Erste Bank JPMorgan Merrill Lynch International

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Development in life insurance 31.12.2007 31.12.2006 in EUR ’000 Provision for refund of premiums Book value as of 31.12. of the previous year ....................... 180,592 164,109 Exchange rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 323 3,091 Book value as of 1.1. .......................................... 180,915 167,200 Addition/release . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134,568 109,628 Change in scope of consolidation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,453 0 Transfer to mathematical reserve . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . �110,417 �96,236 Total. ....................................................... 234,519 180,592 Deferred profit participation Book value as of 31.12. of the previous year ....................... 503,333 545,867 Exchange rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . �166 �5,963 Book value as of 1.1. .......................................... 503,167 539,904 Change in scope of consolidation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,482 0 Unrealised gains/losses from financial investments available for sale . . . . . . . . . . . �387,813 �85,909 Revaluations recognised through profit or loss . . . . . . . . . . . . . . . . . . . . . . . . 146,627 49,338 Book value as of 31.12. ........................................ 319,463 503,333 PROVISION FOR REFUND OF PREMIUMS INCL. DEFERRED PROFIT PARTICIPATION ............................................. 553,982 683,925 Development to health insurance 31.12.2007 31.12.2006 in EUR ’000 Provision for refund of premiums Book value as of 31.12. of the previous year ........................ 18,401 17,531 Book value as of 1.1. ........................................... 18,401 17,531 Addition/release . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . �80 870 Book value as of 31.12. ......................................... 18,321 18,401 Maturities 31.12.2007 31.12.2006 in EUR ’000 up to one year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 403,584 503,333 from one to five years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178,991 165,635 from five to ten years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,253 55,549 more than ten years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,060 0 Total ........................................................ 600,888 724,517 19. OTHER UNDERWRITING PROVISIONS Detail 31.12.2007 31.12.2006 in EUR ’000 Property/casualty insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,668 11,848 Life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,488 3,449 Health insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 944 870 Total ........................................................ 19,100 16,167 Other underwriting provisions relate chiefly to provision for anticipated lapses. Development Property/Casualty 31.12.2007 Life 31.12.2007 Health 31.12.2007 Total 31.12.2007 Total 31.12.2006 in EUR ’000 Book value as of 31.12. of the previous year .............. 11,848 3,449 870 16,167 15,239 Exchange rate . . . . . . . . . . . . . . . . �3 �21 0 �24 13 Book value as of 1.1. ......... 11,845 3,428 870 16,143 15,252 Additions . . . . . . . . . . . . . . . . . . . . 11,330 4,724 944 16,998 7,859 Amount used/released . . . . . . . . . . �10,507 �2,837 �870 �14,214 �6,976 Change in scope of consolidation. . 0 173 0 173 32 Book value as of 31.12. ........ 12,668 5,488 944 19,100 16,167 F-54
Maturities in EUR ’000 31.12.2007 31.12.2006 up to one year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,750 16,027 from one to five years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186 140 from five to ten years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164 0 Total ........................................................ 19,100 16,167 20. UNDERWRITING PROVISIONS OF UNIT-LINKED AND INDEX-LINKED LIFE INSURANCE Detail in EUR ’000 31.12.2007 31.12.2006 Unit-linked life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,481,980 1,955,926 Index-linked life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 466,542 282,935 Total ....................................................... 2,948,522 2,238,861 Development in EUR ’000 31.12.2007 31.12.2006 Book value as of 31.12. of the previous year ....................... 2,238,861 1,729,868 Exchange rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,087 2,238 Book value as of 1.1. ......................................... 2,246,948 1,732,106 Additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 689,391 569,789 Amount used/released. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . �141,775 �63,034 Change in scope of consolidation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153,958 0 Book value as of 31.12. ....................................... 2,948,522 2,238,861 Maturities in EUR ’000 31.12.2007 31.12.2006 up to one year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,853 20,687 from one to five years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 352,364 293,202 from five to ten years. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 803,491 766,356 more than ten years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,697,814 1,158,616 Total ....................................................... 2,948,522 2,238,861 21. PROVISIONS FOR PENSIONS AND SIMILAR OBLIGATIONS Detail in EUR ’000 31.12.2007 31.12.2006 Provisions for pension obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 274,885 405,858 Provisions for post-employment obligations. . . . . . . . . . . . . . . . . . . . . . . . . . . . 129,733 120,526 Total ........................................................ 404,618 526,384 Development in pension obligations in EUR ’000 31.12.2007 31.12.2006 Present value of the obligation (DBO) as of 31.12. of the previous year .. 446,721 505,686 Unrealised gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . �40,863 �39,333 Book value as of 1.1. .......................................... 405,858 466,353 Withdrawals for pension payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . �24,023 �20,723 Additions to provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,105 32,509 Reduction in the obligation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . �149,185 �78,661 Change in scope of consolidation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,130 6,380 Book value as of 31.12. ........................................ 274,885 405,858 Accumulated unrealised gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,688 40,863 Present value of the obligation (DBO) as of 31.12. ................... 312,573 446,721 F-55
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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
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11.8%), with premiums increasing by
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subsidiary of TBIH) transferred its
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The investment policy is more conse
