Erste Bank JPMorgan Merrill Lynch International

The following table sets forth the regional distribution of the equities portfolio managed by the
Wiener Städtische Versicherung AG at December 31, 2007 and 2006, without consideration of the
hedging option:
Fiscal year ended
December 31,
2007 2006
(in %)
Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56.3 58.2
EU (without Austria) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.0 35.6
USA.......................................................... 6.5 6.1
Other countries/regions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 0.1
Including equity investments held through funds would not result in a significantly different
allocation.
Real Estate
As of December 31, 2007, the Vienna Insurance Group’s held real estate portfolio had a book
value of EUR 2,868.7 million (market value: EUR 3,200.8 million) and a book value of EUR 2,175.6 million
as of December 31, 2006 (market value: EUR 2,447.9 million). The real estate portfolio is used
primarily to create highly inflation-resistant long-term positions for the insurance business, as well as
to create hidden reserves. The real estate portfolio has represented approximately 14% of the total
investment portfolio of the Vienna Insurance Group. To date, real estate has not been a strategic
asset class for affiliated companies operating in the CEE region. The diversification and liquidity of the
real estate portfolio has been, and will continue to be, improved by increasing the share invested in
real estate funds. The share of capital assets represented by the total real estate portfolio will be
reduced in the future.
The following table sets forth the Vienna Insurance Group’s real estate portfolio as of December
31, 2007 and 2006, broken down by location and type of use of the various real estate holdings:
Fiscal year ended
December 31,
2007 2006
(% of the real estate
portfolio)
Austria ..................................................... 94 92
Used by the Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4
Used by outside parties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91 88
Other countries .............................................. 6 8
Used by the Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5
Used by outside parties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 3
Participations
As of December 31, 2007, the Vienna Insurance Group’s participation portfolio had a book value
of EUR 970.8 million and a book value of EUR 532.2 million as of December 31, 2006, in both cases
calculated under IFRS. As a result, the ratio of participations to the book value of the total investment
portfolio was approximately 5.0%.
The Vienna Insurance Group focuses predominantly on long-term participations in insurance
companies or in companies whose activities are closely associated with the insurance industry.
Reflecting greater concentration on the core business, the tendency over the last few years has been
towards a reduction in purely financial participations outside of the insurance portfolio. To date, the
Vienna Insurance Group has held only a few financial participations in the CEE region, with these
serving primarily to support its insurance business operations.
Employees
In fiscal year 2007, an average of 20,307 employees was employed by the Vienna Insurance
Group (in accordance with IFRS and including 100% of employees from the companies consolidated
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