Document:

Mandate Agreement

    
      

      

    

    

                      MANDATE
        AGREEMENT    

       

       

       

      entered
        into by and between

       

      
        	1)  	
                CA
                  IB Corporate Finance Beratungs Ges.m.b.H. ("CA
                  IB")

              

      

      acting
        for Bank Austria Creditanstalt AG ("BA-CA") by virtue of a general
        mandate,

      

      and

      

      
        	2)  	
                Century
                  Casinos Inc., (the “Company”)

              

      

      Colorado
        Springs, Colorado

      

      

      

      PREAMBLE

      

      This
        Agreement shall govern, in principle, the legal relationship between the
        parties
        in connection with the proposed listing on the
        Vienna Stock Exchange (“VSE”) and placement of Austrian Depositary Certificates
        (“ADCs”) representing shares
        of the
        Company by way of a public offering in Austria and international private
        placements.
        The
        placement volume shall be approx. EUR 40 million, in addition, the possibility
        of providing for an over-allotment option of 10% to 15% of the placement
        volume
        will be investigated (the
        “Transaction").
        However,
        the placement volume and the over-allotment option, together, shall not exceed
        the equivalent of USD 50 million.
        The
        parties
        envisage the placement to be executed in autumn 2005 based on the consolidated
        financial statements of the Company
        as of
        June 30, 2005.
        The
        final terms of the Transaction will be agreed among the parties in an
        underwriting agreement
        (the
        "Underwriting Agreement"),
        having
        regard to prevailing market conditions.

      

      Given
        appropriate market conditions and provided the due diligence review produces
        satisfying results,
        an
        SAS 72
        comfort letter is issued by the Company’s auditors and a 10 b5 legal opinion is
        issued by Company’s counsel in a form and substance satisfactory for CA IB, and
        the prospectus to be drafted
        in
        accordance with the EU Regulation nr. 809/2004 (the “Prospectus”) has been
        approved by the Austrian Financial Authority (“FMA”), it is proposed to carry
        out the Transaction as soon as practicable thereafter. 

      

      The
        Company mandates CA IB and its affiliates (collectively "CA IB") as Sole
        Bookrunner and Lead-Manager of the Transaction. It is agreed that no other
        bank
        will be involved in the Transaction.

      

      The
        features and terms of the placement of shares and the underwriting commitment
        by
        CA IB will be governed by the
        Underwriting
        Agreement.
        The
        provisions set forth in this Mandate Agreement shall

       

      
        	a)  	
                not
                  constitute a binding obligation of CA IB or another member of the
                  Bank
                  Austria/HVB group to carry out the Transaction, execute the Underwriting
                  Agreement in connection with the Transaction or underwrite or subscribe
                  to
                  the securities,

              

      

       

      
        	b)  	
                not
                  constitute a responsibility of CA IB or any other member
                  of the Bank
                  Austria/HVB Group for any act or omission of any of the Company's
                  other
                  advisors, and

              

      

       

      
        	c)  	
                shall
                  not limit the future terms of the Underwriting
                  Agreement; it is, however, understood that the Underwriting Agreement
                  will
                  not provide for commissions exceeding the amounts specified in
                  section V
                  of this Mandate Agreement or contain any provisions, in particular
                  representations and warranties, which would be unusual for equity
                  offerings
                  in
                  Austria or internationally.

              

      

      

      

      
        
          
          

        

        
          -1-

          
            

          

        

        
          
          

        

      

      

      
        	  I.  	
                RESPONSIBILITIES/DUTIES
                  OF CA IB

              

      

      

       In
        connection with preparing
        and consummating the Transaction, CA IB will in particular: 

      

      
        	a)  	
                review
                  and assess, in cooperation with the Company’s US-counsel Faegre &
                  Benson LLP, Dorda, Brugger, Jordis as the transaction counsel as
                  well as
                  Shearman & Sterling
                  as
                  the CA IB’s
                  counsel, the Company's legal relations, operations, assets and
                  liabilities, financial condition and results of operation as well
                  as its
                  business prospects on the basis of information provided by the
                  Company
                  itself or on its behalf;

              

      

      

      
        	b)  	
                coordinate
                  between the Company and the relevant advisors (attorneys, auditors,
                  public
                  relations consultants) which may be necessary for the purpose of
                  the due
                  diligence and the execution of the
                  Transaction;

              

      

      

      
        	c)  	
                participate
                  in the preparation of an offering circular in accordance with Regulation
                  nr. 809/2004 (Prospectus Directive) (the “Prospectus”) for which the
                  Company is responsible, which has to be approved by FMA prior to
                  application for listing on VSE;

              

      

      

      
        	d)  	
                support
                  the Company and its advisors, in drawing up all necessary documents,
                  agreements and contracts in connection with the
                  Transaction;

              

      

      

      
        	e)  	
                advise
                  the Company on other areas, if any, to be agreed upon, which are
                  necessary
                  in connection with the Transaction;

              

      

      

      
        	f)  	
                coordinate
                  with FMA the process of approving the Prospectus,
                  with VSE the admission process and with
                  Oesterreichische Kontrollbank (“OeKB”) the structure for establishing and
                  implementing the ADCs with the necessary deposits in the United
                  States and
                  act
                  as the listing agent for the Company;

                 

              

      

      
        	g)  	
                advise
                  the Company on reasonable marketing measures
                  and draft
                  the roadshow presentation in cooperation with
                  the Company;

              

      

      

      
        	h)  	
                advise
                  the Company on and procure on their behalf the necessary notices
                  and
                  publications prescribed by law;

              

      

      

      
        	i)  	
                prepare
                  and carry out as the Sole Bookrunner and Lead Manager the placement
                  of the
                  ADCs
                  in
                  Austria and internationally;

              

      

      

      
        	j)  	
                coordinate
                  with the Company on a current basis all activities in connection
                  with the
                  preparation and consummation of the Transaction and inform the
                  Company on
                  any development which may materially affect the Transaction;

              

      

      

      
        	k)  	
                during
                  the bookbuilding procedure and within the scope of statutory and
                  regulatory provisions keep the Company
                  posted of developments in demand, the composition of investors,
                  and price
                  sensitivities;

              

      

      

      
        	l)  	
                fix
                  an optimal offer price in cooperation with the Company after the
                  bookbuilding procedure and carry out the allotment,
                  it
                  being well understood that the Transaction will be marketed
                  as an “at market bookbuilt
                  offering”;

              

      

      

      
        	m)  	
                issue
                  a written undertaking to VSE that it will act as market maker
                  (“Specialist”) for the Company’s ADCs.
                  

