Report of the statutory auditoron the financial statements

As statu­tory au­di­tor, we have au­dited the ac­count­ing records and the fi­nan­cial state­ments (bal­ance sheet, in­come state­ment and notes) and the an­nual re­port of Ver­wal­tungs- und Pri­vat-Bank Ak­tienge­sellschaft, Vaduz, for the year ended 31 De­cem­ber 2013.

These fi­nan­cial state­ments and the an­nual re­port are the re­spon­si­bil­ity of the Board of Di­rec­tors. Our re­spon­si­bil­ity is to ex­press an opin­ion on these based on our au­dit. We con­firm that we meet the le­gal re­quire­ments con­cern­ing pro­fes­sional qual­i­fi­ca­tion and in­de­pen­dence.

Our au­dit was con­ducted in ac­cor­dance with au­dit­ing stan­dards pro­mul­gated by the Liecht­en­stein pro­fes­sion, which re­quire that an au­dit be planned and per­formed to ob­tain rea­son­able as­sur­ance that the fi­nan­cial state­ments and an­nual re­port are free from ma­te­r­ial mis­state­ment. We have ex­am­ined on a test ba­sis ev­i­dence sup­port­ing the amounts and dis­clo­sures in the fi­nan­cial state­ments. We have also as­sessed the ac­count­ing prin­ci­ples used, sig­nif­i­cant es­ti­mates made and the over­all fi­nan­cial state­ment pre­sen­ta­tion. We be­lieve that our au­dit pro­vides a rea­son­able ba­sis for our opin­ion.

In our opin­ion, the fi­nan­cial state­ments for the year ended 31 De­cem­ber 2013 give a true and fair view of the fi­nan­cial po­si­tion, the re­sult of op­er­a­tions and the cash flows in ac­cor­dance with Liecht­en­stein law. Fur­ther­more, the ac­count­ing records, the fi­nan­cial state­ments and the an­nual re­port as well as the pro­posed ap­pro­pri­a­tion of avail­able earn­ings com­ply with Liecht­en­stein law and the Com­pa­ny’s ar­ti­cles of in­cor­po­ra­tion.

The an­nual re­port cor­re­sponds to the an­nual fi­nan­cial state­ments.

We rec­om­mend that the fi­nan­cial state­ments sub­mit­ted to you be ap­proved.

Ernst & Young Ltd

(Au­di­tor in charge)

Berne, 28 Feb­ru­ary 2014