Erste Bank JPMorgan Merrill Lynch International

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Member of management board, supervisory board, extended board, group management board, extended group board Name of the company Position last held Still applicable Österreichische Lotterien GmbH Steiermärkische Bank und Sparkasse AG Member of the supervisory board Member of the supervisory board Webster University Board of Trustees yes Die Zweite Wiener Vereins Chairman of the advisory board yes Sparcasse (Sparkassenrat) Erste Factoring d.o.o. Zagreb Chairman of the supervisory board yes Erste Bank der Member of the management no oesterreichischen Sparkassen AG board Die Erste österreichische Spar- Member of the management no Casse Privatstiftung board Erste Bank Hungary Rt. Chairman of the supervisory board no Erste und Steiermärkische Chairman of the supervisory no Bank, d.d. board Erste Bank a.d., Novi Sad Chairman of the supervisory board no Slovenska Sporitelna, Chairman of the supervisory no Bratislava board VBV Pensionskasse AG Chairman of the supervisory board no VBV, Betriebliche Chairman of the supervisory no Altersvorsorge AG board Generali Holding Vienna AG Member of the supervisory board no Ceska sporˇitelna, Prague Member of the supervisory board no Dr. Johann Sereinig Österreichische Member of the management yes Elektrizitätswirtschaft-AG – Verbund board Verbund - Austrian Power Chairman of the supervisory yes Trading AG board Verbund - Austrian Hydro Deputy chairman of the yes Power AG supervisory board Verbund - Austrian Power Grid Member of the supervisory yes AG board Ennskraftwerke AG Deputy chairman of the supervisory board yes Österreichische Bayerische Member of the supervisory yes Kraftwerke AG. Deutschland board Donaukraftwerke Jochenstein Member of the supervisory yes AG. Deutschland board Grenzkraftwerke GmbH, Member of the supervisory yes Deutschland board Verbund - Austrian Thermal Deputy chairman of the yes Power GmbH & Co KG supervisory board Verbund International Finance Deputy chairman of the yes B.V. Niederlande supervisory board STEWEAG-STEG GmbH Member of the supervisory board yes KELAG – Kärntner Elektrizitäts- Member of the supervisory yes AG board Energie Klagenfurt GmbH Deputy chairman of the supervisory board yes 170 yes yes
Member of management board, supervisory board, extended board, group management board, extended group board Name of the company Position last held Still applicable Verbund – Austria Power Sales GmbH Member of the general assembly and the shareholders’ committee (Gesellschafterausschuß) Verbund BeteiligungsgmbH. Member of the general assembly Verbund Italia S.p.A. Italien Deputy chairman of the supervisory board APT Austrian Power Trading Deutschland GmbH, Deutschland Chairman of the shareholders meeting Verbund BeteiligungsgmbH Member of the supervisory board Verbund Management Service GmbH Austrian Power Trading-Polska, Polen APT Power Trading Slovenija, Slowenien Deputy chairman of the general assembly Chairman of the supervisory board; deputy chairman of the general assembly Chairman of the shareholders committee; deputy chairman of the general assembly Mag. Dr. Friedrich Stara Henkel KGaA Executive manager yes Schwarzkopf & Henkel Gesellschaft mbH Managing director no Henkel Central Eastern Europe Gesellschaft mbH Managing director no Persil – Altersunterstützung Gesellschaft mbH Managing director no Henkel Austria Gesellschaft mbH FN 94826a Managing director no Henkel Austria Gesellschaft mbH FN 128354g Managing director no Employee Representatives: Peter Grimm Wiener Städtische Wechselseitige Versicherungsanstalt – Vermögensverwaltung Heinz Neuhauser Wiener Städtische Wechselseitige Versicherungsanstalt – Vermögensverwaltung Franz Urban Wiener Städtische Wechselseitige Versicherungsanstalt – Vermögensverwaltung Spar- und Vorschußkasse der Angestellten der “Wiener Städtische Allgemeine Versicherung Aktiengesellschaft” reg. Gen.m.b.H Gerd Wiehart Spar- und Vorschußkasse der Angestellten der “Wiener Städtische Allgemeine Versicherung Aktiengesellschaft” reg.Gen.m.b.H. 171 Member of the supervisory board Member of the supervisory board Member of the supervisory board Member of the supervisory board Member of the management board yes yes no no no no no no yes yes yes yes yes
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WIENER STÄDTISCHE Versicherung AG
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Stabilization measures. In connecti
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[THIS PAGE INTENTIONALLY LEFT BLANK
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Proceeding Regarding BA-CA Versiche
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in detail factors which may influen
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“Benefia Non-Life” refers to BE
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“Unita” refers to Unita S.A. Vi
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Health insurance products are marke
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The Vienna Insurance Group can give
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The Offer Period and the Employee O
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Entitlement to Dividends: . . . . .
