EXAA

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11EXAA Eergy Exchage Astria

Annual and Sustainability Report 2011

Energy Exchange Austria

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Dear Shareholders,

Ladies and Gentlemen,

The Management Board o EXAA

is pleased to present the Annal

Report 2011 and wold like to

express its appreciation or

the interest taken and the trstplaced in s.

Preace and Overview

Key perormance ratios

Abbreviations and Defnit ions

Preace o the Chairman o the Spervisory Board

Preace o the Management Board

Highlights o the Year 2011

Sstainability ReportEXAA on sstainable growth path or over ten years

More than jst gigawatt hors and ero amonts

or sstainability strategy

Sstainable and on the right corse with or employees

Sstainable and on the right corse or society

Sstainable and on the right corse or the environment

Sstainable and on the right corse in bsiness

Management Report

Economic Environment

Spot Market Trading in Electric Power

Spot Market Trading in Electric Power in Hngary

Spot Market Trading in CO2

Emission Allowances

The teem training program

Assets, Earnings and Financial Posit ion

Development Prospects o the Company

Risks Relating to Financial Instrments

Financial Statements prsant to the Astrian Commercial Code

Balance Sheet Assets

Balance Sheet Liabilities

Proft and Loss Accont

Notes to the Financial Statements

Adit Opinion

Spervisory Board Report

Proposal or the se o the net proft

Shareholders as o 31 December 2011

Spervisory Board and Management Board

Editorial Inormation

01

02

03

04

05

06

07

08

11

13

14

17

18

23

23

23

24

26

26

28

29

30

31

39

41

42

43

44

46

Tale o Cotets>

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Key perormance ratios

in EUR

Sales revenues

Operating result

Financial result

Prot on ordinary business activity

Net prot / loss or the year

beore changes in reserves

Total assets

Shareholders equity

Depreciation / amortisation

Spot market electric power

Trading volume in GWh

Clearing volume in EUR

Number o trading members 1

Spot market CO2

allowances

Trading volume in tTrading volume in EUR

In % o Austrian consumption

Market share

teem training days

Sta Total no. employees

Sta Employees in person / year 2

Sta Sick days ratio

Sta Fluctuation

(EXAA has oe reelace sta memer)Sta Further eduction in hours

Productivity Total no. annual

hours per employee

Share o women

Percentage o employees that

travel to work by public transport

1) excl. traig memers CO2

i 2011

2) perso years are ll a part-time employees coverte ito ll-time eqivalets

Key Perormace RatiosReport 2011

Report201

1

In 2011, EXAA continued to

grow driven by steadily

expanding trading volumes

in the German-Austrian

electricity market.

2010

2,030,159

544,845

8,180

553,025

518,380

2,262,695

1,685,530

-18,741

6,410

292,146,570

90

88,4011,260,481

10.7

232

23

7.12

2.06 %

11.54 %

144.9

520.2

52 %

70 %

Traded electricity volumes 2011

(i MWh)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

800,000

700,000

600,000

500,000

400,000

300,000

200,000

100,000

0

2011

2,324,493

761,272

26,696

787,968

738,513

3,306,433

2,424,043

- 6,072

7,558

390,236,567

71

19,179269,072

13.1

402

22

7.04

1.84 %

14.81 %

250.3

537.5

50 %

73 %

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Abbreviations and Defnitions

Areviatios

EXAA

11

AbbreviationsandDefnitions

Agecy or the Cooperatio o Eergy Reglators

APCS Power Clearig a Sett lemet AG

VERbund Traig AG

Foe i 1998 as the Amsteram Power Exchage, remame to APX .V. i 2004

base loa; elivery rom 0.00 hrs to 24.00 hrs, Moay to Say

CISMO Clearig Itegrate Services a Market Operatios GmH

Caro ioxie

Cetral Wester Erope; oe o the eight eergy regios i Erope agree po at the

Florece Form i Septemer 2004

Earigs beore Iterest a Taxes

Spot Exchage oig siess i Frace, Germay a Astria

Eropea Eergy Exchage AG, Leipzig

Icome Tax Act

Eu Allowaces is the Eu athorizatio to emit CO2

Ero

Associatio o Eropea Eergy Exchages

EXAA Awicklgsstelle r Eergieprokte AG (power exchage)

Ssiiary or CO2

trae at the bayerische brse AG

Garatees o OrigiGloal Reportig Iitiative Iex

Gigawatt hor (1 GWh = 1,000 MWh)

Iteratioal Orgaizatio or Staarizatio; ISO 9001:2008

Kreitschtzvera; www.ksv.at

Kilowatt hor (1 kWh = 1,000 Wh)

Megawatt hor (1 MWh = 1,000 kWh)

no-Govermetal Orgaizatio

Spot Exchage oig siess i Scaiavia, i the baltic Regio a i Great britai

with its heaqarter i Lysaker

north Wester Erope; Cooperatio o EPEXSpot a norpool Spot with the target o a

cooriate Price Coplig i Frace, bEnELuX, Germay, Great britai a Scaiavia

Oesterreichische Kotrollak Aktiegesellschat

Over the coter

Peak loa; elivery rom 8:00 hrs to 20:00 hrs, Moay to Friay, except holiays

Prot o oriary siess activity

PricewaterhoseCoopers; www.pwc.at

Power Exchage Cetral Erope

Eu Reglatio o Eergy Market Itegrity a Trasparecy

RWE Trasportetz Strom GmH reame Amprio GmH i Agst 2009

smart techologies Maagemet-beratgs- . beteiliggsgesellschat m..H.

Acroym or Stregths, Weakesses, Opportities a Threatsto

traiig or eergy a evirometal markets

Terawatt hor (1 TWh = 1,000 GWh)

Astria Commercial Coe

Watt hor; it o eergy (power times time it)

ACER

APCS

APT

APX-ENDEX

Base (base load)

CISMO

CO2

CWE

EBlT

EPEXSpot

EEX

EStG

EUA

EUR

EuropEX

EXAA

greenmarket

GoOGRI Index

GWh

ISO

KSV

kWh

MWh

NGO

Nordpool Spot

NWE-Region

OeKB

OTC

Peak (peak load)

POA

PwC

PXE

REMIT

RWE-Netz

Smarttech

SWOTt

teem

TWh

UGB

Wh

>

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Preace o the Chairman o the Spervisory Board

Preace

Dear Shareholders,


I am very please a pro to aoce that EXAA Awicklgsstelle r Eergie-

prokte AG has complete aother extremely sccessl acial year i 2011. Traig

volmes cotie to icrease sigicatly i 2011 a ew traig participats joie

the exchage. The excellet evelopmet o the past or years has also permitte s to

lly recover the start-p losses a achieve a et prot.

Apart rom the higher electricity traig volmes, the traiig corses oere y EXAA

or the eergy market kow er the ame o teem were also highly sccessl a

cotrite to the goo reslts.

EXAAs excellet perormace was also otice y the geeral plic a the ews-

paper Wirtschatslatt prooce EXAA oe o Astrias Leaig Compaies 2011

together with the cosltig rm PwC a KSV. This istictio is especially pleasig

cosierig that the oig years were ot always smooth sailig.

For the rst time, this acial report also icles a separate sectio o sstaiaility.

This sectio was prepare y the maagemet oar together with the sta i the cor-se o the year a presets the achievemets t also serves as giace a ees

goals or the comig years.

This report presets the sccess achieve y EXAA i the previos year a is testimoy

to the commitmet o the sta a Maagemet boar o the compay. We wat to

express or appreciatio a recogitio o the excellet work accomplishe.

dear shareholers, ear laies a getleme, we wol like to thak yo or yor trst

i or compay a assre yo that we will cotie to make or est eorts to retai

this trst.

Viea, May 2012

Hasjrg Tegg

EXAA

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PreaceotheChairmanotheSupervisoryBoard

Hasjrg Tegg

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>PreacePreace o the Management Board

EXAA

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PreaceotheManagementBoard

Dear Shareholders,


This report is ieret rom or reports p to ow. It illstrates how EXAA has ee

ale ot oly to attai sstaiale ecoomic evelopmet, t also to prse a policy o

sstaiaility or or sta, society a the eviromet.

For s, sstaiaility escries a yamic process that covers all aspects o a compays

evelopmet a secres the cotie existece o a orgaizatio over the log term,

a therey eets employees a stakeholers.

Sice or oatio i 2001, we have improve trasparecy, eqilirim a eciecy

o the lieralize eergy market o Cetral Erope. We have scceee i cotiosly

expaig sales revees a proctivity every year p to ow.

drig the same perio, the mer o or employees has also ole. We are pro

o havig ee ale to retai highly qalie a committe employees or may years

a to have joitly achieve the positio o service leaer i the market.

Apart rom the steay improvemet i traig volmes, we have also positioe or

traiig program teem as a ceter o competece a ecatio or the eergy market,

therey cotritig to the creatio o kow-how a awareess i Astria a Cetral

Erope.

We have also ee costatly evelopig or ecology ivisio. I Je 2005, the start

o traig i Eropea CO2

emissios allowaces marke the opeig o the market

segmet or evirometal procts. de to the very iclt ramework coitios

i CO2

traig, we have etere ito a cooperatio agreemet with greemarket

exchage, a ssiiary o bayerische brse i Mich a have iscotie traig i

CO2

allowaces o EXAA as o Agst 2011. I the sprig o 2012, we will rig or rst

gree electricity proct to the market, which or the rst time garatees simltaeos

physical proctio a traig.