              

      

      

      
        
          
          

        

        
          -2-

          
            

          

        

        
          
          

        

      

      The
        Company agrees that CA IB’s consulting activities shall be limited only to the
        Transaction hereunder and may not be used for any other purpose or be applied
        as
        assessment basis in any other context. CA IB will not provide any consulting
        services which are usually provided to the Company (e.g. for legal matters,
        accounting and tax issues) by other advisors or regarding US-related matters
        in
        connection with the Transaction,
        and
        does not accept responsibility for such consulting services. In addition,
        the
        Company undertakes not to agree on any liability waiver relating to audit,
        tax,
        legal, regulatory, insurance and other issues in connection with the Transaction
        in the mandate agreements with their advisors, except with the written consent
        of CA IB. 

      

      

      II.
        RESPONSIBILITIES/DUTIES OF THE COMPANY

      

      In
        the
        course of preparing the Transaction the Company will make available any
        information, document and proof which may be necessary to prepare the
        documentation (e.g. the
        Prospectus),
        the due diligence review, the issuance of the SAS 72 comfort letter and the
        10b5
        legal opinion. 

      

      In
        addition, CA IB may directly approach the management of the Company and of
        its
        affiliates as well as employees
        (after
        adequate advance notice to the CEOs of the Company of CA IB’s intent to do
        so)
        and
        advisors (in particular attorneys, auditors) to obtain the information it
        considers necessary.

       

      CA
        IB may
        rely on the accuracy, correctness and completeness of such information provided
        by the Company or originating from public sources, unless such documents
        are
        evidently false or incomplete. CA IB is not obliged to review the accuracy,
        correctness or completeness of such information and is not liable towards
        the
        Company for the use of such information.

      

      The
        Company undertakes to comply
        with all US -, Austrian - and other applicable securities laws in connection
        with the Transaction and
        to
        establish appropriate clearing facilities in order to effect the settlement
        of
        the Transaction as well as trading on VSE. 

      

      In
        addition, the Company undertakes to fulfill any obligations which may be
        necessary for the admission to listing and trading in the prime market segment
        on the Vienna Stock Exchange as well as ongoing reporting obligations according
        to Austrian law as well as US law. 

      

      

      III.
        PUBLICATIONS

      

      The
        Company declares not to publish, whether itself or through third parties,
        any
        information or notice in connection with the proposed Transaction or any
        material information about the Company's course of business, unless CA IB
        approves the disclosure of information in a particular case or unless it
        is
        information which the Company is required to disclose by law or which shall
        be
        disclosed on request of a public authority. 

      

      The
        Company ensures that any open question, doubt, uncertainty or ambiguity relating
        to impending publications be timely discussed with CA IB and the relevant
        advisors before the relevant decisions are made or the relevant events have
        occurred.

      

      The
        Company undertakes to ensure that the contents of its website
        are
        reviewed
        to ensure that no information (including hyperlinks on other
        websites)
        is
        published there which directly or indirectly relates
        to the
        Transaction or the Company's disclosure obligations
        towards
        CA IB,
        except
        for such information which has to be disclosed to the public due to legal
        and/or
        regulatory requirements the Company must comply with.

       

      
        
          
          

        

        
          -3-

          
            

          

        

        
          
          

        

      

      CA
        IB
        reserves the right to publish notices about its function as advisor/Bookrunner
        and Lead Manager in newspapers or in the form of advertisements or in any
        other
        form as soon as the Transaction has
        been
        consummated.

      

      

      IV.
        CONFIDENTIALITY

      

      CA
        IB
        will keep strictly confidential any information and knowledge relating to
        the
        Company obtained in preparation of the Transaction, unless the Company approves
        the disclosure of confidential information, or in case of information which
        CA
        IB is required to disclose by law or which shall be disclosed on request
        of a
        public authority. However, CA IB may disclose data, information or parts
        thereof
        to auditors or external advisors or to affiliates and subsidiaries in
        performance or within the scope of this Mandate Agreement. The
        confidentiality obligation towards the Company will expire 1 year after delivery
        of the information to CA IB. 

      

      Neither
        CA IB nor its affiliates shall be obliged to disclose to the Company any
        information they (or other affiliates) may have obtained in connection with
        other operations or in connection with the provision of services to other
        persons. The Company accepts that CA IB and its affiliates will not disclose
        any
        such information to the Company even if this information pertains to the
        Company
        or the Transaction.

      

      CA
        IB
        shall retain sole title to any correspondence and all other documents made
        available to it in connection with all matters assumed for the Company except
        for original contracts, share certificates and any other title and deed retained
        by it on the Company's instructions, or documents which CA IB has agreed
        to
        return prior to or upon receipt thereof.

      

      The
        Company agrees that any information and written documents provided and/or
        prepared by CA IB in connection with the Transaction is provided solely for
        use
        of the Company and may not be passed on to third parties without CA IB’s prior
        consent. This applies also in case of a premature termination of the Mandate
        Agreement.

      

      

      V.
        COMMISSION 

      

      In
        consideration for the engagement of CA IB in connection with the preparation
        and
        execution of the Transaction the Company will pay to CA IB, according to
        the
        terms of an Underwriting Agreement to be executed separately, a commission
        equal
        to 4.70% of the sales proceeds (including the sales proceeds generated from
        the
        over-allotment option, if any).
        The
        amounts payable hereunder will be paid without any deduction of VAT or any
        other
        taxes and duties upon
        closing of the Transaction.

