MIRA INFORM REPORT

Report Date :

08.11.2013

IDENTIFICATION DETAILS

Name :	LENZING AG
Registered Office :	Werkstrasse 2, Lenzing 4860
Country :	Austria
Financials (as on) :	31.12.2012
Date of Incorporation :	1938
Legal Form :	Public Subsidiary
Line of Business :	The Company manufactures cellulose fibers and offers special plastic polymer products
No. of Employees :	6,744

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Austria	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

AUSTRIA - ECONOMIC OVERVIEW

Austria, with its well-developed market economy, skilled labor force, and high standard of living, is closely tied to other EU economies, especially Germany's. Its economy features a large service sector, a sound industrial sector, and a small, but highly developed agricultural sector. Following several years of solid foreign demand for Austrian exports and record employment growth, the international financial crisis of 2008 and subsequent global economic downturn led to a sharp but brief recession. Austrian GDP contracted 3.8% in 2009 but saw positive growth of about 2% in 2010 and 2.7% in 2011. Growth fell to 0.6% in 2012. Unemployment did not rise as steeply in Austria as elsewhere in Europe, partly because the government subsidized reduced working hour schemes to allow companies to retain employees. The 2012 unemployment rate of 4.3% was the lowest within the EU. Stabilization measures, stimulus spending, and an income tax reform pushed the budget deficit to 4.5% in 2010 and 2.6% in 2011, from only about 0.9% in 2008. The international financial crisis of 2008 caused difficulties for Austria's largest banks whose extensive operations in central, eastern, and southeastern Europe faced large losses. The government provided bank support - including in some instances, nationalization - to support aggregate demand and stabilize the banking system. Austria's fiscal position compares favorably with other euro-zone countries, but it faces external risks, such as Austrian banks' continued exposure to Central and Eastern Europe as well as political and economic uncertainties caused by the European sovereign debt crisis. In 2011 the government attempted to pass a constitutional amendment limiting public debt to 60% of GDP by 2020, but it was unable to obtain sufficient support in parliament and instead passed the measure as a simple law. In March 2012, the Austrian parliament approved an austerity package consisting of a mix of expenditure cuts and new revenues that will bring public finances into balance by 2016. In 2012, the budget deficit rose to 3.1% of GDP

Source : CIA

Company name and address

Lenzing AG

Werkstrasse 2
Lenzing, 4860
Austria
Tel:	43-7672-7010
Fax:	43-7672-7013880
www.lenzing.com

Employees:

6,744

Company Type:

Public Subsidiary

Corporate Family:

613 Companies

Ultimate Parent:

UniCredit SpA

Traded:

Vienna Stock Exchange - Cash Market:

LNZ

Incorporation Date:

1938

Auditor:

Deloitte Wirtschaftpruefungs GmbH

Fiscal Year End:	31-Dec-2012
Reporting Currency:	Euro
Annual Sales:	2,686.1 ^1
Net Income:	225.7
Total Assets:	3,479.6 ^2
Market Value:	1,913.6
	(11-Oct-2013)

Business Description

Lenzing AG is an Austria-based company active in the chemical industry. The Company manufactures cellulose fibers and offers special plastic polymer products. The Company operates through three business segments. Segment Fibers includes the business units Textile Fibers, Nonwoven Fibers, Pulp and Energy. Segment Plastic Products manufactures products, such as thermoplastics, Polytetrafluoroethylene (PTFE) and precursor for carbon fiber production, among others, which are used for special applications in medical technology, for dental floss, in the automotive industry, for jacketing systems, in hot gas filtration and construction materials. Its core business in fibers and plastics is complemented by the Segment Engineering comprising Engineering and Contracting, Mechanical Construction and Industrial Services, as well as Automation and Mechatronics. The Company operates through its subsidiaries, production sites and marketing offices in Asia, Europe, and North America. For the six months ended 30 June 2013, Lenzing AG revenues decreased 7% to EUR989.9M. Net income applicable to common stockholders excluding extraordinary items decreased 34% to EUR64.2M. Revenues reflect Fibers segment decrease of 8% to EUR442.3M, Plastics segment decrease of 37% to EUR27.3M. Net income also reflects Personnel Expenses increase of 8% to EUR163.2M (expense), Other Operating Expenses increase of 3% to EUR113.9M (expense).

Industry

Industry	Synthetic Chemical Manufacturing
ANZSIC 2006:	1821 - Synthetic Resin and Synthetic Rubber Manufacturing
ISIC Rev 4:	2030 - Manufacture of man-made fibres
NACE Rev 2:	2060 - Manufacture of man-made fibres
NAICS 2012:	325220 - Artificial and Synthetic Fibers and Filaments Manufacturing
UK SIC 2007:	2060 - Manufacture of man-made fibres
US SIC 1987:	2823 - Cellulosic Manmade Fibers

Key Executives

Name	Title
Peter Untersperger	Chairman of the Management Board, Chief Executive Officer
Rudolf Baldinger	Member of the Supervisory Board, Employee Representative
Stephanie Kniep	Head of Investor Relations
Thomas G. Winkler	Chief Financial Officer, Member of the Management Board
Herbert Hummer	Head-Engineering

Significant Developments

Topic	#*	Most Recent Headline	Date
Divestitures	1	Lenzing AG Finalizes Sales of its Business Unit Plastics	28-Jun-2013
Officer Changes	1	Lenzing AG's Chief Financial Officer to Step Down	4-Oct-2013
Other Earnings Pre-Announcement	2	Lenzing AG Issues FY 2013 Guidance In Line with Analysts' Estimates	21-Aug-2013
Debt Financing / Related	1	Lenzing AG Issues EUR 200 Million German Private Placement	5-Nov-2012
Dividends	1	Lenzing AG to Issue FY 2012 Dividend	22-Mar-2013

News

Title	Date
Companies disclose ecological footprint of 82 million tonnes of pulp and paper Cision (English) (960 Words)	30-Oct-2013
Scheme's fast track to success Grimsby Evening Telegraph (UK) (506 Words)	30-Oct-2013
Global Cellulose Fibers Market Report 2012 - 2018 Individual.com (376 Words)	29-Oct-2013
Global Sodium Sulfate Market Research Report for 2012-2016 PitchEngine (1231 Words)	29-Oct-2013
Global and China High Performance Fiber Industry Report, 2013 - 2016 : Industry Shares, Size, Trend, Analysis, and Forecasts to 2016 Report Available Online by Researchmoz.us SBWire (1077 Words)	28-Oct-2013
Lenzing wants to generate 70 percent of business in Asia in seven years APA EconomicNews Service (Austria) (166 Words)	28-Oct-2013

Financial Summary

As of 30-Jun-2013

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.91	2.18
Quick Ratio (MRQ)	1.36	1.35
Debt to Equity (MRQ)	0.75	0.82
Sales 5 Year Growth	10.39	6.26
Net Profit Margin (TTM) %	7.24	10.56
Return on Assets (TTM) %	5.96	8.26
Return on Equity (TTM) %	13.30	22.07

Stock Snapshot

Traded: Vienna Stock Exchange - Cash Market: LNZ

As of 11-Oct-2013

   Financials in: EUR

Recent Price	53.30	EPS	7.26
52 Week High	76.57	Price/Sales	0.68
52 Week Low	51.65	Dividend Rate	1.75
Avg. Volume (mil)	0.01	Price/Earnings	10.25
Market Value (mil)	1,415.12	Price/Book	1.28
		Beta	1.09

	Price % Change	Rel S&P 500%
4 Week	-5.70%	-6.65%
13 Week	-7.79%	-15.47%
52 Week	-20.13%	-31.30%
Year to Date	-21.87%	-25.31%

Source: Reuters

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7782366

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7566

Corporate Overview

Lenzing AG

Location
Werkstrasse 2
Lenzing, 4860
Austria

Tel:	43-7672-7010
Fax:	43-7672-7013880

www.lenzing.com

Quote Symbol - Exchange
LNZ - Vienna Stock Exchange - Cash Market
Sales EUR(mil):	2,090.4
Assets EUR(mil):	2,632.7
Employees:	6,744
Fiscal Year End:	31-Dec-2012

Industry:	Chemicals - Plastics and Rubber

Incorporation Date:	1938
Company Type:	Public Subsidiary
Quoted Status:	Quoted

Chairman of the Management Board, Chief Executive Officer:	Peter Untersperger

Industry Codes

ANZSIC 2006 Codes:
1821	-	Synthetic Resin and Synthetic Rubber Manufacturing
1812	-	Basic Organic Chemical Manufacturing
1911	-	Polymer Film and Sheet Packaging Material Manufacturing

ISIC Rev 4 Codes:
2030	-	Manufacture of man-made fibres
2220	-	Manufacture of plastics products
2011	-	Manufacture of basic chemicals

NACE Rev 2 Codes:
2060	-	Manufacture of man-made fibres
2221	-	Manufacture of plastic plates, sheets, tubes and profiles
2014	-	Manufacture of other organic basic chemicals

NAICS 2012 Codes:
325220	-	Artificial and Synthetic Fibers and Filaments Manufacturing
326113	-	Unlaminated Plastics Film and Sheet (except Packaging) Manufacturing
325199	-	All Other Basic Organic Chemical Manufacturing

US SIC 1987:
2823	-	Cellulosic Manmade Fibers
3081	-	Unsupported Plastics Film and Sheet
2869	-	Industrial Organic Chemicals, Not Elsewhere Classified

UK SIC 2007:
2060	-	Manufacture of man-made fibres
2014	-	Manufacture of other organic basic chemicals
2221	-	Manufacture of plastic plates, sheets, tubes and profiles

Business Description

Lenzing AG is an Austria-based company active in the chemical industry. The Company manufactures cellulose fibers and offers special plastic polymer products. The Company operates through three business segments. Segment Fibers includes the business units Textile Fibers, Nonwoven Fibers, Pulp and Energy. Segment Plastic Products manufactures products, such as thermoplastics, Polytetrafluoroethylene (PTFE) and precursor for carbon fiber production, among others, which are used for special applications in medical technology, for dental floss, in the automotive industry, for jacketing systems, in hot gas filtration and construction materials. Its core business in fibers and plastics is complemented by the Segment Engineering comprising Engineering and Contracting, Mechanical Construction and Industrial Services, as well as Automation and Mechatronics. The Company operates through its subsidiaries, production sites and marketing offices in Asia, Europe, and North America. For the six months ended 30 June 2013, Lenzing AG revenues decreased 7% to EUR989.9M. Net income applicable to common stockholders excluding extraordinary items decreased 34% to EUR64.2M. Revenues reflect Fibers segment decrease of 8% to EUR442.3M, Plastics segment decrease of 37% to EUR27.3M. Net income also reflects Personnel Expenses increase of 8% to EUR163.2M (expense), Other Operating Expenses increase of 3% to EUR113.9M (expense).

More Business Descriptions

Production of man-made fibres, chemicals, pulp, paper, and synthetic film products; machine and instrument construction

Cellulose Fiber Mfr

Lenzing Aktiengesellschaft is primarily engaged in cutting, forming, and joining heavy gauge metal to manufacture tanks, vessels, and other containers.

Lenzing AG (Lenzing) offers cellulose fibers to textile and nonwovens industry. The company also offers special plastic polymer products. It operates its business through four reportable segments, namely, Fibers, Plastics, Engineering and Others segment. The Plastic Products segment of Lenzing provides thermoplastics, yarns and PTFE fibers, short cut filaments and carbon precursor. The segment operates six production facilities in Europe and the USA. The company’s carbon fibers find application in automotive, aviation and shipping industries. For the fiscal year ended 2012, it reported gross revenue of EUR 159.9m from the Plastic Products segment, reflecting a decrease of 7.35% over revenue in 2011. The segment accounted for 7.34% of Lenzing’s total gross revenue in 2012.The Engineering segment of the company offers products and services in engineering and contracting, mechanical construction and industrial services, and automation and mechatronics. In the mechanical construction and industrial services division, it provides machine and systems construction, and maintenance and repair services. The segment manages product groups fiber and environmental technology, filtration, pulp technology and separation, and marking systems. The segment concentrates on producer-independent automation solutions for the processing industry and the construction of electromechanical devices and printed circuit board assembly. For the fiscal year ended 2012, Lenzing reported gross revenue of EUR 121.7m from the Engineering segment, reflecting an increase of 13.77% over revenue in 2011. The segment accounted for 5.6% of the company’s total gross revenue in 2012.Its Fibers segment is classified into textiles and nonwoven units, pulp and energy. The energy division of Lenzing supplies cost-effective energy to Lenzing Group production sites. The company’s pulp division offers magnesium-sulfite pulping, through which it can provide pulp to group companies. Lenzing also markets co-products of wood-processing and sodium sulfate, research and development of pulp, and also supplies pulp to international fiber production sites. The segment provides cellulosic fibres, related technologies, logistics and technical service which are used in surgical covers, wet wipes and wound pads, tampons and fibre reinforced hitech products to the nonwovens industry. In the textile industry, the company provides products such as TENCEL, Lenzing Modal and Lenzing Viscose fibers which are used in Shirts/blouses, ladies' and men's wear lingerie and home textiles. For the fiscal year ended 2012, it reported gross revenue of EUR 1,895.9m from the Fibers segment, reflecting a decrease of 2.24% over revenue in 2011. The segment accounted for 86.9% of Lenzing’s total gross revenue in 2012. For the fiscal year ended 2012, the company reported gross revenue of EUR 3.4m from the Other segment, reflecting an increase of 24.12% over revenue in 2011. The segment accounted for 0.16% of its total gross revenue in 2012.Geographically, Lenzing operates through five regions, namely, Austria, Asia, Europe, The Americas and Rest of the World. For the fiscal year ended 2012, Asia accounted for 46.6% of the company’s total revenue, followed by Europe with 35.4%, Austria with 8.9%, The Americas with 7.35% and Rest of the World with 1.75% revenue.

Lenzing AG (Lenzing) is a chemical manufacturing company. The company’s business units consist of textile fibers, Nonwoven Fibers, pulp, Plastics and filament, Energy, and engineering. Its textiles segment consists of Shirts or blouses, home textiles, and outerwear. Lenzing’s engineering services consists of fiber, pulp technology, engineering, mechanical manufacturing, service industry, process automation, robotics, environment and filtration technology, and mechatronics. The company provides Electricity, heat, auxiliary energy sources, waste disposal through energy business unit. It offers films, tapes, fabrics and laminates, fibers and yarns for filtration; filaments for packings through plastics and filament unit. The company operates through locations such as New York, Great Britain, Indonesia, China, and Germany among others. Lenzing is headquartered in Austria.The company reported revenues of (Euro) EUR 2,090.40 million during the fiscal year ended December 2012, a decrease of 4.69% from 2011. The operating profit of the company was EUR 231.51 million during the fiscal year 2012, a decrease of 36.40% from 2011. The net profit of the company was EUR 175.62 million during the fiscal year 2012, a decrease of 32.11% from 2011.

Artificial and Synthetic Fibers and Filaments Manufacturing

Brand/Trade Names
Tencel(R) Lenzing Viscose(R) Lenzing Modal(R)	Lenzing FR(R) Lenzing Viscostar(R)

Financial Data

Financials in:	EUR(mil)
Revenue:	2,090.4
Net Income:	175.6
Assets:	2,632.7
Long Term Debt:	701.6
Total Liabilities:	1,529.5
Working Capital:	0.2
Date of Financial Data:	31-Dec-2012

1 Year Growth

-4.7%

-32.1%

12.5%

Market Data

Quote Symbol:	LNZ
Exchange:	Vienna Stock Exchange - Cash Market
Currency:	EUR
Stock Price:	53.3
Stock Price Date:	10-11-2013
52 Week Price Change %:	-20.1
Market Value (mil):	1,415,115.0
SEDOL:	4512330
ISIN:	AT0000644505
Equity and Dept Distribution:
12/2010, 7-for-1 stock split. 5/2011, Rights Issue, 1 new share for every 31 shares held (Factor:1)

Subsidiaries

Company	Percentage Owned	Country
Biocel Paskov a.s.	100%	CZECH REPUBLIC
Reality Paskov s.r.o.	100%	CZECH REPUBLIC
Pulp Trading GmbH	100%	AUSTRIA
Avit Investments Limited	100%	TURKS AND CAICOS
Beech Investment s.r.o.	100%	SLOVAKIA
Dolan GmbH	100%	GERMANY
European Precursor GmbH	51%	GERMANY
European Carbon Fiber GmbH	100%	GERMANY
Lenzing Fibers GmbH	100%	AUSTRIA
Lenzing Fibers Holding GmbH	100%	AUSTRIA
Lenzing Fibers (Hong Kong) Ltd	100%	HONG KONG SAR
Lenzing Fibers Inc	100%	USA
Lenzing Fibers Ltd	100%	UK
Lenzing Holding GmbH	100%	AUSTRIA
Lenzing (Nanjing) Fibers Co Ltd	70%	PEOPLE'S REPUBLIC OF CHINA
LP Automotive GmbH	100%	AUSTRIA
Penique S.A.	100%	PANAMA
PT South Pacific Viscose	90.56%	INDONESIA
Lenzing Beteiligungs GmbH	100%	AUSTRIA
Lenzing Plastics GmbH	100%	AUSTRIA
Lenzing Technik GmbH	100%	AUSTRIA
Lyocell Holding Ltd	100%	UK
Tencel Holding Ltd	100%	UK
Tencel Holding Overseas Ltd	100%	UK
Wasserreinhaltungsverband Lenzing-Lenzing AG	100%	AUSTRIA
Lenzing Engineering and Technical Services (Nanjing) Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Lenzing Global Finance GmbH	100%	GERMANY
Energie- und Medienzentrale Heiligenkreuz GmbH	100%	AUSTRIA
Lenzing Fibers Grimsby Limited	100%	UK
Lenzing Modi Fibers India Private Limited	96.31%	INDIA
BLZ Bildungszentrum Lenzing GmbH	75%	AUSTRIA
LENO Electronics GmbH	100%	AUSTRIA
Lenzing Fibers (Shanghai) Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
ASIA Fiber Engineering GmbH	100%	AUSTRIA
Cellulose Consulting GmbH	100%	AUSTRIA

Shareholders

Major Shareholders

B&C Holding GmbH (90.2%)

Key Corporate Relationships

Auditor:	Deloitte Wirtschaftpruefungs GmbH
Bank:	UniCredit Bank Austria AG
Auditor:	KPMG Austria AG Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, Deloitte Wirtschaftpruefungs GmbH

Corporate Family	Corporate Structure News:
	UniCredit SpA Lenzing AG
Lenzing AG Total Corporate Family Members: 613

