Erste Bank JPMorgan Merrill Lynch International

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The information required under § 265 (2) (4) of the Austrian Corporation Code (UGB) is provided in the participation overview in the individual financial statements. 5. LOANS AND OTHER INVESTMENTS Loans and other investments in EUR ’000 31.12.2006 31.12.2005 Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,057,375 1,247,366 Other investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 544,453 1,075,312 Total ....................................................... 1,601,828 2,322,678 Development of loans in EUR ’000 31.12.2006 31.12.2005 Acquisition costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,254,905 1,513,348 Cumulative depreciation as of 31.12. of the previous year . . . . . . . . . . . . . . . �7,539 �7,257 Book value as of 31.12. of the previous year ....................... 1,247,366 1,506,091 Exchange rate changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,054 123 Book value as of 1.1. ......................................... 1,248,420 1,506,214 Additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201,591 92,479 Reductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . �392,717 �351,849 Change in scope of consolidation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,097 899 Scheduled depreciations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . �4,016 �377 Book value as of 31.12. ....................................... 1,057,375 1,247,366 Cumulative depreciation as of 31.12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,130 7,539 Acquisition costs ............................................ 1,068,505 1,254,905 Acquisition Costs Carried Forward Composition of loans in EUR ’000 31.12.2006 31.12.2005 Loans to non-consolidated affiliated companies . . . . . . . . . . . . . . . . . . . . . . . 30,204 21,602 Loans to associated companies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,647 29,073 Mortgage loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224,353 247,412 Policy loans and prepayments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,247 26,283 Other loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 740,924 922,996 to government borrowers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 501,912 769,301 to banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,262 9,223 to other commercial borrowers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223,903 59,768 to private individuals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,276 6,635 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,571 78,069 Total ....................................................... 1,057,375 1,247,366 Fair value ................................................... 1,103,274 1,330,900 The item “Other capital assets” primarily consists of bank deposits of EUR 450,319 million (EUR 985,981 million) and deposits on assumed reinsurance business of EUR 86,110 million (EUR 77,706 million). Acquisition Costs carried forward Loan maturities 31.12.2006 31.12.2005 in EUR ’000 up to one year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202,599 109,762 from one to five years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 345,517 434,872 from five to ten years. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190,460 276,167 more than ten years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 318,799 426,565 Total ....................................................... 1,057,375 1,247,366 F-124
6. OTHER SECURITIES During the reporting period, financial instruments held as investments were composed as follows: Held to maturity Available for sale Held for trading At fair value through profit or loss Detail 31.12.2006 31.12.2005 31.12.2006 31.12.2005 31.12.2006 31.12.2005 31.12.2006 31.12.2005 in EUR ’000 Acquisition costs . . . . . . . 245,438 173,799 — — — — — — Cumulative depreciation as of 31.12. of the previous year . . . . . . . . . . . . . . 1,072 0 — — — — — — Book value as of 31.12. of the previous year .. 246,510 173,799 10,306,549 8,049,194 491,747 324,679 73,255 0 Exchange rate . . . . . . . . . 15,738 4,771 62,963 37,579 669 4,884 1,984 �355 Book value as of 1.1. ... 262,248 178,570 10,369,512 8,086,773 492,416 329,563 75,239 �355 Additions . . . . . . . . . . . . 74,465 45,397 4,211,880 4,289,137 441,950 163,313 170,141 128,444 Reductions . . . . . . . . . . . �30,479 �25,264 �2,810,026 �2,530,274 �263,600 �58,401 �142,497 �56,234 Change in scope of consolidation . . . . . . . . 0 44,037 12,779 58,460 67,312 29,231 23,011 0 Changes in value recognised in profit or loss . . . . . . . . . . . . . . 0 3,770 0 0 17,452 28,041 2,442 1,400 Changes in value not recognised in profit or loss . . . . . . . . . . . . . . 0 0 �19,035 405,178 0 0 0 0 Exceptional depreciation . . 0 0 �4,175 �2,725 �255 0 �36 0 Book value as of 31.12.. . 306,234 246,510 11,760,935 10,306,549 755,275 491,747 128,300 73,255 Cumulative depreciation as of 31.12. . . . . . . . . . . . �43 �1,072 — — — — — — Acquisition costs . . . . . . . 306,191 245,438 — — — — — — Financial investments held to maturity are as follows: Acquisition Costs Carried Forward Fair value Held to maturity in EUR ’000 31.12.2006 31.12.2005 31.12.2006 31.12.2005 Government bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . 165,202 143,973 172,058 155,202 Loans to business. . . . . . . . . . . . . . . . . . . . . . . . . . . . 140,842 102,537 151,266 109,714 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190 0 190 0 Total. ..................................... 306,234 246,510 323,514 264,916 Financial investments available for sale are as follows: Acquisition Costs Carried Forward Unrealised gains Unrealised losses Fair value Detail 31.12.2006 31.12.2005 31.12.2006 31.12.2005 31.12.2006 31.12.2005 31.12.2006 31.12.2005 in EUR ’000 Non-fixed interest . . . . . . 2,924,887 3,048,018 839,458 362,804 �294,859 �5,806 3,469,486 3,405,016 Equities . . . . . . . . . . . 742,476 671,680 606,560 270,713 �151,206 �2,487 1,197,830 939,906 Investment funds . . . . . 1,727,236 1,987,688 199,475 68,222 �125,887 �2,830 1,800,824 2,053,080 Other . . . . . . . . . . . . . 455,175 388,650 33,423 23,869 �17,765 �489 470,833 412,030 Fixed-interest . . . . . . . . . 8,185,776 6,544,854 557,380 378,877 �451,708 �22,198 8,291,449 6,901,533 Bonds and other securities of affiliated companies . . . . . . . . 29,135 29,135 0 0 0 0 29,135 29,135 Bonds and other securities of companies in which an ownership interest is held . . . . . . . . . . . 176,314 172,828 43,397 17,319 �36,624 �31 183,087 190,116 Other fixed-interest securities . . . . . . . . . 7,980,327 6,342,891 513,983 361,558 �415,084 �22,167 8,079,226 6,682,282 Total ............... 11,110,663 9,592,872 1,396,838 741,681 �746,566 �28,004 11,760,935 10,306,549 F-125
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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
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Detail in EUR ’000 Property/Casua
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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 348 and 349: Development of purchased insurance
Page 350 and 351: 4. PARTICIPATIONS On 31 December 20
Page 352 and 353: Affiliated companies and participat
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
Page 398 and 399: During the reporting period from 1
Page 400 and 401: negative, taking into account capit
Page 402 and 403: 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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