• Pension reform begins in Romania on 17 September 2007
• OVB will conclude up to 100,000 new contracts

Cologne, 20 September 2007 – 17 September is the starting point for implementation of pension reform in Romania. The registration phase runs until 17 January 2008. In this phase, all Romanian employees must decide on a privately managed pension fund, which forms an additional component for private retirement benefits. OVB, present in Romania since 2002, would like to participate in this expected boom with up to 100,000 new contracts. All OVB financial advisors have been prepared, trained and state-certified in connection with the reform.

The financial services company represented throughout Europe has systematically built up its Romanian sales network in recent years and now sees a good opportunity to profit from pension reform. In the current financial year, the Romanian brokerage firm is likely to strengthen the excellent sales and earnings performance of OVB Holding, which is also continuing its distinctly positive trend in the third quarter.

The reforms in Central and Eastern Europe (CEE) follow the model favoured by the World Bank for two-pillar defined benefit individual pension plans. In general, the second pillar is a capital backed system in which monthly contributions are made until the beginning of retirement. This then serves as the basis for a subsequent monthly pension. Privately organised pension funds are thus the most important instrument. Such privately managed pension funds are arranged by financial service providers such as OVB.

In Romania, the reformed pension system is divided into three pillars - state pension, private pension (mandatory) and private retirement provision (voluntary). With regards to the second pillar, this means that a portion of the social contributions go into a privately managed pension fund. The model assumes that every employee must invest 2 per cent of his/her gross salary in the second pillar. For eight remaining years, the contribution is increased by 0.5 per cent per year (up to a total of 6 per cent).

About OVB Holding AG
OVB Holding AG, headquartered in Cologne, Germany, is one of the leading European financial sales organisations. Since its founding in 1970, customer-oriented consulting for private households with regard to insurance coverage, asset building and growth, pension plans and real estate acquisition are the focus of its business activities. Currently OVB advises 2.5 million customers across Europe and works together with more than 100 renowned product partners. OVB Holding AG is presently active in 14 countries and employs more than 9,600 staff. In 2006 the Group, which has been listed on the Frankfurt Stock Exchange (Prime Standard) since July of 2006, generated overall sales commissions in the amount of EUR 213.3 million and an EBIT of EUR 24.1 million.