• Exchange of participation certificates for common shares in the ratio of 1:1, free of expense
• Request to recall the remaining participation certificates planned for June

In autumn of last year the majority of holders of UNIQA participation certificates exchanged their papers for UNIQA common shares. UNIQA Versicherungen AG now presents the holders of the remaining 31,255 participation certificates of a nominal value of ATS 100.- each a new offer to exchange their participation certificates for common shares of the group.

Exchange period: May 4, 2000 to May 17, 2000

This exchange transaction is effected by granting one bearer share certificate of a nominal value of ATS 100.- for one participation certificate of a nominal value of ATS 100.- without charging shareholder contributions. For the holders of participation certificates this exchange is basically free of expense. UNIQA will pay all customers' commissions and expenses arising in the context of processing the exchange offer.

The exchange period is from Thursday, May 4th, 2000 to Wednesday May 17th, 2000 inclusive. During this period an application for exchanging participation certificates may be filed at Raiffeisen Zentralbank Österreich Aktiengesellschaft, 1030 Vienna, Am Stadtpark 9, or the respective depository credit institutions by using the exchange forms available there. Further details on the terms of exchange will be published in the Official Journal of Wiener Zeitung in the next days.

In accordance with the provisions of § 73d Article 6 of the Law on the Supervision of Insurance Companies, those participation certificates which were not exchanged for common shares in the framework of this exchange offer may be recalled and refunded in cash by the group upon resolution of its organs. The group intends to present the request to recall the participation certificates remaining after expiry of the exchange offer period to the shareholders for adoption at the ordinary shareholders' meeting on June 20th, 2000.