\documentclass{article}
\setlength{\textwidth}{150mm}
\begin{document}
\setlength{\unitlength}{1.5mm}
\noindent
\begin{picture}(100,50)
  \put(0,0){The First Picture}
  \put(0,47){upper left}
  \put(70,40){somewhere upper right}
  \put(25,25){\parbox[t]{60mm}{A seperate exercise file with the name
        \texttt{picture.tex} should be created for the exercises
        Bezugspunkt bei der obersten Zeile der Absatzbox}}
\end{picture}

\bigskip\noindent
\begin{picture}(100,50)
  \put(0,0){The First Picture}
  \put(0,47){upper left}
  \put(70,40){somewhere upper right}
  \put(25,25){\parbox[b]{60mm}{A seperate exercise file with the name
        \texttt{picture.tex} should be created for the exercises
        Bezugspunkt bei der obersten Zeile der Absatzbox}}
\end{picture}
\end{document}