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RISK FACTORS Potential investors sh
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negative effects on the Vienna Insu
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safeguard the stability of the publ
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The Vienna Insurance Group depends
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Since the purchase price of the Tar
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always passed such resolutions as p
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General THE OFFERING The Offering c
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Global Coordinators on the basis of
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PLAN OF DISTRIBUTION Scope of and A
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Termination, Indemnification The Pu
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Japan The Offer Shares have not bee
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CAPITALIZATION The following table
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USE OF PROCEEDS Assuming all of the
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DIVIDEND POLICY All Existing Shares
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The respective country agreements i
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The table below sets forth key fina
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year, the Target Companies derived
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SELECTED FINANCIAL DATA The followi
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Vienna Insurance Group ranked secon
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Year Real economic growth Consumer
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therefore, good growth potential st
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Non-life rate-setting Rate-setting
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has also remained between 9.5 and 1
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Insurance policies generally includ
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Severance obligations Based on stat
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increase also came from insurance c
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of the scope of consolidation throu
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Financial result The following tabl
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The following table sets forth by r
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Health insurance segment The follow
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individual subsidiaries are respons
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Currently, neither the Management B
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EMBEDDED VALUE OF WIENER STÄDTISCH
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Group Embedded Value The following
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Overview BUSINESS With approximatel
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Life Insurance The life insurance b
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for a strong demand for these produ
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For more information regarding comp
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that entity. In 1938, “Gemeinde W
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In 2005, the Issuer acquired a part
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The following table sets forth the
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damages. The changes in the Vienna
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Corporate Customers In the property
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medical treatment, medicines (inclu
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In connection with endowment insura
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Wiener Städtische AG offers produc
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premiums written in fiscal year 200
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The Vienna Insurance Group conducts
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KOMUNÁLNA Poist’ovňa, a.s. Vien
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Description of the Six Most Importa
Page 130 and 131: The following table sets forth the
Page 132 and 133: 11.8%), with premiums increasing by
Page 134 and 135: subsidiary of TBIH) transferred its
Page 136 and 137: The investment policy is more conse
Page 138 and 139: The following table sets forth the
Page 140 and 141: at equity). The table below provide
Page 142 and 143: ought against them will have a mate
Page 144 and 145: Trademarks and Patents The names
Page 146 and 147: Risk Management Organization The Gr
Page 148 and 149: Auditing In keeping with the minimu
Page 150 and 151: Reinsurers with a lower rating are
Page 152 and 153: Real Estate Risk The value of the r
Page 154 and 155: On the basis of the Group’s inter
Page 156 and 157: INSURANCE SUPERVISION Wiener Städt
Page 158 and 159: an ongoing basis. Insurance compani
Page 160 and 161: Persons that would like to directly
Page 162 and 163: In addition to his responsibilities
Page 164 and 165: Chairman of the supervisory board o
Page 166 and 167: Member of the supervisory board of
Page 168 and 169: General director (retired) KR Dr. K
Page 170 and 171: Members of the Extended Board The f
Page 172 and 173: Members of the Group Management Boa
Page 174 and 175: the extended Group board since 2008
Page 176 and 177: Member of management board, supervi
Page 184 and 185: Shares and Stock Options Held by Me
Page 186 and 187: Human Resources Committee (committe
Page 188 and 189: DESCRIPTION OF SHARE CAPITAL AND SU
Page 190 and 191: through a resolution of the shareho
Page 192 and 193: After the capital increase resolved
Page 194 and 195: The following measures require purs
Page 196 and 197: Neither Austrian law nor the Articl
Page 198 and 199: Dividend Rights The offered New Sha
Page 200 and 201: the purchase price exceeds 10% of t
Page 202 and 203: The executive bodies of WST-Versich
Page 204 and 205: esolution on the formal approval of
Page 206 and 207: Taxation in Austria TAXATION Taxes
Page 208 and 209: Capital Gains Resident Shareholders
Page 210 and 211: tax consequences that may be releva
Page 212 and 213: liability and may entitle such hold
Page 214 and 215: THE VIENNA STOCK EXCHANGE The infor
Page 216 and 217: Trading Volume In 2006, the aggrega
Page 218 and 219: Czech languages. The dissemination
Page 220 and 221: Takeover Commission and must prepar
Page 222 and 223: THE PRAGUE STOCK EXCHANGE The follo
Page 224 and 225: est quotation. During the closed ph
Page 226 and 227: obligations; or (iv) a criminal off
Page 228 and 229: Operating private hospitals in the
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RESPONSIBILITY STATEMENT PURSUANT T
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CONSOLIDATED BALANCE SHEET AS OF 31
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CONSOLIDATED SHAREHOLDERS’ EQUITY
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CONSOLIDATED CASH FLOW STATEMENT FR
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SEGMENT REPORTING CONSOLIDATED INCO
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total of 29 domestic and 41 foreign
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In the third quarter, the Celetná
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existing on the balance sheet repor
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For both owner-occupied and third p
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The credit quality of each contract
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not set to zero for Group subsidiar
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The calculations for 31 December 20
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RISK REPORTING The Vienna Insurance
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internal processes, strategic procu
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Concentration risk Concentration ri
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Other securities Financial investme
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The following table shows Vienna In
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measurement of the value of a compa
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that occurred in the current and al
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amount, the closely held corporatio
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Unrealised profits and losses are a
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Affiliated companies and participat
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Detail: Acquisition Costs Carried F
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9. RECEIVABLES Detail in EUR ’000
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13. CONSOLIDATED SHAREHOLDERS’ EQ