      

      

      VI.
        EXPENSES

       

      The
        Company will bear all costs and expenses, taxes and duties arising in connection
        with the Transaction, including any costs arising for preparing, translating
        (if
        applicable), printing and shipping the Prospectus and the marketing materials,
        and for all necessary publications.

      

      In
        particular, the Company will:

      

      
        	a)  	
                make
                  available a sufficient number of copies
                  of the
                  Prospectus;

              

      

      

      
        
          
          

        

        
          -4-

          
            

          

        

        
          
          

        

      

      
        	b)  	
                pay
                  for all fees and expenses arising in connection with the Transaction
                  for
                  the legal due diligence and consultancy of CA IB (Underwriter's
                  Counsel,
                  whose
                  legal fees shall not exceed the sum of EUR 50,000,--,
                  10 b5
                  legal opinion, SAS 72 comfort letter), the Company’s consulting fees
                  (including auditors’ fees and the preparation of a comfort letter) and the
                  legal fees of the Company, (Company’s Counsel, Transaction
                  Lawyer);

              

      

      

      
        	c)  	
                bear
                  any costs for presentations in Austria and internationally (roadshow)
                  as
                  well as any costs arising for other advertising
                  measures;

              

      

      

      
        	d)  	
                pay
                  all
                  reasonable out-of-pocket
                  expenses incurred by the employees of CA IB in connection with
                  the
                  Transaction (e.g. travel expenses, hotels, shipping charges);
                  

              

      

      

      
        	e)  	
                bear
                  any costs and charges arising in connection with the approval of
                  the
                  Prospectus and the listing of the ADCs
                  on
                  VSE.

              

      

      

      The
        amounts payable hereunder will be paid without any deduction of VAT or any
        other
        taxes and duties. However, these amounts will be charged, if applicable,
        with
        VAT and other taxes. The Company will pay those additional amounts which
        are
        necessary so that the net amounts actually received by CA IB, after deduction
        of
        the relevant amounts, are consistent with what CA IB would have otherwise
        received.

      

      

      VII.
        INDEMNIFICATION

      

      The
        Company
        undertakes to hold harmless and indemnify CA IB and its respective ultimate
        parent company (in case of CA IB this is Bayerische Hypo- und Vereinsbank
        AG),
        their subsidiaries and affiliates and their respective directors, officers,
        employees and representatives of the same and/or all institutions and their
        representatives and subsidiaries that may be involved in the Transaction
        hereunder, for any liability and any other disadvantage (in particular losses,
        claims, damage
        (however, not consequential damages),
        liabilities, costs or expenses, which may be related to the preparation and
        consummation of the Transaction hereunder), which they may incur in connection
        with this Mandate
        Agreement and the activities conducted in this context. The Company will
        also
        reimburse all reasonable
        and documented costs,
        expenses and disbursements incurred by eligible parties from the investigation,
        avoidance or dispute of such complaint or claim. 

      

      Should
        a
        third party assert any judicial and non-judicial claims against CA IB or
        another
        party to be indemnified in connection with this mandate, the Company will
        use
        its best endeavors to defend the rights of CA IB and of any other person
        to be
        indemnified. 

      

      The
        right
        to indemnification does not exist if and when a final decision holds that
        CA IB
        has caused the damage with intent or gross negligence.

      

      

      VIII.
        CA IB’S INTERESTS

      

      The
        Company is aware that CA IB and other members of Bank Austria/HVB Group are
        engaged, inter
        alia,
        in the
        following activities:

      

      capital
        markets, securities issuing, securities trade and analysis, brokering activities
        and financing business, general banking business and asset management (this
        includes the management of open-end funds and other collective asset management
        systems) that are all operated independently from corporate finance/equity
        capital markets.

      

      
        
          
          

        

        
          -5-

          
            

          

        

        
          
          

        

      

      In
        connection with their ordinary activities, other members of the Bank Austria/HVB
        Group may have a financial interest in the Transaction. In addition, members
        of
        the Bank Austria/HVB Group could hold participations in the shares of other
        companies that could be interested in the Transaction. 

      

      Members
        of Bank Austria/HVB Group may, in the course of its ordinary activities,
        hold
        long
        or
        short positions
        in debt instruments, shares or preferred loans of the Company or other companies
        related to the Transaction and do business for its own or another person's
        account. 

      

      CA
        IB may
        also provide investment, banking, financing and other financial consulting
        services to companies who are competitors of the Company. In this event,
        however, CA IB will not use or disclose to its other customers any confidential
        information relating to the Company it may have obtained hereunder or by
        virtue
        of this mandate. In this context, the Company acknowledges that it has no
        right
        to receive information from CA IB which the latter has received from other
        parties.

      

      

      IX.
        TERM
        AND TERMINATION
        OF THE AGREEMENT 

      

      a)
         The
        Transaction shall be consummated by November 31, 2005 at the latest. Should
        the
        Transaction not be consummated by December 31, 2005, the Mandate Agreement
        will
        elapse without any further written notice of the Company or CA IB
        required.

       

      b) Either
        party
        may terminate this Mandate Agreement with immediate effect at any time before
        the signing of the Underwriting Agreement by giving written notice.

      

      c) Should
        a
        reasonable consummation of the Transaction become impossible for
        (i)
        material reasons within the Company’s control, (ii)
        due
        to
        unforeseeable events or findings of economic or political nature, (iii) due
        to a
        material change in the decision basis or (iv) in the conditions of national
        and/or international capital markets, both the Company and CA IB may
        unilaterally terminate this Mandate Agreement by giving written notice after
        consultation with the respective other party.

