V.I.G. a model expansion. Adopting to a changing environment. Distribution is key in insurance. Exploiting potential going forward

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1 V.I.G. Getting in shape for economic recovery in CEE RCB Institutional Investors Conference, Zürs -15 April 2010

2 Contents A 2 A B C D V.I.G. a model expansion Adopting to a changing environment Distribution is key in insurance Exploiting potential going forward

3 V.I.G. in 1990 The Big Bang Leading Austrian position as basis for international growth story A Pioneer in CEE Footprint in 1990 Early mover advantage due to exploiting opportunities offered by underdeveloped insurance markets in CEE - Gross written premiums: 1.2bn - Profit before tax: 86mn - Employees: ~ 5,800 - Presence in Austria - Market share in Austria: ~18%

4 Building a Strong Franchise Dynamic yet risk-aware expansion into CEE A Pioneer in CEE Cautious steps Demonopolisation Market split-up 2009/2010 Reorganisation Big fish in a small pond Going east immediately after the fall of the Iron Curtain due to potential and geographic proximity of emerging markets In a 2 nd wave V.I.G. teams up with partners in new markets to gain knowledge about market mechanics Demonopolisation of MTPL insurance markets in core CEE region Insurance markets split up among international players Building extensive distribution power Strong upturn of insurance demand due to dynamic economic development in CEE Pick-up in life insurance V.I.G. starts cooperation with Erste Group New Group structure to improve stewardship Focus on Group synergies and efficiency to increase performance Start of expansion into CZ and SK Acquisitions of participations in HU and PL Expansion into CRO, RO and BG Expansion across the whole region Setting the basis for future profitability & growth

5 V.I.G. Today A leading insurer in CEE A No. 1 in its Core Markets Footprint in Gross written premiums: 8.0bn - Profit before tax: 441mn - Employees: ~ 24,000 - Presence in 23 countries - Clear No. 1 position in CEE 1 : ~15% Core Markets Total market share 14.7% 11.9% 11.4% 4.2% V.I.G. Generali Allianz Uniqa CEE share ~50% of premiums 1: CEE is defined as: Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Serbia and Slovakia, 3: National insurance associations of the respective countries as of 9M 2009

6 Contents B 6 A B C D V.I.G. a model expansion Adopting to a changing environment Distribution is key in insurance Exploiting potential going forward

7 Focus on Efficiency Setting the basis for future sustainable profitability B 7 Efficiency Programme Savings of 100mn by Streamlining of regional head offices in A Focus on reduction of administrative tasks > 100mn 2 Accelerated implementation of shared services concept in line with multi-brand approach in CEE ~ 60mn 3 Strengthening of central administration Higher service commitment 2009 Target Reduction of overall non-personnel costs In particular in IT and office space Cost savings target of at least 100mn, to be reached by end of 2010 Includes companies in CEE and Austria Accelerated efficiency programme in CEE

8 New Governance Structure Improving Group transparency by spinning-off WSTV B 8 V.I.G. Committee Steering of A & CEE businesses Management of other Group activities Shareholders + WSTV Committee Management of Wiener Städtische business in Austria spin-off Details Continuous expansion of V.I.G. resulted in greater group-wide management requirements Existing governance framework does not reflect increasing scope of management tasks Evolving Group architecture reflects increasing importance of CEE business Clear corporate governance - Local companies manage operating retail and SME business - Holding will be insurance company with direct and reinsurance business Transparency, internally and externally - Improved benchmarking Clear-cut responsibilities between operational Austrian business and Group matters

9 Contents C 9 A B C D V.I.G. a model expansion Adopting to a changing environment Distribution is key in insurance Exploiting potential going forward

10 Distribution Model (I) Multi-brand strategy is paramount for distribution C 10 Multi-Brand Features Strong brand awareness in local markets Entrepreneurship of management builds up well established local brands thus retaining loyalty of employees and management, customers and distribution networks Multi-brand allows for internal benchmarking Regular appraisal of brand efficiency otherwise merger of companies (e.g. in SK) Multi-brand also strongly supports multi-channel distribution in total about 40 brands Multi-brand and multi-channel differentiate V.I.G. from most of its competitors

11 Distribution Model (II) Diversified distribution supports future growth C 11 Comment Multi-Channel V.I.G. has one of the broadest distribution networks Distribution differs from country to country according to local market practice and legal regulations Backbone of distribution are tied agents (employed or freelancers) <10% Austria 11% - 20% 21% - 30% 31% - 40% > 41% Czech Rep. Slovakia Tied agents Banks Brokers Other In advanced growth markets, bank-channel gaining importance in life business Benchmarking of distribution channels within Group raises motivation to be first at client Romania Poland Hungary Croatia Others

12 Contents D 12 A B C D V.I.G. a model expansion Adopting to a changing environment Distribution is key in insurance Exploiting potential going forward

13 Development of Insurance Demand GDP growth and underpenetration are insurance drivers D Growth Markets Mature Markets Insurance Density (USD) 1, ,000 Emerging Markets UA BG SER PL RO TR 10,000 H CRO SK CZ Insurance demand also strongly driven by catch-up process GDP per Capita (USD) 100,000 99% Motor TPL, Casco, Corporate 1% Product Demand Timeline Corporate, Private Property, Credit Life Capital Accumulating Life Products Term Life, General TPL Motor market is stability factor in economic slowdown Health, Legal Expenses Source: SwissRE Sigma 03/1999, 03/2009

