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					PRESS INFORMATION
Vienna, 18 May 2005

Wiener Städtische increases market position in Ukraine by entering into non-life insurance market
Wiener Städtische will acquire majority stakes in the Ukrainian insurance companies Kniazha and Globus and will, consequently, swiftly increase its position after having entered the Ukrainian market in 2004.
By means of a capital increase, Wiener Städtische will acquire slightly more than 50 percent of the shares in the Ukrainian insurance company Kniazha with its headquarters in Kiev. In 2004, Kniazha reached a premium volume of about EUR 8 mn and currently operates with its 260 employees exclusively in non-life business, in particular in motor insurance. With almost 30 branches and a well established network of insurance agents the company is represented throughout the country. It ranks number nine in third party liability insurance. Moreover, Wiener Städtische is announcing that it will acquire a 51 percent stake in Globus, yet another Ukrainian insurance company. Globus is active in non-life business, especially in health and casualty insurance, and has achieved a premium volume of about EUR 1.2 mn in 2004. It has a country-wide sales network of 40 branches and 150 employees. Both transactions have been effected subject to approval by the Austrian and Ukrainian authorities. “We successfully entered the Ukrainian insurance market by acquiring a participation in Jupiter last year. Now we are extending our operations in this market with a population of 50 mn and are thus strengthening our position. The Ukraine represents the most Eastern landmark on Wiener Städtische´s geographical map”, comments Wiener Städtische CEO Günter Geyer. With the acquisitions of Kniazha and Globus, Wiener Städtische has found a perfect complement to Jupiter, the Ukrainian company purchased in 2004. Jupiter is a pure life insurer ranking number four in the Ukraine in this sector. Wiener Städtische holds slightly less than 50 percent with an option to acquire a majority stake soon. The Ukraine is one of the CEE markets where Wiener Städtische intends to achieve a leading position over the medium term. With an insurance penetration of just 3.5 percent compared to 8.5 percent in the EU-15 countries, the Ukraine has a strong potential for the insurance business and belongs to the most dynamic markets in Europe. By the recent acquisitions, Wiener Städtische has reached an excellent position to further intensify its operations on the Ukrainian insurance market.

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Wiener Städtische is the leading Austrian insurance group in Central and Eastern Europe. In the international league table, Wiener Städtische ranks an excellent second in the region. Outside its Austrian heartland, the Group operates (through subsidiaries) in Belarus, Bulgaria, Croatia, the Czech Republic, Germany, Hungary, Liechtenstein, Poland, Romania, Serbia, Slovakia and Ukraine. Additionally, it has branch offices in Italy and Slovenia. Aside from Wiener Städtische AG, the Group’s insurance companies in Austria include Donau Versicherung, Bank Austria Creditanstalt Versicherung, Union Versicherung. The Group also has ownership interests in Wüstenrot Versicherung and Sparkassen Versicherung. Wiener Städtische is among the market leaders in Austria, the Czech Republic and Slovakia. Eleven million customers in the Central and Eastern European markets put their trust in Wiener Städtische.

Contact: Wiener Städtische Allgemeine Versicherung Aktiengesellschaft Corporate Communications, 1010 Vienna, Schottenring 30 Barbara Hagen-Grötschnig Tel.: +43 1 531 39-1027 Fax: +43 1 531 39-3134 E-mail: b.hagen@staedtische.co.at

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