1 Group structure and shareholders

1.1 Group structure

1.1.1 Description of the operative Group structure

The Liechtensteinische Landesbank is a public company («Aktiengesellschaft») according to Liechtenstein law. It is the parent company of the LLB Group, which is based on a parent company structure.

The Group regulations, «Management and Organisation of the LLB Group Companies», approved by the Board of Directors, ensure the proper conduct of business, an appropriate organizational structure as well as the uniform management of the LLB Group. This is provided by the Group Board of Directors, the Group Internal Audit, the Group Executive Management Board, the Board of Directors' committees of the Group companies and the Group Service Center.

The Group Board of Directors and Group Executive Management Board are composed of the same persons who comprise the LLB parent company's Board of Directors and Board of Management. Within the scope of the powers and duties vested in them by the Group regulations, the LLB Group functions can, for example, also make decisions and give instructions which are binding for both the parent company and the LLB Group companies – but taking into consideration the provisions of local law applicable to the individual Group companies.

The members of the Board of Management of the Liechtensteinische Landesbank are represented on the Boards of Directors of the consolidated companies. Either the Chairman (CEO) or a member of the Board of Management of LLB serves as the Chairman of the Board of Directors of a subsidiary company. The following companies are exceptions to this rule: Bank Linth LLB AG, swisspartners Investment Network AG and Jura Trust AG. At these companies – with the exception of swisspartners Investment Network AG – a member of the Board of Management of the Liechtensteinische Landesbank serves as the Vice Chairman.

The organizational structure of the LLB Group as at 16 January 2012 is shown in chapter Organisation. The detailed segment reports are shown in chapter Segment Reporting.

1.1.2 Listed companies included in the scope of consolidation

The Liechtensteinische Landesbank, with its headquarters in Vaduz, is listed on the SIX Swiss Exchange. As at 31 December 2011, market capitalization stood at CHF 1.3 billion (30'800'000 bearer shares at a nominal value of CHF 5.– at a year-end price of CHF 41.50).

Bank Linth LLB AG, with its headquarters in Uznach, in which the Liechtensteinische Landesbank holds a majority equity stake of 74.2 percent, is also listed on the SIX Swiss Exchange, Segment «Local Caps». As at 31 December 2011, market capitalization stood at CHF 359.2 million (805'403 registered shares with a nominal value of CHF 20.– at a year-end price of CHF 446.–).

Listed companies included in the scope of consolidation

(XLS:)

 

 

 

 

 

 

 

Company

Reg. Office

Listed on

Market capitalization (in CHF thousands)

Stake (in %)

Security
number

ISIN number

Liechtensteinische Landesbank AG

Vaduz

SIX Swiss Exchange

1'278'200

 

3019524

LI0030195247

Bank Linth LLB AG

Uznach

SIX Swiss Exchange

359'210

74.2

130775

CH0001307757

1.1.3 Unlisted companies included in the scope of consolidation

Details of the unlisted companies included in the scope of consolidation (company, activity, registered office, share capital and equity interest) can be seen in the Notes to the financial statement of the LLB Group in the table «Scope of consolidation».

1.2 Major shareholders

The Principality of Liechtenstein is the majority shareholder of the Liechtensteinische Landesbank. In accordance with the Law concerning the Liechtensteinische Landesbank, in terms of capital and voting rights, the Principality of Liechtenstein must hold at least 51 percent of the shares. These may not be sold.

At the end of 2011, the Principality's equity stake in the shares of the Liechtensteinische Landesbank remained unchanged at 57.5 percent. Detailed information about the development of this equity stake can be found at: www.llb.li/capital+structure.

As at 31 December 2011, Thornburg Investment Management Inc. held a total of 1'377'064 LLB shares, which corresponded to an equity stake of 4.5 percent. 0.1 percent of the shares were held by members of the Board of Directors and the Board of Management, while the LLB Group held 7.7 percent of its own shares. This share proportion served to secure the convertible bonds of CHF 270 million that were due in April 2011. For the time being, the shares are being held on the Bank's own books.

The remaining bearer shares were in free float, whereby none of the other shareholders held more than three percent of the share capital. There are no binding shareholder agreements.

1.3 Cross participations

There are no cross participations between the Liechtensteinische Landesbank and its subsidiaries or third parties.

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