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
UniCredit SpA	Parent	Roma	Italy	Banking	32,702.7	150,787
UniCredit Bank AG	Subsidiary	München, Bayern	Germany	Banking		19,442
UniCredit Bank Austria AG	Subsidiary	Wien	Austria	Banking		7,500
Ukrsotsbank PAT	Subsidiary	Kiev	Ukraine	Banking	358.2	6,877
UniCredit Bulbank AD	Subsidiary	Sofia	Bulgaria	Banking		3,783
UniCredit Bank ZAO	Subsidiary	Moscow	Russian Federation	Banking	1,158.4	3,633
Td Regainvest Zao	Subsidiary	Moscow	Russian Federation	Miscellaneous Store Retailers	0.1
UniCredit Tiriac Bank S.A.	Subsidiary	Bucharest	Romania	Banking		2,852
UniCredit Bank Czech Republic, a.s.	Subsidiary	Praha	Czech Republic	Banking		1,980
UniCredit Bank Slovakia a.s.	Subsidiary	Bratislava	Slovakia	Banking		1,191
UniCredit Bank Srbija a.d.	Subsidiary	Belgrade	Serbia	Banking		952
UniCredit Bank a.d. Banja Luka	Subsidiary	Banja Luka	Bosnia and Herzegovina	Banking	34.5	425
Wiener Betriebs- und Baugesellschaft mbH	Subsidiary	Wien	Austria	Specialty Construction Trade Contractors	45.4	291
card complete Service Bank AG	Subsidiary	Wien	Austria	Banking	95.0	259
AS UniCredit Bank	Subsidiary	Riga	Latvia	Banking		203
Unicredit Bank As Lietuvos Skyrius	Subsidiary	Vilnius	Lithuania	Banking		74
DOMUS CLEAN REINIGUNGS GMBH	Subsidiary	Vienna	Austria	Building and Dwelling Services		175
DINERS CLUB CEE HOLDING AG	Subsidiary	Vienna	Austria	Investment Services	246.7	78
DINERS CLUB CS S.R.O.	Subsidiary	Prague	Czech Republic	Banking		20
DINERS CLUB POLSKA SP.Z.O.O.	Subsidiary	Warsaw	Poland	Banking
CARDS & SYSTEMS EDV-DIENSTLEISTUNGS GMBH	Subsidiary	Vienna	Austria	Banking	13.2	50
Hun Mining Erc - es Asvnyfldg Bfkts Nyrt	Subsidiary	Budapest	Hungary	Metals Mining	0.2	19
UNIVERSALE INTERNATIONAL REALITAETEN GMBH	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers		10
RANA-LIEGENSCHAFTSVERWERTUNG GMBH	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
ISB UNIVERSALE BAU GMBH	Subsidiary	Berlin	Germany	Real Estate Agents and Brokers
DIRANA LIEGENSCHAFTSVERWERTUNGSGESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
BA PRIVATE EQUITY GMBH	Subsidiary	Vienna	Austria	Investment Services	7.7	8
UNICREDIT CAIB HUNGARY LTD	Subsidiary	Budapest	Hungary	Investment Services		5
UNICREDIT CAIB SLOVENIJA, D.O.O.	Subsidiary	Ljubljana	Slovenia	Investment Services	1.4	4
MEZZANIN FINANZIERUNGS AG	Subsidiary	Vienna	Austria	Investment Services	3.8	1
Unicredit Caib Poland S A	Subsidiary	Warszawa	Poland	Administrative Services	3.7
Universale International Realitäten Gmbh	Subsidiary	Wien, Wien	Austria	Commercial Real Estate Leasing	0.3
UniCredit Global Information SCpA (UGIS SCpA)	Subsidiary	Wien	Austria	Computer Programming
DOMUS FACILITY MANAGEMENT GMBH	Subsidiary	Vienna	Austria	Facilities Management
FINANCIAL RISK MANAGEMENT GMBH	Subsidiary	Vienna	Austria	Consulting Services
UNICREDIT BANK AUSTRIA AG - Global Securities Services Division	Division	Vienna	Austria	Banking
UNICREDIT CAIB CZECH REPUBLIC A.S.	Subsidiary	Prague	Czech Republic	Consulting Services
BA-CA WIEN MITTE HOLDING GMBH	Subsidiary	Vienna	Austria	Investment Services
BA BETRIEBSOBJEKTE GMBH	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
RAMSES IMMOBILIEN LEASING GESELLSCHAFT MBH & CO OG	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
RAMSES-IMMOBILIENHOLDING GMBH	Subsidiary	Vienna	Austria	Investment Services
SINERA AG	Subsidiary	Zug	Switzerland	Investment Services
BANK AUSTRIA IMMOBILIEN ENTWICKLUNGS- UND VERWERTUNGS GMBH	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
UNICREDIT CAIB ROMENIA SRL	Subsidiary	Bucharest	Romania	Investment Services
POLLUX IMMOBILIEN GMBH	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
BA GVG-HOLDING GMBH	Subsidiary	Vienna	Austria	Investment Services
Ferrotrade International, Private Joint Stock Company	Subsidiary
Ukrsocbank Public Joint Stock Company	Subsidiary	Kyiv	Ukraine	Banking	370.6
Vipol, Publichne At	Subsidiary	Kyiv	Ukraine	Printing	0.7	167
International Moscow Bank	Subsidiary	Moscow	Russian Federation	Banking		1,113
Unicredit Caib Securities UK Ltd.	Subsidiary	London	United Kingdom	Investment Services		1,000
UNICREDIT DIRECT SERVICES GMBH	Subsidiary	München, Bayern	Germany	Consulting Services	55.6	800
DAB Bank AG	Subsidiary	Muenchen	Germany	Securities	161.3	603
HVB PROFIL GESELLSCHAFT FUR PERSONALMANAGEMENT MBH	Subsidiary	München, Bayern	Germany	Mortgage and Credit	31.6	577
PLANETHOME AG	Subsidiary	Unterföhring, Bayern	Germany	Real Estate Agents and Brokers	59.4	401
BANK AUSTRIA IMMOBILIENSERVICE GMBH	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers		50
PLANETHOME GMBH	Subsidiary	Mannheim, Baden-Württemberg	Germany	Investment Services		45
ENDERLEIN & CO. GMBH	Subsidiary	Bielefeld	Germany	Real Estate Agents and Brokers		24
Vereinsbank Victoria Bauspar AG	Subsidiary	Munich	Germany	Banking		376
HVB Immobilien AG	Subsidiary	München, Bayern	Germany	Commercial Real Estate Leasing	22.9	370
HVB Projekt GmbH	Subsidiary	München, Bayern	Germany	Property Managers		108
Orestos Immobilien-Verwaltungs GmbH	Subsidiary	München, Bayern	Germany	Real Estate Agents and Brokers		16
HYPO-REAL Haus- und Grundbesitz Gesellschaft mbH & Co. Immobilien-Vermietungs KG	Subsidiary	München, Bayern	Germany	Real Estate Agents and Brokers		15
Landos Immobilien- und Projektentwicklungs GmbH	Subsidiary	München, Bayern	Germany	Real Estate Agents and Brokers		2
Antus Immobilien- und Projektentwicklungs GmbH	Subsidiary	München, Bayern	Germany	Real Estate Agents and Brokers		2
Aufbau Dresden Gmbh	Subsidiary	München, Bayern	Germany	Real Estate Agents and Brokers		2
Argentaurus Immobilien-Vermietungs- und Verwaltungs GmbH	Subsidiary	München, Bayern	Germany	Property Managers	79.2	1
Spree Galerie Hotelbetriebsgesellschaft mbH	Subsidiary	München, Bayern	Germany	Holding Companies		60
HVB TECTA GMBH	Subsidiary	München, Bayern	Germany	Investment Services		6
TERRENO GRUNDSTUCKSVERWALTUNG GMBH & CO. ENTWICKLUNGS- UND FINANZIERUNGSVERMITTLUNGS-KG	Subsidiary	Munich	Germany	Real Estate Agents and Brokers
INTERPARK Management GmbH & Co. KG	Subsidiary	Großmehring, Bayern	Germany	Photographic Services		4
GIMMO IMMOBILIEN-VERMIETUNGS- UND VERWALTUNGS GMBH	Subsidiary	München, Bayern	Germany	Real Estate Agents and Brokers		1
GRUNDSTUCKSAKTIENGESELLSCHAFT AM POTSDAMER PLATZ (HAUS VATERLAND)	Subsidiary	München, Bayern	Germany	Real Estate Agents and Brokers		1
A&T-PROJEKTENTWICKLUNGS GMBH & CO. POTSDAMER PLATZ BERLIN KG	Subsidiary	München, Bayern	Germany	Real Estate Agents and Brokers		400
ACIS IMMOBILIEN- UND PROJEKTENTWICKLUNGS GMBH & CO. PARKKOLONNADEN KG	Subsidiary	Grunwald	Germany	Real Estate Agents and Brokers
TERRENO GRUNDSTUCKSVERWALTUNG GMBH	Subsidiary	Munich	Germany	Real Estate Agents and Brokers
H.F.S.Leasingfonds Deutschland 1 GmbH & Co.KG (Immobilienleasing)	Subsidiary	München, Bayern	Germany	Real Estate Agents and Brokers	15.6	1
Cumterra Gesellschaft Für Immobilienverwaltung Mbh	Subsidiary	München, Bayern	Germany	Real Estate Agents and Brokers		1
AGRUND GRUNDSTUCKS-GMBH	Subsidiary	Munich	Germany	Real Estate Agents and Brokers
MILLETERRA GESELLSCHAFT FUR IMMOBILIENVERWALTUNG MBH	Subsidiary	Munich, Bavaria	Germany	Real Estate Agents and Brokers
RHOTERRA GESELLSCHAFT FUR IMMOBILIENVERWALTUNG MBH	Subsidiary	Munich	Germany	Real Estate Agents and Brokers
NF OBJEKT FFM GMBH	Subsidiary	Munich, Bavaria	Germany	Investment Services
NF OBJEKT MUNCHEN GMBH	Subsidiary	Munich, Bavaria	Germany	Investment Services
NF OBJEKTE BERLIN GMBH	Subsidiary	Munich, Bavaria	Germany	Investment Services
Bankhaus Neelmeyer AG	Subsidiary	Bremen, Bremen	Germany	Banking		314
BONUM ANLAGE-UND BETEILIGUNGSGESELLSCHAFT MBH	Subsidiary	Bremen	Germany	Real Estate Agents and Brokers
Unicredit Bank Ag	Subsidiary	Milano, Milano	Italy	Life and Health Insurance		305
WEALTH MANAGEMENT CAPITAL HOLDING GMBH	Subsidiary	München, Bayern	Germany	Investment Services	67.0	253
WEALTHCAP PEIA MANAGEMENT GMBH	Subsidiary	München, Bayern	Germany	Investment Services	8.7	4
ACTIVE ASSET MANAGEMENT GMBH	Subsidiary	Munich, Bavaria	Germany	Investment Services
H.F.S. HYPO-FONDSBETEILIGUNGEN FUR SACHWERTE GMBH	Subsidiary	München, Bayern	Germany	Investment Services		3
H.F.S. Immobilienfonds GmbH	Subsidiary	Ebersberg, Bayern	Germany	Property Managers		1
H.F.S. ZWEITMARKTFONDS DEUTSCHLAND 4 GMBH & CO. KG	Subsidiary	Munich	Germany	Investment Services
WealthCap Initiatoren GmbH	Subsidiary	München, Bayern	Germany	Real Estate Agents and Brokers		1
HVB Capital Markets, Inc.	Subsidiary	New York, NY	United States	Securities		200
UniCredit Luxembourg SA	Subsidiary	Luxembourg	Luxembourg	Banking		188
UniCredit Bank AG	Subsidiary	Singapore	Singapore	Banking	169.0	155
FOOD & MORE GMBH	Subsidiary	München, Bayern	Germany	Restaurants and Bars		147
Unicredit Bank Ag	Branch	Central District, Hong Kong	Hong Kong	Banking		100
Internationales Immobilien-Institut GmbH	Subsidiary	München, Bayern	Germany	Pensions and Funds		60
Bb C Alpha Newco, S.R.O.	Subsidiary	Praha 4	Czech Republic	Commercial Real Estate Leasing	3.3
NIH Nordinvest Hamburg GmbH	Subsidiary	Hamburg	Germany	Investment Services		38
Ellerman Investments Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services	4.5	25
Proartemis Ltd.	Subsidiary	London	United Kingdom	Computer System Design Services	1.1	5
Ellerman Holdings Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services
Ritz Hotel (London) Ltd.(The)	Subsidiary	London	United Kingdom	Hotels and Accommodation	51.7	325
Ritz Products (U.K.) Ltd.	Subsidiary	London	United Kingdom	Advertising Services	0.2
The Ritz Hotel Casino Ltd.	Subsidiary	London	United Kingdom	Gambling and Casinos	23.4	163
Rhc Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services
Plumgold Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services
Ritz Fine Jewellery London	Subsidiary	London	United Kingdom	Pharmacies and Personal Care Stores	0.8	6
Trenport Investments Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services	4.2	4
Trenport (East Hall Park) Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services	1.8
Europower Networks Ltd.	Subsidiary	London	United Kingdom	Electronics Wholesale	0.3
Trenport (Peters Village) Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services	0.1
Telegraph Car Parks Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services	0.0
Trenport Teynham General Partner Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services
Ryton Utilities Ltd.	Subsidiary	London	United Kingdom	Residential and Commercial Building Construction
Broomfield Agencies Ltd.	Subsidiary	London	United Kingdom	Residential and Commercial Building Construction
AWT International Trade GmbH	Subsidiary	Wien	Austria	Banking	82.2	5
Hypovereinsfinance N.V.	Subsidiary	Amsterdam Zuidoost, Noord-Holland	Netherlands	Banking		3
MERKURHOF GRUNDSTUCKSGESELLSCHAFT MIT BESCHRANKTER HAFTUNG	Subsidiary	München, Bayern	Germany	Real Estate Agents and Brokers		2
HVB CAPITAL PARTNERS AG	Subsidiary	München, Bayern	Germany	Investment Services		2
Uni Credit Ginko Tokyo Shiten	Branch	Chiyoda-Ku, Tokyo	Japan	Banking	35.1	1
HVB GESELLSCHAFT FUR GEBAUDE MBH & CO KG	Subsidiary	München, Bayern	Germany	Real Estate Agents and Brokers	339.4
Contipark Parkgarage Marienplatz München GmbH	Subsidiary	Berlin, Berlin	Germany	Road Transportation Services	1.1	1
GRUNDSTUCKSGESELLSCHAFT SIMON BESCHRANKT HAFTENDE KOMMANDITGESELLSCHAF	Subsidiary	München, Bayern	Germany	Real Estate Agents and Brokers		1
HYPO-BANK VERWALTUNGSZENTRUM GMBH & CO. KG OBJEKT ARABELLASTRASSE	Subsidiary	Munich, Bavaria	Germany	Consulting Services
BAYERISCHE WOHNUNGSGESELLSCHAFT FUR HANDEL UND INDUSTRIE, GESELLSCHAFT MIT BESCHRKTER HAFTUNG	Subsidiary	Munich, Bavaria	Germany	Investment Services
H & B IMMOBILIEN GMBH & CO. OBJEKTE KG	Subsidiary	Munich, Bavaria	Germany	Real Estate Agents and Brokers
HAWA GRUNDSTUCKS GMBH & CO. OHG IMMOBILIENVERWALTUNG	Subsidiary	Munich, Bavaria	Germany	Real Estate Agents and Brokers
Kinabalu Financial Solutions Ltd.	Subsidiary	London	United Kingdom	Banking	0.5
Ragnarök Vermögensverwaltungs AG & Co. KG	Subsidiary	Unterschleißheim, Bayern	Germany	Investment Services	0.2
Hvb London Trading Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services	0.0
Hvb London Investments (Cam) Ltd.	Subsidiary	London	United Kingdom	Banking
Hvb Asset Leasing Ltd.	Subsidiary	London	United Kingdom	Commercial and Industrial Rental	0.0
Hvb London Investments (Avon) Ltd.	Subsidiary	London	United Kingdom	Banking
Hvb Finance London Ltd.	Subsidiary	London	United Kingdom	Banking
Unicredit London Investments Ltd.	Subsidiary	London	United Kingdom	Banking
Redstone Mortgages Ltd.	Subsidiary	London	United Kingdom	Banking
Zagrebacka Banka d.d.	Subsidiary	Zagreb	Croatia	Banking	877.1	7,247
Unicredit zagrebacka banka dd	Subsidiary	Mostar	Bosnia and Herzegovina	Banking	141.8	1,352
ZB INVEST DOO	Subsidiary	Zagreb	Croatia	Investment Services	11.9	22
Centar Kaptol doo	Subsidiary	Zagreb	Croatia	Miscellaneous Professional Services		13
PRVA STAMBENA STEDIONICA DD	Subsidiary	Zagreb	Croatia	Banking
POMINVEST DD	Subsidiary	Split	Croatia	Real Estate Agents and Brokers
Lenzing AG	Subsidiary	Lenzing	Austria	Synthetic Chemical Manufacturing	2,686.1	6,744
Lenzing Holding GmbH	Subsidiary	Lenzing	Austria	Holding Companies		3,500
Lenzing Beteiligungs GmbH	Subsidiary	Lenzing	Austria	Holding Companies		3,000
Dolan GmbH	Subsidiary	Kelheim, Bayern	Germany	Rubber and Plastic Product Manufacturing	82.6	107
Lenzing Fibers Holding GmbH	Subsidiary	Lenzing	Austria	Holding Companies		3,000
Lenzing Fibers Grimsby Ltd.	Subsidiary	Grimsby	United Kingdom	Miscellaneous Manufacturing	140.9	169
Lenzing Fibers Ltd.	Subsidiary	Manchester	United Kingdom	Synthetic Chemical Manufacturing
Tencel Holding Ltd.	Subsidiary	Manchester	United Kingdom	Miscellaneous Professional Services
Biocel Paskov a.s.	Subsidiary	Paskov	Czech Republic	Paper Product Manufacturing	193.5	387
Lenzing Fibers GmbH	Subsidiary	Vienna	Austria	Synthetic Chemical Manufacturing		180
PT South Pacific Viscose	Subsidiary	Jakarta	Indonesia	Synthetic Chemical Manufacturing		25
LENO Electronics GmbH	Subsidiary	Lenzing	Austria	Electronics Wholesale		16
Lenzing Fibers Inc.	Subsidiary	New York, NY	United States	Textile Manufacturing	2.4	4
RVL Reststoffverwertung Lenzing GmbH	Subsidiary	Lenzing	Austria	Metal Products Manufacturing		3,000
Lenzing Technik GmbH	Subsidiary	Lenzing	Austria	Specialty Construction Trade Contractors	137.5	500
Lenzing Fibers Ltd.	Subsidiary	Derby	United Kingdom	Textile Manufacturing		175
Hahl Filaments GmbH	Subsidiary	Munderkingen, Baden-Württemberg	Germany	Synthetic Chemical Manufacturing	41.9	170
Hahl Inc.	Subsidiary	Lexington, SC	United States	Synthetic Chemical Manufacturing	14.5	175
Lenzing (Nanjing) Fibers Co., Ltd.	Subsidiary	Nanjing, Jiangsu	China	Synthetic Chemical Manufacturing		100
Lenzing Fibers (Shanghai) Co., Ltd.	Subsidiary	Shanghai	China	Synthetic Chemical Manufacturing		20
Pulp Trading GmbH	Subsidiary	Lenzing	Austria	Paper Wholesale	503.4	1
Lenzing Fibers (Hong Kong) Ltd	Subsidiary	Wanchai	Hong Kong	Textile Manufacturing
BZL-Bildungszentrum Lenzing GmbH	Subsidiary	Lenzing	Austria	Miscellaneous Educational Services
PJSC Ukrsotsbank	Subsidiary	Kiev	Ukraine	Banking	517.3	6,274
ATF Bank AO	Subsidiary	Almaty	Kazakhstan	Banking	274.2	1,971
ATF CAPITAL B.V.	Subsidiary	Rotterdam	Netherlands	Investment Services		2
UNICREDIT BANK OJSC	Subsidiary	Lutsk	Ukraine	Banking
UniCredit Bank Hungary Zrt	Subsidiary	Budapest	Hungary	Banking		1,971
Unicredit Jelzalogbank Zrt.	Subsidiary	Budapest	Hungary	Banking		22
HVB Bank Biochim AD	Subsidiary	Sofia	Bulgaria	Banking		1,500
UniCredit Bank Czech Republic a.s.	Subsidiary	Prague	Czech Republic	Banking		1,000
ISTRATURIST UMAG, hoteljerstvo, turizam i turisticka agencija, d. d.	Subsidiary	Umag	Croatia	Hotels and Accommodation	78.8	875
Bank Austria Creditanstalt d.d. Ljubljana	Subsidiary	Ljubljana	Slovenia	Mortgage and Credit	54.2	550
Bank Austria Leasing GmbH	Subsidiary	Vienna	Austria	Commercial and Industrial Rental		440
UniCredit Leasing CZ, a.s.	Subsidiary	Praha	Czech Republic	Banking		259
UniCredit Fleet Management, s.r.o.	Subsidiary	Prague	Czech Republic	Motor Vehicle Rental
Renault Leasing CZ, s.r.o.	Affiliates	Prague	Czech Republic	Pensions and Funds
UniCredit pojist'ovaci maklerska spol. s.r.o.	Subsidiary	Prague	Czech Republic	Insurance Agents
Schoellerbank Aktiengesellschaft	Subsidiary	Wien	Austria	Banking	3,733.0	346
SCHOELLERBANK INVEST AG	Subsidiary	Salzburg	Austria	Investment Services	3,764.9	15
CAFU VERMOEGENSVERWALTUNG GMBH	Subsidiary	Vienna	Austria	Investment Services
CAFU VERMOEGENSVERWALTUNG GMBH & CO OG	Subsidiary	Vienna	Austria	Investment Services
Bank Austria Real Invest GmbH	Subsidiary	Wien	Austria	Securities		73
BANK AUSTRIA REAL INVEST ASSET MANAGEMENT GMBH	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers		73
IMMOBILIEN RATING GMBH	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers		30
UniCredit Leasing Slovakia, a.s.	Affiliates	Bratislava	Slovakia	Banking		158
UNICREDIT FLEET MANAGEMENT S.R.O.	Subsidiary	Bratislava	Slovakia	Motor Vehicle Rental		17
Unicredit Broker, S. R. O.	Subsidiary	Bratislava	Slovakia	Insurance Agents		1
BANK AUSTRIA REAL INVEST IMMOBILIEN-KAPITALANLAGE GMBH	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
TREUCONSULT BETEILIGUNGSGESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Investment Services
TREUCONSULT PROPERTY BETA GMBH	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
TREUCONSULT PROPERTY EPSILON GMBH	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
PROMETHEUS IMMOBILIENERRICHTUNGS-UND-BETEILIGUNGS GMBH	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
Bank Austria Finanzservice GmbH	Subsidiary	Vienna	Austria	Banking		66
Zagreb nekretnine doo	Subsidiary	Zagreb	Croatia	Banking		45
ZANE BH DOO	Subsidiary	Sarajevo	Bosnia and Herzegovina	Banking		3
FactorBank Aktiengesellschaft	Subsidiary	Wien	Austria	Banking	1.9	42
B & C Industrieholding GmbH	Subsidiary	Vienna	Austria	Holding Companies
UniCredit Bank AG - Zweigniederlassung Zürich	Branch	Zürich	Switzerland	Banking
