Erste Bank JPMorgan Merrill Lynch International

CAPITALIZATION
The following table sets forth the capitalization of the Vienna Insurance Group as of December 31,
2007 on an actual basis, as well as adjusted for the issuance of 23,000,000 New Shares at an
assumed Subscription and Offer Price of EUR 47.65 per New Share (based in the closing price of the
Shares on the Vienna Stock Exchange on April 18, 2008, as adjusted for the dividend of EUR 1.10
per Share scheduled to be paid on April 28, 2008), after deduction of EUR 9.5 million in aggregate
discounts in connection with the Employee Participation Plan (based on the assumption that all
1,000,000 Employee Shares are purchased by Eligible Employees), and of the expected underwriting
fees, assuming payment in full of the performance fee, and other costs of the Offering, including
capital tax, payable by Wiener Städtische AG. The working capital and the capital resources are, in
the opinion of the Issuer, sufficient for the Issuer’s requirements for a period of 12 months from the
date of this Prospectus.
Fiscal year ended
December 31,
2007
Actual Adjusted
(audited) (unaudited)
(in EUR million)
Financial liabilities
Reserves for pensions and similar obligations . . . . . . . . . . . . . . . . . . . . . 404.6 404.6
Subordinated liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 442.9 442.9
Other long-term liabilities (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,544.0 1,544.0
Total long-term liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,391.5 2,391.5
Technical provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,040.7 20,040.7
Short term liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,697.3 1,697.3
Total financial liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,129.5 24,129.5
Shareholders’ equity
Subscribed capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109.0 132.9 (2)
Capital reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,035.0 2,061.6 (3)
Revenue reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,057.7 1,057.7
Other reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136.4 136.4
Minority interests. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 277.5 277.5
Total equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,615.6 3,666.1 (4)
Total capitalization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,745.1 27,795.6 (4)
(1) EUR 1,427.3 million relates to the non-profit housing development companies (gemeinnützige
Wohnungsgesellschaften) which are mostly secured. The Vienna Insurance Group has not
granted any material guarantees.
(2) Adjusted subscribed capital depends on the number of New Shares issued. The final adjusted
subscribed capital after determination of the number of New Shares is calculated as follows:
(actual subscribed capital) + (final number of New Shares issued) X 1.04 (rounded).
(3) Adjusted capital reserves depend on the number of New Shares issued in connection with the
Offering, on the final Subscription and Offer Price and on the aggregate discount granted to Eligible
Employees in connection with the Employee Participation Plan. The final adjusted capital
reserves after determination of the number of New Shares and of the final Subscription and Offer
Price is calculated according to the following formula: (actual capital reserves) + ((final number of
New Shares issued) x (final Subscription and Offer Price)) - ((final number of New Shares) x 1.04
(rounded)) - (aggregate discount in connection with Employee Participation Plan) - (underwriting
commissions and other expenses of the Offering).
(4) Adjusted total equity and adjusted total capitalization will depend on the final adjusted subscribed
capital and capital reserves; see footnotes (2) and (3).
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