We hope to stay o this corse o sstaiaility we have ee prsig or the past te

years a estalish orselves as a echmark or the istry. Or special thaks go

to or employees or their eicatio a har work which have helpe to esre the

sccess o or compay.

The Maagemet boar wol like to thak the shareholers a the memers o

the Spervisory boar or their trst. We will cotie to work har to meet yor expec-

tatios.

Viea, May 2012

Rol Scheier

Jrge Wahl

Jrge WahlRol Scheier

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The Year 2011 at a GlaceThe Highlights o the Year 2011

1st Qarternew two-ay teem mole or gas starts i Jaary.

EXAA participates as exhiitor i E-Worl Fair i Esse, Germay.

EXAA goes moile: The EXAA app or iPhoe a Aroi celllar phoes ecomes availale.

daily recor hit o 25 March 2011: 34,803.30 MWh.

Traig volme i March 2011 reaches 707,801.30 MWh, makig it the est moth sice

market start.

2 Qarter O 20 Je, EXAA hel its aal traer grop meetig.

Je 2011: The ew versio o the EXAA app ecomes availale. Plicatio o versio 1.1

or Aroi, iPhoe a blackerry. Possiility or registere traers to otai prices a

qatities immeiately ater close o traig.

3r Qarter Agst 2011: greemarket (ssiiary o bayerische brse) a EXAA start cooperatio i

CO2

emissios allowaces traig.

EXAA wis the teer or the Twiig Project i Croatia. The i was oe together with

Eergie-Cotrol Astria.

4th Qarter Lichtlick AG rom Hamrg is 70th traig memer to joi the electricity market at the e

o Septemer.

The Octoer ate o teem is hel or the rst time with a GoO mole. I total, 402 traiigays are ooke i 2011.

Octoer: The ewspaper Wirtschatslatt prooces EXAA oe o Astrias Leaig

Compaies 2011 together with the cosltig rm PwC a KSV EXAA raks i 6 th place

i Astria or small siesses i the category o sstaiaility a creitworthiess.

novemer: EXAA wis the teer or the joit exectio o a Twiig Project with Eergie-

Cotrol Astria i Georgia.

The icrease o the pper i limit or lock procts rom 500 MW to 1,000 MW as

liqiity a raises traig volmes.

new recor-reakig year o EXAA: Traig volme reaches 7,558,106.50 MWh i 2011.

This correspos to a rise o 18 % verss the previos year a a average aily volme o

20,707.14 MWh. Frthermore, a ew all-time high is attaie i decemer 2011 o EXAAwith a average aily traig volme o 23,226.43 MWh a a total o 720,019.40 MWh.

O 31 decemer 2011, 71 memers rom 14 cotries trae electricity o EXAA.EXAA

11

TheHighlightsotheYear2011

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>Sstaiaility ReportSstainable growth path or over ten years

EXAA

11

Sustainablegrowthpathorovertenye

ars

1. EXAA on sstainable growth path or over ten years

EXAA (Eergy Exchage Astria) is Astrias eergy a evirometal exchage with its

registere oce i Viea. EXAA was oe o 8 Je 2001 a starte spot market

traig i electric power o 21 March 2002. Sice its start, EXAA has evelope ito a

importat istrmet or the eciet exploitatio o traig opportities i the lieralize

eergy markets o Cetral Erope.

Sice Jaary 2009, EXAA has ee oerig reglar traiig corses er the teem

trae mark at which participats ca lear everythig there is to kow aot the elec-tricity istry. Or traiig program has ecome a poplar corse or ewcomers t

also or experiece employees a ayoy itereste i the eergy istry.

The sigicace o a market is etermie largely y its participats. As o 31 decemer

2011, there were 71 compaies rom 14 cotries traig o EXAA, o which most were

ot rom Astria.

Startig ot rom the electricity spot market with physical elivery i Astrias cotrol

areas, EXAA elarge the traig zoes to icle Germay i 2004. Sice the e

o 2009, EXAA has ee ale to oer physical elivery i all Germa cotrol areas. I

May 2010, EXAA took over the techical settlemet o ay-ahea electricity spot market

traig or PXE (Power Exchage Cetral Erope; www.pxe.cz) or the market area Hgary.

As Astrias oly electricity exchage, we cotrite to the heterogeeity o the Eropea

exchage istry as well as to secrig the attractiveess o the Astria marketplace.

Or core siess icles importat ctios sch as esrig air a veriale price

iscovery throgh the ree play o spply a ema, ealig trasparecy y isclos-

ig prices a qatities as well as oerig iverse serv ices (traiig corses, cosltig,

etc.) that are i ema y or cstomers a stakeholers.

As a iepeet traig platorm, or ty is to serve all traig par ticipats eqally

a to garatee the air a eqal treatmet o all actors. As a eergy exchage, weplay a importat role or maitaiig a ctioig eergy market a sta or certai

vales, amely a lieralize market, a stace we hope s expressio i this report.

For several years, EXAA has ee workig itesely to help il p the markets o

Cetral a Sotheast Erope. EXAAs iverse cotacts to the electricity istry o the

regio a the highly soght-ater cosltig a avisory services it oers joitly with

other stakeholers permit EXAA to play a active role i the creatio o a cooriate a

itegrate eergy market i the regio a or all o Erope.

O 28 decemer 2011, REMIT the Eu Reglatio o Eergy Market Itegrity a

Trasparecy etere ito orce. REMIT has the aim o prevetig isie ealigs a

market maiplatio o eergy markets. A major elemet o the Reglatio is market

spervisio y ACER. Thereore, REMIT cocers ot oly the eergy market actors t

also eergy exchages.

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EXAA

11

Oursustainabilitystrategy

Or sstainability strategy

Sstaiaility Report

EXAA, as a clearig a settlemet aget has ee reglate a spervise p to ow

er the Astria Stock Exchage Act. The spervisio o the commoity exchages

is the competece o the Feeral Miistry or the Ecoomy, Family a Yoth. What is

ew is that with the etry ito orce o REMIT, EXAA ow has to report sspecte isie

ealigs, market maiplatio a irreglarities to the atioal reglatory oies withi

the scope o market spervisio. ACER has set p a reportig platorm or this prpose.

Reportig oligatios or exchage trasactios execte, t also or OTC trasactios

will eter ito orce withi the ext 18 moths.

2. More than jst gigawatt hors and ero amonts or sstainability strategy

At the e o 2011, the Maagemet boar starte a process to evelop a missio state-

met together with all employees i orer to ee EXAAs prole (or ietity), tasks (or

missio), goals (or visio) a priciples (or vales).

Or sstainability strategy rests on this ondation

EXAA has prse a corporate strategy o sstaiaility sice its oatio i 2001.

This meas that the ecoomic sccess o or compay is ot achieve at the expeseo or employees, society or the eviromet. O the cotrary: Or goal is to create

ae vale i all or areas.

Sstaiale ehavior is viewe as a vale river at EXAA (iovatio a ew pro-

cts, higher eciecy, motivatio o employees, sstaiaility as sellig poit, etc.).

We o ot wat to hie ehi the excse that we are too small. The Maagemet

boar has overall resposiility or the sstaiaility o the compays actios a

siess activities. All employees are ivolve i the eorts to achieve this goal.

This report has or sectios: sta, society, eviromet a ecoomy. The cotet

o the rst three sectios was evelope i collaoratio with exteral sstaiailityexperts a with the ivolvemet o employees. The orth sectio meets the reqire-

mets o a aal report a cotais all essetial iormatio or or shareholers.

As a asis or ietiyig the areas o key importace or s, we cocte a i-epth

aalysis o or stregths, weakesses, opportities a risks a smmarize these

i a SWOT aalysis.

EXAA took giace rom the Gloal Reportig Iitiative Level C whe preparig its

Aal a Sstaiaility Report, t we wol like to poit ot that we have ot

carrie ot a GRI check yet. However, we pla to o so or or ext Aal a

Sstaiaility Report 2012.

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EXAA

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Sustainableandontherightcourse

withouremployees


Sstaiaility Report

3. Sstainable and on the right corse with or employees

Management approach and priority goal:

Whe it comes to or employees, or goal is to retai a rther icrease or pool o

qalie employees, to improve employee satisactio, to stregthe team spirit, a to

esre a aeqate work-lie alace.

Key felds o action, projects, objectives and indicators

3.1. Employee health and satisaction

Healthy a satise employees are or most importat asset. Keepig them healthy

a satise is the ocs o all or activities. With this i mi, we have take meros

measres to oster corporate cltre a team spirit, a oer or employees a high level

o fexiility i shapig their ay-to-ay work arragemets.

Goals To keep the persoel trover rate as low as possile

To icrease the heacot rom crretly 11 to 13 perso

years y 2015

To preserve the high level o employee health a satisactio

Measres Ergoomic workplaces

already Participatio i sports evets (bsiess R, Viea City

implemented Maratho) iclig the provisio o the gear

Orgaizig a holig joit compay evets (smmer party,

gol toramet, Christmas party)

Free rit a riks

Flexile workig hors a home oce optios

3.2. Innovation and participation

EXAA epes o the power o iovatio a the commitmet o its employees. We

strive or ope ialoge o eqal terms, ecoragig or employees to voice criticism

a come p with ieas o their ow. We always try to thik ahea, a sometimes also

ot-o-the-ox, a also see orselves i the role o visioaries a pioeers i or i-

stry. Employee iversity a iiviality is regare as a ae vale, a there is

o iscrimiatio ase o sex, origi or religio.

