The 66^th shareholders’ meeting held on June 22^nd, 1999, decided on a contingent increase of the current group’s equity, nominal value ATS 902,521,800 to a maximum nominal value of ATS 41,978,200 to enable the conversion of  participation certificates   into ordinary shares according to Section 73d of the Insurance Supervision Act. At the same time, the Management Board was empowered to make one or several conversion offers upon approval by the Supervisory Board until December 31^st, 2001, and to determine any payment to be made by holders of participation  certificates.

No additional payment by holders of participation certificates
By decision of the Management Board of September 15^th, 1999, and upon approval of the Supervisory Board of September 17^th, 1999, each participation certificate at a nominal value of ATS 100 can be converted into one single ordinary share at a nominal value of ATS 100.Holders of participation certificates need not pay any sum over and above this amount. The Bundesländer Company also takes over all fee and commission payments arising from this conversion. All further details on the conversion procedure will be published by the Bundesländer Company in the course of the next few days.

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