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Chap. 3 CONSOLIDATED FINANCIAL STATEMENTS AUDITOR'S REPORT
We have audited the consolidated financial statements prepared by the AMB Generali Holding AG,
Aachen, comprising the balance sheet, the income statement, the statement of changes in equity, the
cash flow statement and the notes to the consolidated financial statements, together with the group
management report of AMB Generali Holding AG, Aachen, for the business year from January 1 to
December 31, 2007. The preparation of the consolidated financial statements and the group man-
agement report is in accordance with the IFRSs, as adopted by the EU, and the additional require-
ments of the German Commercial Law pursuant to § 315a Abs. 1 HGB (Handelsgesetzbuch: German
Commercial Code)and supplementary provisions of the articles of incorporation are the responsibility
of the Company's Board of Managing Directors. Our responsibility is to express an opinion on the
consolidated financial statements and the group management report based on our audit.
We conducted our audit of the consolidated financial statements in accordance with
§ 317 HGB and German generally accepted standards for the audit of financial statements prom-
ulgated by the Institut der Wirtschaftsprüfer in Deutschland (IDW) (Institute of Public Auditors in
Germany). Those standards require that we plan and perform the audit such that misstatements
materially affecting the presentation of the net assets, financial position and results of operations in
the consolidated financial statements in accordance with the applicable financial reporting frame-
work and in the group management report are detected with reasonable assurance. Knowledge
of the business activities and the economic and legal environment of the Group and expectations
as to possible misstatements are taken into account in the determination of audit procedures. The
effectiveness of the accounting-related internal control system and the evidence supporting the
disclosures in the consolidated financial statements and the group management report are exam-
ined primarily on a test basis within the framework of the audit. The audit includes assessing the
consolidated financial statements of those entities included in consolidation, the determination of
the entities to be included in consolidation, the accounting and consolidation principles used and
significant estimates made by the Company's Board of Managing Directors, as well as evaluating
the overall presentation of the consolidated financial statements and the group management report.
We believe that our audit provides a reasonable basis for our opinion.
Our audit has not led to any reservations.
In our opinion based on the findings of our audit the consolidated financial statements comply
with the IFRS as adopted by the EU, and the additional requirements of German Commercial Law
pursuant to § 315a Abs. 1 HGB and supplementary provisions of the articles of incorporation and
give a true and fair view of the net assets, financial position and results of operations of the Group
in accordance with these requirements. The group management report is consistent with the con-
solidated financial statements and as a whole provides a suitable view of the Group's position and
suitably presents the opportunities and risks of future development.
Düsseldorf, February 25, 2008
PricewaterhouseCoopers
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft
Alexander Hofmann ppa. Christian Sack
Wirtschaftsprüfer Wirtschaftsprüfer
German Public Auditor German Public Auditor
Auditor's Report*
* Voluntary translation. It should be noted that only the German auditor's report, which is based on the audit of the German version of the company's
consolidated financial statements, is authoritative.