Goals Ietiyig a leveragig the potetial or iovatio

Steppig p the mer o iovatios over time, i possile

Measres Weekly team meetigs

already Iovatio a strategy workshops oce or twice a year

implemented A corporate cltre characterize y opeess Fosterig iversity

Aal appraisal iterviews with 360 eeack

Indicators nmer o ew procts over time (5 ew procts i 2011)

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EXAA

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withouremployees

Sstaiaility Report

3.3. Employee development and appreciation

We wat to oer or employees iterestig a challegig tasks as well as cotie

proessioal evelopmet. As or employees o ot report to s irectly, t are em-

ploye y the CISMOgrop, it is all the more importat to s to take measres to hoor

persoal commitmet a goo perormace.

Goals Possiility o oerig perormace-like pay to all employees

Retaiig aal cotie proessioal evelopmet hors

per employee

Measres Traiig a evelopmet pla or each employee at a aal

already appraisal iterview

implemented Perormace-like pay with oses every employee ca

get p to two moths pay per year as a os

Indicators Employee rther ecatio i hors was 205.3 / employee

i 2011

3.4. My EXAA Sstainable and on the right corse

We aske all o or employees withi the scope o a missio-eig process which

images (see photographs elow) they associate with EXAA a i which orm. The mostexpressive images are presete here.

My EXAA is like a rowing team:

Teamwork is excellet, we ca talkopenlyaot

everythig, we have the strength eee to cope with

tre tasks, a we cotially mobilize orselves a

others to ace ew challeges.

My EXAA is like a compass:

We are always on the lookout or ew areas o

evelopmet a show the worl the right way, oerig

guidance a ispirig condence.

My EXAA has a lot in common with this chart:While the tre is pwars, sccess is ot linear a

is ot at all a matter o course.

My EXAA Sstainable and on the right corse

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My EXAA is like a band o pirates:

We are creative, innovative, condent,pro,

committe a corageos a eciely ot o

the sie o the Frech gare atioale.

My EXAA is like this eagle:

As a etral exchage, we sta or

independence, with traig volmes soaring

high these past ew years.

My EXAA is like a team o astronats:

We kow the big picture withot losig sight o

what is truly important, we play well together

a stick to or missio; a the memers kow

they ca relyo each aother.

My EXAA has members rom

14 Eropean contries:

Or goal or the tre is to have participats

rom all over Europe.

My EXAA is like a sailboat:We work as a dynamic team i a dynamic

environment, we are fexible a innovative, a

i the spirit o tre sportsmanship we always

play y the rules.

My EXAA is like a treasre hnt:

Atreasure hunt is exciting. Where will our

treasure e hie i the uture?

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EXAA

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withouremployees

Sstaiaility Report

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orsociety


Sstaiaility Report

4. Sstainable and on the right corse or society


Or goal is to assme social resposiility or or proessioal a private activities, to

raise awareess or resposile eergy maagemet i Astria a to promote kow-

how traser also otsie o Astria.

Key felds o action, projects, goals and indicators

4.1. Competence and training center

We ee orselves as a competece a traiig ceter or the eergy market that

helps to raise awareess a sesitivity to eergy isses. We comie techological

expertise a siess acme; we rig the ieret stakeholers together (nGOs,

tility compaies, govermet oies, parliamet) a play a role as a iepeet a

etral kowlege roker.

Goals Raise awareess a sesitivity to eergy isses

Icrease the mer o participats i traiig evets a

the mer o traiig ays ooke

boost sales o traiig a cosltig services

Measres Implemetatio o the teem traiig program

already Iclsio o gree electricity a atral gas as ew topics

implemented Ivitatio o varios iepeet experts as speakers

Indicators nmer o traiig ays ooke per acial year

(402 traiig ays ooke i 2011)

Traiig a cosltig sales per siess year

(EuR 181,258.50 i 2011)

4.2. Capacity-bilding and know-how transerOr activities i the eergy sector are ot limite to Astria. With or traiig moles a

y promotig evelopmet projects, we also cotrite to capacity-ilig a kow-

how traser i the emergig eergy markets i other Eropea cotries, i particlar,

i Cetral a Easter Erope. Oe o or aims i this cotext is to spport iteratioal

cooperatio eorts i Cetral a Sotheast Erope a to stregthe collaoratio with

or eighorig cotries.

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orsociety


Sstaiaility Report

Goals To provie assistace or the expasio a evelopmet

o eergy markets i Cetral a Easter Erope

To spport oe evelopmet project per year y meas o

specic oatios. The project shol e eergy-relate,

eet the ottom o the pyrami a provie sigicat

leverage (eet or society) or the capital iveste

Measres doatio to Lie Earth spport or a photovoltaic system

already or a meical cliic i Tazaia, i cooperatio with

implemented CISMOgrop compaies

Indicators Expeitre or the aove metioe evelopmet project

Lie Ear th o EuR 1,635 i 2011

4.3. Responsible dialoge with society

beyo or traiig programs a cosltig projects, we are also ivolve i iitiatives

o reglatory themes a social policy isses, a are thereore, i costat ialoge

with society a policymakers. However, we also have to saegar or iepeece

a itegrity as a marketplace at all times.

List o 1)Cliets: traig memers, tilities, acial service proviers istakeholders physical traig i electricity

2)Owers a sppliers: Wieer brse AG as licesor, OeKb as

clearig parter, smart techologies as sotware spplier

3)Plic istittios: Eropea istittios sch as the EropeaCommissio, the Eu Agecy or the Cooperatio o Eergy

Reglators ACER, the Associatio o Eropea Eergy

Exchages EropEX, the Astria a Germa Miistries o

Ecoomics, the Astria a Germa eergy reglators, the

Astria Miistry o the Eviromet, nGOs active i the elso eergy a eviromet sch as Greepeace Gloal

2000 as well as associatios like the Astria Eergy Agecy

or Astrias eergy a gree electricity associatios

4)Germa a Astria trasmissio etwork operators

5)Other sppliers sch as CISMO GmH or irastrctre,tax avisors, maagemet cosltats, lawyers, etc.

Measres Ogoig participatio i EropEX Workig Grops a

already i the evelopmet a amemet o laws a staarsimplemented i Astria a Erope

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ortheenvironment

Sstainable and on the right corse or the environment

Sstaiaility Report

5. Sstainable and on the right corse or the environment


Or goal is to rece or compays ecological ootprit. As a service siess, we o

ot maactre ay procts orselves, a thereore, o ot have ay major eergy or

resorce cosmptio. Moreover, we ca still make a sigicat cotritio y takig

measres i the area o procremet a employee moility. However, the most impor-

tat leverage we ca achieve is i evelopig ecologically eig procts.


5.1. Sstainable procrement

As a service compay, we procre maily oce spplies, techical harware a oo

or or employees.

Goals Itegratig ecological criteria ito all procremet ecisios

Measres Orgaic oo (i seasoally availale):

already rit, air-trae coee, preeraly regioal procts

implemented

5.2. Ecologically benign mobility

Eve thogh two thirs o or employees travel to work y plic traspor t or o oot, we

still elieve there is ee or actio i the area o employee moility. Give or itera-

tioal activities, or employees travel reqetly throghot Erope. However, to keep the

ecological ootprit o these travel activities as low as possile, we have plae several

measres i this respect.

Goals To rece the caro ootprit o employee moility

Measres Caro compesatio or air travel, i possileplanned Itroctio o a special allowace or the se o plic

trasport, i possile

Indicators Percetage o employees sig plic trasport, walkig

or cyclig to travel to work (i 2011, 73 % o employees came

to work y plic trasport)

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Sstaiaility Report

5.3. Ecologically benign prodcts

Protectig the eviromet is very ote a river or ew els o siess or or com-

pay. To cotie or ecological activities, we pla to market or rst gree electricity

proct i early 2012.

Goals Improvig trasparecy o ecological electricity procts

o eergy markets

better itegratio o ecologically geerate electricity ito

eergy traig i Astria a iteratioally

Measres Itroctio o a gree electricity proct or spot traig

introduced o EXAA

Indicators Percetage o gree electricity traig volme as compare

to grey electricity traig (or the year 2012, the percetage

o gree electricity i total traig volme is projecte at

6.25 %)

6. Sstainable and on the right corse in bsiness


The compays pricipal goal is to rther stregthe EXAAs acial ase. To o so, we

pla to cotie or eorts to attract ew traig memers a raise traig volmes o

the spot market or electricity, a y evelopig ew procts a services.


6.1. Sstainable growth

The et prot we achieve or the rst time i 2011 has helpe pt EXAA o a healthy eco-

omic ootig. beig a prot a perormace-rive compay, we also ee loger-termacial ackig or or activities. For this reaso, we will stay o corse or sstaiale

growth, stregtheig or core siess while also opeig p ew els. We work har

to achieve sstaiale sccess, ecase reachig or preset positio was ot a easy

task a retaiig it i the tre will ot e so either.