Industrie-Immobilien-Verwaltung GmbH	Subsidiary	Vienna	Austria	Banking
HVB BETEILIGUNGSGESELLSCHAFT MBH	Subsidiary	Munich	Germany	Investment Services
HVB EXPORT LEASING GMBH	Subsidiary	Munich, Bavaria	Germany	Investment Services
HVB PRINCIPAL EQUITY GMBH	Subsidiary	Munich	Germany	Investment Services
UNICREDIT GLOBAL BUSINESS SERVICES GMBH	Subsidiary	Dusseldorf	Germany	Investment Services
HVB GESELLSCHAFT FUR GEBAUDE BETEILIGUNGS GMBH	Subsidiary	Munich	Germany	Investment Services
HVB INTERNATIONAL ASSET LEASING GMBH	Subsidiary	Munich, Bavaria	Germany	Investment Services
HVB TRUST PENSIONSFONDS AG	Subsidiary	Munich, Bavaria	Germany	Investment Services
UNICREDIT BETEILIGUNGS GMBH	Subsidiary	Munich, Bavaria	Germany	Investment Services
BD INDUSTRIEBETEILIGUNGSGESELLSCHAFT MBH	Subsidiary	Munich	Germany	Investment Services
BWF BETEILIGUNGSGESELLSCHAFT WIRTSCHAFTSFORDERUNG MBH	Subsidiary	Hamburg	Germany	Investment Services
VERBA VERWALTUNGSGESELLSCHAFT MBH	Subsidiary	Munich	Germany	Investment Services
STATUS VERMOGENSVERWALTUNG GMBH	Subsidiary	Schwerin	Germany	Investment Services
BFL BETEILIGUNGSGESELLSCHAFT FUR FLUGZEUG-LEASING MBH	Subsidiary	Munich	Germany	Commercial and Industrial Rental
VERWALTUNGSGESELLSCHAFT KATHARINENHOF MBH	Subsidiary	Hamburg	Germany	Investment Services
PUBLIC JOINT STOCK COMPANY UNICREDIT BANK	Subsidiary	Kiev	Ukraine	Banking		9,000
Hebros Bank AD	Subsidiary	Plovdiv	Bulgaria	Banking		1,000
FinecoBank SpA	Subsidiary	Reggio Emilia	Italy	Banking		881
Unicredit Credit Management Bank SpA	Subsidiary	Verona	Italy	Banking	210.1	782
Unicredit Credit Management Immobiliare SpA	Subsidiary	Verona, Verona	Italy	Property Managers	1.1	1
ESPERTI IN MEDIAZIONE SRL	Subsidiary	Rome	Italy	Consulting Services
UniCredit Bank	Subsidiary	Bishkek	Kyrgyzstan	Banking		720
UniCredit Leasing SpA	Subsidiary	Milano, MI	Italy	Banking		635
UNICREDIT LEASING (AUSTRIA) GMBH	Subsidiary	Vienna	Austria	Investment Services	45.0	300
ALV Immobilien Leasing Gesellschaft m.b.H.	Subsidiary	Vienna	Austria	Commercial Real Estate Leasing
BACA HYDRA LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Investment Services
BACA KOMMUNALLEASING GMBH	Subsidiary	Vienna	Austria	Investment Services
BAL CARINA IMMOBILIEN LEASING GMBH	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
BAL HESTIA IMMOBILIEN LEASING GMBH	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
BETEILIGUNGSVERWALTUNGSGESELLSCHAFT DER BANK AUSTRIA CREDITANSTALT LEASING GMBH	Subsidiary	Vienna	Austria	Investment Services
CALG 307 MOBILIEN LEASING GMBH	Subsidiary	Vienna	Austria	Commercial and Industrial Rental
CALG 443 GRUNDSTUCKVERWALTUNG GMBH	Subsidiary	Vienna	Austria	Non-Metallic Mineral Product Manufacturing
CHARADE LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Investment Services
FOLIA LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Investment Services
FUGATO LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Investment Services
GEBAUDELEASING GRUNDSTUCKSVERWALTUNGSGESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
HONEU LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Investment Services
LEGATO LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Investment Services
LIPARK LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Investment Services
OLG HANDELS- UND BETEILIGUNGSVERWALTUNGSGESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Investment Services
PARZHOF-ERRICHTUNGS- UND VERWERTUNGSGESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
POSATO LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Investment Services
BA-CA LEASING DREI GARAGEN GMBH	Subsidiary	Vienna	Austria	Investment Services
CA-LEASING SENIOREN PARK GMBH	Subsidiary	Vienna	Austria	Investment Services
UNICREDIT TECHRENT LEASING GMBH	Subsidiary	Vienna	Austria	Investment Services
UNICREDIT ZEGA LEASING-GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Investment Services
SHS LEASING GMBH	Subsidiary	Vienna	Austria	Investment Services
CIVITAS IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Commercial Real Estate Leasing
DLV IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Commercial Real Estate Leasing
EUROLEASE AMUN IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Commercial Real Estate Leasing
EUROLEASE ANUBIS IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Commercial Real Estate Leasing
EUROLEASE ISIS IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Commercial Real Estate Leasing
EUROLEASE MARDUK IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Commercial Real Estate Leasing
EXPANDA IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Commercial Real Estate Leasing
JAUSERN-LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Investment Services
LINO HOTEL-LEASING GMBH	Subsidiary	Vienna	Austria	Commercial Real Estate Leasing
MBC IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
MENUETT GRUNDSTUCKSVERWALTUNGSGESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
Quint Z Immobilien Leasing Gesellschaft m.b.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
SONATA LEASING-GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Investment Services
UFFICIUM IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
CALG ANLAGEN LEASING GMBH	Subsidiary	Vienna	Austria	Investment Services
QUART Z IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
CALG IMMOBILIEN LEASING GMBH	Subsidiary	Vienna	Austria	Commercial Real Estate Leasing
CALG 445 GRUNDSTUCKVERWALTUNG GMBH	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
CALG GAMMA GRUNDSTUCKVERWALTUNG GMBH	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
CALG GRUNDSTUCKVERWALTUNG GMBH	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
CALG IMMOBILIEN LEASING GMBH & CO 1050 WIEN, SIEBENBRUNNENGASSE 10-21 OG	Subsidiary	Vienna	Austria	Commercial Real Estate Leasing
CALG IMMOBILIEN LEASING GMBH & CO 1120 WIEN, SCHONBRUNNER SCHLOSS-STRASSE 38-42 OG	Subsidiary	Vienna	Austria	Commercial Real Estate Leasing
CALG IMMOBILIEN LEASING GMBH & CO PROJEKT VIER OG	Subsidiary	Vienna	Austria	Commercial Real Estate Leasing
BAULANDENTWICKLUNG GDST 1682/8 GMBH & CO OEG	Subsidiary	Vienna	Austria
UNICREDIT PEGASUS LEASING GMBH	Subsidiary	Vienna	Austria	Investment Services
RSB ANLAGENVERMIETUNG GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Investment Services
DUODEC Z IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Commercial Real Estate Leasing
EUROLEASE RAMSES IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Commercial Real Estate Leasing
PELOPS LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Investment Services
UNICREDIT GARAGEN ERRICHTUNG UND VERWERTUNG GMBH	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
SEDEC Z IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
TERZ Z IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
TREDEC Z IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
LIVA IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
NAGE LOKALVERMIETUNGSGESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
BAL DEMETER IMMOBILIEN LEASING GMBH	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
BAL SOBEK IMMOBILIEN LEASING GMBH	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
BANK AUSTRIA LEASING HERA IMMOBILIEN LEASING GMBH	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
REAL-LEASE GRUNDSTUCKSVERWALTUNGSGESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
Z LEASING AURIGA IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
Z LEASING HERCULES IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
Z LEASING IPSILON IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
MM OMEGA PROJEKTENTWICKLUNGS GMBH	Subsidiary	Vienna	Austria	Investment Services
Z LEASING GEMINI IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
LAGEV IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Commercial Real Estate Leasing
PIANA LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria
QUADEC Z IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
UNICOM IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
Baca Cena Immobilien Leasing Gmbh	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
Baca Leasing Carmen Gmbh	Subsidiary	Vienna	Austria	Investment Services
BA-CA LEASING MAR IMMOBILIEN LEASING GMBH	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
BA-CA LEASING VERSICHERUNGSSERVICE GMBH	Subsidiary	Vienna	Austria	Investment Services
BA CA SECUND LEASING GMBH	Subsidiary	Vienna	Austria	Investment Services
UNICREDIT AURORA LEASING GMBH	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
UNICREDIT LEASING BAUTRAGER GMBH	Subsidiary	Vienna	Austria	Investment Services
BA-CA ANDANTE LEASING GMBH	Subsidiary	Vienna	Austria	Investment Services
UNICREDIT LEASING VERSICHERUNGSSERVICE GMBH & CO KG	Subsidiary	Vienna	Austria	Investment Services
UNICREDIT LUNA LEASING GMBH	Subsidiary	Vienna	Austria	Investment Services
UNICREDIT POLARIS LEASING GMBH	Subsidiary	Vienna	Austria	Investment Services
BA-CA PRESTO LEASING GMBH	Subsidiary	Vienna	Austria	Investment Services
BANK AUSTRIA LEASING IKARUS IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
BA EUROLEASE BETEILIGUNGSGESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Investment Services
BA/CA-LEASING FINANZIERUNG GMBH	Subsidiary	Vienna	Austria	Investment Services
Z LEASING TAURUS IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
Z LEASING CORVUS IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
UNICREDIT RENT D.O.O. BEOGRAD	Subsidiary	Belgrade	Serbia	Investment Services
ALLEGRO LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Investment Services
Kunsthaus Leasing GmbH	Subsidiary	Vienna	Austria	Investment Services
PRIM Z IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
Z LEASING ARKTUR IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
Z LEASING GAMA IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
Z LEASING KALLISTO IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
Z LEASING NEREIDE IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
Z LEASING VENUS IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
Z LEASING VOLANS IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
CHEFREN LEASING GMBH	Subsidiary	Vienna	Austria	Investment Services
GRUNDSTUCKSVERWALTUNG LINZ-MITTE GMBH	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
LAGERMAX LEASING GMBH	Subsidiary	Vienna	Austria	Investment Services
Z LEASING ALFA IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
HVB LEASING CZECH REPUBLIC S.R.O.	Subsidiary	Prague	Czech Republic	Banking		250
UNICREDIT LEASING CROATIA d.o.o.	Subsidiary	Zagreb	Croatia	Banking	54.4	116
HVB-LEASING SPORT INGATLANHASZNOSITO KOLATPOT FEOEOASSEGU TARSASAG	Subsidiary	Budapest	Hungary	Real Estate Agents and Brokers		100
LOCAT CROATIA DOO	Subsidiary	Zagreb	Croatia	Investment Services		100
Uni?Redit Leasing Limited Liability Company	Subsidiary	Kyiv,	Ukraine	Banking	69.8	62
SIA UNICREDIT LEASING	Subsidiary	Riga	Latvia	Consulting Services	17.2	45
SIA UNICREDIT INSURANCE BROKER	Subsidiary	Riga	Latvia	Insurance Agents
Unicredit Leasing, d.o.o.	Subsidiary	Ljubljana	Slovenia	Banking	5.0	45
UNICREDIT LEASING D.O.O.	Subsidiary	Sarajevo	Bosnia and Herzegovina	Investment Services		29
UNICREDIT LEASING TOB	Subsidiary	Kiev	Ukraine	Investment Services		25
REAL ESTATE MANAGEMENT POLAND SP. Z O.O.	Subsidiary	Warsaw	Poland	Real Estate Agents and Brokers		10
BA CA Leasing (Deutschland) GmbH	Subsidiary	Hamburg, Hamburg	Germany	Banking	2.0	8
Unicredit Leasing Ooo	Subsidiary	Moscow	Russian Federation	Banking	98.3
Unicredit Leasing Kereskedelmi Korlatolt Felelossegu Tarsasag	Subsidiary	Budapest	Hungary	Motor Vehicle Rental	21.2
Cac Immo, S.R.O.	Subsidiary	Praha 4	Czech Republic	Commercial Real Estate Leasing	9.1
Ca-Leasing Euro, S.R.O.	Subsidiary	Praha 4	Czech Republic	Real Estate Agents and Brokers	8.8
UNICREDIT LEASING AD	Subsidiary	Sofia	Bulgaria	Investment Services	1.3
UNICREDIT LEASING CORPORATION IFN S.A.	Subsidiary	Bucharest	Romania	Investment Services
ALLIB LEASING S.R.O.	Subsidiary	Prague	Czech Republic	Investment Services
OOO UNICREDIT LEASING	Subsidiary	Moscow	Russian Federation	Banking
CA-LEASING YPSILON INGATLANHASZNOSITO KORLATOLT FELELOSSEGU TARSASAG	Subsidiary	Budapest	Hungary	Investment Services
UNICREDIT LEASING REAL ESTATE S.R.O.	Subsidiary	Bratislava	Slovakia	Real Estate Agents and Brokers
ALLIB NEKRETNINE D.O.O. ZA POSLOVANJE NEKRETNINAMA	Subsidiary	Zagreb	Croatia	Real Estate Agents and Brokers
ANI LEASING IFN S.A.	Subsidiary	Bucharest	Romania	Investment Services
BACA ROMUS IFN S.A.	Subsidiary	Bucharest	Romania	Investment Services
BACAL ALPHA DOO ZA POSLOVANJE NEKRETNINAMA	Subsidiary	Zagreb	Croatia	Real Estate Agents and Brokers
UNICREDIT GLOBAL LEASING VERSICHERUNGSSERVICE GMBH	Subsidiary	Vienna	Austria	Investment Services
CA-LEASING TERRA POSLOVANJE Z NEPREMICNINAMI D.O.O.	Subsidiary	Ljubljana	Slovenia	Real Estate Agents and Brokers
INTERKONZUM DOO SARAJEVO	Subsidiary	Sarajevo	Bosnia and Herzegovina	Investment Services
UNICREDIT GLOBAL LEASING PARTICIPATION MANAGEMENT GMBH	Subsidiary	Vienna	Austria	Investment Services
UNICREDIT GLOBAL LEASING EXPORT GMBH	Subsidiary	Vienna	Austria	Investment Services	47.2	5
UniCredit Banka Slovenija d.d.	Subsidiary	Ljubljana	Slovenia	Banking		566
Pankl Aerospace Systems Europe GmbH	Subsidiary	Kapfenberg	Austria	Transportation Equipment Wholesale	8.7	400
UniCredito Italiano S.p.A.	Subsidiary	Milan	Italy	Executive and Legislature		350
UniCredit Bulbank Inc.	Subsidiary	Sofia	Bulgaria	Banking		4,000
HYPOVEREINS IMMOBILIEN EOOD	Subsidiary	Sofia	Bulgaria	Real Estate Agents and Brokers
UniCredit Private Banking S.p.A.	Division	Turin	Italy	Pensions and Funds		1,500
FinecoBank S.p.A.	Subsidiary	Milan	Italy	Securities		763
Unicredit (U.K.) Trust Services Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services	0.4
UniCredit Xelion Banca S.p.A.	Subsidiary	Milan	Italy	Pensions and Funds
UniCredit Banca S.p.A.	Division	Bologna	Italy	Mortgage and Credit		1,000
Zivnostenska banka a.s.	Subsidiary	Prague	Czech Republic	Banking		802
Pioneer Investment Management U.S.A. Inc.	Subsidiary	Boston, MA	United States	Investment Services		700
PIONEER INSTITUTIONAL ASSET MANAGEMENT INC	Subsidiary	Boston, MA	United States	Investment Services	6.5	250
Pioneer Investments Management	Branch	Omaha, NE	United States	Investment Services	54.8	59
Pioneer Investments Management	Branch	Miami, FL	United States	Investment Services	6.5	7
Pioneer Investments Management	Branch	Chicago, IL	United States	Investment Services	5.0	7
PIONEER INVESTMENT MANAGEMENT SHAREHOLDER SERVICES INC.	Subsidiary	Boston, MA	United States	Investment Services
Pioneer Investments	Subsidiary	Boston, MA	United States	Pensions and Funds		700
Locat S.p.A.	Subsidiary	Milan	Italy	Commercial Real Estate Leasing		400
Pioneer Investment Management Limited	Subsidiary	Dublin	Ireland	Investment Services	198.7	397
Pioneer Investment Management Ltd	Subsidiary	Singapore	Singapore	Accounting and Tax Preparation	13.1	15
UniCredit Corporate Banking Services S.p.A.	Division	Milan	Italy	Banking		300
MedioCredito Centrale SpA	Subsidiary	Roma	Italy	Banking		278
PARMACOTTO SPA	Subsidiary	Parma	Italy	Grocery Wholesale	164.6	242
Salumificio Piacenti SRL	Subsidiary	San Gimignano, Siena	Italy	Food Manufacturing	32.3	36
Parmacotto Sud SRL	Subsidiary	Pozzuoli, Napoli	Italy	Grocery Wholesale	42.1	13
Antica Salumeria Rosi SRL	Subsidiary	Parma, Parma	Italy	Property Managers	2.1	1
UNICREDIT CONSUMER FINANCING IFN S.A.	Subsidiary	Bucharest	Romania	Banking		135
CARLO ERBA REAGENTI SPA	Subsidiary	Arese	Italy	Miscellaneous Chemical Manufacturing	37.3	107
UNICREDIT LEASING HUNGARY ZRT	Subsidiary	Budapest	Hungary	Mortgage and Credit		100
HVB-LEASING ATLANTIS INGATLANHASZNOSITO KORLATOLT FELELOSSEGU TARSASAG	Subsidiary	Budapest	Hungary	Mortgage and Credit		100
MOBILITY CONCEPT GMBH	Subsidiary	Oberhaching, Bayern	Germany	Motor Vehicle Rental		85
UNICREDIT LEASING FINANCE GMBH	Subsidiary	Hamburg, Hamburg	Germany	Banking		80
LEASFINANZ GMBH	Subsidiary	Vienna	Austria	Investment Services	140.1	75
Wiener-Kuhlhaus Frigoscandia GmbH	Subsidiary	Vienna	Austria	Storage and Warehousing		70
CRIVELLI SRL	Subsidiary	Valenza	Italy	Miscellaneous Manufacturing	99.1	64
EUROPA FACILITY MANAGEMENT LTD.	Subsidiary	Newcastle Upon Tyne	United Kingdom	Investment Services		48
UNICREDIT LEASING FUHRPARKMANAGEMENT GMBH	Subsidiary	Vienna	Austria	Motor Vehicle Rental	29.2	40
GOLF- UND COUNTRY CLUB SEDDINER SEE IMMOBILIEN GMBH	Subsidiary	Michendorf, Brandenburg	Germany	Miscellaneous Amusement and Recreation		29
UniCredit International Bank (Luxembourg) SA	Subsidiary	Luxembourg	Luxembourg	Banking		20
UNICREDIT LUXEMBOURG FINANCE SA	Subsidiary	Luxembourg	Luxembourg	Banking
B & I International Ltd.	Subsidiary	Bolton	United Kingdom	Miscellaneous Wholesale		6
JOHA GEBAEUDE- ERRICHTUNGS- UND VERMIETUNGS- GESELLSCHAFT M.B.H.	Subsidiary	Leonding	Austria	Real Estate Agents and Brokers		6
WEALTHCAP PRIVATE EQUITY GMBH	Subsidiary	München, Bayern	Germany	Investment Services	0.9	5
AUSTRIA LEASING GMBH	Subsidiary	Eschborn	Germany	Commercial Real Estate Leasing		5
Raiffeisen-Leasing GmbH	Subsidiary	Vienna	Austria	Motor Vehicle Rental	27.9	363
Raiffeisen Leasing Sh.A.	Subsidiary	Tirana	Albania	Banking		18
Raiffeisen Leasing Kazakhstan LLP	Subsidiary	Almaty	Kazakhstan	Banking		12
RL Anlagenvermietung Gesellschaft m.b.H.	Subsidiary	Eschborn, Hessen	Germany	Real Estate Agents and Brokers		2
FMK Fachmarktcenter Kohlbruck Betriebs GmbH	Subsidiary	Eschborn, Hessen	Germany	Real Estate Agents and Brokers		3
Raiffeisen Leasing IFN S.A.	Subsidiary	Bucharest	Romania	Banking
Raifeisen Leasing d.o.o.	Subsidiary	Sarajevo	Bosnia and Herzegovina	Banking
Raiffeisen Lizing Rt.	Subsidiary	Budapest	Hungary	Motor Vehicle Rental
Raiffeisen Leasing d.o.o.	Subsidiary	Maribor	Slovenia	Banking
AGROB Immobilien AG	Subsidiary	Ismaning	Germany	Commercial Real Estate Leasing	14.8	4
BA/CA-LEASING BETEILIGUNGEN GMBH	Subsidiary	Vienna	Austria	Investment Services	3.8	4