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Development in EUR ’000 Property/
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Development in life insurance 31.12
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Development in severance obligation
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24. LIABILITIES Detail in EUR ’00
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Off-balance sheet commitments The f
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Premiums written — Direct life in
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Detail — income in EUR ’000 Cur
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Detail — expenses in EUR ’000 D
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Detail in EUR ’000 Property/Casua
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The Supervisory Board is composed o
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the Austrian Stock Corporation Act
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SIGNIFICANT EVENTS AFTER THE BALANC
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REPORT OF THE SUPERVISORY BOARD The
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INDEPENDENT AUDITOR’S REPORT We h
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CONSOLIDATED SHAREHOLDERS’ EQUITY
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CONSOLIDATED CASH FLOW STATEMENT FR
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SEGMENT REPORTING CONSOLIDATED INCO
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28 does not exist, since Wiener St
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Information on the companies that a
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Accounting policies for specific it
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Financial investments Financial inv
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Active tax deferrals are not recogn
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policyholders. These reserves are f
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Operating expenses Group personnel
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To manage these underwriting risks,
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The Vienna Insurance Group has made
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Investments segment Health Life in
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Equities As of 31 December 2006, Vi
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The following table shows the Vienn
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The shareholder margin is calculate
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Reinsurance The Vienna Insurance Gr
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Development of purchased insurance
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4. PARTICIPATIONS On 31 December 20
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The information required under § 2
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For financial investments available
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9. RECEIVABLES Detail in EUR ’000
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13. CONSOLIDATED SHAREHOLDERS’ EQ
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14. SUBORDINATED LIABILITIES Subord
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Health insurance mathematical reser
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Maturities in EUR ’000 31.12.2006
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23. OTHER PROVISIONS Detail in EUR
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agreements with other insurers conc
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income statement. A portion of the
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Detail — income in EUR ’000 Cur
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The Other income of EUR 7,091 milli
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33. OTHER EXPENSES Detail in EUR
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The Supervisory Board is comprised
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The Managing Board is comprised of
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Significant events after the balanc
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AUDITOR’S REPORT We have audited
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REPORT OF THE SUPERVISORY BOARD The
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CONSOLIDATED INCOME STATEMENT FOR T
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SEGMENT REPORTING CONSOLIDATED BALA
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NOTES TO THE CONSOLIDATED FINANCIAL
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During the reporting period from 1
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negative, taking into account capit
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factors including contract and mark
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The creditworthiness of each contra
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formed at the individual policy lev
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The reserves are recognised at the
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The other capital assets item consi
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date, real estate has not represent
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Embedded value sensitivity analysis
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IBNR provisions are formed to offse
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Private customer activities. Privat
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Detail in EUR ’000 31.12.2005 31.
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For financial instruments available
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10. CASH AND CASH EQUIVALENTS Detai
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existing preferred shares may be is
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17. RESERVE FOR OUTSTANDING CLAIMS
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22. OTHER PROVISIONS Detail in EUR
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Other threatened and pending court
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Premiums written, total account Pro
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29. OTHER INCOME Detail in EUR ’0
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35. OTHER INFORMATION The Superviso
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The Management Board is comprised o
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in the area of pension funds in Bul
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Tax-free reserves In the consolidat
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AUDITOR’S REPORT We have audited
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Banker’s blanket bond The Banker
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Expense ratio The ratio of premium
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Loss ratio The percentage ratio of
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Shares of minority shareholders in
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experience are normal and are to be
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The FOG and the Cost of Non-Market
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The NBV has only been calculated fo
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policyholder behaviors, i.e. some a
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The yields shown are risk-free euro
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Sensitivity Analysis EEV The follow
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B&W Deloitte GmbH Magnusstra�e 11
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Embedded Value of the Target Compan
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3.2 Value of In-Force The VIF is th
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5. Sensitivity Analysis The followi
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ZUSAMMENFASSUNG DES PROSPEKTS Diese
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Gewinn vor Steuern von rund 1,05 Mr
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Sollten es die bisherigen Aktionär
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Mai 2008 ablaufen. Die Bezugsrechte
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diesem Prospekt enthaltenen Konzern
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SHRNUTÍ PROSPEKTU Toto shrnutí pr
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Dne 26. brˇezna 2008 uzavrˇely sp
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Uplatnění Upisovacích práv ze s
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prˇedstavují právo prˇevodu na
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Vybrané informativní finanční
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Erste Bank JPMorgan Merrill Lynch International

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