      

      
        	d)  	
                Should
                  the mandate hereunder elapse or be terminated by the Company for
                  any
                  reason before
                  the Transaction is consummated and not become extended for a period
                  of at
                  least 6 months, CA IB shall receive a compensation of EUR 50,000.--
                  for each month of its engagement hereunder, beginning with August
                  2005. The same applies, if CA IB terminates the mandate
                  hereunder
                  for reasons mentioned in c)
                  (i) and/or (iii). The compensation hereunder shall, however, not
                  exceed
                  the sum of EUR 150,000.--
                  in
                  case the mandate does not become
                  extended.

              

      

      

      
        	e)  	
                In
                  case the
                  mandate hereunder is terminated by the Company before the Transaction
                  is
                  consummated
                  and
                  a
                  similar transaction (as
                  defined below) is
                  carried out within a period of 12 months following the cancellation
                  or
                  termination,
                  CA
                  IB will receive a break-up fee of 1.25 % of the sales proceeds
                  resulting from the Similar Transaction; such break-up fee shall,
                  however,
                  not exceed EUR 500,000.--.

              

      

      

      "Similar
        Transaction" shall have the meaning of an equity transaction (shares or ADCs)
        of
        the Company conducted on the Vienna Stock Exchange.

       

      Any
        termination, cancellation or expiration of this
        Mandate
        Agreement shall not affect rights to insist on compliance with the
        confidentiality obligation referred to in Article IV which have already accrued
        at least on the merits, to reimbursement of expenses and costs as referred
        to in
        Article VI and to indemnification as referred to in Article VII.

      

      
        
          
          

        

        
          -6-

          
            

          

        

        
          
          

        

      

      X.
        PLACE OF JURISDICTION

      

      This
        Mandate
        Agreement
        as well as all rights and obligations arising therefrom shall be governed
        by and
        construed in accordance with the laws of the Republic of Austria. Place of
        jurisdiction shall be Vienna.

      

      

      XI.
        MISCELLANEOUS

      

      Should
        individual terms hereof be or become invalid or unenforceable in whole or
        in
        part, this shall not affect the remaining terms hereof. Invalid or unenforceable
        terms shall be replaced by valid terms in accordance with the meaning and
        purpose of this Agreement that closest reflect the economic purpose of the
        invalid terms.

      

      This
        Mandate
        Agreement will enter into force upon signing by both parties and will be
        executed in two originals. Each party will receive one original.

      

      Vienna,
        September
        30,
        2005

      

      CA
        IB
        Corporate Finance Beratungs GesmbH,   

      Vienna   

      

      
        
          	 	 	 	 
	/s/ Dr.
                  Klaus Requat	 	 	/s/ Mag.
                  Norbert Brigelhuber
	
                  
Name:
                  Dr. Klaus Requat	 	 	
                  
Name:Mag.
                  Norbert Brigelhuber
	
                	 	 	
                

        

      

      
 

      Century
        Casinos,
        Inc.,

      Wilmington

      
 

      
        
          	 	 	 	 
	/s/ Dr.
                  Erwin
                  Haitzmann 	 	 	/s/ Mag.
                  Peter
                  Hötzinger
	
                  
Name:Dr.
Erwin
                  Haitzmann	 	 	
                  
Name:Mag.
Peter
                  HötzingerADC Agreement

    

    

    

    

    "ADC
      Agreement"

     

    among

     

    Bank
      Austria Ceditanstalt AG

    (the
      "Bank"),

     

    Century
      Casinos, Inc., Colorado Springs,
      U.S.A.

    (the
      "Company")

     

    and

     

    Oesterreichische
      Kontrollbank
      Aktiengesellschaft

    ("OeKB")

     

     

     

     

     

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

    

    Preamble

    

    OeKB,
      a duly
      established company under Austrian law, provides instruments which allow trading
      and settlement of registered securities (equity and debt instruments) in
      compliance with procedures used for bearer securities. This Agreement is made
      to
      facilitate the trading of the shares of the Company,
      on the
      Vienna Stock Exchange.

    

    OeKB
      has not
      examined the Company,
      especially not with regard to its valid existence, due organization, financial
      standing and economic soundness.

    

    The
      Company represents and warrants that all of its existing shares of common stock
      have been validly issued, are fully paid and non-assessable. These shares are
      traded in the U.S. on the NASDAQ Capital Market and the Shares (as defined
      below) will also be tradeable on that market. Moreover, a prospectus pursuant
      to
      the Austrian Capital Markets Act was prepared by the Company and was approved
      by
      the Financial Markets Authority on September 28, 2005. 

    

    Subject
      matter of the Agreement are any issued and outstanding shares of common stock
      of
      the Company with a par value of USD 0.01 per share. The number of Austrian
      Depositary Certificates (the „Certificates“) issued by OeKB,
      which
      are held in form of a global certificate (the „Austrian Depositary Certificate“
      or „ADC“) matches the number of shares delivered to the Custodian (as defined in
      the Annex) of the Austrian Central Securities Depositary (the “CSD”) for the
      purpose of issuing the Certificates (the „Shares“).

    

    The
      parties are aware that the Shares are being delivered to the Custodian against
      delivery of Certificates in connection with a public offering of Certificates
      by
      the Company in Austria.

    

    

    Article
      1 - The ADC

    

    OeKB
      shall issue the ADC according to the Annex, containing the form and the terms
      and conditions (the „Conditions“) of the Certificates, all of which constitute
      an integral part of this Agreement.

    

    The
      number of Certificates represented by the ADC will match the number of Shares
      delivered to the securities account of the CSD with its custodian and registered
      in the name of OeKB.

    

    Article
      2 - Duties of the Bank vis-à-vis OeKB 

    

    
      	(i)  	
              The
                Bank will upon OeKB ́s request, use its reasonable best efforts to enable
                OeKB to perform its obligations in relation to matters arising from
                the
                ADC as specified below. This authorisation of the Bank does not relate
                to

            

    

    -the
      transfer or withdrawal of Shares from OeKB ́s securities account with the CSD nor
      to

    -changes
      of the registration in the register of shareholders of the Company.

