Erste Bank JPMorgan Merrill Lynch International

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For financial investments available for sale, the book value corresponds to the fair value. Unrealised profits and losses represent the difference between the acquisition costs being brought forward and the fair values. The trading portfolio consists of the following: Detail in EUR ’000 Fair value 31.12.2006 Fair value 31.12.2005 Structured bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 720,750 475,791 Equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,212 1,289 Investment funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,052 1,970 Derivates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,798 �2,879 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,463 15,576 Total ........................................................ 755,275 491,747 This entirely relates to short-term investments. Fair value of derivative financial investments in EUR ’000 Fair value 31.12.2006 Fair value 31.12.2005 Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . �8,105 �2,813 Futures. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . �393 �66 Total ........................................................ �8,498 �2,879 The amount shown under the item “Options” relates to options on shares intended to hedge existing share positions. The fair values for the derivative financial investments include both the rights and obligations under derivative transactions existing as of the balance sheet reporting date. Financial investments recognised at fair value in profit or loss: Detail in EUR ’000 Acquisition Costs Carried Forward 31.12.2006 Fair value 31.12.2006 Acquisition Costs Carried Forward 31.12.2005 Fair value 31.12.2005 Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,745 70,181 38,236 39,791 Structured bonds . . . . . . . . . . . . . . . . . . . . . . . . 22,422 22,711 29,010 29,614 Equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,052 7,343 2,394 1,445 Investment funds . . . . . . . . . . . . . . . . . . . . . . . . 27,057 27,998 2,357 2,405 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 67 0 0 Total ................................. 127,375 128,300 71,997 73,255 7. INVESTMENTS OF UNIT- AND INDEX-LINKED LIFE INSURANCE Detail in EUR ’000 Unit-linked 31.12.2006 Index-linked 31.12.2006 Total 31.12.2006 Total 31.12.2005 Investment funds . . . . . . . . . . . . . . . . . . . . . . . . . 1,985,936 6,937 1,992,873 1,511,288 Structured bonds . . . . . . . . . . . . . . . . . . . . . . . . . 0 278,785 278,785 209,064 Structured loans . . . . . . . . . . . . . . . . . . . . . . . . . 0 12,372 12,372 2,990 Equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 14,781 14,781 21,498 Derivates (guarantee claim) . . . . . . . . . . . . . . . . . 5,235 0 5,235 4,589 <strong>Bank</strong> deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,175 357 36,532 12,642 Total .................................. 2,027,346 313,232 2,340,578 1,762,071 The balance sheet value corresponds to the fair value. F-126
Maturities in EUR ’000 31.12.2006 31.12.2005 no maturity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,020,349 1,572,439 up to one year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,790 5,859 from one to five years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,746 8,816 from five to ten years. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 217,603 90,132 more than ten years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,090 84,825 Total ....................................................... 2,340,578 1,762,071 8. REINSURERS’ SHARE IN UNDERWRITING PROVISIONS in EUR ’000 Property/ Casualty 31.12.2006 Life 31.12.2006 Health 31.12.2006 Total 31.12.2006 Total 31.12.2005 Unearned premiums . . . . . . . . . . . . . . . . 121,476 5,446 0 126,922 107,470 Mathematical reserve. . . . . . . . . . . . . . . . 5 105,395 1,823 107,223 94,602 Provision for outstanding claims . . . . . . . . 715,146 4,223 152 719,521 630,770 Provision for profit-independent premium refunds. . . . . . . . . . . . . . . . . . . . . . . . . 4,342 0 0 4,342 5,635 Provision for profit-dependent premium refunds. . . . . . . . . . . . . . . . . . . . . . . . . 0 10 0 10 10 Other underwriting provisions. . . . . . . . . . 5,296 0 0 5,296 1,573 Total ............................ 846,265 115,074 1,975 963,314 840,060 Change in EUR ’000 Book value 1.1.2006 Exchange rate Additions Amount used/ released Change in scope of consolidation Book value 31.12.2006 Unearned premiums . . 107,470 5,731 100,643 �93,792 6,870 126,922 Mathematical reserve . . . . . . . . . . 94,602 62 19,942 �7,390 7 107,223 Provision for outstanding claims . . 630,770 20,971 425,552 �367,426 9,654 719,521 Provision for profitindependent premium refunds . . . 5,635 80 1,419 �2,792 0 4,342 Provision for profitdependent premium refunds . . . . . . . . . . 10 0 0 0 0 10 Other underwriting provisions. . . . . . . . . 1,573 151 4,996 �1,424 0 5,296 Total .............. 840,060 26,995 552,552 �472,824 16,531 963,314 Maturities in EUR ’000 31.12.2006 31.12.2005 up to one year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 580,502 535,224 from one to five years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228,851 204,666 from five to ten years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,313 67,642 more than ten years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,648 32,528 Total ........................................................ 963,314 840,060 F-127
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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
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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
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Page 318 and 319: SEGMENT REPORTING CONSOLIDATED INCO
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Page 322 and 323: Information on the companies that a
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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
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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 354 and 355: The information required under § 2
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
Page 404 and 405: 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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