V.M.G. VERMIETUNGSGESELLSCHAFT MBH	Subsidiary	München, Bayern	Germany	Investment Services		4
WEALTHCAP REAL ESTATE KOMPLEMENTAR GMBH	Subsidiary	München, Bayern	Germany	Real Estate Agents and Brokers	27.8	3
H.F.S. Immobilienfonds Köln Supplier-Park GmbH & Co. KG	Subsidiary	München, Bayern	Germany	Real Estate Agents and Brokers
ENTASI SRL	Subsidiary	Rome	Italy	Investment Services	1.0	3
PIONEER GLOBAL INVESTMENTS (AUSTRALIA) PTY LIMITED	Subsidiary	Sydney, NSW	Australia	Investment Services	1.0	3
PIONEER FUNDS DISTRIBUTOR INC	Subsidiary	Boston, MA	United States	Investment Services		3
KSG KARTEN-VERRECHNUNGS- UND SERVICEGESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Banking	10.3	2
DC ELEKTRONISCHE ZAHLUNGSSYSTEME GMBH	Subsidiary	Vienna	Austria	Banking
TIVOLI GRUNDSTUCKS-AKTIENGESELLSCHAFT	Subsidiary	München, Bayern	Germany	Real Estate Agents and Brokers	15.0	1
H.F.S. IMMOBILIENFONDS GMBH & CO. EUROPA 4 KG	Subsidiary	München, Bayern	Germany	Real Estate Agents and Brokers		1
H.F.S ISTAMBUL 1 GAYRIMENKUL YONETIMI LIMITED SIRKETI	Subsidiary	Istanbul	Turkey	Real Estate Agents and Brokers
UNICREDIT KFZ LEASING GMBH	Subsidiary	Vienna	Austria	Investment Services	101.4
UNICREDIT MOBILIEN LEASING GMBH	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers	76.5
M. A. V. 7., BANK AUSTRIA LEASING BAUTRAGER GMBH & CO.OHG.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
Banco di Sicilia S.p.A.	Division	Palermo	Italy	Banking
Quercia Software Spa	Subsidiary	Verona	Italy	Computer System Design Services
UNICREDIT BUSINESS PARTNER SOCIETA CONSORTILE PER AZIONI	Subsidiary	Cologno Monzese, Milan	Italy	Accounting and Tax Preparation
Banca di Roma S.p.A.	Division	Rome	Italy	Banking
UNICREDIT REAL ESTATE SOCIETA CONSORTILE PER AZIONI	Subsidiary	Genoa	Italy	Real Estate Agents and Brokers
WEALTHCAP FONDS GMBH	Subsidiary	München, Bayern	Germany	Investment Services
Blue Capital Equity IX GmbH & Co. KG	Subsidiary	Hamburg, Hamburg	Germany	Investment Services		4
Blue Capital Equity VIII GmbH & Co. KG	Subsidiary	Hamburg, Hamburg	Germany	Investment Services		1
WealthCap Equity VIII/IX Blocker GmbH	Subsidiary	München, Bayern	Germany	Miscellaneous Personal Services		2
Blue Capital Kanada GmbH & Co. Erste Immobilien KG	Subsidiary	Hamburg, Hamburg	Germany	Securities
BLUE CAPITAL EUROPA IMMOBILIEN GMBH & CO. ACHTE OBJEKTE GROBRITANNIEN KG	Subsidiary	Hamburg, Hamburg	Germany	Real Estate Agents and Brokers
V. QUATTRO SPA	Subsidiary	Venice	Italy	Investment Services
UNO-EINKAUFSZENTRUM-VERWALTUNGSGESELLSCHAFT MBH	Subsidiary	Leonding	Austria	Commercial Real Estate Leasing
WCREM CANADIAN MANAGEMENT INC.	Subsidiary	Toronto, ON	Canada	Investment Services
ERSTE ONSHORE WINDKRAFT BETEILIGUNGSGESELLSCHAFT MBH & CO. WINDPARK KRAHENBERG KG	Subsidiary	Oldenburg, Niedersachsen	Germany	Investment Services
A.S. ROMA SpA	Affiliates	Rome	Italy	Spectator Sports
Creditras Previdenza SIM S.p.A.	Subsidiary	Milan	Italy	Pensions and Funds
ERSTE ONSHORE WINDKRAFT BETEILIGUNGSGESELLSCHAFT MBH & CO. WINDPARK MOSE KG	Subsidiary	Oldenburg	Germany	Electricity Generation and Distribution
WEALTHCAP IMMOBILIENFONDS DEUTSCHLAND 35 GMBH & CO. KG	Subsidiary	Munich, Bavaria	Germany	Real Estate Agents and Brokers
UNICREDIT GLOBAL INFORMATION SERVICES SOCIETA CONSORTILE PER AZIONI	Subsidiary	Verona	Italy	Securities
UBIS Solutions Information Technology GmbH	Subsidiary	Vienna	Austria	Computer System Design Services
BAL OSIRIS IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Banking
NATA IMMOBILIEN-LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Commercial Real Estate Leasing
SALVATORPLATZ-GRUNDSTUCKSGESELLSCHAFT MBH & CO. OHG SAARLAND	Subsidiary	Munich	Germany	Real Estate Agents and Brokers
SALVATORPLATZ-GRUNDSTUCKSGESELLSCHAFT MBH & CO. OHG VERWALTUNGSZENTRUM	Subsidiary	Munich, Bavaria	Germany	Real Estate Agents and Brokers
COMPAGNIA ITALPETROLI S.P.A.	Subsidiary	Rome	Italy	Petroleum Product Manufacturing
ROMA 2000 SRL	Subsidiary	Rome	Italy	Sporting Goods and Recreation Stores
Auriga SRL	Subsidiary	Roma, Roma	Italy	Residential and Commercial Building Construction	1.2	1
SOCIETA DEPOSITI COSTIERI - SO.DE.CO. SRL	Subsidiary	Civitavecchia	Italy	Petroleum Product Manufacturing
COM.P.I.S. - COMPAGNIA PETROLIFERA ITALIA SUD SOCIETA A RESPONSABILITA LIMITATA	Subsidiary	Rome	Italy	Investment Services
UNICREDIT LEASING AVIATION GMBH	Subsidiary	Hamburg	Germany	Commercial and Industrial Rental
WEALTHCAP IMMOBILIENFONDS EUROPA 11 GMBH & CO. KG	Subsidiary	Munich, Bavaria	Germany	Real Estate Agents and Brokers
UniCredit Family Financing Bank S.p.A.	Subsidiary	Munich	Germany	Investment Services
Bank Austria Private Banking AG	Subsidiary	Vienna	Austria	Banking
UniCredit Business Integrated Solutions SCpA	Subsidiary	Milan	Italy	Computer Programming
WEALTH CAPITAL INVESTMENT INC.	Subsidiary	Atlanta, GA	United States	Investment Services
WEALTH CAPITAL MANAGEMENT INC.	Subsidiary	Atlanta, GA	United States	Real Estate Agents and Brokers	0.6	3
Pioneer Investment	Subsidiary	Luxembourg	Luxembourg	Investment Services
SICILIA CONVENTION BUREAU SRL	Subsidiary	Catania	Italy	Miscellaneous Professional Services
CA IB Corporate Finance Ltd.	Subsidiary	Budapest	Hungary	Banking
Pioneer Investments	Subsidiary	Prague	Czech Republic	Investment Services
UNICREDIT TURN-AROUND MANAGEMENT CEE GMBH	Subsidiary	Vienna	Austria	Investment Services
REAL INVEST IMMOBILIEN GMBH	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
CHRISTOPH REISEGGER GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
BIL AIRCRAFTLEASING GMBH	Subsidiary	Munich, Bavaria	Germany	Commercial and Industrial Rental
ACIS IMMOBILIEN- UND PROJEKTENTWICKLUNGS GMBH	Subsidiary	Grunwald	Germany	Real Estate Agents and Brokers
BACA CHEOPS LEASING GMBH	Subsidiary	Vienna	Austria	Investment Services
BAL HORUS IMMOBILIEN LEASING GMBH	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
BAL HYPNOS IMMOBILIEN LEASING GMBH	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
CALG 451 GRUNDSTUCKVERWALTUNG GMBH	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
CALG ALPHA GRUNDSTUCKVERWALTUNG GMBH	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
SECA-LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Investment Services
SEXT Z IMMOBILIEN LEASING GESELLSCHAFT M.B.H	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
H.F.S. IMMOBILIENFONDS EUROPA 3 BETEILIGUNGS BV	Subsidiary	Hague	Netherlands	Real Estate Agents and Brokers
HVB AUTO LEASING EOOD	Subsidiary	Sofia	Bulgaria	Motor Vehicle Rental
INTRO LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Investment Services
LARGO LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Investment Services
CABO BETEILIGUNGSGESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Investment Services
LELEV IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
WEALTHCAP PEIA SEKUNDAR GMBH	Subsidiary	Munich	Germany	Investment Services
BANK AUSTRIA CREDITANSTALT LEASING IMMOBILIENANLAGEN GMBH	Subsidiary	Vienna	Austria	Commercial Real Estate Leasing
UNICREDIT LEASING TECHNIKUM GMBH	Subsidiary	Vienna	Austria	Investment Services
UNICREDIT PARTNER D.O.O	Subsidiary	Zagreb	Croatia	Investment Services
UNICREDIT BPC MORTGAGE S.R.L.	Subsidiary	Verona	Italy	Real Estate Agents and Brokers
CL DRITTE CAR LEASING GMBH & CO. KG	Subsidiary	Hamburg	Germany	Motor Vehicle Rental
WEALTHCAP INVESTORENBETREUUNG GMBH	Subsidiary	Munich, Bavaria	Germany	Investment Services
H.F.S.Immobilienfonds Deutschland 9 GmbH & Co.KG	Subsidiary	München, Bayern	Germany	Investment Services		4
H.F.S.Immobilienfonds Deutschland 3 GmbH & Co.KG	Subsidiary	München, Bayern	Germany	Real Estate Agents and Brokers		3
WealthCap Infrastructure Fund I GmbH & Co. KG	Subsidiary	München, Bayern	Germany	Banking		3
BIL Leasing-Fonds GmbH & Co Stadtsanierung Freiberg KG	Subsidiary	München, Bayern	Germany	Real Estate Agents and Brokers		2
WealthCap Aircraft I GmbH & Co KG	Subsidiary	München, Bayern	Germany	Banking		1
WealthCap Life Britannia 2. GmbH & Co KG	Subsidiary	München, Bayern	Germany	Life and Health Insurance		1
WealthCap Immobilienfonds Deutschland 31 GmbH & Co.KG	Subsidiary	München, Bayern	Germany	Real Estate Agents and Brokers		1
H.F.S. Immobilienfonds Deutschland 12 GmbH & Co. KG	Subsidiary	München, Bayern	Germany	Investment Services	51.6
WealthCap Immobilienfonds Deutschland 30 GmbH & Co.KG	Subsidiary	München, Bayern	Germany	Real Estate Agents and Brokers	17.8
WealthCap Immobilienfonds Donauwörth 1 GmbH & Co.KG	Subsidiary	Ebersberg, Bayern	Germany	Real Estate Agents and Brokers		3
H.F.S.Immobilienfonds Deutschland 8 GmbH & Co.KG	Subsidiary	München, Bayern	Germany	Investment Services
WEALTHCAP IMMOBILIENFONDS DEUTSCHLAND 34 GMBH & CO. KG	Subsidiary	Munich, Bavaria	Germany	Real Estate Agents and Brokers
WEALTHCAP PHOTOVOLTAIK 2 GMBH & CO. KG	Subsidiary	Grunwald, Bavaria	Germany	Investment Services
WEALTHCAP PHOTOVOLTAIK 3 GMBH & CO. KG	Subsidiary	Grunwald, Bavaria	Germany	Investment Services
WEALTHCAP LEBENSWERT 3 GMBH & CO. KG	Subsidiary	Grunwald, Bavaria	Germany	Investment Services
WEALTHCAP FLUGZEUG PORTFOLIO 25 GMBH & CO. KG	Subsidiary	Grunwald, Bavaria	Germany	Investment Services
HYPO-BANK VERWALTUNGSZENTRUM GMBH	Subsidiary	Munich	Germany	Consulting Services
UNICREDIT FUGGETLEN BIZTOSITASKOZVETITO KFT	Subsidiary	Budapest	Hungary	Insurance Agents
BA-CA INFRASTRUCTURE FINANCE ADVISORY GMBH	Subsidiary	Vienna	Austria	Investment Services
BIL IMMOBILIEN FONDS GMBH	Subsidiary	Munich, Bavaria	Germany	Real Estate Agents and Brokers
SALVATORPLATZ-GRUNDSTUCKSGESELLSCHAFT MBH	Subsidiary	Munich, Bavaria	Germany	Real Estate Agents and Brokers
ROME 2000 SRL	Subsidiary	Rome	Italy	Investment Services
HVB ASSET MANAGEMENT HOLDING GMBH	Subsidiary	Munich, Bavaria	Germany	Investment Services
AL.GIO.FIN. SPA	Subsidiary	Bergamo	Italy	Banking
BV GRUNDSTUCKSENTWICKLUNGSGMBH & CO. SCHLOSSBERGPROJEKTENTWICKLUNGS-KG	Subsidiary	Munich	Germany	Real Estate Agents and Brokers
TERRONDA DEVELOPMENT B.V.	Subsidiary	Amsterdam	Netherlands	Real Estate Agents and Brokers
HOFGARTEN REAL ESTATE BV	Subsidiary	Amsterdam	Netherlands	Real Estate Agents and Brokers
SFS FINANCIAL SERVICES GMBH	Subsidiary	Vienna	Austria	Investment Services
RONCASA IMMOBILIEN-VERWALTUNGS GMBH	Subsidiary	Munich, Bavaria	Germany	Real Estate Agents and Brokers
SOLARIS VERWALTUNGSGESELLSCHAFT MBH & CO. VERMIETUNGS KG	Subsidiary	Munich, Bavaria	Germany	Investment Services
HVZ GMBH & CO. OBJEKT KG	Subsidiary	Munich, Bavaria	Germany	Investment Services
VIRGINIA SRL	Subsidiary	Modena	Italy	Investment Services
ARRONDA IMMOBILIENVERWALTUNGS GMBH	Subsidiary	Munich	Germany	Real Estate Agents and Brokers
Z LEASING ITA IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
Z LEASING JANUS IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
Z LEASING KAPA IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
Z LEASING OMEGA IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
RONDO LEASING GMBH	Subsidiary	Vienna	Austria	Investment Services
BANK AUSTRIA LEASING ARGO IMMOBILIEN LEASING GMBH	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
Z LEASING PERSEUS IMMOBILIEN LEASING GESELLSCHAFT M.B.H.	Subsidiary	Vienna	Austria	Real Estate Agents and Brokers
H.F.S. IMMOBILIENFONDS EUROPA 2 BETEILIGUNGS GMBH	Subsidiary	Munich	Germany	Real Estate Agents and Brokers
H.F.S. VALUE MANAGEMENT GMBH	Subsidiary	Munich	Germany	Investment Services
T & P VASTGOED STUTTGART B.V.	Subsidiary	Schiphol	Netherlands	Real Estate Agents and Brokers
OTHMARSCHEN PARK HAMBURG GMBH & CO. CENTERPARK KG	Subsidiary	Munich, Bavaria	Germany	Real Estate Agents and Brokers
OTHMARSCHEN PARK HAMBURG GMBH & CO. GEWERBEPARK KG	Subsidiary	Munich, Bavaria	Germany	Real Estate Agents and Brokers
SCHLOSSBERGPROJEKTENTWICKLUNGS-GMBH & CO 683 KG	Subsidiary	Munich, Bavaria	Germany	Investment Services
SIRIUS IMMOBILIEN- UND PROJEKTENTWICKLUNGS GMBH	Subsidiary	Munich	Germany	Real Estate Agents and Brokers
TC-TERTIA PROJEKTVERWALTUNGSGESELLSCHAFT MBH	Subsidiary	Vienna	Austria	Investment Services
IMMOBILIARE PATETTA SRL	Subsidiary	Rome	Italy	Real Estate Agents and Brokers
SOCIETA VERONESE GESTIONE COMPRAVENDITA IMMOBILI A R.L.	Subsidiary	Rome	Italy	Facilities Management	2.0	1
Infisser SRL	Subsidiary	Roma, Roma	Italy	Property Managers	0.2	1
FONDIARIA LASA SPA	Subsidiary	Rome	Italy	Banking
Unicredit Factoring SpA	Subsidiary	Milano	Italy	Banking		227
HVB Secur GmbH	Subsidiary	München, Bayern	Germany	Investigation and Security Services	19.6	199
Fineco Leasing SpA	Subsidiary	Brescia, BS	Italy	Banking	235.4	135
I-FABER SPA	Subsidiary	Milan	Italy	Publishing	20.8	95
JOINET SRL	Subsidiary	Bologna	Italy	Computer System Design Services		10
Cordusio Societa Fiduciaria per Azioni	Subsidiary	Milan	Italy	Pensions and Funds		67
CORDUSIO SIM - ADVISORY & FAMILY OFFICE SPA	Subsidiary	Milan	Italy	Investment Services
PIONEER GLOBAL ASSET MANAGEMENT SPA	Subsidiary	Milan	Italy	Investment Services		62
Pioneer Investment Management SGR SpA	Subsidiary	Milano	Italy	Pensions and Funds		279
Pioneer Investments Kapitalanlagegesellschaft mbH	Subsidiary	München, Bayern	Germany	Insurance Agents		151
PIONEER INVESTMENTS AUSTRIA GMBH	Subsidiary	Vienna	Austria	Investment Services	68.1	120
Pioneer Global Investments Limited	Subsidiary	George Quay	Ireland	Advertising Services	43.2	106
Pioneer Asset Management Sa	Subsidiary	Luxembourg	Luxembourg	Holding Companies	552.3	42
Lienhardt & Partner Investments Ag	Subsidiary	Bern, Bern	Switzerland	Investment Services		20
Pioneer Alternative Investment Management Limited	Subsidiary	Dublin	Ireland	Investment Services	3.0	12
PIONEER ALTERNATIVE INVESTMENTS (NEW YORK) LTD	Subsidiary	New York, NY	United States	Investment Services	7.2	10
PIONEER ASSET MANAGEMENT S.A.I. S.A.	Subsidiary	Bucharest	Romania	Investment Services		10
PIONEER ALTERNATIVE INVESTMENT MANAGEMENT (BERMUDA) LIMITED	Subsidiary	Hamilton	Bermuda	Investment Services		1
Pioneer Befektetesi Alapkezelo Zartkoruen Mukodo Reszvenytarsasag	Subsidiary	Budapest	Hungary	Securities	6.5
Pioneer Investicni Spolecnost, A.S.	Subsidiary	Praha 4	Czech Republic	Investment Services	5.6
Pioneer Investicni Spolecnost, A.S.	Branch	Praha 1, Stare Mesto	Czech Republic	Investment Services	213.7
Pioneer Investicni Spolecnost, A.S.	Branch	Praha 1	Czech Republic	Investment Services	121.4
PIONEER ASSET MANAGEMENT AS	Subsidiary	Prague	Czech Republic	Investment Services
PIONEER GLOBAL INVESTMENTS (TAIWAN) LTD.	Subsidiary	Taipei	Taiwan	Investment Services
Pioneer Pekao Investment Management S.A.	Subsidiary	Warszawa	Poland	Securities		61
Alutech Tschirk GmbH	Subsidiary	Neudörfl, Leitha, Burgenland	Austria	Metal Products Manufacturing	5.1	50
Compagnia Italpetroli SpA	Subsidiary	Civitavecchia, Roma	Italy	Consulting Services	6.3	45
Soc. Depositi Costieri - So.De.Co. SRL	Subsidiary	Civitavecchia, Roma	Italy	Petroleum Wholesale	3.8	9
MERIDIONALE PETROLI SRL	Subsidiary	Vibo Valentia	Italy	Petroleum and Natural Gas Extraction	4.9	19
Petroli Investimenti SpA	Subsidiary	Civitavecchia, Roma	Italy	Miscellaneous Personal Services	7.3	13
Sipic Societa Industriale Petrolifera Italia Centrale SRL	Subsidiary	Roma, Roma	Italy	Miscellaneous Chemical Manufacturing	2.6	1
Basalti Energia SRL	Subsidiary	Vibo Valentia, Vibo Valentia	Italy	Non-Metallic Mineral Product Manufacturing	0.0	1
Unicredit Bank Ireland Public Limited Company	Subsidiary	Dublin	Ireland	Banking		30
Unicredit Ireland Financial Services Limited	Subsidiary	Dublin	Ireland	Banking	0.5
Sofigere	Subsidiary	Paris	France	Banking	1.1	7
HvBFF Life Britania GmbH & Co. Erste KG	Subsidiary	Grünwald, Bayern	Germany	Banking		2
Life GmbH & Co. Zweite KG	Subsidiary	Grünwald, Bayern	Germany	Insurance Agents		2
Cenni Holding di Ec SRL Mc SRL Ed Sc SRL Sapa	Subsidiary	Dozza, Bologna	Italy	Consulting Services	0.3	1
S.I.El. Societaitaliana Elettronica Societaa Responsabilitalimitata	Subsidiary	Dozza, Bologna	Italy	Electronics and Appliances Stores	20.2	75
Monte Del Re Residence Park Hotel SRL	Subsidiary	Imola, Bologna	Italy	Hotels and Accommodation	0.3	13
M. Estate SpA	Subsidiary	Imola, Bologna	Italy	Banking	5.6	13
Mercatone Uno Finance SRL	Subsidiary	Imola, Bologna	Italy	Banking	0.0	2
Fin - Cen SRL	Subsidiary	Dozza, Bologna	Italy	Property Managers	0.9	4
Fineco Verwaltung AG	Subsidiary	München, Bayern	Germany	Consulting Services		1
Alexandersson Real Estate I B.V.	Subsidiary	Apeldoorn, Gelderland	Netherlands	Property Managers		1
Ocean Breeze Energy GmbH & Co. KG	Subsidiary	München, Bayern	Germany	Miscellaneous Professional Services		1
Kinabalu Financial Products LLP	Subsidiary	London	United Kingdom	Pensions and Funds
Blue Capital Metropolitan Amerika GmbH & Co.KG	Subsidiary	Hamburg, Hamburg	Germany	Banking
Unicredit Spa	Branch	Roma, Roma	Italy	Holding Companies
CAPITALIA, SOCIETA' PER AZIONI	Subsidiary
SOFIPA SOCIETA DI GESTIONE DEL RISPARMIO (SGR) S.P.A.	Subsidiary	Milan	Italy	Investment Services		8
Lediberg SpA	Subsidiary	San Paolo D'Argon, Bergamo	Italy	Rubber and Plastic Product Manufacturing	122.8	533
Nazareno Gabrielli diaries S.P.A.	Subsidiary	Tolentino, Macerata	Italy	Paper Product Manufacturing	27.3	183
Castelli Bolis Poligrafiche SpA	Subsidiary	Cenate Sotto, Bergamo	Italy	Rubber and Plastic Product Manufacturing	27.5	128
Serio SpA	Subsidiary	San Paolo D'Argon, Bergamo	Italy	Rubber and Plastic Product Manufacturing	7.9	47
Castelli (Diaries) Ltd.	Subsidiary	Tunbridge Wells	United Kingdom	Miscellaneous Personal Services	11.9	35
Castelli Ltd.	UK Branch/Trading address	Leighton Buzzard	United Kingdom	Miscellaneous Manufacturing	11.9	25
Nazareno Gabrielli U.K. Ltd.	Subsidiary	Tunbridge Wells	United Kingdom	Miscellaneous Personal Services		2
Cangini Filippi SpA	Subsidiary	San Paolo D'Argon, Bergamo	Italy	Miscellaneous Wholesale	5.8	4
Lediberg Kalender GmbH	Subsidiary	Lemgo, Nordrhein-Westfalen	Germany	Holding Companies		2
Gunova Kalender GmbH	Subsidiary	Oerlinghausen, Nordrhein-Westfalen	Germany	Rubber and Plastic Product Manufacturing		99
Lediberg GmbH	Subsidiary	Lemgo, Nordrhein-Westfalen	Germany	Miscellaneous Wholesale	33.3	43
Capitalia Luxembourg Sa	Subsidiary	Luxembourg	Luxembourg	Banking