    

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    Upon
      receipt of relevant information relating to general meetings of shareholders
      of
      the Company, dividend payments, capital changes and the like, the Bank shall
      ensure that OeKB be informed thereof.

    

    (ii)  
      The Bank is obliged to deliver or cause the delivery of all relevant information
      to OeKB that may be required to enable OeKB to comply with its respective
      obligations.

    

    (iii)  
      In
      particular, the Bank shall provide OeKB with a sufficient number of copies
      of
      the following information and documentation, either in German or
      English;

    

    aa) Certificate
      of Incorporation and the Bylaws of the Company and, promptly upon any amendment
      thereto, such amendment;

    

    bb) all
      financial reports and all annual, bi-annual and other interim reports which
      the
      Company generally distributes to its shareholders;

    

    cc) all
      other
      information which the Company distributes to or publishes for its
      shareholders;

    

    dd) all
      communication pertaining to the holding of general meetings of the shareholders
      of the Company as regards the following information:

    - date,
      place and time of the general meeting

    - agenda
      and the relevant information

    - all
      other
      matters affecting the rights of the shareholders;

    

    ee) all
      communication distributed to, on a case by case basis and when relevant, or
      published for the shareholders of the Company as regards dividend
      payments,       in any case
      the following
      information:

        - amount
      of
      dividend

        - payment
      date

        - if
      applicable, ex-date at the relevant stock exchange;

    

    ff) all
      communication distributed to or published for the shareholders of the Company
      as
      regards the issue of new shares or the creation of other rights or claims in
      favour of the shareholders of the Company, in any case the following
      information:

    - the
      nature and contents of such rights

    - if
      applicable, ex-date at the relevant stock exchange

    - the
      period for exercising such rights;

    

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    gg) all
      communication to be distributed to or published for the shareholders of the
      Company with respect to the resolutions passed at general meetings, if
      any;

    

    hh) all
      other
      information which the Company is required to provide under the rules of the
      Vienna Stock Exchange.

    

    (iv)  
      All
      communication by the Bank pursuant to Article 2 (iii) dd), ee) and ff) must
      be
      sent by e-mail or fax in time for its forwarding to be made in Austria at the
      same time the Bank dispatches it to the Certificate-Holders. Information and
      documents listed in Article 2 (iii) aa), bb), cc), gg) and hh) must be sent
      to
      OeKB without delay.

    

    (v)  
      The
      Bank
      shall assist the Company and OeKB in arranging for any publication in the
„Amtsblatt zur Wiener Zeitung” (i.e. the official gazette for notices and
      information of holders of securities) required under Austrian or any other
      applicable law, if, in the latter case, so instructed by the Company. All
      expenses arising thereof shall be borne by the Company.

    

    (vi)  
      If
      appropriate, the Bank will assist the Certificate Holders in exercising their
      voting rights in shareholder meetings of the Company.

    

    (vii) In
      respect of obligations of OeKB according to the ADC and the Conditions, the
      Bank
      will supply OeKB with all required information that OeKB is obliged to forward
      to the Certificate Holders, provided that the Bank has received such information
      from the Company, it being understood that the Bank has employed reasonable
      best
      efforts to obtain such information from the Company. In the event OeKB has
      received the required information from another competent source and the Bank
      has
      not received the information, the Bank is relieved for its duty to provide
      this
      information to OeKB. 

    

    

    Article
      3 - Duties of the Company vis-à-vis the Bank

    

    The
      Company is obliged to provide in due time any and all information, materials,
      notifications, etc to the Bank which the Bank requires to fulfill its
      obligations vis-à-vis OeKB pursuant to Art. 2. 

    

    

    Article
      4 - Fees

    

    OeKB
      may
      charge the Bank reasonable fees to cover its expenses and time spent in
      negotiations relating to the setting up and administering of the
      ADC.

    

    

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    Article
      5 - Liability

    

    (a)  
General

     

    In
      the
      performance of the duties under this Agreement, the parties shall act with
      the
      due care of a diligent merchant and shall bear all responsibility for any
      negligence.

    

    (b)  Indemnification

     

    (i) OeKB
      has
      and will continue to carefully select the Custodian in order to have a custodian
      perform the required services for the duration of this Agreement, and will
      indemnify and hold harmless the Company for any damages and losses arising
      from
      the violation of this obligation. CSD has entered into a custodian agreement
      with Brown Brothers Harriman & Co (“BBH”) dated April 21, 2005 under which
      BBH operates a deposit for CSD and under which BBH agrees to provide certain
      services set forth therein. BBH’s liability will be made available by OeKB to
      the Company, the Bank and the Certificate Holders via their respective deposit
      banks, as the case may be.

     

    (ii) OeKB
      shall be kept harmless by the Company of claims for damages and lawsuits which
      a
      Certificate Holder may raise or file against OeKB in respect of his acquisition
      and holding as beneficial owner of Shares in the Company, except for claims
      arising specifically from the negligence of OeKB or its officers or employees
      in
      connection with its performance under this Agreement.

     

    (iii) The
      Company shall deposit a sum of $ 1 million in cash on an account held
      by
      OeKB or present an irrevocable and unconditional bank guarantee payable on
      first
      demand by OeKB and issued by a recognized Austrian bank to cover any and all
      amounts payable under the hold-harmless clause above (the “Security”). Any form
      of the Security may be exchanged into the other form of Security. 18 months
      after the delivery of the Security, OeKB and the Company will enter into good
      faith negotiations to gradually reduce and finally do away with the Security.
      Any net proceeds of the Security (e.g. interest on the cash) will be at the
      disposal of the Company. The Security will be provided by the Company to OeKB
      at
      the latest within one bank day upon receipt of the proceeds resulting from
      the
      public offering of the ADCs in Austria and the listing of the ADCs on the Vienna
      Stock Exchange. 

    

    Article
      6 - Termination provisions

     

    a) Term
      of agreement

        
      This Agreement shall be valid for such time until it be revised, replaced or
      terminated.