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Sstaiaility Report

Goals Secre the role o EXAA as Astrias eergy exchage at the

atioal a Eropea level or the log term

Measres See report o the Maagemet boar

already

implemented

Indicators Traig volmes i GWh (7,558 GWh i the year 2011)

Clearig volmes i ero (EuR 390,236,567 i the year 2011)

Operatig otpt (EuR 2,324,492.95 i the year 2011) EbIT (EuR 761,271.92 i the year 2011)

Prot ater taxes (EuR 738,513.25 i the year 2011)

6.2. Secrity and transparency

Or core siess is to esre air a veriale price iscovery ase o the ree iter-

play o spply a ema, to esre trasparecy y plishig price a volme ata

as well as to provie the iverse services emae y or cstomers a stakeholers

(traiig, cosltig, etc.). Or risk maagemet system has prove its eciecy, espe-

cially sice the egiig o the akig crisis i 2008. As a iepeet exchage,

we are eqally committe to all market participats, garateeig o-iscrimiatory

access to eergy traig.

Goals Maximm trasactio secrity or s a or cliets

Measres Cotios improvemet o or risk maagemet system a

already or clearig a settlemet rles as well as ogoig ajstmets

implemented to icreasig trae volmes

Cotios improvemet o or iteral ait a qality

maagemet systems. Havig ergoe ISO 9001:2008

certicatio i 2010, EXAA sccesslly carrie ot a srveillace

ait i Agst 2011

VAT ra i eergy traig: Proactive cooperatio with stake-holers a competet plic oies iclig iormatio

activities i Astria, Germay a at the Eu level to prevet

ay risks to which EXAA may e expose

Indicators Amot o collateral eposite (i 2011, the amot o the

collateral eposite was EuR 49,830,639.06)

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6.3. Service ocs, simplicity and efciency

As the cost a service leaer i the market, we are a attractive alterative to the large

eergy exchages. We are pioeers i a iche segmet a oer or cliets simple a

ser-riely soltios paire with top-level fexiility at low prices. Oerig persoal cliet

services is or top priority. Trst a itegrity are the pillars o or cliet relatioships.

Goals Preserve a improve or excellet cstomer satisactio ratigs

Stregtheig or positio as cost a service leaer

Measres Creatio o log-term persoal cliet relatioships

already Evets or cliets

implemented Lea orgaizatio a short ecisio-makig paths

Flexile work processes

no re tape, t pragmatic commo-sese soltios

Indicators Reslts o reglar cliet satisactio srveys (i respose to the

qestio Wol yo recomme EXAA? 54 ot o 56 traig

participats iterviewe aswere yes i 2011. Oe traig

participat gave a aswer with qalicatios a oe traig

participat reraie rom aswerig the qestio)

This report ree rs to the acial year 2011 a covers oly EXAA AG seate i Viea. The CISMOgrop is otcovere i this report. EXAA oes ot have ay ssiiaries or aliate compaies.

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Report o the Maagemet boarThe Economic Environment

EXAA

11

TheEconomicEnvironment

1. Report on the Development o Bsiness andEconomic Sitation

1.1. Economic Environment

Eergy exchages have ecome a iseparale part o the lieralize eergy markets

i Erope. These exchages serve as a importat complemet to OTC traig, which

is irect traig etwee two parters, a also play a importat role as iepeet

price arometers.

The evelopmets o the past ew years i Erope show that electricity markets are cha-

racterize y cocetratio teecies a coplig iitiatives.

Itegratio i the nWE area (Frace, bEnELuX, Germay, Great britai a Scaiavia)

to create joit price coplig is progressig ast a shol e complete y the e

o 2012. The Czech Replic, Slovakia a Hgary starte a price coplig iitiative i

2011 schele to start i mi 2012, a other cotries a regios (Ieria Peisla,

baltic States, Pola, Romaia, Sloveia, Italy, Switzerla) are workig to joi, aove

all, the nWE project to achieve the goal ee y the Eu Commissio o coplig the

etire Eropea market y 2014.

I 2011, the two exchages EPEXSpot (or the CWE area) a norpool Spot (or Sca-

iavia, baltic cotries a uK) agree to collaorate more closely i the area o traig

systems with the aim o ltimately also joiig market operatio. The Czech-Slovak-H-

garia coplig parters agree to implemet the EPEXSpot system or the ctio o

harmoizig atioal traig reslts also coverig cross-orer electricity elivery.

With this move, the nWE cotries a especially their power exchages have posi-

tioe themselves at the vagar o Eropea power market itegratio; a sitatio

which will have to e take ito cosieratio i the tre strategy o EXAA.

Aother importat evelopmet o the past ew years is the ast pace o chage t also

the prevailig isecrity with respect to the legal, reglatory a political ramework orthe eergy market.

The roles playe have ee recast with the thir Eu legislative package or the eergy

market a the etails o the implemetatio are still eig worke o. The challege

or eergy exchages is to actively take part i the implemetatio process a to work

to esre that the market moel ltimately oes ot cotai ay arriers to exchage

traig.

Germays exit rom clear power ecie i 2011, the ogoig eate over clear

power throghot Erope a the growig share o reewale eergy i proctio are

all actors that are ametally chagig the eviromet or electricity traig. Someshort term itervetios i electricity traig are possile i orer to secre electricity

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Report o the Maagemet boar

spply. Apart rom the elargemet o the gri, it is ecomig icreasigly importat to

aapt the rles to esre that reewale eergy sorces are itegrate ito the market

i sch a maer so as to help garatee the power spply.

I aitio to the active participatio o EXAA i atioal a iteratioal eorts to

ee the ramework or eergy traig a the tireless iteratioalizatio eorts, the

iclsio o reewale eergy i lieralize electricity traig will e oe o the areas o

which EXAA will cocetrate i 2012, therey stregtheig EXAAs market positio a

siess sccess.

1.2. Spot market trading in electricity in Astria and Germany

I 2011, the ptre o EXAAs Astria a Germa electricity market was roke

a traig volmes icrease sigicatly.

Spot market trading in electricity

EXAA

11

Spotmarkettradinginelectricity

Volumes in single hours 2009 to 2011(i MW)

2009 2010 2011

40 %

35 %

30 %

25 %

20 %

15 %

10 %

5 %

0 %

The chart aove reveals that the tre o higher horly trae volmes cotie i 2011.

There were o hors with traig volmes lower tha 200 MW. The trae volme was

elow 400 MW oly i less tha 2 % o the hors a the share o hors with more tha

1,000 MW reache early 27 %.

I total, 7,558 GWh were trae o EXAA i 2011. This is a icrease o aro 18 % over

the previos year. This volme correspos to aro 13.1 % o omestic electricity co-

smptio. The average aily trae volme was 20,707 MWh. The moth o decemer

0 200 200 400 400 600 600 800 800 1,000 1,000 +

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Report o the Maagemet boar

2011 recore the highest traig volme at 720,019.40 MWh. At year-e, there were

71 market participats rom 14 ieret cotries o EXAAs electricity market.

Trading procedres on EXAA

O EXAA, electricity is trae or each o the 24 hors a or 14 locks that cosist

o several hors or all ays o the year. Traig takes place o workays rom Moay

throgh Friay rom 8:00 to 10:12 hrs. drig this perio, traig participats may eter

their qotes ito the system. Whe this phase es, a actio is hel with a view to

matchig as may orers as possile. Ater the actio, market participats may y

or sell srpls qatities rom the actio procere rig the post-traig phase at

the market clearig prices etermie. At the latest y 10:30 hrs, the participats are

iorme o traig reslts.

Price stiness at EXAA

de to the timig o the actio at EXAA with the rst actio reslts or the ay tra-

ers take giace rom crret OTC market prices. This meas that eve i the case

o low traig volmes, larger volmes are oly jst aove or elow the market clearig

price. A simlatio with real-time ata with the aitioal etry o ctitios market orers

o 50, 100 a 200 MW or every iivial hor showe that the price sitatio remaie

very stale. Eve i the case o large market orers, the clearig price sally chage

oly y a ew percetage poits (see chart elow).

Trading Procedres on EXAA

EXAA

11

TradingProceduresonEXAA

Ja

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Fe

b11

Mar

11

Apr

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May

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Ju

11

Ju

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Sep

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Oc

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nov

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dec

11

800,000

700,000

600,000

500,000

400,000

300,000

200,000

100,000

0

Volume trends on EXAA 2011(i MWh)

500

,986

.20

560

,843

.90

707

,801

.30

638

,223

.30

663

,467

.30

626

,511

.00

603

,305

.20

559

,407

.50

648

,313

.70

668

,238

.80

660

,988

.90

720

,019

.40

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Correlation o prices on EXAA with prices on the OTC market

Precise oservers are srprise time a agai at how similar the prices etermie at

EXAA actios are to those o ilateral spot traes rig the same perios. This eve

reslts i EXAA eig iormally reerre to as the OTC exchage at expert talks. I the

scat two hors ater the EXAA actio (10:15 hrs) i the same, Germa-Astria market

o EPEXSpot (12:00 hrs), this is ot see as ote (see chart elow). What is the reaso?

Whe a traer has a iterest i also exectig y or sell qatities still ope or the extay rig the later, a thereore, last actio o the elivery ay o EPEX (traers mst

ote eter qotes as market orers) to avoi the risk o otherwise avorale alacig

eergy paymets, they have the possiility at 10:15 hrs to eter price limits that match

their ow expectatios withot takig this risk. I act, the share o qotes etere i

EXAA withot price limits is aro 80 percet.

The coseqece is that the so-calle market clearig price etermie ase o

spply a ema o all participats really is represetative or crret market co-

sess. Moreover, at EPEX there is also a high share o comparaly har-to-preict

electricity ees o, accorig to the Germa market moel, electricity qatities eig

etere that are ot cotiget o prices rom wi arms a photovoltaic plats a

this creates reqet pwar a owwar price fctatios.