14 Low Penetration of Insurance Markets Catch-up potential in CEE in Non-life and Life D 14 Insurance Density 2008 (USD) Proportion of NL & L in CEE Markets 3,727 Non-life Life Non-life 2,866 80% 73% 65% 61% Life 58% 53% 54% 37% NL 41% 55% L 59% 53% 47% 74% 86% 83% 88% 87% 86% % 27% 35% 39% 42% 47% 46% % 2006 CEE 1 45% 41% 59% 47% 53% 26% 14% 17% 12% 13% 14% EU-15 A CZ PL SK HU CRO BG RO SER TR UA 1: weighted average of CZ, SK, H, PL. CRO, BG, RO, SER, UA, TR; Source: Swiss RE Sigma 03/2009 CZ EU-15 A CZ PL SK HU CRO RO BG SER TR UA x1.5 x3.5 Source: Swiss RE Sigma 03/2009; VVO

15 Macro Environment in CEE Countries Recovery in CEE region exceeds development of Euro area D 15 GDP Development (real, % change vs. previous year) f 2010f 2011f Euro area 0.6% -4.0% 0.7% 1.5% Czech Rep. 2.3% -4.0% 1.8% 2.1% Slovakia 6.2% -5.0% 2.6% 4.0% Poland 4.9% 1.7% 2.2% 3.2% Romania 7.1% -7.2% 0.6% 1.8% GDP Development vs. Euro Area (indexed, Euro area = 100) 108 CZ SK PL RO f 2010f 2011f Current Account (% of GDP) Gross Government Debts (% of GDP) f 2010f 2011f Euro area -0.8% -0.7% -0.5% -0.5% Czech Rep. -3.1% -1.4% -1.6% -1.7% Slovakia -6.5% -3.3% -2.6% -3.3% Poland -5.0% -2.0% -3.1% -4.8% Romania -12.3% -4.6% -4.8% -5.0% f 2010f 2011f Euro area 69.3% 78.2% 84.0% 88.2% Czech Rep. 30.0% 36.5% 40.6% 44.0% Slovakia 27.7% 34.6% 39.2% 42.7% Poland 47.2% 51.7% 57.0% 61.3% Romania 13.6% 21.8% 27.4% 31.3% Source: EU Autumn Forecast, CEE Insights, Erste Group

16 V.I.G. Building its Market Position (I) Expansion focus mainly on Poland and Hungary D 16 Market share Non-life Market share Life 9% 24% 29% 3% 25% 5% Market share Total 34% 27% 32% NL L T NL 34% L 30% T 32% NL L T 21% 27% 24% NL L T 5% 5% 5% 31% 29% 22% NL L T NL L T 18% 5% 8% NL L T NL L T 25% 19% 5% 8% 11% 18% NL L T NL L T Diversified CEE-Portfolio About 50% of V.I.G.-premium volume is generated in CEE, thus purest CEE insurance play Leading position allows V.I.G. to shape markets Currently V.I.G. concentrates business development on core markets Focus on strengthening positions in core markets either organically or through M&A Cooperation with largest retail bank in CEE region is new platform for growth in life Source: National insurance associations of the respective countries as of YE 2009 except for Bulgaria as of 9M 2009

17 V.I.G. Building its Market Position (II) Recent steps D 17 Montenegro Lithuania Planning to set up a life insurance company in Montenegro in 2010 Distribution of products via Erste Group subsidiary Further extension of partnership with Erste Group to by now 9 countries Opening of branch office of Compensa Nonlife (Poland) Launch of Non-life insurance business as of April 2010 Distribution via brokers V.I.G. has been selling life insurance in Lithuania since 2007 Details of market 1 : Population: ~630,000 GDP/Capita: ~ 11,100 Density/Capita: 95 Penetration: 1.8% Market volume: ~ 60mn Details of market 2 : Population: ~3,300,000 GDP/Capita: ~$ 11,850 Density/Capita: 173 Penetration: 1.8% Market volume: ~ 570mn 1: Source: VVO 2: Source: worldbank

18 Capitalisation Strong capitalisation is excellent basis for future expansion D 18 Shareholders Equity Capitalisation Change in Group Shareholders Equity ( mn) 4, % 4,628.6 Group shareholders equity increased by 11.8% to about 4.6bn in YE 2009 S&P-Rating of A+ (stable outlook) Comfortable solvency ratio of above 200% on IFRS basis V.I.G. develops new risk based internal capital model according to Solvency II Equity as of YE 2008 Equity as of YE 2009

19 Summary V.I.G. to benefit from its strong position D years of experience in CEE insurance markets Current management drive for more efficiency and streamlining build the basis for sustainable profitability Multi-brand and multi-channel strategy is paramount for leading market position Growth potential in CEE insurance still in place - still strong underpenetration in non-life products - life demand gaining dynamics Excellent capitalisation allows for further business expansion

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