Lenzing AG

Competitors Report

CompanyName	Location	Employees	Ownership
Interface, Inc.	Atlanta, Georgia, United States	3,146	Public
Mohawk Industries, Inc.	Calhoun, Georgia, United States	25,100	Public

Lenzing AG Lenzing, , Austria, Tel: 43-7672-7010, URL: http://www.lenzing.com/, Executives Page

Executives Report

Board of Directors

Name	Title	Function
Michael Junghans	Chairman of the Supervisory Board	Chairman
Biography: Dr. Michael Junghans has been Chairman of the Supervisory Board at Lenzing AG since March 29, 2011. Previously, he served as Deputy Chairman of the Supervisory Board at Lenzing AG from April 30, 2010. He is Chairman of the Audit Committee, Nominating Committee, Compensation Committee and Presidential Committee of the Company. He serves on Boards of Smperit AG Holding and Allgemeine Baugesellschaft - A. Porr AG. Age: 46
Peter Untersperger	Chairman of the Management Board, Chief Executive Officer	Chairman
Biography: Dr. Peter Untersperger has been Chairman of the Management Board and Chief Executive Officer of Lenzing AG since January 1, 2009. Before that, he had served as Member of the Management Board of the Company from January 1, 1999. Dr. Untersperger occupied a number of managerial positions, including Chairman of the Indonesian subsidiary PT. South Pacific Viscose in the late nineties and has been Head of Finance from 1999 onwards. He is Lawyer and Economist. Age: 53
Veit Sorger	Deputy Chairman of the Supervisory Board	Vice-Chairman
Biography: Dr. Veit Sorger has been Deputy Chairman of the Supervisory Board at Lenzing AG since March 29, 2011. He was Member of the Supervisory Board at Lenzing AG from June 4, 2004. He is also Chairman of the Supervisory Board of Mondi AG and Semperit AG Holding. He acts as Member of the Audit Committee, Nominating Commmittee, Compensation Committee and Presidential Committee. Age: 71

Executives

Name	Title	Function
Peter Untersperger	Chairman of the Management Board, Chief Executive Officer	Chief Executive Officer
Biography: Dr. Peter Untersperger has been Chairman of the Management Board and Chief Executive Officer of Lenzing AG since January 1, 2009. Before that, he had served as Member of the Management Board of the Company from January 1, 1999. Dr. Untersperger occupied a number of managerial positions, including Chairman of the Indonesian subsidiary PT. South Pacific Viscose in the late nineties and has been Head of Finance from 1999 onwards. He is Lawyer and Economist. Age: 53
Friedrich Weninger	Chief Operating Officer, Member of the Management Board	Operations Executive
Biography: Mr. Friedrich Weninger has been Chief Operating Officer and Member of the Management Board at Lenzing AG since January 1, 2009. At the Company, he is responsible for Business Unit Textile Fibers, Business Unit Nonwoven Fibers, Business Unit Pulp, Business Unit Energy, Business Unit Plastics, Business Unit Filaments, Safety, Health & Environment, Environment Lenzing, Infrastructure Lenzing and Business Planning. Age: 56
Rudolf Baldinger	Member of the Supervisory Board, Employee Representative	Administration Executive
Biography: Mr. Rudolf Baldinger has acted as Member of the Supervisory Board and Employee Representative at Lenzing AG since 2003. He is also Member of the Audit Committee, Nominating Committee at the Company. He serves as Chairman of the Company's Works Committee and Chairman of the Blue-Collar Workers' Council.
Helmut Bernkopf	Member of the Supervisory Board	Administration Executive
Biography: Mr. Helmut Bernkopf has been Member of the Supervisory Board at Lenzing AG since April 23, 2009. He has also served as Member of the Supervisory Board of CA Immobilien Anlagen AG. Age: 46 Education: Wirtschaftsuniversitaet Wien
Josef Krenner	Member of the Supervisory Board	Administration Executive
Biography: Mr. Josef Krenner has been Member of the Supervisory Board at Lenzing AG since April 23, 2009. In addition, Mr. Krenner has served as Member of the Supervisory Board at Voestalpine AG. Age: 61
Walter Lederer	Member of the Supervisory Board	Administration Executive
Biography: Dr. Walter Lederer has been Member of the Supervisory Board at Lenzing AG since April 23, 2009. Prior to this, he was Deputy Chairman of the Supervisory Board at the Company since June 27, 2002. He serves as Member of the Supervisory Board of Semperit AG Holding, Allg. Baugesellschaft – A. Porr AG and UBM Realitaetenentwicklung AG. Age: 51
Georg Liftinger	Member of the Supervisory Board, Employee Representative	Administration Executive
Biography: Mr. Georg Liftinger has been Member of the Supervisory Board and Employee Representative at Lenzing AG since June 12, 2008. He serves as Deputy Chairman of the Company's Works Committee and Chairman of the White-Collar Workers' Council. He acts as Member of the Audit Committee and Nominating Committee at the Company.
Martin Payer	Member of the Supervisory Board	Administration Executive
Biography: Mr. Martin Payer has been Member of the Supervisory Board at Lenzing AG since June 15, 2007. He has also served as Member of the Supervisory Board of Semperit AG Holding. Age: 35
Patrick Pruegger	Member of the Supervisory Board	Administration Executive
Biography: Mr. Patrick Pruegger has been Member of the Supervisory Board at Lenzing AG since March 29, 2011. He also serves as Member of the Board at Semperit AG Holding. He acts as Member of the Audit Committee. Age: 38 Social:
Gerhard Ratzesberger	Member of the Supervisory Board, Employee Representative	Administration Executive
Biography: Mr. Gerhard Ratzesberger has been Member of the Supervisory Board and Employee Representative at Lenzing AG since November 11, 2008. He serves as Deputy Chairman of the White-Collar Worker's Council at the Company.
Johann Schernberger	Member of the Supervisory Board, Employee Representative	Administration Executive
Biography: Mr. Johann Schernberger has been Member of the Supervisory Board and Employee Representative at Lenzing AG since 2003. He serves as Deputy Chairman of the Blue-Collar Worker's Council at the Company.
Andreas Schmidradner	Member of the Supervisory Board	Administration Executive
Biography: Mr. Andreas Schmidradner has been Member of the Supervisory Board at Lenzing AG since June 12, 2008. He also serves as Member of the Supervisory Board of Semperit AG Holding. Age: 52
Astrid Skala-Kuhmann	Member of the Supervisory Board	Administration Executive
Biography: Dr. Astrid Skala-Kuhmann has been appointed Member of the Supervisory Board at Lenzing AG as of April 19, 2012. Prior to joining the Company, she served as the Country Director for China at the local office of the German Society for International Cooperation (GIZ) in Beijing, Republic of China in years 2005-2011.
Angelika Guldt	Corporate Communications Manager	Corporate Communications Executive
Stephanie Kniep	Head of Investor Relations	Investor Relations Executive
Herbert Hummer	Head-Engineering	Engineering/Technical Executive
Craig Barker	Head-Filaments	Other
Dieter Eichinger	Head-Textile Fibers	Other
Social:
Wilhelm Feilmair	Head-Pulp	Other
Johann Huber	Head-Plastics	Other
Thomas G. Winkler	Chief Financial Officer, Member of the Management Board	Other
Biography: Mr. Thomas G. Winkler has resigned from hisposition as Chief Financial Officer and Member of the Management Board of Lenzing AG as of December 31, 2013, where he had been since April 1, 2010. Mr. Winkler previously served as Chief Financial Officer of T-Mobile's global operations. Age: 50

Lenzing AG

Significant Developments

Lenzing AG's Chief Financial Officer to Step Down

Oct 04, 2013

Lenzing AG announced that Mr. Thomas G. Winkler, Chief Financial Officer (CFO) of the Company, will step down from his position on the Management Board effective at the end of 2013 because of differing opinions related to the future strategic direction and organization of the Lenzing Group.