Report o the Maagemet boarPrice Trends on the EXAA Spot Market

EXAA

11

PriceTrendsontheEXAASpotMarket

Price change in base sing simlation market orders Jan. Dec. 2011

(i EuR)

200 MW - 200 MW 100 MW - 100 MW 50 MW - 50 MW

4

3

2

1

0

-1

- 2

- 3

- 4

J

a

11

F

eb11

M

ar

11

A

pr

11

M

ay

11

J

u

11

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l11

A

ug

11

S

ep

11

O

ct11

n

ov

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d

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EXAA traers, most o which have market access to EPEXSpot, appreciate ot oly the

soli price asis i this eviromet or portolio optimizatio, t also se EXAA price

sigals as valale giace or OTC traes cocle ater 10:15 hrs.

EXAA market prices

I the year 2011, the average EXAA ase price was EuR 51.80 / MWh a the EXAApeak price was EuR 57.94 / MWh. Prices evelope remarkaly stale over the corse

o the year espite the exit rom clear power i Germay a apart rom weather a

seasoal fctatios.

Prices were slightly higher i 2011 verss the previos year withi a rage see alreay

at the e o 2010. The average ase price was aro 16 % higher tha i the previos

year, a the peak price was p y almost 12 % i 2011.

The higher prices were r ive y the sstaie recovery o the ecoomy a reslte i

a graal icrease i ema i the market. Market prices o other power exchages

showe similar tres rig the same perio.

21

Report o the Maagemet boarPrice Trends on the EXAA Spot Market

EXAA

11

PriceTrendsontheEXAASpotMarket

EPEX_base_di EXAA_base_di dierece to GPI i base i ero rom 01.01.2009 31.08.2011

Comparison o GPI prices (DowJones German Power Index) with

EXAA and EPEXSpot prices

Ja

09

Fe

b09

Apr

09

M

ay

09

Ju

l09

S

ep

09

Oc

t09

d

ec

09

Fe

b10

Mar

10

M

ay

10

Ju

l10

A

ug

10

Oc

t10

d

ec

10

Ja

11

Mar

11

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ay

11

Ju

11

Aug

11

30.00

20.00

10.00

0.00

- 10.00

- 20.00

- 30.00 Source:

dow

Joes

Germa

Power

Iex

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1.2.2. Risk management on the EXAA spot market or electric power

EXAA garatees the acial lllmet o exchage traes i its ctio as a cetral

coterparty. The settlemet o traes is govere y special clearig a settlemet

rles that are iig o all exchage memers. As a clearig aget, EXAA orgaizes

a spervises the timely lllmet o all traes a the proper epositig o collateral

y the traig participats.

The aily valatio o all ope positios esres that the collateral eposite y the tra-

ig participats is always maitaie at sciet levels. I this maer, EXAA esresthe acial settlemet o traes i all cases. EXAA accepts cash eposits, certai sec-

rities a ak garatees as collateral or traes. Oesterreichische Kotrollak (OeKb)

is resposile or the akig proceres relatig to clearig. The aily calclatio o

collateral levels is ase o the average et y amot o ve ope traig ays a the

statistically assesse fctatio o amots over 30 traig ays. At the same time, the

ope positios o participats are checke o every traig ay to esre that they o

ot excee the ee limit. This risk maagemet system has ee workig ecietly

sice the start o the akig crisis i Septemer 2008, a eve rig this iclt

phase, the settlemet o traes worke secrely a withot prolems. The amot o

collateral eposite was EuR 49,830,639.06 as o 31 decemer 2011.

Report o the Maagemet boarRisk management on the EXAA spot market

EXAA

11

RiskmanagementontheEXAAspotma

rket

90

80

70

60

50

40

30

20

10

0

Price trend (base and peak) on EXAA in 2011 (i EuR / MWh)

Peak base base (Average) Peak (Average)

Ja

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Mar

11

Apr

11

May

11

Ju

11

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Aug

11

Sep

11

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dec

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Report o the Maagemet boarteem training program

EXAA

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teemtrainingprogram

REMIT

The provisios o the REMIT Reglatio o the Eu that etere ito orce o 28 decemer

2011 regarig the moitorig o isie ealig a market maiplatio were imple-

mete.

1.3. Spot market trading in electric power in Hngary

O 17 May 2010, EXAA took over the techical settlemet or ay-ahea spot traig or

Hgary o ehal o PXE (Power Exchage Cetral Erope; www.pxe.cz). uortately,

i 2011 this market segmet aile to achieve the sccess hope or a there was o

traig i Hgary.

1.4. Spot market trading in CO2

emission allowances

EXAA has ee oerig traig i emissio allowaces (EuAs) i actios hel oce a

week as o Je 2005.

I smmer 2011, a cooperatio agreemet or allowaces traig was etere ito withgreemarket, a iepeet market segmet o bayerische brse AG. This agreemet

stiplates that EXAA is to cease its ow actios i emissios allowaces, a thereore,

CO2

traig o EXAA iscotie these actios o 16 Agst 2011.

I 2011, the total trae volme was 19,179 tos. The price iereces to other ex-

chages a OTC traig were ot sigicat.

1.5. The teem training program

Sice Jaary 2009, EXAA has ee orgaizig traiig corses er the trae mark

teem (traiig or eergy a evirometal markets) or the eergy sector a all plic

a private istittios workig i this el. The excellet ookigs a ema i the

market or aitioal traiig moles motivate s to a three ew themes to the

program i 2011. Sice 2011, EXAA has ee oerig two moles or the gas mar-

ket (market moel a thir package, gas traig a price iscovery) as well as oe

mole o the theme o proo o origi, laelig a gree electricity, i aitio to the

ve staar moles (compact kowlege eergy istry, market moel a alace

grops, traig a capacities, EXAA exchage traer iploma, eco-power). I the year

2011, or moles were hel as i-hose evets or two reowe Astria compaies.

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I 2011, EXAA early ole revees verss 2010 with 402 ooke traiig ays that

were attee y some 150 persos. Sice the start o the project, 785 moles were

ooke a over 300 persos took avatage o the teem traiig program or rther

ecatio. This shows that EXAA is a wiely recogize orgaizer o traiig corses

a sorce o kow-how or the Astria eergy istry.

The sta o CISMOgrop also takes avatage o the teem traiig corses as a ex-

cellet opportity or rther ecatio. It is staar procere or ew employees o

CISMOgrop compaies to atte the traiig moles, t also log-year employees

take avatage o the opportities to lear aot the other siess areas o the Grop.

no ew traiig themes are crretly plae or 2012, as exchage traig will cotie

to e the pricipal siess o EXAA. However, ase o the reqests o may partici-

pats, the traiig program will also e oere i Eglish i March 2012.

2. Assets, Earnings and Financial Position

2.1. Earnings sitation

Sales revees i the reportig year were EuR 2,324,493 a thereore, aro 15 %

higher tha i the previos year. This was achieve maily o ack o the very high

traig volmes i the electricity market a the sccess achieve i the acqisitio o

ew traig memers as well as the higher icome eare rom the traiig corses o

the teem project.

Operatig expeses were 6 % higher tha i the preceig year at EuR 1,557,149. This

ca e attrite maily to the trover-like system costs as well as to the higher

overall costs e to the growth strategy o the compay a the catios maagemet

o siess activities i accorace with projectios. The reslt o oriary siess

activity was EuR 787,968 a 42 % etter tha i the previos year. Prot ater taxes wasEuR 738,513 a thereore, a very satisactory 42 % higher tha i the preceig year.

2.2. Assets, earnings and fnancial position

Fixe assets as o 31 decemer 2011 amote to EuR 1,566. These comprise almost

exclsively oce eqipmet a ata processig programmes. Crret assets were

EuR 3,288,552 a icle trae accots receivale o EuR 268,325 which co-

siste largely o short-term receivales rom variale siess ees e rom traig

memers o the electricity market a other receivales o EuR 298,690. bak eposits

exclsive o collateral o eposit amote to EuR 2,187,249 as o 31 decemer 2011.

Shareholers eqity was EuR 2,424,043 o 31 decemer 2011 a reslte rom the

share capital o EuR 1,612,000, capital reserves o EuR 806,000, a the et prot o

EuR 6,043.

Report o the Maagemet boarAssets, Earnings, and Financial Position

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Assets,Earnings,andFinancialPosition

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2.3. Liqidity sitation

The tale shows that EXAA ha a stale cash fow i 2011. However, e to the iver-

get treatmet o oreig traig memers as regars vale ae tax (reverse char-

ge mechaism) i the case o iteratioal traes, cash fows are sject to sigicat

volatility. For this reaso, the respective vale ates at the start o the moth have ee

selecte as ct-o ays i the chart elow, ecase the iereces i vale ae tax

treatmet have alreay ee accote or at this time. Compare to the preceig

year, the mothly cash o ha icrease rom a average o EuR 1,500,000 to at least

EuR 2,100,000.

2.4. Events o material signifcance ater the closeo the fnancial year

As CO2

traig aile to evelop satisactorily i the last acial year e to the a-

verse overall coitios, EXAA etere ito a cooperatio agreemet with greemarket,

a ssiiary o bayerische brse i Agst 2011. The CO2

spot market o EXAA was

iscotie.

