We have audited the consolidated semi-annual report of VP Bank Ltd, which comprises the consolidated income statement, consolidated statement of comprehensive income, consolidated balance sheet, consolidated changes in share­holders’ equity, consolidated statement of cash flow and a summary of significant accounting policies and other explanatory information (pages 18 to 41), for the period from 1 January 2015 to 30 June 2015.

The Board of Directors is responsible for the preparation of the consolidated semi-annual report in accordance with International Financial Reporting Standard IAS 34 "Interim Financial Reporting“, and for such internal control as the Board of Directors determines is necessary to enable the preparation of a consolidated semi-annual report that is free from material misstatement, whether due to fraud or error.

Our responsibility is to express an opinion on the consolidated semi-annual report. We conducted our audit in accordance with International Standards on Auditing (ISA). Those stand­ards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated semi-annual report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consoli­dated semi-annual report. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the consolidated semi-annual report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation of the consolidated semi-annual report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of account­ing estimates made by the Board of Directors, as well as evaluating the presentation of the consolidated semi-annual report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

In our opinion, the consolidated semi-annual report of VP Bank Ltd for the period ended 30 June 2015 is prepared, in all material respects, in accordance with the International Financial Reporting Standard IAS 34 "Interim Financial Reporting“.

The comparative financial information for the period from 1 January 2014 to 30 June 2014 was not audited.

Ernst & Young Ltd

Berne, 12 August 2015

VP Bank Ltd is a bank domiciled in Liechtenstein and is subject to the Financial Market Authority (FMA) Liechtenstein, Landstrasse 109, PO Box 279, 9490 Vaduz, Liechtenstein, www.fma-li.li

VP Bank Group