Personnel changes

Change in the Board of Directors

At the General Meeting of Shareholders on 6 May 2011, Siegbert Lampert stepped down from the Board of Directors of the Liechtensteinische Landesbank after nine years on account of the period of office limitation statute. He had a decisive impact on the new strategic orientation of the LLB Group in the past years. The Board of Directors and the Board of Management would like to thank Siegbert Lampert for his great commitment and for his ever constructive and successful collaboration.

The General Meeting of Shareholders elected Dr. Felix R. Ehrat as a new member of the Board of Directors for three years. Ingrid Hassler-Gerner and Konrad Schnyder, respectively, were confirmed for a further term of office of three years.

Changes in the Group Executive Board and the Board of Management

Elfried Hasler stepped down from the Group Executive Board and the Board of Management of the Liechtensteinische Landesbank, for personal reasons and at his own request, as of 30 June 2011. The Board of Directors and the Board of Management thank Elfried Hasler for his great and far-sighted commitment and for his contributions to the benefit of the LLB Group.

Urs Müller, Head of the Institutional Clients Business Division, was appointed by the Board of Directors as a new member of the Group Executive Board and the Board of Management. He took over Roland Matt's function on 1 April 2011 and is responsible for the Domestic Market Business Division and the Institutional Market Business Division. Roland Matt took over responsibility for the International Market Business Division. Dr. Kurt Mäder remained in his function as Head of the Corporate Service Center. Dr. Josef Fehr continued as Chairman of the Group Executive Board and the Board of Management.

Dr. Josef Fehr stepped down as Chairman of the Group Executive Board and the Board of Management of the Liechtensteinische Landesbank, for personal reasons and at his own request, as of 16 January 2012, following a distinguished twenty-six-year career serving the development of the LLB Group. He had been Member of the Board of Management since 1992; at the start of 2000, he became its Chairman. Dr. Josef Fehr decisively helped to shape all the important milestones of LLB AG: the partial privatisation in 1993, the opening of new business divisions and markets, the development and expansion of the private banking sector, the acquisition of the majority eq uity stake in Bank Linth and the growth strategy within the Group.

On 16 January 2012, Roland Matt assumed responsibility as Chairman of the Group Executive Board and the Board of Management, of which he has been a member since 2009. Since April 2011 he had been Vice Chairman of the Group Executive Board and the Board of Management. Prior to this, he had held various management positions with LLB since 2002; finally, up until March 2011, he was responsible for the Domestic Market Business Division as well as the Institutional Market Business Division, and since April 2011 he had been Head of the International Market Business Division.

Christoph M. Reich was appointed Chief Financial Officer (CFO) as of 16 January 2012. The Board of Directors simultaneously elected him a member of the Group Executive Board and the Board of Management. Christoph M. Reich had been responsible for the Group Finance & Risk Department of the LLB Group since November 2010.

Since 16 January 2012 the Group Executive Board and the Board of Management has consisted of five members. The recruitment process for the vacant position of the Head of the International Market Business Division has begun. The Board of Directors, the Group Executive Board and the Board of Management want to align the organizational structure of the LLB Group more strongly with clients and markets and have initiated a corresponding project. The implementation of the new organizational structure is planned for 1 July 2012.

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