    

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    b)
      Termination by notice

     

     
 Any
      party may terminate
      this Agreement by giving at least six months notice.

           

          Such
      termination will trigger the termination of the ADC in compliance with the
      Conditions.

     

         At the end  of
      the termination
      period such trustee will, subject to any other agreement, be registered 
      instead of OeKB on the Shares which is generally registered for the shares
      to  

         make the Shares fungible
      with the
      Shares.

    
 

    Article
      7 - Law and jurisdiction

    

    
      	a)  	
              This
                Agreement and the rights and obligations arising hereunder as well
                as
                their interpretation are subject to the laws of the Republic of Austria.
                

            

    

    

    
      	b)  	
              The
                parties are aware that such matters which relate to the rights and
                obligations related directly to the Shares (other than the payment
                of
                dividends which shall be subject to the jurisdiction of the courts
                in
                Vienna) are governed by the Certificate of Incorporation of the Company,
                the Bylaws of the Company, and by applicable mandatory provisions
                of the
                laws of the United States, the State of Delaware, or the State of
                Colorado. 

            

    

    

    
      	c)  	
              The
                courts in Vienna, Austria shall have exclusive jurisdiction with
                regard to
                the enforcement of claims by any of the parties hereto against any
                other
                party.

            

    

    

    

    Article
      8 - Notices

    

    
      	
                a)

            	
              All
                communications to the Bank
                shall be addressed to

            

    

    

    Bank
      Austria Creditanstalt AG

    Telephone:
      +43 50505-

    Fax:

    

    
      	
                   
                b)

            	
              All
                communications to OeKB
                shall be addressed to

            

    

    

    Oesterreichische
      Kontrollbank Aktiengesellschaft

    Central
      Securities Depository

    Am
      Hof
      4

    1010
      Vienna

    Austria

    
      	 	 	
              Telephone:
                

            	
              +43
                1 531 27-0

            

    

    
      	 	 	
                   Fax:
                

            	
                   +43
                1 531 27 5020

            

    

    

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

    c)
       All
      communications to the Company
      shall be
      addressed to

    

    Century
      Casinos, Inc.

    1263
      Lake
      Plaza Drive, Suite A

    Colorado
      Springs, Colorado 80906

    Telephone:
      + 1 719 527 8300

    Fax:
      + 1
      719 527 8301

     

        with
      a copy
      to

    Century
      Casinos Europe GmbH     and     Dorda
      Brugger Jordis 

    Wipplinger
      Straße 30                 Rechtsanwälte
      GmbH

    1010
      Vienna, Austria                 
Dr
      Karl
      Lueger-Ring 10

                                                                                                          
      1010
      Vienna, Austria

                                                                                                          
      Telephone:
      + 43 1 533 47 95-0

                                                                                                          
      Fax:
      + 43
      1 533 47 97

    

    In
      case
      of change of address the parties concerned shall inform the other parties in
      writing.

     

    

    

    Article
      9 - Invalidity

    

    If
      a
      provision of this Agreement is or shall become entirely or partially invalid
      or
      unenforceable, the other provisions hereof shall remain valid. An invalid or
      unenforceable provision shall be replaced in full with a valid provision which
      comes nearest to it and complies with the intention of the parties and the
      purposes of this Agreement.

    

    

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

    Article
      10 - Miscellaneous

    

    a) Proper
      operation

    The
      parties to this Agreement are obliged to take all steps that may be required
      to
      ensure the proper operation of this Agreement.

    

    b)  Language

    Communications
      between the parties shall be in German or English.

    

    c)  Stamp
      duties 

    The
      Company shall bear all stamp duties, taxes and similar charges which may be
      levied in respect of the Agreement and the performance of the transactions
      hereunder.

    

    d)  Copies

    This
      Agreement shall be signed in three copies.

    

    e)  Annex

    The
      Annex
      forms an integral part of this Agreement.

    

    f)  Amendments

    Amendments
      to this Agreement shall require a written document signed by all parties in
      order to be legally valid. This clause may only be changed in
      writing.

    

    

    Signed
      by
      and dated the date of the final signature.

    

    Century
      Casinos, Inc.

    
      	
              /s/
                Erwin Haitzmann

            	
              /s/
                Peter Hoetzinger

            
	
              Erwin
                Haitzmann

            	
              Peter
                Hoetzinger

            

    

    Colorado
      Springs, 30.9.2005

    

    Oesterreichische
      Kontrollbank

    Aktiengesellschaft

    
      	
              /s/
                Georg Zinner

            	
              /s/
                Christian Koerbler

            
	
              Georg
                Zinner

            	
              Christian
                Koerbler

            

    

    Vienna,
      30.9.2005

    

    

    

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

    

    Bank
      Austria Creditanstalt AG

    

    
      	
              /s/
                Martina Hoerger

            	
              /s/
                Silvia Rodler

            
	
              Martina
                Hoerger

            	
              Silvia
                Rodler

            

    

    Vienna,
      30.9.2005

    

    

    
      
        
          

          

           

          

        

        
        

      

      
        -9-

        
          

        

      

      
        
        

        
        

      

    

    

    Annex
      to
      the ADC-Agreement:

    

    The
      Austrian Depositary Certificate has the following wording:

    

    

    

    AUSTRIAN
      DEPOSITARY CERTIFICATE

    

    in
      respect of

    

    registered
      shares of common stock with a par value of $0.01 of

    

    Century
      Casinos, Inc., Colorado Springs, U.S.A. (“Company”)

    

    

    

    Oesterreichische
      Kontrollbank Aktiengesellschaft ("OeKB"), Vienna, holds [●] registered shares of
      common stock with a par value of $0.01 each of Century Casinos, Inc. (the
      "Company" and the “Shares“). The Shares are registered in the register of
      shareholders of the Company in the name of OeKB or its agent. The Shares are
      kept on deposit in the name of OeKB with the Austrian Central Securities
      Depositary (the “CSD”), which holds the Shares with its respective custodian in
      the United States of America (the “Custodian“), each of which is represented by
      a certificate (each a “Certificate”), all of which are represented hereby. The
      amount of Shares held with the CSD and registered in the name of OeKB
      corresponds at all times to the notation on the schedule (the “Notation“)
      attached to this ADC and each such Share shall be represented by a Certificate.
      A Certificate Holder (as defined below) is not entitled to receive delivery
      of
      physical Certificates.

