Erste Bank JPMorgan Merrill Lynch International

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Japan The Offer Shares have not been and will not be registered under the Financial Instruments and Exchange Law of Japan (as amended, the “FIEL”). The Offer Shares may not be offered or sold, directly or indirectly, in Japan or to or for the benefit of any resident of Japan or Japanese corporation, except in accordance with the provisions of, or pursuant to an exemption available under, the applicable laws and regulations of Japan including the FIEL. For the purpose hereof, “resident of Japan” means an individual whose address is in Japan, and “Japanese corporation” means a legal entity organized under the laws of Japan. Restrictions on Resale Each person exercising Subscription Rights in the Rights Offering in reliance on Rule 144A will be required to sign and deliver an investment letter (a “QIB Investment Letter”) as described under “The Offering — Special Considerations for U.S. Shareholders Regarding the Rights Offering” containing (among other things) representations and undertakings substantially similar to the following, and each purchaser of Offer Shares in the Global Offering within the United States in reliance on Rule 144A will deemed to have represented and agreed as follows (terms used herein that are defined in Rule 144A (“Rule 144A”) or Regulations S (“Regulations S”) under the Securities Act are used herein as defined therein): (1) You (A) are qualified institutional buyer, (B) are aware that the sale of the Offer Shares to you is being made in reliance on Rule 144A and (C) are acquiring such Offer Shares for your own account or for the account of a qualified institutional buyer, as the case may be. (2) You understand that the Offer Shares have not been and will not be registered under the Securities Act and may not be reoffered, resold, pledged or otherwise transferred except (A) (i) to a person who the purchaser reasonably believes is a qualified institutional buyer in a transaction meeting the requirements of Rule 144A, (ii) in an offshore transaction complying with Rule 903 or Rule 904 of Regulation S or (iii) pursuant to an exemption from registration under the Securities Act provided by Rule 144 thereafter (if available) and (B) in accordance with all applicable securities laws of the states of the United States. No representation can be made as to the availability of the exemption provided by Rule 144 for resales of the Offer Shares. Offer Shares purchased by investors outside of Austria and the Czech Republic may be subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under applicable securities laws and regulations. Investors should be aware that they may be required to bear the financial risks of this investment for an indefinite period of time. 36
MARKET PRICE OF WIENER STÄDTISCHE AG SHARES The following table provides an overview of changes in the share price of Wiener Städtische AG (based on the closing price on the Vienna Stock Exchange) since January 1, 2005: Period High Price Low Price (in EUR) Fiscal year ended December 31, 2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52.20 24.65 Fiscal year ended December 31, 2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54.27 41.26 Fiscal year ended December 31, 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57.90 45.01 1 st quarter 2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53.90 48.30 2 nd quarter 2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53.35 41.26 3 rd quarter 2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.41 43.70 4 th quarter 2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54.27 49.35 1 st quarter 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57.00 50.03 2 nd quarter 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56.10 52.30 3 rd quarter 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53.80 47.90 4 th quarter 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57.90 45.01 1 st quarter 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58.20 46.77 January 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57.50 48.13 February 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58.20 52.80 March 2008. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54.60 46.77 April 2008 (through April 16, 2008) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49.70 47.00 The closing share price on the ATX of Wiener Städtische AG was EUR 48.75 on April 18, 2008, not adjusted for the dividend of EUR 1.10 per Share scheduled to be paid on April 28, 2008. 37
Page 1: WIENER STÄDTISCHE Versicherung AG
Page 4 and 5: Stabilization measures. In connecti
Page 6 and 7: [THIS PAGE INTENTIONALLY LEFT BLANK
Page 8 and 9: Proceeding Regarding BA-CA Versiche
Page 10 and 11: [THIS PAGE INTENTIONALLY LEFT BLANK
Page 12 and 13: in detail factors which may influen
Page 14 and 15: “Benefia Non-Life” refers to BE
Page 16 and 17: “Unita” refers to Unita S.A. Vi
Page 18 and 19: Health insurance products are marke
Page 20 and 21: The Vienna Insurance Group can give
Page 22 and 23: The Offer Period and the Employee O
Page 24 and 25: Entitlement to Dividends: . . . . .