Lenzing AG Issues FY 2013 Guidance In Line with Analysts' Estimates

Aug 21, 2013

Lenzing AG announced that it expects its fiscal year 2013 EBITDA of EUR 280 million, with EBIT likely to reach a level of EUR 160 million. According to I/B/E/S Estimates, analysts on average are expecting the Company to report fiscal year 2013 EBITDA of EUR 281.18 million and an EBIT of EUR 158.98 million.

Lenzing AG Finalizes Sales of its Business Unit Plastics

Jun 28, 2013

Lenzing AG announced that it has finalized the sale of its Business Unit Plastics (Lenzing Plastics GmbH). The closing of the transaction took place on June 27, 2013 following antitrust approval. The buyer is an Austrian consortium led by Invest AG, the investment company of the Raiffeisen Banking Group Upper Austria based in Linz. The acquisition agreement regulating the transfer of 85% of the shares in Lenzing Plastics GmbH to the consortium was already signed in April 2013.

Lenzing AG to Issue FY 2012 Dividend

Mar 22, 2013

Lenzing AG announced that for the fiscal year 2012 it will issue a dividend of EUR 2.00 per share. For the fiscal year 2011, the Company paid a dividend of EUR 2.50 per share.

Lenzing AG Confirms FY 2012 Sales, EBITDA and EBIT Guidance

Nov 15, 2012

Lenzing AG announced that it confirms its guidance for the fiscal year 2012. The Company expects fiscal year 2012 consolidated sales to be within a range of between EUR 2.10 billion and EUR 2.15 billion, whereas fiscal year 2012 EBITDA will amount to between EUR 350 million and EUR 400 million, and fiscal year 2012 EBIT will total between EUR 240 million and EUR 290 million. According to I/B/E/S Estimates, analysts on average are expecting the Company to report fiscal year 2012 revenue of EUR 2,108.02 million, EBITDA of EUR 372.26 million and EBIT of EUR 259.51 million.

Lenzing AG Issues EUR 200 Million German Private Placement

Nov 05, 2012

Lenzing AG announced that it has issued and placed a German Private Placement (Schuldschein) to the amount of EUR 200 million (senior debt, unsecured) on the debt capital market. Lenzing AG was able to attain an interest rate of 2.55%, with an average term to maturity of six years. The German Private Placement (Schuldschein) was offered with a term to maturity of four and seven years respectively, in each case at fixed and variable interest rates, as well as with a term to maturity of ten years but only at a fixed interest rate.

News
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Annual Income Statement

Lenzing AG

Lenzing, Austria, Tel: 43-7672-7010, URL: http://www.lenzing.com/

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Restated Normal 31-Dec-2010	Updated Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.778237	0.71919	0.755078	0.719047	0.683679
Auditor	Deloitte Wirtschaftpruefungs GmbH	Deloitte Wirtschaftpruefungs GmbH	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	2,686.1	3,045.9	2,396.8	1,741.8	1,977.6
Revenue	2,686.1	3,045.9	2,396.8	1,741.8	1,977.6
Interest Income, Non-Bank	-	3.6	0.1	-	-
Other Revenue, Total	-	3.6	0.1	-	-
Total Revenue	2,686.1	3,049.5	2,396.9	1,741.8	1,977.6
Cost of Revenue	1,589.8	1,692.0	1,322.1	954.0	1,105.3
Cost of Revenue, Total	1,589.8	1,692.0	1,322.1	954.0	1,105.3
Gross Profit	1,096.3	1,353.8	1,074.7	787.8	872.3
Selling/General/Administrative Expense	225.7	240.3	215.7	-	-
Labor & Related Expense	395.5	399.2	343.3	326.5	357.1
Total Selling/General/Administrative Expenses	621.1	639.5	559.0	326.5	357.1
Depreciation	139.0	142.8	119.1	108.0	108.5
Depreciation/Amortization	139.0	142.8	119.1	108.0	108.5
Investment Income - Operating	4.3	8.5	4.8	-	-
Interest/Investment Income - Operating	4.3	8.5	4.8	-	-
Interest Expense (Income) - Net Operating Total	4.3	8.5	4.8	-	-
Restructuring Charge	30.2	-	-	-	-
Impairment-Assets Held for Use	-1.2	24.9	16.7	-	0.0
Loss (Gain) on Sale of Assets - Operating	-0.3	2.3	2.1	3.5	2.0
Unusual Expense (Income)	28.7	27.2	18.8	3.5	2.0
Other Operating Expense	63.1	33.4	66.0	190.9	214.1
Other, Net	-57.4	-	-	-	-
Other Operating Expenses, Total	5.7	33.4	66.0	190.9	214.1
Total Operating Expense	2,388.6	2,543.4	2,089.7	1,582.9	1,787.0
Operating Income	297.5	506.1	307.2	158.8	190.6
Interest Expense - Non-Operating	-31.9	-32.6	-21.5	-21.6	-
Interest Expense, Net Non-Operating	-31.9	-32.6	-21.5	-21.6	-
Interest Income - Non-Operating	6.2	5.9	2.8	2.4	7.1
Investment Income - Non-Operating	31.6	10.0	-1.2	3.6	6.0
Interest/Investment Income - Non-Operating	37.7	15.9	1.6	6.0	13.1
Interest Income (Expense) - Net Non-Operating	-	-	-	-0.1	-
Interest Income (Expense) - Net Non-Operating Total	5.8	-16.7	-20.0	-15.7	13.1
Other Non-Operating Income (Expense)	0.0	-	-	-	-35.9
Other, Net	0.0	-	-	-	-35.9
Income Before Tax	303.3	489.4	287.2	143.1	167.8
Total Income Tax	70.8	117.6	53.2	32.0	53.5
Income After Tax	232.5	371.8	234.0	111.2	114.3
Minority Interest	-6.8	-12.1	-14.3	-3.4	-1.4
Net Income Before Extraord Items	225.7	359.7	219.6	107.8	112.9
Discontinued Operations	0.0	0.0	-8.9	-18.2	0.8
Total Extraord Items	0.0	0.0	-8.9	-18.2	0.8
Net Income	225.7	359.7	210.7	89.5	113.7
Income Available to Common Excl Extraord Items	225.7	359.7	219.6	107.8	112.9
Income Available to Common Incl Extraord Items	225.7	359.7	210.7	89.5	113.7
Basic/Primary Weighted Average Shares	26.6	26.2	25.7	25.7	25.7
Basic EPS Excl Extraord Items	8.50	13.74	8.54	4.19	4.39
Basic/Primary EPS Incl Extraord Items	8.50	13.74	8.19	3.48	4.42
Diluted Net Income	225.7	359.7	210.7	89.5	113.7
Diluted Weighted Average Shares	26.6	26.2	25.7	25.7	25.7
Diluted EPS Excl Extraord Items	8.50	13.74	8.54	4.19	4.39
Diluted EPS Incl Extraord Items	8.50	13.74	8.19	3.48	4.42
Dividends per Share - Common Stock Primary Issue	1.69	3.48	2.05	2.78	2.93
Gross Dividends - Common Stock	68.2	92.3	52.8	71.6	75.3
Interest Expense, Supplemental	31.9	32.6	21.5	21.6	-
Depreciation, Supplemental	139.0	141.3	117.1	108.4	106.1
Total Special Items	28.7	23.5	18.7	3.5	2.0
Normalized Income Before Tax	332.0	512.9	305.9	146.6	169.8
Effect of Special Items on Income Taxes	6.7	5.7	3.5	0.8	0.6
Inc Tax Ex Impact of Sp Items	77.5	123.2	56.7	32.8	54.1
Normalized Income After Tax	254.5	389.7	249.2	113.9	115.7
Normalized Inc. Avail to Com.	247.7	377.5	234.9	110.5	114.3
Basic Normalized EPS	9.33	14.43	9.13	4.30	4.44
Diluted Normalized EPS	9.33	14.43	9.13	4.30	4.44
Amort of Intangibles, Supplemental	1.3	1.5	2.1	4.0	2.4
Rental Expenses	9.6	6.7	4.9	5.4	6.4
Research & Development Exp, Supplemental	23.4	37.8	30.1	27.7	27.5
Normalized EBIT	330.5	538.1	330.6	162.3	192.6
Normalized EBITDA	470.8	681.0	449.8	274.7	301.1
Current Tax - Total	51.1	120.5	50.8	35.9	46.1
Current Tax - Total	51.1	120.5	50.8	35.9	46.1
Deferred Tax - Total	19.7	-3.0	2.5	-3.9	7.9
Deferred Tax - Total	19.7	-3.0	2.5	-3.9	7.9
Other Tax	-	-	-	-	-0.5
Income Tax - Total	70.8	117.6	53.2	32.0	53.5
Interest Cost - Domestic	1.0	0.8	0.7	0.7	0.5
Service Cost - Domestic	2.4	2.5	2.4	2.6	2.4
Prior Service Cost - Domestic	0.1	0.1	0.1	0.1	0.1
Expected Return on Assets - Domestic	-0.4	-0.6	-0.5	-0.6	-0.7
Curtailments & Settlements - Domestic	0.6	-	-	-	-
Other Pension, Net - Domestic	0.0	0.0	0.0	0.0	0.0
Domestic Pension Plan Expense	3.7	2.8	2.6	2.8	2.3
Interest Cost - Post-Retirement	3.1	3.3	3.0	3.4	2.9
Service Cost - Post-Retirement	3.1	3.3	3.1	3.8	4.4
Post-Retirement Plan Expense	6.2	6.6	6.1	7.1	7.3
Defined Contribution Expense - Domestic	3.9	3.6	3.2	3.2	3.6
Total Pension Expense	13.8	13.0	11.9	13.1	13.2
Discount Rate - Domestic	3.50%	4.50%	4.50%	4.50%	4.50%
Discount Rate - Post-Retirement	-	4.50%	4.50%	4.50%	4.50%
Expected Rate of Return - Domestic	4.70%	4.70%	4.70%	4.70%	4.80%
Expected Rate of Return - Foreign	6.00%	-	-	-	-
Compensation Rate - Domestic	2.50%	2.50%	3.00%	3.00%	2.50%
Compensation Rate - Post-Retirement	-	3.00%	3.00%	3.00%	3.50%
Total Plan Interest Cost	4.1	4.1	3.7	4.0	3.5
Total Plan Service Cost	5.5	5.8	5.5	6.4	6.8
Total Plan Expected Return	-0.4	-0.6	-0.5	-0.6	-0.7
Total Plan Other Expense	0.0	0.0	0.0	0.0	0.0

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2011	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.7566	0.770327	0.745406	0.696986	0.719399
Auditor	Deloitte Wirtschaftpruefungs GmbH	Deloitte Wirtschaftpruefungs GmbH	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	636.6	532.9	334.6	151.3	147.1
Short Term Investments	19.6	36.9	31.3	28.6	0.0
Cash and Short Term Investments	656.3	569.9	365.9	179.9	147.1
Accounts Receivable - Trade, Gross	356.0	313.8	245.5	171.6	191.1
Provision for Doubtful Accounts	-10.4	-10.3	-7.9	-4.0	-3.6
Trade Accounts Receivable - Net	345.6	303.5	237.6	167.7	187.5
Notes Receivable - Short Term	2.5	3.5	3.0	-	-
Other Receivables	75.8	54.6	61.0	47.8	39.5
Total Receivables, Net	424.0	361.6	301.7	215.5	227.0
Inventories - Finished Goods	130.7	116.3	83.9	97.2	137.7
Inventories - Work In Progress	13.7	14.6	13.1	13.4	16.4
Inventories - Raw Materials	249.2	236.2	198.9	139.3	134.3
Inventories - Other	2.3	2.3	2.9	2.0	3.4
Total Inventory	396.0	369.4	298.8	252.0	291.8
Prepaid Expenses	29.0	13.1	7.0	5.8	8.5
Discontinued Operations - Current Asset	7.5	0.0	48.4	0.0	-
Other Current Assets	10.1	3.2	9.0	21.4	30.8
Other Current Assets, Total	17.5	3.2	57.4	21.4	30.8
Total Current Assets	1,522.8	1,317.2	1,030.7	674.4	705.2
Land/Improvements	522.8	481.8	455.7	400.3	373.0
Machinery/Equipment	2,650.4	2,395.1	2,295.3	2,113.6	1,974.6
Construction in Progress	260.4	158.5	113.5	201.1	109.2
Property/Plant/Equipment - Gross	3,433.7	3,035.4	2,864.4	2,715.0	2,456.8
Accumulated Depreciation	-1,748.3	-1,618.2	-1,519.1	-1,507.3	-1,371.4
Property/Plant/Equipment - Net	1,685.4	1,417.2	1,345.3	1,207.6	1,085.4
Goodwill - Gross	108.5	-	-	-	-
Accumulated Goodwill Amortization	-0.2	-	-	-	-
Goodwill, Net	108.3	107.8	108.5	98.2	105.1
Intangibles - Gross	42.4	54.7	54.7	59.9	52.8
Accumulated Intangible Amortization	-30.5	-45.6	-45.6	-31.8	-28.4
Intangibles, Net	11.9	9.2	9.1	28.1	24.4
LT Investment - Affiliate Companies	45.7	39.3	33.2	33.3	23.8
LT Investments - Other	75.6	121.5	90.3	27.3	18.2
Long Term Investments	121.4	160.9	123.5	60.6	41.9
Note Receivable - Long Term	20.8	10.3	1.3	1.2	1.5
Deferred Charges	0.3	0.3	0.4	0.2	0.4
Deferred Income Tax - Long Term Asset	8.5	14.0	13.6	4.3	2.7
Other Long Term Assets	0.2	1.5	1.6	1.7	1.6
Other Long Term Assets, Total	9.0	15.8	15.6	6.2	4.7
Total Assets	3,479.6	3,038.3	2,634.1	2,076.4	1,968.1
Accounts Payable	264.7	192.8	179.9	129.6	83.7
Accrued Expenses	24.0	23.6	18.8	-	-
Notes Payable/Short Term Debt	1.4	5.0	5.5	0.0	0.0
Current Portion - Long Term Debt/Capital Leases	229.4	174.4	81.1	58.4	188.2
Customer Advances	14.4	17.5	10.3	-	8.2
Deferred Income Tax - Current Liability	-	-	-	14.1	-
Discontinued Operations - Current Liability	24.7	0.0	46.4	0.0	0.0
Other Current Liabilities	187.1	342.7	290.1	216.0	190.7
Other Current liabilities, Total	226.2	360.2	346.8	230.1	198.9
Total Current Liabilities	745.7	756.1	632.1	418.2	470.7
Long Term Debt	924.9	670.7	739.6	573.0	465.6
Capital Lease Obligations	2.4	2.4	1.3	1.4	1.3
Total Long Term Debt	927.3	673.1	741.0	574.3	466.9
Total Debt	1,158.1	852.5	827.6	632.8	655.0
Deferred Income Tax - LT Liability	54.1	36.6	49.5	38.2	39.2
Deferred Income Tax	54.1	36.6	49.5	38.2	39.2
Minority Interest	36.4	44.1	37.7	13.6	31.4
Reserves	43.1	108.6	94.3	98.3	131.7
Pension Benefits - Underfunded	142.0	37.9	34.8	40.2	-
Other Long Term Liabilities	72.9	97.1	100.4	67.2	53.8
Other Liabilities, Total	258.0	243.6	229.5	205.8	185.4
Total Liabilities	2,021.5	1,753.5	1,689.7	1,250.1	1,193.7
Common Stock	36.4	35.8	35.8	38.3	37.1
Common Stock	36.4	35.8	35.8	38.3	37.1
Additional Paid-In Capital	177.0	173.8	85.3	91.3	88.4
Retained Earnings (Accumulated Deficit)	1,259.9	1,094.2	837.5	723.5	670.6
Translation Adjustment	15.9	21.2	-0.8	-26.8	-21.7
Other Equity	1.3	0.8	-0.1	-	-
Other Comprehensive Income	-32.6	-41.1	-13.5	-	-
Other Equity, Total	-15.3	-19.1	-14.4	-26.8	-21.7
Total Equity	1,458.0	1,284.8	944.3	826.3	774.4
Total Liabilities & Shareholders’ Equity	3,479.6	3,038.3	2,634.1	2,076.4	1,968.1
Shares Outstanding - Common Stock Primary Issue	26.6	26.6	25.7	25.7	25.7
Total Common Shares Outstanding	26.6	26.6	25.7	25.7	25.7
Treasury Shares - Common Stock Primary Issue	0.0	-	-	-	-
Employees	7,033	6,444	6,143	6,021	5,945
Accumulated Goodwill Amortization Suppl.	0.2	-	-	-	-
Accumulated Intangible Amort, Suppl.	30.5	45.6	45.6	31.8	28.4
Deferred Revenue - Current	14.4	17.5	10.3	10.0	8.2
Deferred Revenue - Long Term	0.1	-	-	0.1	0.1
Total Long Term Debt, Supplemental	-	-	-	631.4	655.0
Long Term Debt Maturing within 1 Year	-	-	-	58.4	188.2
Long Term Debt Maturing in Year 2	-	-	-	129.4	55.3
Long Term Debt Maturing in Year 3	-	-	-	129.4	67.8
Long Term Debt Maturing in Year 4	-	-	-	129.4	218.8
Long Term Debt Maturing in Year 5	-	-	-	129.4	49.7
Long Term Debt Maturing in 2-3 Years	-	-	-	258.8	123.1
Long Term Debt Maturing in 4-5 Years	-	-	-	258.8	268.5
Long Term Debt Matur. in Year 6 & Beyond	-	-	-	55.4	75.3
Interest Costs	-	-	-	0.0	0.0
Total Capital Leases, Supplemental	-	2.3	1.3	1.4	1.3
Capital Lease Payments Due in Year 1	-	-0.1	0.0	0.0	0.0
Capital Lease Payments Due in Year 2	-	-0.1	0.0	0.0	0.0
Capital Lease Payments Due in Year 3	-	-0.1	0.0	0.0	0.0
Capital Lease Payments Due in Year 4	-	-0.1	0.0	0.0	0.0
Capital Lease Payments Due in Year 5	-	-0.1	0.0	0.0	0.0
Capital Lease Payments Due in 2-3 Years	-	-0.1	0.0	0.0	0.0
Capital Lease Payments Due in 4-5 Years	-	-0.1	0.0	0.0	0.0
Cap. Lease Pymts. Due in Year 6 & Beyond	-	2.7	1.3	1.3	1.3
Total Operating Leases, Supplemental	25.4	25.2	11.7	15.2	17.9
Operating Lease Payments Due in Year 1	8.4	7.6	4.3	4.8	5.1
Operating Lease Payments Due in Year 2	4.1	4.1	1.6	2.3	2.7
Operating Lease Payments Due in Year 3	4.1	4.1	1.6	2.3	2.7
Operating Lease Payments Due in Year 4	4.1	4.1	1.6	2.3	2.7
Operating Lease Payments Due in Year 5	4.1	4.1	1.6	2.3	2.7
Operating Lease Pymts. Due in 2-3 Years	8.1	8.2	3.3	4.5	5.3
Operating Lease Pymts. Due in 4-5 Years	8.1	8.2	3.3	4.5	5.3
Oper. Lse. Pymts. Due in Year 6 & Beyond	0.7	1.2	0.9	1.4	2.1
Pension Obligation - Domestic	52.3	37.8	37.8	53.8	52.8
Plan Assets - Domestic	6.2	9.4	9.9	10.6	9.7
Funded Status - Domestic	-46.1	-28.4	-27.9	-43.2	-43.2
Unfunded Plan Obligations	-	12.1	9.6	-	-
Total Funded Status	-46.1	-40.5	-37.5	-43.2	-43.2
Discount Rate - Domestic	3.50%	4.50%	4.50%	4.50%	4.50%
Discount Rate - Post-Retirement	-	4.50%	4.50%	4.50%	4.50%
Expected Rate of Return - Domestic	4.70%	4.70%	4.70%	4.70%	4.80%
Expected Rate of Return - Foreign	6.00%	-	-	-	-
Compensation Rate - Domestic	2.50%	2.50%	3.00%	3.00%	2.50%
Compensation Rate - Post-Retirement	-	3.00%	3.00%	3.00%	3.50%
Accrued Liabilities - Domestic	-46.0	-40.4	-37.4	-43.0	-42.9
Other Assets, Net - Domestic	0.0	0.0	0.1	0.1	0.0
Net Assets Recognized on Balance Sheet	-46.1	-40.4	-37.3	-42.9	-42.9
Equity % - Domestic	15.46%	8.38%	33.08%	23.90%	18.20%
Debt Securities % - Domestic	4.42%	35.12%	15.50%	13.60%	16.00%
Total Plan Obligations	52.3	49.9	47.3	53.8	52.8
Total Plan Assets	6.2	9.4	9.9	10.6	9.7