    

    Each
      Certificate entitles its holder (the “Certificate Holder“) to receive one Share.
      OeKB or its agent provides the rights for and delegates the obligations to
      each
      Certificate Holder which it obtained upon registration in the register of
      shareholders of the Company as if the Certificate Holder itself were
      registered.

    

    OeKB
      has
      not scrutinized the Company in any respect, particularly as regards its
      financial standing and economic soundness or as regards to its due organization
      and valid existence. OeKB does not assume any responsibility for damages which
      a
      Certificate Holder or any other third party might suffer by investments in
      the
      Shares.

    

    The
      terms
      and the conditions of the Certificates attached to this ADC shall apply and
      form
      part of this ADC. The ADC bears the signatures of two duly authorized
      signatories of OeKB.

    

    

    Vienna,
      

    

    

    Oesterreichische
      Kontrollbank Aktiengesellschaft 

    

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

    

    

    Terms
      and
      conditions of the Certificates (the Conditions“)

    

    

    

    
      	
              1.

            	
              OeKB
                undertakes that each Certificate Holder is entitled, subject to mandatory
                United States law and in accordance with the Certificate of Incorporation
                and other regulations of the Company, to instruct CSD via his deposit
                bank
                to deliver at the cost of same to any appropriate account such number
                of
                Shares not exceeding the number of Certificates held by or on behalf
                of
                himself. OeKB undertakes that upon receipt of such request, CSD shall
                immediately instruct the Custodian to have the appropriate number
                of
                Shares registered in the respective name and to deliver these Shares
                as
                instructed. OeKB represents that the ADC is decreased accordingly
                by the
                corresponding number of said Certificates. Any shareholder may deliver
                his
                shares of common stock to the Custodian to be credited to the account
                of
                CSD (on behalf of OeKB as issuer of the ADC). Immediately upon receipt
                of
                notification of the credit entry and confirmation of the registration
                of
                OeKB, (i) OeKB will issue an amount of Certificates which corresponds
                to
                the amount of shares of common stock credited and (ii) CSD will credit
                those Certificates to such deposit bank in the CSD which acts on
                behalf of
                the deposit bank that has been named by the
                shareholder.

            

    

    

    The
      Certificate Holder shall bear all costs, taxes, fees and duties arising in
      connection with the delivery, including all fees such as those of a notary,
      as
      the case may be.

    

    A
      Certificate Holder is not entitled to receive delivery of physical
      Certificates.

    

    
      	
              2.

            	
              OeKB
                undertakes that the Custodian will forward to CSD without delay any
                dividends or other amounts received in the original
                currency.

            

    

    
      	 	
              OeKB
                undertakes that CSD shall forward cash dividends received from the
                Custodian to each Certificate Holder through his deposit bank without
                any
                deduction of any fees of OeKB/CSD. Stock dividends of at least one
                share,
                shares deriving from stock splits, bonus shares and similarly created
                Shares shall be credited to the Certificate Holder through his deposit
                bank in the form of additional Certificates. If a rateable allocation
                of
                such shares to the Certificate Holder, corresponding to the number
                of his
                holdings, is not possible, OeKB will instruct CSD to attempt to sell
                the
                relevant rights on a best efforts basis and shall rateably distribute
                the
                proceeds of the sale to the deposit banks in favour of the Certificate
                Holder in proportion to the Certificates held by same. Should subscription
                rights be granted, OeKB shall allow the Certificate Holder to subscribe
                via his deposit bank. Moreover, OeKB will sell new Shares, subscription
                rights, fractional entitlements or other rights arising from the
                Shares on
                a best efforts basis, upon instruction of the Certificate Holder
                via his
                deposit bank and to distribute the proceeds as described
                above.

            

    

    

    All
      payments to the Certificate Holder shall be made via his deposit banks, in
      accordance with the General Terms and Conditions of the CSD.

    

    
      	
              3.

            	
              OeKB
                shall not exercise the voting rights of the Shares credited at any
                given
                time to the account of the CSD with the Custodian but CSD shall,
                upon
                receipt, forward via their deposit banks proxy statements, forms
                of voting
                instruction and all related materials for stockholder meetings of
                the
                Company to those Certificate Holders who held Certificates on the
                record
                date for such meeting. Each Certificate Holder shall be entitled
                to
                provide voting instructions via his deposit bank as to the number
                of
                Shares represented by the Certificates held by such Certificate Holder,
                and OeKB or its agent shall instruct the Custodian to deliver a proxy
                to
                the Company reflecting the aggregate voting instructions received
                from
                Certificate Holders on account of the Shares then held on
                deposit.

            

    

     

    Each
      Certificate-Holder is entitled to vote, as described in the following, in
      general meetings of stockholders of the Company according to the number of
      Certificates he holds in the ADC. Subject to the laws of the United States,
      the
      State of Delaware and to the Certificate of Incorporation and the By-Laws of
      the
      Company, the Bank which arranged for shares of the Company to be traded in
      Austria, as well as the Company are obliged to see to it that each
      Certificate-Holder is able to vote on the basis of a voting proxy issued by
      OeKB
      without having to re-register the Shares for the time of the general meeting.
      

     

    The
      costs
      for voting procedures described above are to be borne by the Certificate Holder
      via his deposit bank. 

    
 

    
      	
              4.

            	
              If
                the ADC is at any time subject to any taxes, fees and/or duties,
                the
                Certificate Holder shall bear these taxes, fees and/or duties in
                respect
                of the Certificates of same via his deposit
                bank.