Page 26 and 27: RISK FACTORS Potential investors sh
Page 28 and 29: negative effects on the Vienna Insu
Page 30 and 31: safeguard the stability of the publ
Page 32 and 33: The Vienna Insurance Group depends
Page 34 and 35: Since the purchase price of the Tar
Page 36 and 37: always passed such resolutions as p
Page 38 and 39: General THE OFFERING The Offering c
Page 40 and 41: Global Coordinators on the basis of
Page 42 and 43: PLAN OF DISTRIBUTION Scope of and A
Page 44 and 45: Termination, Indemnification The Pu
Page 48 and 49: CAPITALIZATION The following table
Page 50 and 51: USE OF PROCEEDS Assuming all of the
Page 52 and 53: DIVIDEND POLICY All Existing Shares
Page 54 and 55: The respective country agreements i
Page 56 and 57: The table below sets forth key fina
Page 62 and 63: year, the Target Companies derived
Page 64 and 65: SELECTED FINANCIAL DATA The followi
Page 66 and 67: Vienna Insurance Group ranked secon
Page 68 and 69: Year Real economic growth Consumer
Page 70 and 71: therefore, good growth potential st
Page 72 and 73: Non-life rate-setting Rate-setting
Page 74 and 75: has also remained between 9.5 and 1
Page 76 and 77: Insurance policies generally includ
Page 78 and 79: Severance obligations Based on stat
Page 80 and 81: increase also came from insurance c
Page 82 and 83: of the scope of consolidation throu
Page 84 and 85: Financial result The following tabl
Page 86 and 87: The following table sets forth by r
Page 88 and 89: Health insurance segment The follow
Page 90 and 91: individual subsidiaries are respons
Page 92 and 93: Currently, neither the Management B
Page 94 and 95: EMBEDDED VALUE OF WIENER STÄDTISCH
Page 96 and 97:
Group Embedded Value The following
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Overview BUSINESS With approximatel
Page 100 and 101:
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
Page 108 and 109:
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
Page 128 and 129:
Description of the Six Most Importa
Page 130 and 131:
Page 132 and 133:
11.8%), with premiums increasing by
Page 134 and 135:
subsidiary of TBIH) transferred its
Page 136 and 137:
The investment policy is more conse
Page 138 and 139:
Page 140 and 141:
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
Page 146 and 147:
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
Page 152 and 153:
Real Estate Risk The value of the r
Page 154 and 155:
On the basis of the Group’s inter
Page 156 and 157:
INSURANCE SUPERVISION Wiener Städt
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an ongoing basis. Insurance compani
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Persons that would like to directly
Page 162 and 163:
In addition to his responsibilities
Page 164 and 165:
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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Page 180 and 181:
Page 182 and 183:
Page 184 and 185:
Shares and Stock Options Held by Me
Page 186 and 187:
Human Resources Committee (committe
Page 188 and 189:
DESCRIPTION OF SHARE CAPITAL AND SU
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through a resolution of the shareho
Page 192 and 193:
After the capital increase resolved
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The following measures require purs
Page 196 and 197:
Neither Austrian law nor the Articl
Page 198 and 199:
Dividend Rights The offered New Sha
Page 200 and 201:
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
Page 214 and 215:
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
Page 236 and 237:
CONSOLIDATED CASH FLOW STATEMENT FR
Page 238 and 239:
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
Page 254 and 255:
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
Page 268 and 269:
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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Page 276 and 277:
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
Page 288 and 289:
24. LIABILITIES Detail in EUR ’00
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Off-balance sheet commitments The f
Page 292 and 293:
Premiums written — Direct life in
Page 294 and 295:
Detail — income in EUR ’000 Cur
Page 296 and 297:
Detail — expenses in EUR ’000 D
Page 298 and 299:
Detail in EUR ’000 Property/Casua
Page 300 and 301:
Page 302 and 303:
The Supervisory Board is composed o
Page 304 and 305:
the Austrian Stock Corporation Act
Page 306 and 307:
SIGNIFICANT EVENTS AFTER THE BALANC
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REPORT OF THE SUPERVISORY BOARD The
Page 310 and 311:
INDEPENDENT AUDITOR’S REPORT We h
Page 312 and 313:
Page 314 and 315:
CONSOLIDATED SHAREHOLDERS’ EQUITY
Page 316 and 317:
CONSOLIDATED CASH FLOW STATEMENT FR
Page 318 and 319:
SEGMENT REPORTING CONSOLIDATED INCO
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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
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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
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The following table shows the Vienn
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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
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Page 354 and 355:
The information required under § 2
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For financial investments available
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9. RECEIVABLES Detail in EUR ’000
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13. CONSOLIDATED SHAREHOLDERS’ EQ
Page 362 and 363:
14. SUBORDINATED LIABILITIES Subord
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Health insurance mathematical reser
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Maturities in EUR ’000 31.12.2006
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23. OTHER PROVISIONS Detail in EUR
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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
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33. OTHER EXPENSES Detail in EUR
Page 380 and 381:
The Supervisory Board is comprised
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The Managing Board is comprised of
Page 384 and 385:
Significant events after the balanc
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AUDITOR’S REPORT We have audited
Page 388 and 389:
REPORT OF THE SUPERVISORY BOARD The
Page 390 and 391:
Page 392 and 393:
CONSOLIDATED INCOME STATEMENT FOR T
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SEGMENT REPORTING CONSOLIDATED BALA
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NOTES TO THE CONSOLIDATED FINANCIAL
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During the reporting period from 1
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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
Page 410 and 411:
The other capital assets item consi
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date, real estate has not represent
Page 414 and 415:
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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Page 424 and 425:
Page 426 and 427:
For financial instruments available
Page 428 and 429:
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
Page 434 and 435:
22. OTHER PROVISIONS Detail in EUR
Page 436 and 437:
Other threatened and pending court
Page 438 and 439:
Premiums written, total account Pro
Page 440 and 441:
29. OTHER INCOME Detail in EUR ’0
Page 442 and 443:
Page 444 and 445:
35. OTHER INFORMATION The Superviso
Page 446 and 447:
The Management Board is comprised o
Page 448 and 449:
in the area of pension funds in Bul
Page 450 and 451:
Tax-free reserves In the consolidat
Page 452 and 453:
AUDITOR’S REPORT We have audited
Page 454 and 455:
Banker’s blanket bond The Banker
Page 456 and 457:
Expense ratio The ratio of premium
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Loss ratio The percentage ratio of
Page 460 and 461:
Shares of minority shareholders in
Page 462 and 463:
experience are normal and are to be
Page 464 and 465:
The FOG and the Cost of Non-Market
Page 466 and 467:
The NBV has only been calculated fo
Page 468 and 469:
policyholder behaviors, i.e. some a
Page 470 and 471:
The yields shown are risk-free euro
Page 472 and 473:
Sensitivity Analysis EEV The follow
Page 474 and 475:
B&W Deloitte GmbH Magnusstra�e 11
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Embedded Value of the Target Compan
Page 478 and 479:
3.2 Value of In-Force The VIF is th
Page 480 and 481:
5. Sensitivity Analysis The followi
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[THIS PAGE INTENTIONALLY LEFT BLANK
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ZUSAMMENFASSUNG DES PROSPEKTS Diese
Page 488 and 489:
Gewinn vor Steuern von rund 1,05 Mr
Page 490 and 491:
Sollten es die bisherigen Aktionär
Page 492 and 493:
Mai 2008 ablaufen. Die Bezugsrechte
Page 494 and 495:
diesem Prospekt enthaltenen Konzern
Page 496 and 497:
SHRNUTÍ PROSPEKTU Toto shrnutí pr
Page 498 and 499:
Dne 26. brˇezna 2008 uzavrˇely sp
Page 500 and 501:
Uplatnění Upisovacích práv ze s
Page 502 and 503:
prˇedstavují právo prˇevodu na
Page 504 and 505:
Vybrané informativní finanční
Page 506 and 507:
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Erste Bank JPMorgan Merrill Lynch International

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