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Reclassified Normal 31-Dec-2012	Updated Normal 31-Dec-2010	Restated Normal 31-Dec-2010	Updated Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.778237	0.71919	0.755078	0.719047	0.683679
Auditor	Deloitte Wirtschaftpruefungs GmbH	Deloitte Wirtschaftpruefungs GmbH	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	232.5	371.8	234.0	111.2	115.1
Depreciation	137.8	167.7	135.8	108.0	108.5
Depreciation/Depletion	137.8	167.7	135.8	108.0	108.5
Deferred Taxes	19.7	-3.0	2.5	-3.9	7.9
Discontinued Operations	-3.2	0.0	2.6	-0.3	0.8
Unusual Items	-0.3	-1.3	2.0	0.3	1.7
Equity in Net Earnings (Loss)	-6.5	-7.7	-1.9	-3.3	-3.8
Other Non-Cash Items	-12.5	13.4	1.6	-7.3	2.1
Non-Cash Items	-22.4	4.4	4.3	-10.5	1.0
Accounts Receivable	-19.1	-111.4	-63.3	40.9	-0.7
Inventories	-19.7	-71.5	-54.5	43.8	-60.5
Accounts Payable	-	-	-	-	-97.6
Taxes Payable	-52.1	64.3	-	-	-
Other Liabilities	-10.7	8.2	131.8	58.4	-
Changes in Working Capital	-101.7	-110.4	14.0	143.2	-158.8
Cash from Operating Activities	266.0	430.6	390.6	347.9	73.7
Purchase of Fixed Assets	-410.7	-268.8	-304.6	-209.2	-235.3
Capital Expenditures	-410.7	-268.8	-304.6	-209.2	-235.3
Sale of Fixed Assets	1.5	4.0	1.2	3.4	5.7
Sale/Maturity of Investment	-	-	0.0	0.0	11.8
Investment, Net	52.8	33.1	6.3	8.7	-
Purchase of Investments	-5.7	-68.4	-73.0	-21.1	-
Other Investing Cash Flow	-34.2	-0.4	-1.7	-1.6	3.3
Other Investing Cash Flow Items, Total	14.5	-31.7	-67.2	-10.6	20.9
Cash from Investing Activities	-396.3	-300.5	-371.8	-219.7	-214.4
Other Financing Cash Flow	1.0	106.4	14.4	10.8	6.9
Financing Cash Flow Items	1.0	106.4	14.4	10.8	6.9
Cash Dividends Paid - Common	-90.3	-57.5	-68.2	-71.6	-77.6
Total Cash Dividends Paid	-90.3	-57.5	-68.2	-71.6	-77.6
Short Term Debt, Net	39.2	106.3	-	-	66.6
Long Term Debt Issued	422.6	85.6	311.7	87.4	174.2
Long Term Debt Reduction	-160.2	-154.0	-	-	-
Long Term Debt, Net	262.4	-68.4	311.7	87.4	174.2
Total Debt Reduction	-	-	-107.9	-126.5	-36.1
Issuance (Retirement) of Debt, Net	301.6	38.0	203.8	-39.1	204.7
Cash from Financing Activities	212.4	86.9	150.0	-99.9	134.0
Foreign Exchange Effects	0.7	9.4	4.3	-2.1	-1.5
Net Change in Cash	82.7	226.3	173.1	26.1	-8.3
Net Cash - Beginning Balance	536.2	353.9	164.0	146.1	163.0
Net Cash - Ending Balance	618.9	580.2	337.1	172.2	154.7
Cash Interest Paid	29.7	31.5	19.6	20.7	22.0
Cash Taxes Paid	101.1	58.2	29.8	15.1	63.6

Lenzing AG Lenzing, Austria, Tel: 43-7672-7010, URL: http://www.lenzing.com/

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Restated Normal 31-Dec-2010	Updated Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.778237	0.71919	0.755078	0.719047	0.683679
Auditor	Deloitte Wirtschaftpruefungs GmbH	Deloitte Wirtschaftpruefungs GmbH	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Sales	2,686.1	2,975.6	2,339.3	1,693.9	1,944.0
Other Operating Income	-	70.3	57.5	47.9	33.6
Sale of Assets	-	3.6	0.1	-	-
Total Revenue	2,686.1	3,049.5	2,396.9	1,741.8	1,977.6
Restructuring Charges/Provisions	30.2	-	-	-	-
Change in Stocks	-10.6	-39.6	4.8	44.8	-44.1
Own Work Capitalized	-74.2	-42.1	-44.8	-43.7	-54.4
Costs of Materials	1,674.5	1,773.7	1,362.1	952.8	1,203.8
Personnel Expenses	395.5	399.2	343.3	326.5	357.1
Depreciation and Amortization	139.0	142.8	119.1	108.0	108.5
Impairment	-1.2	24.9	16.7	-	0.0
Other Operating Expense	63.1	-	-	-	-
Rental Expense	9.6	-	-	-	-
General/Admin.	216.1	240.3	215.7	-	-
Other Operating Expenses	-	33.4	66.0	190.9	214.1
Other Operating Income	-57.4	-	-	-	-
Sale of Assets	-0.9	-	-	-	-
Sale/Assets	0.7	2.3	2.1	3.5	2.0
Foreign Exchange Gain/Loss	4.3	-	-	-	-
Investments	-	8.5	4.8	-	-
Total Operating Expense	2,388.6	2,543.4	2,089.7	1,582.9	1,787.0
Investments in Associates	7.4	9.0	1.9	3.3	3.8
Income from Investment	-0.1	1.8	-0.5	1.1	2.2
Balancing Item - Pretax Income	0.0	-	-	-	-
Finance Costs	-	-	-	-	-35.9
Interest Expense	-31.9	-32.6	-21.5	-21.6	-
Transaltion Differences	2.0	-0.6	0.3	-	-
Interest Income	6.2	5.9	2.8	2.4	7.1
Other Net Financial	-	-	-	-0.1	-
Allocation of Profit/Loss to Minority In	22.2	-0.2	-2.8	-0.8	-
Net Income Before Taxes	303.3	489.4	287.2	143.1	167.8
Provision for Income Taxes	70.8	117.6	53.2	32.0	53.5
Net Income After Taxes	232.5	371.8	234.0	111.2	114.3
Minority Interest	-6.8	-12.1	-14.3	-3.4	-1.4
Net Income Before Extra. Items	225.7	359.7	219.6	107.8	112.9
Discontinued Operations	0.0	0.0	-8.9	-18.2	0.8
Net Income	225.7	359.7	210.7	89.5	113.7
Income Available to Com Excl ExtraOrd	225.7	359.7	219.6	107.8	112.9
Income Available to Com Incl ExtraOrd	225.7	359.7	210.7	89.5	113.7
Basic Weighted Average Shares	26.6	26.2	25.7	25.7	25.7
Basic EPS Excluding ExtraOrdinary Items	8.50	13.74	8.54	4.19	4.39
Basic EPS Including ExtraOrdinary Items	8.50	13.74	8.19	3.48	4.42
Diluted Net Income	225.7	359.7	210.7	89.5	113.7
Diluted Weighted Average Shares	26.6	26.2	25.7	25.7	25.7
Diluted EPS Excluding ExtraOrd Items	8.50	13.74	8.54	4.19	4.39
Diluted EPS Including ExtraOrd Items	8.50	13.74	8.19	3.48	4.42
DPS-Ordinary Shares	1.69	3.48	2.05	2.78	2.93
Gross Dividends - Common Stock	68.2	92.3	52.8	71.6	75.3
Normalized Income Before Taxes	332.0	512.9	305.9	146.6	169.8
Inc Tax Ex Impact of Sp Items	77.5	123.2	56.7	32.8	54.1
Normalized Income After Taxes	254.5	389.7	249.2	113.9	115.7
Normalized Inc. Avail to Com.	247.7	377.5	234.9	110.5	114.3
Basic Normalized EPS	9.33	14.43	9.13	4.30	4.44
Diluted Normalized EPS	9.33	14.43	9.13	4.30	4.44
Research & Development Exp	23.4	37.8	30.1	27.7	27.5
Interest Expense	31.9	-	-	-	-
Interest Expense	-	32.6	21.5	21.6	-
Amort of Intangibles	1.3	1.5	2.1	4.0	2.4
BC - Depreciation of Fixed Assets	139.0	-	-	-	-
Depreciation	-	141.3	117.1	108.4	106.1
Rental Expenses	9.6	6.7	4.9	5.4	6.4
Current Tax	51.1	120.5	50.8	35.9	46.1
Current Tax - Total	51.1	120.5	50.8	35.9	46.1
Deferred Tax	19.7	-3.0	2.5	-3.9	7.9
Deferred Tax - Total	19.7	-3.0	2.5	-3.9	7.9
Tax/Discontinued Operations	-	-	-	-	-0.5
Income Tax - Total	70.8	117.6	53.2	32.0	53.5
Curtailments & Settlements - Domestic	0.6	-	-	-	-
Service Cost	2.4	2.5	2.4	2.6	2.4
Interest Cost	1.0	0.8	0.7	0.7	0.5
Prior Service Cost	0.1	0.1	0.1	0.1	0.1
Expected Return on Assets	-0.4	-0.6	-0.5	-0.6	-0.7
Administrative Costs	0.0	0.0	0.0	0.0	0.0
Domestic Pension Plan Expense	3.7	2.8	2.6	2.8	2.3
Interest Cost - Severance Payments	3.1	3.3	3.0	3.4	2.9
Service Cost - Severance Payments	3.1	3.3	3.1	3.8	4.4
Post-Retirement Plan Expense	6.2	6.6	6.1	7.1	7.3
Defined Contribution Expenses	3.9	3.6	3.2	3.2	3.6
Total Pension Expense	13.8	13.0	11.9	13.1	13.2
Discount Rate Domestic	3.50%	4.50%	4.50%	4.50%	4.50%
Discount Rate Germany	3.50%	4.50%	4.50%	4.50%	4.50%
Discount Rate USA	-	4.60%	5.50%	6.10%	6.30%
Discount Rate Indonesia	6.00%	7.50%	9.00%	10.80%	11.00%
Discount Rate Hong Kong	0.60%	1.50%	3.00%	2.60%	1.10%
Compensation Rate Domestic	2.50%	2.50%	3.00%	3.00%	2.50%
Compensation Rate Germany	2.00%	2.00%	2.00%	2.00%	2.00%
Compensation Rate Indonesia	7.50%	8.00%	8.00%	8.00%	9.00%
Compensation Rate Hong Kong	5.50%	4.00%	4.00%	3.50%	4.00%
Expected Return on Plan Assets Domestic	4.70%	4.70%	4.70%	4.70%	4.80%
Expected Return on Plan Assets Germany	-	0.00%	4.00%	4.00%	4.00%
Expected Return on Plan Assets USA	-	7.50%	7.50%	7.50%	7.50%
Expected Return on Plan Assets Hong Kong	6.00%	6.00%	8.00%	7.00%	7.00%
Severance Payment - Discount Rate	-	4.50%	4.50%	4.50%	4.50%
Severance Payment - Comp. Rate	-	3.00%	3.00%	3.00%	3.50%