The cooperatio etere ito with the Czech electricity exchage PXE i May 2010 will

also e iscotie i the corse o the acial year 2012 e to lackig liqiity a

restrctrig at or siess parter. There was o speig o research a evelop-

met. EXAA oes ot operate ay raches. Frthermore, there were o ope cases o

litigatio at the e o the acial year. I 2011, the tasks o EXAA were take over y the

employees o CISMO GmH. Their laor a expert kowlege is prchase y EXAA

er a service cotract or cotracte rom reelace sta.

Report o the Maagemet boarEvents o material signifcance ater the close o the fnancial year

EXAA

11

Eventsomaterialsignifcanceaterthe

closeothefnancialyear

3,000,000.00

2,500,000.00

2,000,000.00

1,500,000.00

1,000,000.00

500,000.00

0.00

Available liquid unds in 2011(i EuR)

Ja

11

Fe

b11

Mar

11

Apr

11

May

11

Ju

11

Ju

l11

Aug

11

Sep

11

Oc

t11

nov

11

dec

11

Ja

12

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26

3. Development prospects o the company

The compays pricipal ojective or the tre is to cotie to stregthe its acial

ase. This will e attaie y makig itese eor ts to acqire ew traig memers a

raise traig volmes o the spot market or electricity, a y evelopig ew procts

a services.

It is o eormos importace to promote iteratioal cooperatio with the eighorig

cotries o Cetral a Sotheast Erope a to avace the coplig o the markets,

therey raisig liqiity i cross-orer traig.

The target is to icrease sales revees i 2012 y a total o p to 10 % at more or less

chage total expeses, a as a reslt improve aal reslts i 2012 verss 2011.

4. Risks relating to fnancial instrments

The pricipal siess risks o EXAA sch as ealt, crrecy a iterest rate risks a

their possile e ects o the assets, earigs a acial positio or the year 2011 may

e assesse as very low.

The siess ees are collecte at the egiig o the year rom the respective accots

o the traig participats y atomatic ak eit orer. Frthermore, traig partici-

pats mst eposit sciet collateral as a reqiremet or takig part i traig a the

collateral mst e icrease immeiately i it rops elow the ee margi. There was

o oreig crrecy risk, ecase traig a ivestmets were cocte i ero. As

regars iterest rate risks, it is poite ot that EXAA oes ot have ay loas or creit

lies with aks. de to the high price volatility, a overrat acility was set p with a

xe iterest rate o the siess accot with the compays pricipal ak; thereore,

iterest rate risk may e excle here as well.

I the case o ope trae receivales i the amot o EuR 268,325 these reer mostly tothe variale siess ees o the traig participats o the electricity market that were

collecte i ll at the egiig o Jaary 2012. The other receivales o EuR 298,690

are vale ae tax claims with omestic tax athorities. The total o ak eposits

amote EuR 2,711,862 at aks with top creit ratigs (o which EuR 524,613 was

collateral receive) at the e o 2011.

Viea, o March 30, 2012

Maagemet boar

Report o the Maagemet boarDevelopment prospects o the company

EXAA

11

Developmentprospectsothecompany


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Fiacial Statemets 2011

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1

2

3

4

5

6

7

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Balance Sheet Liabilities

LIABILITIES

i EuR

A. Shareholders equity

I. nomial capital

1. Share capital

II. Capital reserves

1.appropriated reserves

III. net prot / net loss

Thereo prot / loss carryorwar

B. Provisions

1. Provisios or corporatio tax

2. Other provisios

C. Liabilities

1. Amots owe to creit istittios

2. Accots payale trae

3. Other liailities

Thereo taxes

Contingent liabilities

8

9

10

11

12

13

14

15

Notes>

EXAA

11

BalanceSheetLiabilities


Please ote that the gres se the Germa otatio, i.e., comas are perios a vice versa.

2010

1.612.000,00

1.612.000,00

806.000,00

806.000,00

- 732.470,41

- 1.250.849,94

1.685.529,59

31.093,12

237.170,64

268.263,76

719,18

22.556,23

285.626,36

285.626,36

308.901,77

2.262.695,12

30.000,00

2011

1.612.000,00

1.612.000,00

806.000,00

806.000,00

6.042,84

- 732.470,41

2.424.042,84

13.440,00

90.150,00

103.590,00

769.068,15

9.732,39

9.732,39

778.800,54

3.306.433,38

30.000,00

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>Proit and Loss Accont or the Financial Year 2011

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EXAA

11

NotestotheFinancialStatements

I. ACCOuNTING AND VALuATION POLICIES

The acial statemets have ee prepare i accorace with the priciples o proper

ookkeepig a accotig a the geeral ojective o presetig a air a tre view

o the assets, earigs a acial positio o the compay (Sec. 222 par. 2 Commer-

cial Coe).

The acial statemets have ee prepare i accorace with the priciple o com-

pleteess a proper accotig, a a ogoig cocer has ee assme or the

valatio.

The priciple o separate valatio withot osettig has ee applie to the assets a

liailities.

I accorace with the priciple o coservatism, oly gais realize o the alace

sheet cto ate have ee reporte. All recogizale risks a potetial losses arisig

i the siess year 2011 or i earlier siess years have ee take ito accot.

1. Fixed Assets

1.1. Intangible assets

Itagile assets acqire have ee recogize at cost o acqisitio, less schele

epreciatio o the asis o their sale lie.

A sale lie o 1 to 7 years has ee assme.

Sotware extesios prchase rig the siess year were immeiately epreciate

i ll.

There were o schele write-os.

1.2. Tangible fxed assets

Tagile assets have ee vale at cost o acqisitio a cost o proctio, less

cmlative schele epreciatio cotie i the reportig year 2011. depreciatio

rates have geerally ee calclate accorig to the liear epreciatio metho.

The sale lie o the iivial grops o xe assets is as ollows:

Fixtres, ritre a oce eqipmet oe to or years

Low-vale assets i the meaig o Sec. 13 Icome Tax Act 1988 o the acial year

have ee lly writte o i the year o acqisitio a reporte i the tale o chages

i xe assets er aitios a isposals.

There was o extraoriary epreciatio / amortizatio.

Fixe chagig vales prsat to Sec. 209 par. 1 have ot ee recogize.


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>Notes to the Financial Statements

2. Crrent Assets

2.1. Acconts receivable and other assets

Receivales a other assets have ee recogize at omial vale.

no recogizale risks exist or otstaig receivales.

3. Provisions

3.1. Tax provisions

Provisios or taxes reer to provisios or corporatio tax ot yet assesse or collectio.

3.2. Other provisions

Provisios have ee mae to cover projecte claims i accorace with the priciple

o coservatism. Provisios rom previos years have ee release a recogize

as operatig icome less they have ee se a the reasos or the ormatio o

provisios have cease to exist.

4. Liabilities

Liailities have ee vale at their repaymet amots i accorace with the priciple

o coservatism.

5. Crrency translation

The oreig exchage rate o the e ates has ee applie or the coversio o re-

ceivales a liailities, takig ito accot oreig exchage losses e to chages i

exchage rates as compare to the alace sheet ct-o ate.

6. Changes to valation policies

There have ot ee ay chages to valatio policies.

7. Changes to the presentation layot verss theprevios year

There have ot ee ay chages to the layot verss the previos year.

EXAA

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II. NOTES TO THE BALANCE SHEET

ASSETS

1. Fixed AssetsChages i xe asset items a the reakow o aal epreciatio y iivial item (Sec. 226

par. 1 Commercial Coe) are give i the tale o chages to xe assets:

Cost o depr./Amort.

acqisitio Cmlate book vale2011 / 01 / 01 Aitios disposals 2011 / 01 / 01 2011 / 01 / 01 dep r./amo rt

2011 /12 / 31 Traser Traser 2011 /12 / 31 2011 /12 / 31 appreciat io

EuR EuR EuR EuR EuR EuR

I. Intangible assets

1. Istrial property rights a similar

rights a icemets 954,821.94 0.00 60,000.00 954,821.55 0.39 0.00

894,821.94 0.00 0.00 894,821.58 0.36 0.00

II. Property, plant and equipment

1. Fixt res, ritre a oce eqipmet 51,186.17 964.83 24,870.18 44,513.02 6,673.15 6,071.87

27,280.82 0.00 0.00 25,714.81 1,566.01 0.00

Sums 1,006,008.11 964.83 84,870.18 999,334. 57 6,673.54 6,071.87

922,102.76 0.00 0.00 920,536.3 9 1,566.37 0.00

1.1. Intangible assets

Itagile assets cosist o liceses, sotware a the costs o the ew esig o the wesite. Items

er tagile assets have ee writte o accorig to reglar epreciatio i a amot o EuR 0.00

(previos year: EuR 12,061.27).

1.2. Property, plant and eqipment

Items er plat a eqipmet have ee writte o i a amot o EuR 5,830.37 (previos year:

EuR 6,626.60) e to epletio. Low-vale goos were prchase i the reportig year or EuR 241.50

a immeiately writte o (prev. year: EuR 53.32).

2. Crrent Assets

2.1. Acconts receivable and other assets

The tale elow presets the remaiig time to matrity o the receivales reporte i the alace sheet:

With a remaiig Time toTotal matrity o p to 1 yearEuR EuR

Accots receivale trae 278,000.00 278,000.00

Previos year 610,186.62 610,186.62

Amounts owed by companies to which it is related by participating inte rests 9,675.00 9,675.00

Previous year 11,724.00 11,724.00

Other receivales a assets 298,689.52 298,689.52

Previos year 10,410.10 10,410.10

Total receivables 576,689.52 576,689.52

Previos year 620,596.72 620,596.72

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2.1.1. Amonts owed by companies to which it is related by

participating interests

The item amots owe y compaies with which the compay is relate y participa-

tig iterests cosists lly o trae receivales rom Wieer brse AG.

