Erste Bank JPMorgan Merrill Lynch International

AUDITOR’S REPORT
We have audited the consolidated financial statements of
WIENER STÄDTISCHE Versicherung AG
VIENNA INSURANCE GROUP, Vienna,
for the fiscal year from 1 January to 31 December 2006. The consolidated financial statements
consist of the consolidated balance sheet of 31 December 2006, the consolidated income statement,
consolidated cash flow statement and consolidated statement of shareholders’ equity for the fiscal
year ended 31 December 2006, as well as a summary of the significant accounting policies used and
other information in the notes to the consolidated financial statements.
Management’s responsibility for the consolidated financial statements
The preparation of consolidated financial statements which give a true and fair view of the
Group’s net assets, financial position and results of operations in accordance with the International
Financial Reporting Standards (IFRS) as adopted by the EU is the responsibility of the Company’s
management. This responsibility includes: Design, implementation and maintenance of an internal
control system insofar as this is important for the preparation of consolidated financial statements and
for providing a true and fair view of the Group’s net assets, financial position and results of operations,
so that the consolidated financial statements are free of material misstatements due to intentional or
unintentional errors; selection and use of suitable accounting policies and the preparation of estimates
that appear appropriate under the given circumstances.
The auditor’s responsibility
Our responsibility is to express an opinion on the consolidated financial statements based on our
audit. We conducted our audit in accordance with the statutory requirements applicable in Austria and
the International Standards on Auditing (ISAs) issued by the International Auditing and Assurance
Standards Board (IAASB) of the International Federation of Accountants (IFAC). These standards
require that we follow the rules of professional conduct and plan and perform the audit to obtain
reasonable assurance as to whether the consolidated financial statements are free from material
misstatements.
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