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2011	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.7566	0.770327	0.745406	0.696986	0.719399
Auditor	Deloitte Wirtschaftpruefungs GmbH	Deloitte Wirtschaftpruefungs GmbH	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Balancing Item - Current Assets	0.0	-	-	-	-
Raw Materials	249.2	236.2	198.9	139.3	134.3
Work in Progress	13.7	14.6	13.1	13.4	16.4
Finished Goods	130.7	116.3	83.9	97.2	137.7
Other STOCKS	0.0	-	-	-	-
Prepayments	2.3	2.3	2.9	2.0	3.4
Trade Receivable, Gross	356.0	313.8	245.5	171.6	191.1
Doubtful Debt Allowance	-10.4	-10.3	-7.9	-4.0	-3.6
Amounts due from customers under constru	4.0	3.9	5.9	2.4	-
Current Taxes	15.6	15.2	19.8	16.6	13.8
Other Receivables	55.5	35.5	33.5	28.9	25.7
Investments	0.0	8.8	6.9	28.6	0.0
Cash and cash equivalents	636.6	532.9	334.6	151.3	147.1
Certificates	5.9	6.4	6.1	-	-
Other Receivables(1)	0.7	0.0	1.8	-	-
Investments(1)	13.7	21.8	18.3	-	-
Notes Receivables	2.5	3.5	3.0	-	-
Other Assets	10.1	3.2	9.0	21.4	30.8
Disc. Assets	7.5	0.0	48.4	0.0	-
Prepayments & Accrued Income	29.0	13.1	7.0	5.8	8.5
Total Current Assets	1,522.8	1,317.2	1,030.7	674.4	705.2
Inv./Sub. Equity	45.7	39.3	33.2	33.3	23.8
Financial Assets - Non-current	1.5	-	-	-	-
Financial assets	74.1	121.5	90.3	27.3	18.2
Land & Buildings, Gross	522.8	-	-	-	-
Land	-	481.8	455.7	400.3	373.0
Machinery & Equipment, Gross	2,650.4	-	-	-	-
Plant/Machinery	-	2,395.1	2,295.3	2,113.6	1,974.6
Construction in Progress, Gross	260.4	-	-	-	-
Prepaid/WIP	-	158.5	113.5	201.1	109.2
Acc Depr Land & Buildings	-239.8	-	-	-	-
Acc Depr Machinery & Equipment	-1,508.5	-	-	-	-
Acc Depr Construction in Progress	0.0	-	-	-	-
Depreciation	-	-1,618.2	-1,519.1	-1,507.3	-1,371.4
Other Concessions & Licences, Net	0.0	-	-	-	-
Goodwill, Net	-	107.8	108.5	98.2	105.1
Other Intangibles, Gross	19.0	-	-	-	-
Concessions & Licences, Gross	23.4	-	-	-	-
Intangibles	-	54.7	54.7	59.9	52.8
Acc Amort Other Intangibles	-14.2	-	-	-	-
Acc Amort Concessions & Licences	-16.3	-	-	-	-
Amortisation	-	-45.6	-45.6	-31.8	-28.4
Goodwill, Gross	108.5	-	-	-	-
Acc Amort Goodwill	-0.2	-	-	-	-
Deferred Costs	0.3	0.3	0.4	0.2	0.4
Long Term Receivables	20.8	10.3	1.3	1.2	1.5
Balancing Item - Noncurrent Assets	0.0	-	-	-	-
LT Derivative Assets	0.2	-	-	-	-
Other Assets	-	1.5	1.6	1.7	1.6
Deferred Tax	8.5	14.0	13.6	4.3	2.7
Total Assets	3,479.6	3,038.3	2,634.1	2,076.4	1,968.1
Curr./LT Debt	229.4	159.1	67.9	45.5	176.2
Othet Loans/Current Portion	-	15.4	13.2	12.9	12.0
Lease Payables	0.0	-0.1	0.0	0.0	0.0
Governments Grants	5.9	10.6	5.5	-	-
Trade Payables	264.7	192.8	179.9	129.6	83.7
Taxation	57.8	97.2	42.6	34.1	15.6
Short Term Minority Interest	0.0	2.4	7.2	-	-
Other Provisions	107.9	187.6	217.5	137.2	115.4
Other Liabilities	15.5	45.0	17.3	44.7	59.6
Notes Payables	1.4	5.0	5.5	-	-
Accrued Expenses	24.0	23.6	18.8	-	-
Deferred Income	14.4	17.5	10.3	-	8.2
Deferred Tax	-	-	-	14.1	-
Discontinued Op.	24.7	0.0	46.4	0.0	0.0
Total Current Liabilities	745.7	756.1	632.1	418.2	470.7
Bank Debt	924.9	634.2	696.2	523.7	421.7
Other LT Debt	-	36.6	43.4	49.2	43.8
Financial Lease	2.4	2.4	1.3	1.4	1.3
Total Long Term Debt	927.3	673.1	741.0	574.3	466.9
Balancing Item - Total Liability and Equ	0.0	-	-	-	-
LT deferred income	0.1	-	-	-	-
LT accrued expenses	0.0	-	-	-	-
Other Other LT Liabilities	2.1	-	-	-	-
Government Grants	32.4	29.9	40.5	42.0	-
LT Trade Liabilities	0.0	0.1	2.1	7.5	8.3
Deferred Tax	54.1	36.6	49.5	38.2	39.2
Other Prov.-excl.Pension/Post Retirement	43.1	-	-	-	-
Reserves	-	108.6	94.3	98.3	131.7
Additional Payments for Investments	38.3	41.6	32.5	15.6	44.1
Other LT Liabilities	-	25.4	25.3	2.2	1.4
Pension Benefits	142.0	37.9	34.8	40.2	-
Minority/No controlling Interest	36.4	-	-	-	-
Minority Interest	-	44.1	37.7	13.6	31.4
Total Liabilities	2,021.5	1,753.5	1,689.7	1,250.1	1,193.7
Share Capital	36.4	35.8	35.8	38.3	37.1
Capital reserves	177.0	173.8	85.3	91.3	88.4
Translation Adj.	15.9	21.2	-0.8	-26.8	-21.7
Financial Assets HfS	1.3	0.8	-0.1	-	-
Hedging Reserves	2.1	-21.2	2.1	-	-
Gains/Losses	-34.7	-19.9	-15.5	-	-
Revenue Reserves	1,259.9	1,094.2	837.5	-	-
Balancing Item - Shareholders Equity	0.0	-	-	-	-
Retained Earnings	-	-	-	723.5	670.6
Total Equity	1,458.0	1,284.8	944.3	826.3	774.4
Total Liabilities & Shareholders' Equity	3,479.6	3,038.3	2,634.1	2,076.4	1,968.1
S/O-Ordinary Shares	26.6	26.6	25.7	25.7	25.7
Total Common Shares Outstanding	26.6	26.6	25.7	25.7	25.7
T/S-Ordinary Shares	0.0	-	-	-	-
Advances and Deferred Income	14.4	17.5	10.3	10.0	8.2
Deferred Revenue - Long Term	0.1	-	-	0.1	0.1
Accumulated Goodwill Amortisation	0.2	-	-	-	-
Acc Amort Other Intangibles	14.2	-	-	-	-
Acc Amort Concessions & Licences	16.3	-	-	-	-
Accumulated Intangible Amortisation	-	45.6	45.6	31.8	28.4
Full-Time Employees	7,033	6,444	6,143	6,021	5,945
Maturing within 1 Year	-	-	-	58.4	188.2
Maturing within 2 Years	-	-	-	-	55.3
Maturing within 3 Years	-	-	-	-	67.8
Maturing within 4 Years	-	-	-	-	218.8
Maturing within 5 Years	-	-	-	517.6	49.7
Remaining Maturities	-	-	-	55.4	75.3
Total Long Term Debt, Supplemental	-	-	-	631.4	655.0
Maturing within 1 Year	-	-0.1	0.0	0.0	0.0
Maturing within 2-5 Years	-	-0.3	0.0	0.0	0.0
Remainig Maturities	-	2.7	1.3	1.3	1.3
Interest Costs	-	-	-	0.0	0.0
Total Capital Leases, Supplemental	-	2.3	1.3	1.4	1.3
Within one Year	8.4	7.6	4.3	4.8	5.1
Two to Five Years	16.2	16.4	6.5	9.0	10.7
Thereafter	0.7	1.2	0.9	1.4	2.1
Total Operating Leases, Supplemental	25.4	25.2	11.7	15.2	17.9
Plan Assets	6.2	9.4	9.9	10.6	9.7
Pension Obligation	52.3	37.8	37.8	53.8	52.8
Unfunded Plan Obligations	-	12.1	9.6	-	-
Funded Status	-46.1	-28.4	-27.9	-43.2	-43.2
Total Funded Status	-46.1	-40.5	-37.5	-43.2	-43.2
Discount Rate - Domestic	3.50%	4.50%	4.50%	4.50%	4.50%
Discount Rate - Germany	3.50%	4.50%	4.50%	4.50%	4.50%
Discount Rate -USA	-	4.60%	5.50%	6.10%	6.30%
Discount Rate - Indonesia	6.00%	7.50%	9.00%	10.80%	11.00%
Discount Rate - Hong Kong	0.60%	1.50%	3.00%	2.60%	1.10%
Compensation Rate - Domestic	2.50%	2.50%	3.00%	3.00%	2.50%
Compensation Rate - Germany	2.00%	2.00%	2.00%	2.00%	2.00%
Compensation Rate - Indonesia	7.50%	8.00%	8.00%	8.00%	9.00%
Compensation Rate - Hong Kong	5.50%	4.00%	4.00%	3.50%	4.00%
Expected Rate of Return - Domestic	4.70%	4.70%	4.70%	4.70%	4.80%
Expected Rate of Return - Germany	-	0.00%	4.00%	4.00%	4.00%
Expected Rate of Return - USA	-	7.50%	7.50%	7.50%	7.50%
Expected Rate of Return - Hong Kong	6.00%	6.00%	8.00%	7.00%	7.00%
Severance Payment - Discount Rate	-	4.50%	4.50%	4.50%	4.50%
Severance Payment - Comp. Rate	-	3.00%	3.00%	3.00%	3.50%
Long Term Assets	0.0	0.0	0.1	0.1	0.0
LT Provisions	-43.3	-37.9	-34.8	-40.2	-40.1
ST Provisions	-2.7	-2.5	-2.6	-2.8	-2.7
Net Assets Recognized on Balance Sheet	-46.1	-40.4	-37.3	-42.9	-42.9
Equity Instruments	15.46%	8.38%	33.08%	23.90%	18.20%
Debt Instruments	4.42%	35.12%	15.50%	13.60%	16.00%
Insurance Policies	79.93%	53.77%	63.71%	60.80%	65.40%
Other Assets	0.19%	2.73%	0.26%	1.70%	0.40%

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Reclassified Normal 31-Dec-2012	Updated Normal 31-Dec-2010	Restated Normal 31-Dec-2010	Updated Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.778237	0.71919	0.755078	0.719047	0.683679
Auditor	Deloitte Wirtschaftpruefungs GmbH	Deloitte Wirtschaftpruefungs GmbH	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	232.5	371.8	234.0	111.2	115.1
Depreciation	137.8	167.7	135.8	108.0	108.5
Taxes Payable	-52.1	64.3	-	-	-
Depreciation of Financial Assets	0.0	0.0	3.1	0.8	0.0
Discontinued Operations - Total - no b/d	-3.2	0.0	-	-	-
Discontinued Oper.	-	-	-	-	-0.8
Income from Invest. Grants Payments	-4.6	-5.9	-5.1	-5.6	-5.5
Write-Up/Invest.	0.0	0.0	0.0	-0.1	-0.3
Net LT Provisions	-4.6	16.0	0.0	-2.4	-1.8
Sale/Fixed	-0.3	-1.3	2.0	0.4	2.0
Sale/LT Invest.	0.0	0.4	0.0	-0.8	0.1
Deferred Tax	19.7	-3.0	2.5	-3.9	7.9
Allocation to Non-Controlling Interset	-22.2	0.2	2.8	0.8	-
Income from Associates	-6.5	-7.7	-1.9	-3.3	-3.8
Other	19.0	2.7	0.8	0.0	9.2
Inventory	-19.7	-71.5	-54.5	43.8	-60.5
Accounts Receivable	-19.1	-111.4	-63.3	40.9	-0.7
Other Liabilities	-10.7	8.2	131.8	58.4	-
Accounts Payable	-	-	-	-	-97.6
Dicontniued Operations	-	-	-12.6	9.9	-
Cash/Disc. Ops	-	-	14.0	-9.1	1.6
+ / - Change in cash and cash equivalent	-	-	1.2	-1.1	-
Cash from Operating Activities	266.0	430.6	390.6	347.9	73.7
Purchase of Securities/ST Assets	-5.7	-68.4	-	-	-
Expend./Inv./Loans	-	-	-73.0	-21.1	-
Exp./Intang./Tang.	-410.7	-268.8	-304.6	-209.2	-235.3
Sale/Invest./Loans	52.8	33.1	6.3	8.7	-
Sale/Intang./Tang.	1.5	4.0	1.2	3.4	5.7
Purchase of Minorities	-34.2	-0.4	-	-	-
Discontinued Operations	-	-	-1.7	-1.6	3.3
Sale of Securities	-	-	0.0	0.0	11.8
Cash from Investing Activities	-396.3	-300.5	-371.8	-219.7	-214.4
Minority Interest	0.0	2.0	7.3	7.0	6.1
Equity	0.0	99.0	0.0	-	-
Dividends Paid	-90.3	-57.5	-68.2	-71.6	-77.6
Long Term Debt Issued	255.9	0.0	-	-	-
Receipts from Financing Activities	166.7	85.6	311.7	87.4	174.2
Minority Interest(1)	0.0	0.8	0.0	-	-
Repayment of Debt	-	-	-107.9	-126.5	-36.1
Repay./LT Borrowings	-160.2	-154.0	-	-	-
Investment Grants	1.0	4.6	8.0	3.4	2.9
Net ST Borrowings	39.2	106.3	-	-	66.6
Contribution to Equity/Discontniued Ope.	-	-	0.0	-1.4	-
Discontinued Operations	-	-	-0.9	1.8	-2.1
Cash from Financing Activities	212.4	86.9	150.0	-99.9	134.0
Foreign Exchange Effects	0.7	9.4	4.3	-2.1	-1.5
Net Change in Cash	82.7	226.3	173.1	26.1	-8.3
Net Cash - Beginning Balance	536.2	353.9	164.0	146.1	163.0
Net Cash - Ending Balance	618.9	580.2	337.1	172.2	154.7
Cash Interest Paid	29.7	31.5	19.6	20.7	22.0
Cash Taxes Paid	101.1	58.2	29.8	15.1	63.6

Lenzing AG Lenzing, Austria, Tel: 43-7672-7010, URL: http://www.lenzing.com/

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 30-Jun-2013	Quarter Ending Yr Ago	Annual Year End 31-Dec-2012	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1 (?)	644.1	-7.55%	2,686.1	-4.69%	18.62%	10.39%
Operating Income1 (?)	88.5	-8.25%	297.5	-36.40%	26.56%	7.36%
Income Available to Common Excl Extraord Items1 (?)	57.5	-12.00%	225.7	-32.10%	31.36%	9.76%
Basic EPS Excl Extraord Items1 (?)	2.16	-12.02%	8.50	-33.08%	29.98%	9.07%
Capital Expenditures2 (?)	172.9	1.23%	410.7	65.32%	28.57%	3.76%
Cash from Operating Activities2 (?)	63.2	-47.55%	266.0	-33.16%	-6.12%	-1.55%
Free Cash Flow (?)	-109.0	-	-148.9	-	-	-
Total Assets3 (?)	3,333.0	8.93%	3,479.6	12.48%	22.07%	15.01%
Total Liabilities3 (?)	1,892.6	10.89%	2,021.5	13.23%	20.63%	14.89%
Total Long Term Debt3 (?)	837.6	30.67%	927.3	35.30%	20.57%	18.71%
Employees3 (?)	-	-	7033	9.14%	5.32%	3.08%
Total Common Shares Outstanding3 (?)	26.6	0.00%	26.6	0.00%	1.06%	0.63%
1-ExchangeRate: EUR to USD Average for Period	0.765841	Â	0.778237	Â	Â	Â
2-ExchangeRate: EUR to USD Average for Period	0.761519	Â	0.778237	Â	Â	Â
3-ExchangeRate: EUR to USD Period End Date	0.767034	Â	0.756600	Â	Â	Â

Utility Industry Specific USD (mil)
Â	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Deferred Charges3 (?)	0.3	0.3	0.4	0.2	0.4
3-ExchangeRate: EUR to USD Period End Date	0.756600	0.770327	0.745406	0.696986	0.719399

Key Ratios
Â	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Profitability
Gross Margin (?)	40.81%	44.45%	44.84%	45.23%	44.11%
Operating Margin (?)	11.07%	16.60%	12.81%	9.12%	9.64%
Pretax Margin (?)	11.29%	16.05%	11.98%	8.22%	8.49%
Net Profit Margin (?)	8.40%	11.79%	9.16%	6.19%	5.71%
Financial Strength
Current Ratio (?)	2.04	1.74	1.63	1.61	1.50
Long Term Debt/Equity (?)	0.64	0.52	0.78	0.70	0.60
Total Debt/Equity (?)	0.79	0.66	0.88	0.77	0.85
Interest Coverage (?)	-	-	-	1,608.55	-
Management Effectiveness
Return on Assets (?)	7.28%	12.43%	10.36%	5.58%	5.74%
Return on Equity (?)	16.78%	30.55%	25.92%	13.68%	14.02%
Efficiency
Receivables Turnover (?)	6.98	8.71	9.65	7.99	7.75
Inventory Turnover (?)	4.24	4.80	5.01	3.56	4.04
Asset Turnover (?)	0.84	1.02	1.06	0.87	0.99

Market Valuation USD (mil)
P/E (TTM) (?)	9.93	.	Enterprise Value2 (?)	2,478.0
Price/Sales (TTM) (?)	0.70	.	Enterprise Value/Revenue (TTM) (?)	0.94
Price/Book (MRQ) (?)	1.28	.	Enterprise Value/EBITDA (TTM) (?)	6.19
Market Cap as of 11-Oct-20131 (?)	1,913.6	.
1-ExchangeRate: EUR to USD on 11-Oct-2013	0.739493
2-ExchangeRate: EUR to USD on 30-Jun-2013	0.767034

Lenzing AG Lenzing, Austria, Tel: 43-7672-7010, URL: http://www.lenzing.com/

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Financial Strength
Current Ratio (?)	2.04	1.74	1.63	1.61	1.50
Quick/Acid Test Ratio (?)	1.45	1.23	1.06	0.95	0.79
Working Capital1 (?)	777.1	561.1	398.6	256.3	234.5
Long Term Debt/Equity (?)	0.64	0.52	0.78	0.70	0.60
Total Debt/Equity (?)	0.79	0.66	0.88	0.77	0.85
Long Term Debt/Total Capital (?)	0.35	0.31	0.42	0.39	0.33
Total Debt/Total Capital (?)	0.44	0.40	0.47	0.43	0.46
Interest Coverage (?)	-	-	-	1,608.55	-
Payout Ratio (?)	19.84%	25.29%	24.04%	66.40%	66.66%
Effective Tax Rate (?)	23.35%	24.02%	18.54%	22.34%	31.88%
Total Capital1 (?)	2,616.2	2,137.3	1,771.9	1,459.0	1,429.4
Efficiency
Asset Turnover (?)	0.84	1.02	1.06	0.87	0.99
Inventory Turnover (?)	4.24	4.80	5.01	3.56	4.04
Days In Inventory (?)	86.17	76.09	72.83	102.57	90.30
Receivables Turnover (?)	6.98	8.71	9.65	7.99	7.75
Days Receivables Outstanding (?)	52.32	41.89	37.82	45.69	47.07
Revenue/Employee2 (?)	392,847	441,815	395,247	298,441	316,140
Operating Income/Employee2 (?)	43,507	73,324	50,650	27,214	30,470
EBITDA/Employee2 (?)	64,037	94,017	70,305	46,471	47,821
Profitability
Gross Margin (?)	40.81%	44.45%	44.84%	45.23%	44.11%
Operating Margin (?)	11.07%	16.60%	12.81%	9.12%	9.64%
EBITDA Margin (?)	16.30%	21.28%	17.79%	15.57%	15.13%
EBIT Margin (?)	11.07%	16.60%	12.81%	9.12%	9.64%
Pretax Margin (?)	11.29%	16.05%	11.98%	8.22%	8.49%
Net Profit Margin (?)	8.40%	11.79%	9.16%	6.19%	5.71%
COGS/Revenue (?)	59.19%	55.49%	55.16%	54.77%	55.89%
SG&A Expense/Revenue (?)	23.12%	20.97%	23.32%	18.75%	18.06%
Management Effectiveness
Return on Assets (?)	7.28%	12.43%	10.36%	5.58%	5.74%
Return on Equity (?)	16.78%	30.55%	25.92%	13.68%	14.02%
Valuation
Free Cash Flow/Share2 (?)	-5.61	5.69	3.38	5.57	-5.97
Operating Cash Flow/Share 2 (?)	10.30	15.14	15.38	13.95	2.72
1-ExchangeRate: EUR to USD Period End Date	0.7566	0.770327	0.745406	0.696986	0.719399
2-ExchangeRate: EUR to USD Average for Period	0.7566	0.770327	0.745406	0.696986	0.719399

Current Market Multiples
Market Cap/Earnings (TTM) (?)	9.93
Market Cap/Equity (MRQ) (?)	1.28
Market Cap/Revenue (TTM) (?)	0.70
Market Cap/EBIT (TTM) (?)	7.24
Market Cap/EBITDA (TTM) (?)	4.61
Enterprise Value/Earnings (TTM) (?)	13.34
Enterprise Value/Equity (MRQ) (?)	1.72
Enterprise Value/Revenue (TTM) (?)	0.94
Enterprise Value/EBIT (TTM) (?)	9.73
Enterprise Value/EBITDA (TTM) (?)	6.19

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.57
UK Pound	1	Rs.100.62
Euro	1	Rs.84.62

INFORMATION DETAILS

Report Prepared by :

PDT

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.