At equity consolidated companies

The Vienna Insurance Group‘s holdings of shares in at equity consolidated companies had a book value of EUR 119.7 million as of 31 December 2008, and a book value of EUR 51.8 million as of 31 December 2007. Shares in at equity consolidated companies therefore represented approximately 0.5% of the book value of the total investment portfolio as of 31 December 2008. The Vienna Insurance Group focuses primarily on long-term interests in insurance companies, or in companies whose activities are closely related to insurance. Reflecting a greater concentration on the core business, the tendency over the last few years has been towards a reduction of purely financial equity interests outside of the insurance portfolio. To date, the Vienna InsuranceGroup has held only a few financial equity interests in the CEE region, primarily serving to support insurance business operations.