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AUDITOR'S REPORT

REPORT ON THE ANNUAL FINANCIAL STATEMENTS

Following our appointment by the Board of Management on 1 April 2016, we audited the accompanying annual financial statements of DZ PRIVATBANK S.A., which comprise the balance sheet as at 31 December 2016 and the profit and loss statement for the financial year ending on this date, as well as a summary of significant accounting methods and other explanatory information.

RESPONSIBILITY OF THE BOARD OF MANAGEMENT FOR THE ANNUAL FINANCIAL STATEMENTS

The Board of Management is responsible for the drafting and correct overall presentation of the annual financial statements in accordance with the legal provisions applicable in Luxembourg and the standards for the preparation and presentation of annual financial statements, and for any internal checks it deems necessary to ensure that the annual financial statements are free from material misstatement, whether due to fraud or error.

RESPONSIBILITY OF THE AUDITOR

Our responsibility is to issue an auditor’s opinion on the basis of our audit of these annual financial statements. We conducted our audit in accordance with the International Standards on Auditing for Luxembourg as adopted by the Commission de Surveillance du Secteur Financier. These standards stipulate that we observe professional requirements, and plan and conduct the audit in such a way that we can determine, with an adequate degree of certainty, whether the annual financial statements are free from material misstatement.

An audit involves conducting auditing procedures in order to issue an auditor's opinion on the valuations and information found in the annual financial statements. The procedures selected depend on the auditor's judgement, as is the assessment of the risk that material misstatements are included in the annual financial statements, whether due to fraud or error. As part of this risk assessment, the auditor examines the overall internal control system set up for the preparation and appropriate presentation of the annual financial statements to determine adequate auditing procedures under these circumstances, but not to give an opinion on the effectiveness of said internal control system. An audit also involves assessing the appropriateness of the accounting principles and methods used and the acceptability of the estimates made by the Board of Management, in addition to assessing the overall presentation of the annual financial statements.

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

AUDIT OPINION

According to our assessment, the annual financial statements convey a realistic account of the finances and assets of DZ PRIVATBANK S.A. as at 31 December 2016, as well as its profits and growth for the financial year ending on this date, in accordance with the legal requirements and stipulations applicable in Luxembourg with regard to the preparation and presentation of annual financial statements.

REPORT ON OTHER LEGAL AND REGULATORY OBLIGATIONS

The operations report, which is the responsibility of the Board of Management, is consistent with the annual financial statements and meets the applicable legal requirements.

Luxembourg, 17 February 2017

 

ERNST & YOUNG

Société Anonyme

Approved audit firm (Cabinet de révision agréé)

 

Christian Brüne