 Fax: +33-1-4561 1606
Germany RBI Representative Office Frankfurt Mainzer Landstrasse 51 60329 Frankfurt am Main Phone: +49-69-2992 1918 Fax: +49-69-2992 1922
RBI Representative Office Hong Kong Unit 2106-08, 21st Floor, Tower One, Lippo Centre 89 Queensway, Hong Kong Phone: +85-2-2730 2112 Fax: +85-2-2730 6028
Korea RBI Representative Office Korea Leema Building, 8th floor 146-1 Soosong-dong Chongro-ku Seoul 110-755 Phone: +82-2-398 5840 Fax: +82-2-398 5807
USA RB International Finance (USA) llC 1133 Avenue of the Americas, 16th Floor 10036 New York Phone: +01-212-845 4100 Fax: +01-212-944 2093 usa.rbinternational.com
Austria Am Stadtpark 9 1030 Vienna Phone: +43-1-26216 0 Fax: +43-1-26216 1715 www.rzb.at
F.J. Elsner Trading Gesellschaft m.b.H. Am Heumarkt 10 1030 Vienna www.elsner.at
Raiffeisen Centrobank AG Tegetthoffstraße 1 1015 Vienna Phone: +43-1-51520 0 Fax: +43-1-51343 96 www.rcb.at
ZUnO BAnK AG Am Stadtpark 3 1030 Vienna Phone: +43-1-71707 5939 www.zuno.eu
Editor, Publisher: Raiffeisen Bank International AG Am Stadtpark 9 1030 Vienna Austria Phone: +43-1-71707 0 Fax: +43-1-71707 1715 Internet: www.rbinternational.com
Editorial team : Group Investor Relations Copy deadline: 11 March 2011
For reasons of legibility the masculine form is used throughout to represent both male and female genders.