            

    

    

    
      	 	
              OeKB
                shall, at any time, be entitled to charge a Certificate Holder via
                his
                deposit bank rateably all taxes, fees and/or duties to which OeKB
                may be
                subject, due to the fact that it holds the
                Shares.

            

    

    

    
      	
              5.

            	
              If
                other securities, other property or rights should replace the Shares
                in
                the event of a change in capital or due to a merger, conversion,
                change of
                name, or for any other reason, the right of a Certificate Holder
                to obtain
                Shares shall be converted into the right to obtain such replacements.
                The
                Conditions of the ADC shall then apply mutatis mutandis to any new
                or
                replacement certificates.

            

    

    

    
      	
              6.

            	
              CSD
                shall be entitled to replace the Custodian by another institution
                of the
                same standing. 

            

    

    

    
      	
              7.

            	
              OeKB
                undertakes that all relevant information relating to the Shares received
                by competent sources shall be forwarded via the CSD according to
                its
                General Terms and Conditions to the Certificate Holder via his deposit
                bank. 

            

    

      

      
        	
                8.

              	
                All
                  Certificate Holders shall bear jointly all economic and legal risks
                  and
                  losses in respect of Shares held by OeKB or its agent due to, e.g.,
                  market
                  and exchange rate changes, as well as to acts of God. OeKB shall
                  not be
                  liable for damages which arise outside its sphere of influence,
                  caused by
                  disruptions over which it has no control, be it of its own operations
                  or
                  of the services it uses to fulfill its obligations.
                  

              

      

      

      
        	
                9.

              	
                If
                  a provision of the Conditions is or shall become entirely or partially
                  invalid or unenforceable, the other provisions shall remain valid.
                  An
                  invalid or unenforceable provision shall be replaced by a valid
                  and
                  enforceable provision which meets the purposes of these
                  Conditions.

              

      

    

     

    
      	
              10.

            	
              All
                relations between the Certificate Holder and OeKB are governed by
                the laws
                of Austria. Exclusive place of jurisdiction is
                Vienna.

            

    

    

    
      	
              11.

            	
              Amendments
                by OeKB to the Conditions are only permitted if the rights of the
                Certificate Holder are not prejudiced, except in the event that the
                amendment be required due to
                amendments

            

    

    
      	(i)  	
              either
                of mandatory statutory law

            

    

                
      

                
      (ii) or
      of the
      Certificate of Incorporation of the Company.

    

      

        
          	
                  12.

                	
                  If
                    deemed reasonable by OeKB and neither prohibited by the Certificate
                    of
                    Incorporation and the By-Laws nor under the laws governing the
                    Company,
                    OeKB shall procure the entry of an agent on its behalf in the
                    register of
                    shareholders of the Company and/or on the
                    Shares.

                

        

        
          	
                  13.

                	
                  OeKB
                    shall not exercise any rights accruing to OeKB on account of
                    the Shares
                    credited at any given time to the account of the CSD with the
                    Custodian,
                    including but not limited to any purchase rights pursuant to
                    the Rights
                    Agreement between the Company and American Securities Transfer
                    and Trust,
                    Inc., dated April 29, 1999, but shall, upon receipt of notification
                    of any
                    such rights, forward such notification and all related materials
                    to those
                    Certificate Holders who held Certificates on the record date
                    for such
                    rights via their deposit banks. Such Certificate Holders shall
                    be entitled
                    to provide via their deposit banks instructions as to the exercise
                    of such
                    rights for the number of Shares represented by the Certificates
                    held by
                    such Certificate Holders, and OeKB shall instruct the Custodian
                    via the
                    CSD on the exercise of any and all such rights in accordance
                    with
                    instructions received by OeKB from the Certificate Holders. Total
                    costs
                    upon exercise of any such rights will be charged to the Certificate
                    Holders via their deposit
                    banks.

                

        

        
          	
                  14.

                	
                  Whenever
                    the Company shall elect to redeem Shares in accordance with Article
                    FOURTH
                    Section D of the Company’s Certificate of Incorporation, the Company shall
                    deliver written notice to OeKB or its agent, with copy to OeKB,
                    of the
                    number of Shares to be so redeemed and the Certificate Holder(s)
                    subject
                    to such redemption (including the CSD participant through which
                    the
                    Certificate Holder holds the Certificates and his securities
                    account with
                    such CSD participant), which notice shall be accompanied by a
                    certificate
                    from the Company stating that such redemption is in accordance
                    with the
                    provisions of the Certificate of Incorporation. On the date of
                    such
                    redemption, provided that the Company shall then have paid in
                    full to
                    CSD’s cash account with the Custodian the redemption price of the
                    Shares
                    to be redeemed, the Custodian shall deliver such redemption price
                    to OeKB,
                    and OeKB shall deliver such redemption price via CSD and the
                    deposit banks
                    to the affected Certificate Holder(s), cancel their Certificates,
                    and
                    reduce the ADC accordingly. The Custodian shall, upon delivery
                    of the
                    redemption price to OeKB, deliver the redeemed Shares to the
                    Company for
                    cancellation and make arrangements for the issuance of a replacement
                    certificate for the remaining amount of Shares to be issued in
                    the name of
                    OeKB or its agent.

                   

                

        

      

    

    
      	
              15.

            	
              In
                connection with the exercise of any rights of Certificate-Holders
                under
                the Conditions, the Custodian and OeKB are entitled to require
                Certificate-Holders to file documents, execute certificates, make
                representations and warranties and provide any other information
                required
                via their deposit banks.

            

    

    

    
      	
              16.

            	
              OeKB
                is entitled to terminate the ADC upon six months prior notice and
                wind it
                up so that the Certificate Holders will then avail of shares of common
                stock in an amount corresponding to the amount of Certificates previously
                held by them. At the end of the termination period such trustee will,
                subject to any other agreement, be registered instead of OeKB on
                the
                Shares which is generally registered for the shares to make the Shares
                fungible with the shares.

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