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The ongoing cooperation between Vontobel Group and the Raiffeisen Switzerland initiated in 1994 was broadened in 2004. In connection with the expansion of its investment
management business, the Raiffeisen Group now cooperates exclusively with Vontobel Group and exclusively offers Vontobel's investment-related services at all of its banking
locations in Switzerland. Vontobel develops and designs product and service solutions for Raiffeisen's investment customers in the fields of investment funds, standardized
asset management solutions and structured products. Raiffeisen banks continue to undertake the marketing and client advisory activities as before. Vontobel advises and supports
Raiffeisen's marketing organization. In addition, the Raiffeisen Group outsourced its securities trading and settlement as well as safekeeping activities to Vontobel in 2005.
Additionally, Vontobel has made its trading infrastructure available to the central bank of the Raiffeisen Group. In October 2006, Vontobel Group as service provider assumed the
custodian services for all Raiffeisen clients on behalf of the Raiffeisen Group.
To underpin the long-term nature of their partnership, Raiffeisen Group acquired a 12.5% stake in Vontobel Holding AG effective as of 8 December 2004 (refer to the information
given in the Corporate Governance, page 32 ff). The requisite agreements implementing the mutual cooperation in the investment management and securities transactions and
administration business were signed at the same time. The cooperation agreements took effect retroactively to 1 July 2004 and were concluded for an indefinite period, at minimum,
however, until 30 June 2011. The Raiffeisen Group has an option to extend this agreement for another five years. The earliest effective date of ordinary termination - in
observance of a period of notice of 24 months - is 30 June 2011, or 30 June 2016 if the option to extend the agreement has been exercised. In the event that future
circumstances are deemed to render a continuation of this cooperation impractical or undesirable, an extraordinary right of termination can be exercised subject to a notice
period of 24 months. There are clauses allowing partial termination in the areas of cooperation concerning the securities business and other aspects of the outsourcing
agreement.
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