Erste Bank JPMorgan Merrill Lynch International

Slovakia and Germany can also, and Eligible Employees in Bulgaria, Italy, Poland and Romania can
only, purchase Employee Shares on a specific collective account. Multiple purchase orders will be
accepted. The right to cut back purchase orders and not execute sales, however, remains reserved.
In connection with the public offering in Austria and the Czech Republic, purchase orders by retail
investors placed with Erste Bank der oesterreichischen Sparkassen AG, any Austrian savings bank
(except for Bank Austria AG), ecetra Central European e-Finance AG (brokerjet.at), brokerjet České
sporˇitelny a.s. (brokerjet.cz) and Česká sporˇitelna, a.s. will be entitled to a preferential allocation of up
to 350 Shares. The period during which retail investors will be allotted preferentially may be terminated
early.
Payment and delivery of the New Shares is expected to take place on or about May 13, 2008.
The New Shares will be represented by one or more global certificates. It is expected that the
New Shares will be ready for delivery in book-entry form through the facilities of Oesterreichische
Kontrollbank AG and for deposit with the depositaries for Clearstream Luxembourg or Euroclear or
UNIVYC on or about May 13, 2008. Purchasers of Shares will not be entitled to receive individual
share certificates.
There will be no minimum and no maximum number of New Shares for which purchase bids may
be submitted by prospective investors in the Global Offering, whether expressed as a number of New
Shares or an amount in euros. Multiple purchase bids will be accepted, subject to allocation by the
Issuer and the Joint Global Coordinators. Prospective investors in the Global Offering may withdraw
any purchase bids placed until the end of the Offer Period.
The amount of New Shares, if any, allocated to an investor will be determined in the absolute
discretion of the Issuer and the Joint Global Coordinators. Prospective investors in the Global Offering
are therefore advised to contact their bank, broker or other financial adviser for details regarding the
actual allocation of New Shares made to them. Although the Issuer does not accept any responsibility
therefor, the Issuer expects that information regarding allocations in the Offering may be made
available by these institutions on or about the banking day in Austria immediately prior to the
commencement of trading in the New Shares. Investors whose purchase orders are not accepted in
whole or in part are advised to contact their respective bank, broker or other financial adviser for
details regarding the refund of any monies paid by a prospective investor.
Exercise of Subscription Rights
Subscription Rights may be exercised at the Subscription Price by holders of Subscription Rights
during the Subscription Period, which runs from April 22, 2008, to May 7, 2008, upon presentation of
coupon No. 16. Holders of Subscription Rights held through a depository bank that is a member of
Oesterreichische Kontrollbank AG or through a financial institution that is a participant in Euroclear or
Clearstream Luxembourg or UNIVYC, must exercise their Subscription Rights by instructing such bank
or financial institution to subscribe for New Shares on their behalf. Holders of Subscription Rights are
advised to inform themselves at their custodian up to which point in time their custodian accepts
Subscription Right exercises. Such period may end before May 7, 2008. The Rights Offering may be
terminated at any time and the Subscription Period may be extended at any time.
The exercise of a Subscription Right by Subscription Right holders is irrevocable and cannot be
annulled, modified, cancelled or revoked.
The Issuer reserves the right to maintain the subscription ratio even if the definitive size of the
Offering is reduced. This might lead to an increase of a shareholder’s interest in the share capital of
the Issuer, if the definitive number of New Shares is less than 22,500,000. In accordance with the
subscription ratio of 14 : 3, 3 New Shares may be subscribed for against payment in cash of the
Subscription and Offer Price for every 14 Subscription Rights held. Customary bank fees will be
charged for the subscription of the Offer Shares. Price limits will only be accepted in multiples of
EUR 0.25.
Prior to the Subscription and Offer Period, the Management Board has set the Maximum
Subscription and Offer Price at EUR 54.00. The Management Board is authorized to determine the
final Subscription and Offer Price with the consent of the Supervisory Board after the Subscription
Period. This final Subscription and Offer Price will be equal to the Maximum Subscription and Offer
Price or will be below it. The final Subscription and Offer Price and the final number of New Shares to
be issued will be determined by the Issuer and WST-Versicherungsverein in consultation with the Joint
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