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prˇedstavují právo prˇevodu na Akcie), nebo (ii) neuzavrˇou zˇádnou swapovou nebo jinou dohodu, která prˇevádí, úplně nebo částečně, jakékoli ekonomické du˚sledky vlastnictví Akcií Wiener Städtische AG, jestlizˇe taková transakce popsaná v bodě (i) nebo (ii) vy´sˇe máby´t uhrazena dodávkou akcií nebo takovyćh jinyćh cennyćh papíru˚. V rámci vy´sˇe uvedeného období Wiener Städtische AG a WST-Versicherungsverein také souhlasí, zˇe neoznámí zˇádnou z vy´sˇe uvedenyćh transakcí. Vy´sˇe uvedená omezení se nety´kají (i) Wiener Städtische AG ve vztahu k Novy´m akciím a Zaměstnanecky´m akciím a (ii) WST-Versicherungsverein ve vztahu k Akciím prodávajícího v mírˇe, v nízˇ Společní globální koordinátorˇi uplatní svou nadalokační opci, v obou těchto prˇípadech ve spojitosti s Nabídkou. Vy´sˇe uvedená omezení se rovnězˇ nety´kají Akcií vydanyćh Wiener Städtische AG, jejich zaměstnancu˚m nebo zaměstnancu˚m jejich dcerˇinnyćh společností podle jakéhokoliv programu zaměstnaneckyćh akcií a určityćh zástav akcií ze strany WST-Versicherungsverein za prˇedpokladu, zˇe zástavní věrˇitel souhlasí s nerealizací takové zástavy během blokačního období tak, jak je specifikováno vy´sˇe. Nadalokační opce:. . . . . . . . . . . . . . WST-Versicherungsverein poskytne Společny´m globálním koordinátoru˚m právo koupit azˇ 1.000.000 dalsˇích Akcií za Upisovací a Nabídkovou cenu (minus sjednané provize) na pokrytí prˇípadních nadalokací, pokud takové budou. Společní globální koordinátorˇi mohou uplatnit nadalokační opci v pru˚běhu období začínajícího oznámením Upisovací a Nabídkové ceny a končícího trˇicáty´ den po alokaci Novyćh akcií. Pouzˇití vyńosu˚ : ................ Zaprˇedpokladu, zˇe bude prodáno vsˇech 23.000.000 Novyćh akcií a konečná Upisovací a Nabídková cena bude 47,65 EUR (zalozˇeno na uzavírací ceně Existujících akcií Wiener Städtische AG na Vídeňské burze cennyćh papíru˚ dne 18. dubna 2008, upravené o dividendu 1,10 EUR na Akcii, která bude vyplacena 28. dubna 2008) a dále za prˇedpokladu, zˇe Oprávnění zaměstnanci zakoupí nejvy´sˇe 1.000.000 Novyćh akcií za Zaměstnaneckou nabídkovou cenu, očekává Wiener Städtische AG, zˇe obdrzˇí čisté vyńosy ve vy´sˇi 1.050,5 miliónu EUR z prodeje Novyćh akcií po odečtení upisovací odměny včetně prˇípadné úspěsˇnostní prémie a dalsˇích nákladu˚ této nabídy, včetně kapitálové daně, které uhradí Wiener Städtische AG. Wiener Städtische AG neobdrzˇí zˇádné vyńosy z prodeje Nadalokačních (Greenshoe) akcií. Wiener Städtische AG hodlá pouzˇít čisté vyńosy z Nabídky na financování části kupní ceny Cílovyćh společností a dále na financování dalsˇích akvizic v oblasti strˇední a vyćhodní Evropy, konkrétně v Polsku, na Ukrajině, v Mad’arsku a prˇípadě v Turecku. Hlasovací práva: ............... Kazˇdá akcie dává drzˇiteli jeden hlas. Nárok na dividendy: . . . . . . . . . . . . Nabídkové akcie nesou nárok na dividendy k 1. lednu 2008. Splacení a dodání Nabídkovyćh akcií: . . . . . . . . . . . . . . . . . . . . . . . . Splacení a dodání Nabídkovyćh akcií se očekává kolem 13. května 2008. Nabídkové akcie jsou zastoupeny jedním nebo více globálními certifikáty a očekává se, zˇe budou k dispozici v zaknihované podobě prostrˇednictvím provozoven Oesterreichische Kontrollbank AG a pro ulozˇení u depozitárˇu˚ pro Clearstream Luxembourg nebo Euroclear System nebo K-8
UNIVYC cca 13. května 2008. Kupující Nabídkovyćh akcií nebudou mít nárok na obdrzˇení listinnyćh akcií (certifikátu˚). Identifikační čísla cennyćh papíru˚ : ISIN Nabídkovyćh akcií: AT0000908504 ISIN Upisovacích práv: . . . . . . . . . . AT0000A092Y9 Vybrané finanční údaje Vienna Insurance Group Nízˇe uvedené tabulky uvádějí klíčové polozˇky vy´kazu zisku a ztrát a rozvahy Vienna Insurance Group za finanční roky končící 31. prosince 2005 – 2007, resp. k 31. prosinci 2007. Tyto historické finanční údaje by měly by´t posuzovány společně s konsolidovany´mi účetními závěrkami včetně prˇíloh kúčetním závěrkám, které jsou uvedeny v Prospektu, a s jeho částí pod názvem ,,Diskuse vedení (management discussion) a analy´za finančních podmínek a vy´sledku˚ činnosti“. Finanční rok končící 31. prosince 2007 2006 2005 (auditované údaje) (v mil. EUR) C˘ isté zaslouzˇené pojistné . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 941,7 5 038,7 4 240,9 Finanční hospodárˇsky´ vy´sledek. . . . . . . . . . . . . . . . . . . . . . . . . . . . 995,8 711,4 593,9 Náklady na pojistné nároky . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -5 031,5 -4 213,3 -3 618,4 Provozní náklady. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -1 345,1 -1 136,4 -891,8 Zisk prˇed zdaněním . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 437,3 321,0 240,3 Investice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 171,4 17 260,4 15 162,7 Vlastní jmění . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 615,6 2 283,2 2 059,3 Pojistně-matematické rezervy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 092,1 14 628,4 13 086,3 Aktiva/pasiva celkem . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 745,1 22 483,5 19 441,4 K-9
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WIENER STÄDTISCHE Versicherung AG
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Stabilization measures. In connecti
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Proceeding Regarding BA-CA Versiche
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in detail factors which may influen
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“Benefia Non-Life” refers to BE
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“Unita” refers to Unita S.A. Vi
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Health insurance products are marke
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The Vienna Insurance Group can give
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The Offer Period and the Employee O
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Entitlement to Dividends: . . . . .