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at equity). The table below provide
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ought against them will have a mate
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Trademarks and Patents The names
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Risk Management Organization The Gr
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Auditing In keeping with the minimu
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Reinsurers with a lower rating are
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Real Estate Risk The value of the r
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On the basis of the Group’s inter
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INSURANCE SUPERVISION Wiener Städt
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an ongoing basis. Insurance compani
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Persons that would like to directly
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In addition to his responsibilities
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Chairman of the supervisory board o
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Member of the supervisory board of
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General director (retired) KR Dr. K
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Members of the Extended Board The f
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Members of the Group Management Boa
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the extended Group board since 2008
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Member of management board, supervi
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Shares and Stock Options Held by Me
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Human Resources Committee (committe
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DESCRIPTION OF SHARE CAPITAL AND SU
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through a resolution of the shareho
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After the capital increase resolved
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The following measures require purs
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Neither Austrian law nor the Articl
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Dividend Rights The offered New Sha
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the purchase price exceeds 10% of t
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The executive bodies of WST-Versich
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esolution on the formal approval of
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Taxation in Austria TAXATION Taxes
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Capital Gains Resident Shareholders
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tax consequences that may be releva
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liability and may entitle such hold
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THE VIENNA STOCK EXCHANGE The infor
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Trading Volume In 2006, the aggrega
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Czech languages. The dissemination
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Takeover Commission and must prepar
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THE PRAGUE STOCK EXCHANGE The follo
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est quotation. During the closed ph
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obligations; or (iv) a criminal off
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Operating private hospitals in the
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RESPONSIBILITY STATEMENT PURSUANT T
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CONSOLIDATED BALANCE SHEET AS OF 31
Page 234 and 235: CONSOLIDATED SHAREHOLDERS’ EQUITY
Page 236 and 237: CONSOLIDATED CASH FLOW STATEMENT FR
Page 238 and 239: SEGMENT REPORTING CONSOLIDATED INCO
Page 240 and 241: total of 29 domestic and 41 foreign
Page 242 and 243: In the third quarter, the Celetná
Page 244 and 245: existing on the balance sheet repor
Page 246 and 247: For both owner-occupied and third p
Page 248 and 249: The credit quality of each contract
Page 250 and 251: not set to zero for Group subsidiar
Page 252 and 253: The calculations for 31 December 20
Page 254 and 255: RISK REPORTING The Vienna Insurance
Page 256 and 257: internal processes, strategic procu
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Page 260 and 261: Other securities Financial investme
Page 262 and 263: The following table shows Vienna In
Page 264 and 265: measurement of the value of a compa
Page 266 and 267: that occurred in the current and al
Page 268 and 269: amount, the closely held corporatio
Page 270 and 271: Unrealised profits and losses are a
Page 272 and 273: Affiliated companies and participat
Page 274 and 275: Affiliated companies and participat
Page 276 and 277: Detail: Acquisition Costs Carried F
Page 278 and 279: 9. RECEIVABLES Detail in EUR ’000
Page 280 and 281: 13. CONSOLIDATED SHAREHOLDERS’ EQ
Page 282 and 283: Development in EUR ’000 Property/
Page 286 and 287: Development in severance obligation
Page 288 and 289: 24. LIABILITIES Detail in EUR ’00
Page 290 and 291: Off-balance sheet commitments The f
Page 292 and 293: Premiums written — Direct life in
Page 294 and 295: Detail — income in EUR ’000 Cur
Page 296 and 297: Detail — expenses in EUR ’000 D
Page 298 and 299: Detail in EUR ’000 Property/Casua
Page 300 and 301: Detail in EUR ’000 Property/Casua
Page 302 and 303: The Supervisory Board is composed o
Page 304 and 305: the Austrian Stock Corporation Act
Page 306 and 307: SIGNIFICANT EVENTS AFTER THE BALANC
Page 308 and 309: REPORT OF THE SUPERVISORY BOARD The
Page 310 and 311: INDEPENDENT AUDITOR’S REPORT We h
Page 312 and 313: CONSOLIDATED BALANCE SHEET AS OF 31
Page 314 and 315: CONSOLIDATED SHAREHOLDERS’ EQUITY
Page 316 and 317: CONSOLIDATED CASH FLOW STATEMENT FR
Page 318 and 319: SEGMENT REPORTING CONSOLIDATED INCO
Page 320 and 321: 28 does not exist, since Wiener St
Page 322 and 323: Information on the companies that a
Page 324 and 325: Accounting policies for specific it
Page 326 and 327: Financial investments Financial inv
Page 328 and 329: Active tax deferrals are not recogn
Page 330 and 331: policyholders. These reserves are f
Page 332 and 333: 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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Affiliated companies and participat
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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 BALANCE SHEET AS OF 31
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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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Detail in EUR ’000 Property/Casua
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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
Page 460 and 461:
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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