Erste Bank JPMorgan Merrill Lynch International

experience are normal and are to be expected. Group Embedded Value does not purport to be a
market valuation and should not be interpreted in that manner since it does not purport to encompass
all of the many factors that may bear upon a market value.
In our opinion,
the methodology and assumptions used are appropriate, and in respect of the Austrian,
German, Czech and Slovakian life and health insurance businesses are compliant with the
European Embedded Value Principles set out by the CFO Forum in May 2004 (the “CFO Forum
Principles”) and the additional guidance on disclosure published in November 2005;
the assumptions made by VIG are reasonable; and
VIG’s Group Embedded Value have been properly compiled on the basis of the methodology
and assumptions chosen by VIG, and in respect of the Austrian, German, Czech and Slovakian
life and health insurance companies are compliant with the CFO Forum Principles.
This report is made solely to VIG’s Directors as a body. Save for any responsibility arising under
Commission Regulation (EC) No 809/2004 (the “Prospectus Directive Regulation”) to any person as
and to the extent there provided, to the fullest extent permitted by law we do not assume any
responsibility and will not accept any liability to any other person for any loss suffered by any such
other person as a result of, arising out of, or in accordance with this report or our statement, required
by and given solely for the purposes of complying with Annex I item 23.1 of the Prospectus Directive
Regulation, consenting to its inclusion in the prospectus.
For the purposes of the Prospectus Directive Regulation, we are responsible for this report as
part of the Prospectus and declare that we have taken all reasonable care to ensure that the
information contained in this report is, to the best of our knowledge, in accordance with the facts and
contains no omission likely to affect its import. This declaration is included in the Prospectus in
compliance with Annex I item 1.2 of the Prospectus Directive Regulation.
Yours sincerely,
B&W Deloitte GmbH
B&W Deloitte GmbH is a subsidiary of Deloitte & Touche LLP, the United Kingdom member firm
of Deloitte Touche Tohmatsu (“DTT”), a Swiss Verein whose member firms are separate and
independent legal entities. Neither DTT nor any of its member firms has any liability for each other’s
acts or omissions. Services are provided by member firms or their subsidiaries and not by DTT.
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