Erste Bank JPMorgan Merrill Lynch International

The Vienna Insurance Group can give no assurance that it will be able to meet its established
financial targets
Regulatory conditions for the Vienna Insurance Group can change; non-compliance with regulatory
requirements could result in the imposition of sanctions or can have other adverse effects
Risks Relating to the Acquisition of the Target Companies
Difficulties in connection with the planned acquisition and integration of the Target Companies
could have a material adverse effect on the Vienna Insurance Group’s business and results of
operations
Since the purchase price of the Target Companies exceeds the book value of their net assets,
the planned acquisition of the Target Companies will create substantial goodwill that will be
subject to periodic impairment tests
The Vienna Insurance Group has not independently verified the accuracy of the information on
the Target Companies that is contained in this Prospectus
The acquisition of the Target Companies and the distribution arrangement entered into in
connection with the acquisition are subject to approval by competition authorities. If approval is
granted, it could be subject to conditions This could lead to reduced synergy effects and
business opportunities of the merger or to a loss of market shares of the Vienna Insurance
Group
Failure of the acquisition of the Target Companies would partially remove the economic reason
for the capital increase, which could lead to financial disadvantages for the Vienna Insurance
Group
Risks Associated with the Controlling Shareholder
In the shareholders’ meetings of Wiener Städtische AG, the votes of the other shareholders will
not be sufficient to prevail against WST-Versicherungsverein
Under Austrian regulations, the solvency ratios of the Vienna Insurance Group are measured at
the WST-Versicherungsverein level
Sales by WST-Versicherungsverein of a significant number of shares of Wiener Städtische AG
in the market after this Offering could have a negative impact on the price of Wiener Städtische
AG shares
Risks Arising from the Offering
The share price of Wiener Städtische AG could prove to be volatile
Failure on the part of existing shareholders to exercise their Subscription Rights by May 7,
2008, will result in such Subscription Rights becoming null and void without compensation, and
shareholders will suffer dilution of their percentage ownership
Investors resident in countries other than Austria and the Czech Republic may suffer dilution if
they are unable to exercise pre-emptive rights in future capital increases
Fluctuations in the value of the Euro will affect the value of the Shares when converted into
other currencies
A suspension of trading in the Shares could adversely affect the share price
Investors may not be able to recover damages based on the actuarial opinions with respect to
the embedded value of the Vienna Insurance Group and the Target Companies included in the
Prospectus
Summary of the Offering
The Offering: . . . . . . . . . . . . . . . . . . The Offering comprises the Rights Offering to existing shareholders
and the Global Offering.
The Rights Offering: . . . . . . . . . . . . Wiener Städtische AG is making a Rights Offering of up to
23,000,000 New Shares at the Subscription and Offer Price in
the ratio of 3 New Shares for every 14 Subscription Rights.
The Subscription Rights will not be traded on any stock
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