Erste Bank JPMorgan Merrill Lynch International

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Development of purchased insurance portfolio in EUR ’000 31.12.2006 31.12.2005 Acquisition costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,366 50,665 Cumulative depreciation as of 31.12. of the previous years . . . . . . . . . . . . . . . . �32,741 �18,793 Book value as of 31.12. of the previous year ........................ 44,625 31,872 Exchange rate changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 909 1,222 Book value as of 1.1. ........................................... 45,534 33,094 Additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,500 25,714 Scheduled depreciations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . �15,012 �14,183 Book value as of 31.12. ......................................... 49,022 44,625 Cumulative depreciation as of 31.12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,064 32,741 Acquisition costs .............................................. 100,086 77,366 The purchased insurance portfolio results from the acquisition of existing portfolios and the securities acquired as part of the acquisition of the insurance companies described in the section “Scope and methods of consolidation.” Acquired software developed as follows in the reported period: Development of acquired software in EUR ’000 31.12.2006 31.12.2005 Acquisition costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,565 61,642 Cumulative depreciation as of 31.12. of the previous years . . . . . . . . . . . . . . . . �46,139 �35,193 Book value as of 31.12. of the previous year ........................ 35,426 26,449 Exchange rate changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 429 339 Book value as of 1.1. ........................................... 35,855 26,788 Additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,081 18,609 Reductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . �460 �6,048 Change in scope of consolidation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 791 3,599 Scheduled depreciations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . �10,411 �7,522 Book value as of 31.12. ......................................... 39,856 35,426 Cumulative depreciation as of 31.12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,195 46,139 Acquisition costs .............................................. 97,051 81,565 Other intangible assets developed as follows during the reporting period: Development of other assets in EUR ’000 31.12.2006 31.12.2005 Acquisition costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,873 34,217 Cumulative depreciation as of 31.12. of the previous years . . . . . . . . . . . . . . . . �8,281 �4,373 Book value as of 31.12. of the previous year ........................ 36,592 29,844 Exchange rate changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,411 1,400 Book value as of 1.1. ........................................... 38,003 31,244 Additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 422 3,627 Reductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . �533 �176 Change in scope of consolidation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 5,312 Scheduled depreciations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . �4,915 �3,415 Book value as of 31.12. ......................................... 32,993 36,592 Cumulative depreciation as of 31.12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,757 8,281 Acquisition costs .............................................. 46,750 44,873 F-118
2. LAND AND BUILDINGS Development of real estate in EUR ’000 Third-party leased 31.12.2006 Owneroccupied 31.12.2006 Total 31.12.2006 Total 31.12.2005 Acquisition costs . . . . . . . . . . . . . . . . . . . . . . . . . . 1,261,760 261,920 1,523,680 1,468,712 Cumulative depreciation as of 31.12. of the previous years . . . . . . . . . . . . . . . . . . . . . . . . . . �361,188 �76,610 �437,798 �337,218 Book value as of 31.12. of the previous year ... 900,572 185,310 1,085,882 1,131,494 Exchange rate changes . . . . . . . . . . . . . . . . . . . . . 2,779 6,700 9,479 5,701 Book value as of 1.1. ...................... 903,351 192,010 1,095,361 1,137,195 Additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 196,465 24,325 220,790 64,814 Reductions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . �28,619 �10,229 �38,848 �89,716 Change in scope of consolidation . . . . . . . . . . . . . . 995,899 4,247 1,000,146 87,822 Scheduled depreciations . . . . . . . . . . . . . . . . . . . . �62,816 �7,060 �69,876 �39,659 Exceptional depreciation . . . . . . . . . . . . . . . . . . . . �32,000 0 �32,000 �74,574 Book value as of 31.12. .................... 