2.1.2. Other receivables and assets

The i tem other receivales reer maily to vale ae tax creits ot yet claime a

ipt taxes ot yet ree.

O the total amot o other receivales, EuR 4,339.72 (prev. year EuR 0.00) reslts

rom eerre iterest icome o term moey eposits. These receivales are e orpaymet ext year.

31 dec. 2011 31 dec. 2010EuR EuR

Other loas a avaces 4,339.72 0.00

Ipt tax Germay (dE) 5,835.51 7,413.20

Ipt tax Great britai (Gb) 533.53 1,021.88

Ipt tax netherlas (nL) 0.00 493.62

Ipt tax Spai (ES) 0.00 414.40

Ipt tax Pola 1,067.00 1,067.00

Ipt tax Czech Replic 690.00 0.00

Ipt tax Frace 587.60 0.00

Tax oce VAT e 285,636.16 0.00

Total other receivales a assets 298,689.52 10,410.10

3. Prepaid expenses and deerred charges

3.1. Prepaid expenses

Prepai expeses have ee reporte i a amot o EuR 16,315.14 (prev. year: EuR

20,346.90) a comprise all expeses recogize o a accral asis er expe-

itres i the ollowig year.

LIABILITIES

4. Shareholders eqity

4.1. Share capital

The share capital o the compay o EuR 1,612,000.00 is ivie ito 1,612 registere

shares with a omial vale o EuR 1,000.00 each.

4.2. Capital reserves4.2.1. Appropriated reserves

Appropriate capital reserves reer to the premim rom the isse o par-vale shares

over the isse price.


EXAA

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4.3. Net proft

The et prot or the year 2011 is EuR 6,042.84.

This amot accots or the loss carrie orwar rom the year 2010 o EuR - 732,470.41.

5. Provisions

5.1. Provisions or taxes

Tax provisios cocer projecte paymets e or past corporatio taxes or the year

2011 ase o the reslts or the year.

5.2. Provisions not reported separately in the balance sheet

The ollowig provisios have ee mae i sstatial amots t have ot ee

reporte separately i the alace sheet.

As o 1.1.2011EuR

useEuR

ReleaseEuR

AllocatioEuR

As o 31.12.2011EuR

Prov. or legalcosel/cosltig

14,895.00 14,792.55 102.45 46,800.00 46,800.00

Other provisios 222,275.64 213,540.77 8,734.87 43,350.00 43,350.00

Total otherprovisions

237,170.64 228,333.32 8,837.32 90,150.00 90,150.00

6. Liabilities

The tale elow shows the matrities o the liailities reporte i the alace sheet:

With a remaiig time toTotal matrity o p to oe yearEuR EuR

Accots payale aks 0.00 0.00Previos year 719.18 719.18

Accots payale trae 769,068.15 769,068.15Previos year 22,556.23 22,556.23

Other liaili ties 9,732.39 9,732.39Previos year 285,626.36 285,626.36

Thereo or taxes 9,732.39 9,732.39

Previous year 285,626.36 285,626.36

Total liabilities 778,800.54 778,800.54

Previos year 308,901.77 308,901.77

6.1. Other liabilities

The item other liailities oes ot cotai ay expeses that all e ater the alacesheet cto ate.

35


EXAA

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> 13

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>Notes to the Financial Statements

7. Frther inormation on the balance sheet

7.1. Liabilities

The ollowig liailities were reporte o the alace sheet prsat to Sec. 199

Commercial Coe:

1. bak garatee rom die Erste bak er oesterreichische Sparkasse AG or

EuR 30,000.00 i avor o the RWE cotrol area.

7.2. Other fnancial liabilities

As o the ct-o ata, there were o other acial oligatios rom retal or leas igagreemets.

III. NOTES TO THE PROFIT AND LOSS ACCOuNT

The prot a loss accot was prepare i accorace with the total cost ormat pr-

sat to Sec. 231 par. 2 Commercial Coe.

1. Sales revenes

Althogh traig volmes are attritale to the respective traig memers i com-

mercial terms, sales revees rom traig activities (yig a sellig) are reporte

er sales revees, a amots or power ille to thir parties are reporte er

revees a expeses.

Revees (sell) 2011 EuR 390,505,389.62 2010 EuR 292,146,570.29

Expeses (y) 2011 EuR 390,505,389.62 2010 EuR 292,146,570.29

The sales revees cotai those amots that EXAA collects as set ot i the p-

lishe Schele o Fees o Wieer brse AG rom exchage memers or operatig a

makig the exchage traig system availale. The memership ees are collecte olyoce at the time exchage memership is grate. The siess ees are e aally.

The trasactio ees epe o the respective memers traig volme a are

ivoice to the yer a the seller o every traig ay.

The procees rom trasactio ees i electricity spot traig or Germay / Astria o

EuR 1,090,897.48 (prev. year EuR 940,857.58) reslt rom the electricity traig volme o

1 Jaary 2011 to 31 decemer 2011 o 7,558,106.5 MWh (prev. year: 6,410,043.2 MWh)

with a trae vale o EuR 390,236,567 (prev. year: EuR 290,886,089 ).

The trasactio ees rom CO2

emissio allowaces traig amote to EuR 583.11

(prev. year EuR 1,962.89) a reslt rom the traig volmes o 1 Jaary 2011 to

31 decemer 2011 o 19,179 t (prev. year: 88.401 t) with a trae volme o EuR 269,071.89(prev. year: EuR 1,260,481.04).

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The eviatio rom the previos year is e maily to the iscotie operatio o CO2

traig o EXAA as o 16 Agst 2011.

Apart rom the ees collecte or exchage traig o EuR 2,050,505.59 (prev. year

EuR 1,851,945.47) sales revees also icle the procees rom traiig corses o

EuR 218,153.96 (prev. year: EuR 141,391.27) a rom ata veig o EuR 8,062.50

(prev. year: EuR 8,010.00) as well as revees rom settlemet compesatio o

EuR 19,800.00 (prev. year: 15,214.75).

2. Other operating income

Other operatig icome icles amots rom the release o se expese provi-

sios o EuR 8,837.32 (prev. year EuR 0.00), icome rom the iscotie operatio

o CO2

traig o EuR 10,000 (prev. year EuR 0.00) a other icome, maily cost re-

imrsemets o a total o EuR 9,133.58 (prev. year EuR 13,596.48).

3. Personnel expenses

no persoel were employe i the acial year.

The work sally perorme y employees is prchase rom exteral sppliers areporte er the item other operatig expeses.

4. Other operating expenses

4.1. Frther other operating expenses

The item rther other expeses icle maily expeses or the ogoig costs o

the system o EuR 330,552.20 (prev. year: EuR 300,055.66), expeses or iverse

exteral services o EuR 917,615.53 (prev. year: EuR 932,185.02) a other expeses o

EuR 308,981.43 (prev. year: EuR 234,331.72).

5. Taxes on income and earnings

The corporatio tax chage verss the previos year y EuR 14,808.59 a was

EuR 49,454.42 i the acial year 2011.

6. Net proft

The et prot or the acial year 2011 was EuR 738,513.25 a chage verss the

previos year y EuR 220,133.72 (prev. year: EuR 518,379.53).

The release o the loss carrie orwar rom acial year 2010 i a amot o

EuR - 732,470.41 reslts i a et prot o EuR 6,042.84.

> 17

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> 19

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Fiacial Statemets 2011Notes to the Financial Statements

EXAA

11


IV. OTHER INFORMATION

1. The average nmber o employees was:

The compay has ot ha ay employees sice 11 Jly 2006.

2. The ollowing persons were on the Management Board:

Management Board: rom 1 Jaary 2011 to 31 decemer 2011

Rol Scheier a Jrge Wahl

3. The ollowing persons are on the Spervisory Board:Hasjrg Tegg Chairma o the Spervisory boar

Herert Seilma 1st Vice-Chairma

Heirich Schaller 2 Vice-Chairma

Wolgag Arer, Memer

Herma Egger, Memer

Roert Hager, Memer

Fraz Keschig, Memer

Helmt Meel, Memer

Lwig niee, Memer

Peter Rieler, Memer til 1 Oct. 2011

Gariela Riha, Memer

4. The exceptio rle accorig to Sec. 241 para. 4 Astria Commercial Coe has

ee applie.

5. Other explanations required on the grounds o materiality:

Sice May 2010, there has ee a cooperatio agreemet with Power Exchage

Cetral Erope, a.s., Ry 14 / 682, CZ - 110 05 Prage.

O 16 Agst 2011, traig i emissios allowaces o EXAA was iscotie a

a cooperatio agreemet or allowaces traig was etere ito with greemarket,

a iepeet market segmet o bayerische brse AG.

Viea, o March 30, 2012


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039

Adit Opinion

Report on the Financial Statements

We have aite the accompayig acial statemets, iclig the accotig, o

EXAA Abwicklngsstelle r Energieprodkte AGAlserbachstrae 14 16, A -1090 Vienna

or the scal year rom Jaary 1, 2011 to decemer 31, 2011. These acial statemets

comprise the alace sheet as o decemer 31, 2011, the icome statemet or the scal

year ee decemer 31, 2011, a the otes.