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RISK FACTORS Potential investors sh
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negative effects on the Vienna Insu
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safeguard the stability of the publ
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The Vienna Insurance Group depends
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Since the purchase price of the Tar
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always passed such resolutions as p
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General THE OFFERING The Offering c
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Global Coordinators on the basis of
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PLAN OF DISTRIBUTION Scope of and A
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Termination, Indemnification The Pu
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Japan The Offer Shares have not bee
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CAPITALIZATION The following table
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USE OF PROCEEDS Assuming all of the
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DIVIDEND POLICY All Existing Shares
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The respective country agreements i
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The table below sets forth key fina
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year, the Target Companies derived
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SELECTED FINANCIAL DATA The followi
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Vienna Insurance Group ranked secon
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Year Real economic growth Consumer
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therefore, good growth potential st
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Non-life rate-setting Rate-setting
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has also remained between 9.5 and 1
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Insurance policies generally includ
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Severance obligations Based on stat
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increase also came from insurance c
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of the scope of consolidation throu
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Financial result The following tabl
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The following table sets forth by r
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Health insurance segment The follow
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individual subsidiaries are respons
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Currently, neither the Management B
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EMBEDDED VALUE OF WIENER STÄDTISCH
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Group Embedded Value The following
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Overview BUSINESS With approximatel
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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
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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
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Description of the Six Most Importa
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11.8%), with premiums increasing by
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subsidiary of TBIH) transferred its
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The investment policy is more conse
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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
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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
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Real Estate Risk The value of the r
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On the basis of the Group’s inter
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INSURANCE SUPERVISION Wiener Städt
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an ongoing basis. Insurance compani
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Persons that would like to directly
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In addition to his responsibilities
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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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Shares and Stock Options Held by Me
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Human Resources Committee (committe
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DESCRIPTION OF SHARE CAPITAL AND SU
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through a resolution of the shareho
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After the capital increase resolved
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The following measures require purs
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Neither Austrian law nor the Articl
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Dividend Rights The offered New Sha
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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
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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
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CONSOLIDATED CASH FLOW STATEMENT FR
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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
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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
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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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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
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24. LIABILITIES Detail in EUR ’00
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Off-balance sheet commitments The f
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Premiums written — Direct life in
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Detail — income in EUR ’000 Cur
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Detail — expenses in EUR ’000 D
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Detail in EUR ’000 Property/Casua
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The Supervisory Board is composed o
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the Austrian Stock Corporation Act
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SIGNIFICANT EVENTS AFTER THE BALANC
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REPORT OF THE SUPERVISORY BOARD The
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INDEPENDENT AUDITOR’S REPORT We h
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CONSOLIDATED SHAREHOLDERS’ EQUITY
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CONSOLIDATED CASH FLOW STATEMENT FR
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SEGMENT REPORTING CONSOLIDATED INCO
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28 does not exist, since Wiener St
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Information on the companies that a
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Accounting policies for specific it
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Financial investments Financial inv
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Active tax deferrals are not recogn
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policyholders. These reserves are f
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Operating expenses Group personnel
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To manage these underwriting risks,
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The Vienna Insurance Group has made
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Investments segment Health Life in
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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
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Reinsurance The Vienna Insurance Gr
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Development of purchased insurance
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4. PARTICIPATIONS On 31 December 20
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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
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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
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income statement. A portion of the
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Detail — income in EUR ’000 Cur
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The Other income of EUR 7,091 milli
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33. OTHER EXPENSES Detail in EUR
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The Supervisory Board is comprised
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The Managing Board is comprised of
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Significant events after the balanc
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AUDITOR’S REPORT We have audited
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REPORT OF THE SUPERVISORY BOARD The
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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
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factors including contract and mark
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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
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The other capital assets item consi
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date, real estate has not represent
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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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For financial instruments available
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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
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22. OTHER PROVISIONS Detail in EUR
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Other threatened and pending court
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Premiums written, total account Pro
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29. OTHER INCOME Detail in EUR ’0
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35. OTHER INFORMATION The Superviso
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The Management Board is comprised o
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in the area of pension funds in Bul
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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
Page 458 and 459: 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
Page 476 and 477: 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
Page 482 and 483: [THIS PAGE INTENTIONALLY LEFT BLANK
Page 486 and 487: 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 504 and 505: Vybrané informativní finanční
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Erste Bank JPMorgan Merrill Lynch International

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