1,972,280 203,293 2,175,573 1,085,882 Cumulative depreciation as of 31.12. . . . . . . . . . . . 751,630 74,298 825,928 437,798 Acquisition costs ......................... 2,723,910 277,591 3,001,501 1,523,680 thereof land . . . . . . . . . . . . . . . . . . . . . . . . . . . . 734,654 82,697 817,351 221,340 Fair value of the real estate as of 31.12.2006 . . . . . 2,173,269 274,664 2,447,933 1,336,959 Changes in the scope of consolidation result primarily from the inclusion of the non-profit housing development companies (EUR 1,017,630 million) and deconsolidation of St. Magdalen Projektentwicklungs- und Verwertungsgesellschaft m.b.H., Vienna (EUR 23,620 million). 3. SHARES IN AFFILIATED AND ASSOCIATED COMPANIES Development in EUR ’000 31.12.2006 31.12.2005 Book value as of 31.12. of the previous year ....................... 636,048 626,669 Exchange rate changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 2,165 Book value as of 1.1. .......................................... 636,198 628,834 Additions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132,111 57,262 Reductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . �23,984 �63,725 Change in scope of consolidation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . �191,295 0 Depreciations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . �23,221 0 Results-independent calculation of unrealised profit . . . . . . . . . . . . . . . . . . . . 540 7,819 Proportional results for the year from companies valued at equity . . . . . . . . . . 1,874 5,858 Book value as of 31.12. ........................................ 532,223 636,048 Unrealised profits and losses are as follows: Detail in EUR ’000 31.12.2006 31.12.2005 Non-consolidated affiliated companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,771 261,901 Associated companies valued at equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,268 44,394 Other associated companies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 459,184 329,753 Total ........................................................ 532,223 636,048 Non-consolidated affiliated companies and other associated companies are valued the same way as securities available for sale. in EUR ’000 Acquisition costs 31.12.2006 Unrealised profits/losses 31.12.2006 Acquisition costs 31.12.2005 Unrealised profits/losses 31.12.2005 Non-consolidated affiliated companies . . . . . . . 26,771 0 66,378 195,523 Other associated companies . . . . . . . . . . . . . . 346,345 112,839 217,457 112,296 Total ................................ 373,116 112,839 283,835 307,819 F-119
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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
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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
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
Page 334 and 335: To manage these underwriting risks,
Page 336 and 337: The Vienna Insurance Group has made
Page 338 and 339: Investments segment Health Life in
Page 340 and 341: Equities As of 31 December 2006, Vi
Page 342 and 343: The following table shows the Vienn
Page 344 and 345: The shareholder margin is calculate
Page 346 and 347: Reinsurance The Vienna Insurance Gr
Page 350 and 351: 4. PARTICIPATIONS On 31 December 20
Page 352 and 353: Affiliated companies and participat
Page 354 and 355: The information required under § 2
Page 356 and 357: For financial investments available
Page 358 and 359: 9. RECEIVABLES Detail in EUR ’000
Page 360 and 361: 13. CONSOLIDATED SHAREHOLDERS’ EQ
Page 362 and 363: 14. SUBORDINATED LIABILITIES Subord
Page 364 and 365: Health insurance mathematical reser
Page 366 and 367: Maturities in EUR ’000 31.12.2006
Page 368 and 369: 23. OTHER PROVISIONS Detail in EUR
Page 370 and 371: agreements with other insurers conc
Page 372 and 373: income statement. A portion of the
Page 374 and 375: Detail — income in EUR ’000 Cur
Page 376 and 377: The Other income of EUR 7,091 milli
Page 378 and 379: 33. OTHER EXPENSES Detail in EUR
Page 380 and 381: The Supervisory Board is comprised
Page 382 and 383: The Managing Board is comprised of
Page 384 and 385: Significant events after the balanc
Page 386 and 387: AUDITOR’S REPORT We have audited
Page 388 and 389: REPORT OF THE SUPERVISORY BOARD The
Page 390 and 391: CONSOLIDATED BALANCE SHEET AS OF 31
Page 392 and 393: CONSOLIDATED INCOME STATEMENT FOR T
Page 394 and 395: SEGMENT REPORTING CONSOLIDATED BALA
Page 396 and 397: 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
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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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