Managements Responsibility or the Financial Statements and

or the Acconting System

The Compays maagemet is resposile or the accotig a or the preparatio

a air presetatio o these acial statemets i accorace with Astria Geerally

Accepte Accotig Priciples. This resposiility icles: desigig, implemetig

a maitaiig iteral cotrol relevat to the preparatio a air presetatio o a-

cial statemets that are ree rom material misstatemet, whether e to ra or error;

selectig a applyig appropriate accotig policies; makig accotig estimatesthat are reasoale i the circmstaces.

Aditors Responsibility and Description o Type and

Scope o the Stattory Adit

Or resposiility is to express a opiio o these acial statemets ase o or

ait. We cocte or ait i accorace with laws a reglatios applicale i

Astria a Astria Staars o Aitig. Those staars reqire that we comply

with proessioal gielies a that we pla a perorm the ait to otai reasoale

assrace whether the acial statemets are ree rom material misstatemet.

A ait ivolves perormig proceres to otai ait eviece aot the amots aisclosres i the acial statemets. The proceres selecte epe o the aitors

jgmet, iclig the assessmet o the risks o material misstatemet o the acial

statemets, whether e to ra or error. I makig those risk assessmets, the aitor

cosiers iteral cotrol relevat to the Compays preparatio a air presetatio o

the acial statemets i orer to esig ait proceres that are appropriate i the

circmstaces, t ot or the prpose o expressig a opiio o the eectiveess o

the Compays iteral cotrol. A ait also icles evalatig the appropriateess

o accotig policies se a the reasoaleess o accotig estimates mae y

maagemet, as well as evalatig the overall presetatio o the acial statemets.

We elieve that the ait eviece we have otaie is sciet a appropriate to

provie a reasoale asis or or ait opiio.

Ait Opiio

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AuditOpinion

40

Opinion

Or ait i ot give rise to ay ojectios. I or opiio, which is ase o the reslts

o or ait, the acial statemets comply with legal reqiremets a give a tre a

air view o the acial positio o the Compay as o decemer 31, 2011 a o its

acial perormace or the scal year rom Jaary 1, 2011 to decemer 31, 2011 i

accorace with Astria Geerally Accepte Accotig Priciples.

Comments on the Management Report

Prsat to stattory provisios, the maagemet report is to e aite as to whether

it is cosistet with the acial statemets a as to whether the other isclosres are

ot misleaig with respect to the Compays positio. The aitors report also has to

cotai a statemet as to whether the maagemet report is cosistet with the acial

statemets.

I or opiio, the maagemet report is cosistet with the acial statemets.

Viea, March 30, 2012

Ib Iterilaz HerWirtschatsprg GmH

This report is a translation o the original report in German, which is solely valid.

Puplication o the fnancial statements together with our auditors opinion may only be

made i the fnancial statements and the management report are identifcal with the audi-

ted version attached to this report. Section 281 paragraph 2 UGB (Austrian Commercial

Code) applies.

MMag. Rola TEuFELTax Cosltat

Mag. Areas RTHLInCertie Plic Accotat

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41

Report o the Spervisory Board

I 2011, the Spervisory boar moitore a approve the maagemet activities o

the Maagemet boar withi the scope o reglar meetigs a o the asis o etaile

writte reports smitte as well as y reqetly commicatig i perso with the

memers o the Maagemet boar. The Maagemet boar reporte reglarly o the

corse o siess a the sitatio o the compay.

The ait o these acial statemets or 2011 a o the maagemet report was car-

rie ot y Ib Iterilaz Her & Her Wirtschatsprg GmH, Viea, a theacial statemets were corme to e i compliace with legal provisios withot

ay restrictios. The acial statemets a maagemet report were aware a -

qalie ait opiio.

The Committee estalishe y the Spervisory boar prsat to Sec. 92 (4a) Astria

Stock Corporatio Act or the prpose o aitig a preparig the aoptio o the

acial statemets complie with its oligatios a met o 22 March 2012. Two meet-

igs o the Ait Committee took place i the acial year 2011. At the seco meetig

o 2011, the Ait Committee ealt i etail with the accotig system a the iteral

ait system. Aitioally, the ocs o the ait o the acial statemets or 2011 was

ee.

I its report to the Spervisory boar, the Ait Committee agree with the reslts o the

ait o the acial statemets a reache the coclsio that there were o reasos

or raisig ojectios ater coctig a ait o the acial statemets a o the

maagemet report as well as o the proposal or the se o the prot/loss.

The Spervisory boar examie the acial statemets a the maagemet report

prsat to Sec. 96 o the Stock Corporatio Act as well as the proposal presete y

the maagemet oar or the se o the prot/loss reporte i the acial statemets

or the year ee o 31 decemer 2011. The examiatio i ot reslt i ay reasos

or ojectios.

The Spervisory boar approve the acial statemets or 2011 at its meetig o 30

May 2011, which herey stas aopte, a eclare its coset to the proposals o

the Maagemet boar regarig the se o the prot or the year 2011.

The Spervisory boar proposes the appoitmet o Ib Iterilaz Her & Her

Wirtschatsprg GmH, Viea, as aitor or the acial year 2012.

The Spervisory boar wol like to express its appreciatio a recogitio o the ex-

cellet work perorme y the Maagemet boar a all employees o EXAA Awick-

lgsstelle r Eergieprokte AG.

Viea, May 2012

Spervisory boar

ReportReport o the Spervisory Board

EXAA

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ReportotheSupervisoryBoard

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>use o the ResltsProposal or the se o the reported net proft

EXAA

11

Proposalortheuseothereportednet

proft

42

Proposal or the se o the reported net proft

The Maagemet boar o EXAA Awicklgsstelle r Eergieprokte AG proposes to

carry the et prot reporte i the acial statemets or the year ee 31 decemer

2011 o EuR 6,042.84 (ero six thosa orty two a eighty or cets) orwar to the

ext year.

Viea, May 2012

Maagemet boar

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43

Ownership structure as o 31 December 2011

Shareholders Share %

APCS Power Clearig a Settlemet AG 34.56

Wieer brse AG 25.12

smart techologies Maagemet-beratgs- . beteiliggsgesellschat m..H. 8.06

Oesterreichische Kotrollak Aktiegesellschat 8.06

VERbund Traig AG 3.04

e&t Eergie Haelsgesellschat m..H. 3.04

KELAG-Krter Elektrizitts-Aktiegesellschat 3.04

STEWEAG-STEG GmH 3.04

TIWAG Tiroler Wasserkrat Aktiegesellschat 3.04

Vorarlerger Kratwerke Aktiegesellschat 3.04

Eergie Graz GmH & Co KG 2.98

OMV Power Iteratioal GmH 2.98

100.00

EXAAShareholders as o 31 December 2011

EXAA

11

Shareholdersaso31December2011

VERBUND Trading AG

3.04 %

e & t 3.04 %

KELAG 3.04 %

STEWEAG-STEG 3.04 %

TIWAG 3.04 %

VKW 3.04 %

OMV 2.98 %

Energie Graz 2.98 %

Wiener Brse

25.12 %

OeKB

8.06 %smart

8.06 %

Others 24.20 %

APCS

34.56 %

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>Memers

EXAA

11

SupervisoryBoardandManagementBo

ard

44

Spervisory Board and Management Board

Supervisory Board

Hansjrg Tengg Chairma

Herbert Seidlmann Vice-Chairma

Heinrich Schaller Vice-Chairma

Wolgang Aubrunner Memer

Hermann Egger Memer

Robert Hager Memer

Franz Keuschnig Memer

Helmut Mennel Memer

Ludwig Nieen Memer

Peter Riedler Memer til 1 Oct. 2011

Gabriela Riha Memer

Management Board

Rudol Schneider

Jrgen Wahl

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45

Spervisory Board Committees(as o 31 December 2011)

Adit Committee

Hasjrg Tegg

Herert Seilma

Heirich Schaller

Wolgag Arer

Roert Hager

Appointment Committee

Hasjrg Tegg

Herert Seilma

Heirich Schaller

Wolgag Arer

Strategy Committee

Hasjrg Tegg

Herert SeilmaHeirich Schaller

Wolgag Arer

Roert Hager

Fraz Keschig

Spervisory Board Committees

Memers

EXAA

11

SupervisoryBoardCommittees

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>Eitorial Iormatio

Media owner:

EXAA Awicklgsstelle r Eergieprokte AG

Fn 210730y, Commercial Cort o Viea

Type: Martia Gaigg

Printed: PrePress & Prit Avice Service drckeratg GmH

Place: A -1230 Wie, Liesiger-Flr Gasse 8

Translation: CAMELS Capital Markets Eglish Lagage Services

Logo: Create y MCb Mothwr

Photography credits:

Cover: kily spporte y daiel Kovac

Page 03: smart techologies Maagemet-beratgs- beteiliggsgesellschat mH.

Page 04: Foto Wilke, CISMO Clearig Itegrate Services a Market Operatios GmH

Page 9 10: ega otolia; Ltilotogra otolia; The Image bak / Caela Foto Art / Kreziger / Getty Images;

m_reihart otolia; Flickr / Roerto Moz / Getty Images; matttila otolia; lios otolia; balthazar otolia

46

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CotactEXAA Abwicklungsstelle r Energieprodukte AG

A-1090 Vienna, Alserbachstrae 14 16

Phone: +43 1 253 72 72 - 0

Fax: +43 1 253 72 72 - 96

E-Mail: [email protected], www.exaa.at

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