UNIQA Versicherungen AG, the listed holding company of the leading Austrian insurance group, UNIQA, will be floating a public loan with a volume of EUR 150 million at the end of June. The fixed interest loan, which is being issued under the lead management of the Raiffeisen Zentralbank Österreich AG (RZB), has a 5-year term. The subscription period is from 28-30 June, 2004. The company has already been granted permission to trade on the Vienna Stock Exchange. The revenue from the issue is going to be used predominantly for acquisitions in order to further the internationalization of the UNIQA Group Austria. In addition, existing avenues of sales and marketing are to be expanded and new ones developed. Over and above this, the revenue from the issue will serve to optimize the financial structure and medium-term financing of the company in general. The issue price and final interest rate will be determined immediately prior to the start of the subscription period.

UNIQA: consistent growth
In the past few years, the UNIQA Group has pursued a consistent course of growth in its clearly defined target markets in Central Europe from the Baltic to the Adriatic. Through acquisitions in Austria, Poland, Slovakia, Hungary and Liechtenstein, as well as the strong organic growth of the already existing companies at home and abroad, the UNIQA Group has reinforced its leading position in Austria and developed into a vital player in Central Europe. The UNIQA Group currently obtains around 15% of its premium revenue from outside Austria(Poland, the Czech Republic, Slovakia, Hungary, Croatia, Italy, Switzerland, Liechtenstein) and intends to increase this share to over 20% by 2006 through acquisitions, expansion of the existing avenues of sales and marketing and development of new ones. The current foreign subsidiaries’ contribution to company profits should increase simultaneously to 15%.

The international rating agency, Standard & Poor’s, confirmed UNIQA’s Financial Strength “A” Rating and Counterparty Credit “A” Rating once more this year. In their assessment, Standard & Poor’s regard the increased internationalization of the UNIQA Group as a strategically correct decision.UNIQA CEO Konstantin Klien: “Both Standard & Poor’s steady “A” rating and EBRD’s involvement in our Eastern European activities confirm the path we are taking to internationalize the group and the way we are going about it. The decision to give it more momentum by floating a loan is a logical consequence for me, considering the current interest rate situation.”

Positive development of business in 2003
Despite still-existent difficult conditions for the Austrian insurance business and uncertainties on the capital markets, the UNIQA Group was highly successful in 2003 as well. The profit of

EUR 68.3 million on ordinary activities was almost double that of the previous year. The group’s surplus climbed from EUR 3.6 million the year before to 46.2 in the financial year 2003. The volume of earned premiums rose by 15.5% to EUR 2 778.6 million. The marked growth spurt may be traced back both to the increase in foreign business and the development at home. The takeover and integration of the Austrian AXA Group with its subsidiaries in Hungary and Liechtenstein in 2003 (consolidation from 1.7.2003 on) made a vital contribution to the increase in premiums.

In the first quarter of 2004 the UNIQA Group’s growth continued successfully with a total increase in premiums of 24.4%. Its associated companies abroad increased their premium earnings over the same period by 47.3%.Konstantin Klien: “Our plan for the next three years is to continue to lower expense ratios, increase productivity and reduce the claims’ rate both at home and abroad so as to raise the group’s profits by a further EUR 70 million.”

RZB: Competence in market segment corporate bonds
Karl Sevelda, RZB executive board member responsible for commercial client business, regards the UNIQA loan as providing a very positive impulse for the Vienna capital market. “The UNIQA issue, with its volume of EUR 150 million, is the largest loan noted on the Vienna Stock Exchange this year, and we are convinced that it will be a success. We are thrilled to be able to accompany this loan as Lead Manager for UNIQA, which is a successful company with a great deal of experience on the capital market, as well as being an RZB client of many years’ standing. The RZB thus underlines its leading role in the floating of company loans on the Austrian market.”

As recently as the middle of June, the RZB, as Joint Lead Manager, managed a company loan with a volume of EUR 50 million floated by the Bauholding Strabag AG. In May, the RZB brought a company loan with a volume of EUR 90 million onto the market for theKTM Group GmbH.The RZB was thus at the forefront of all Austrian public loans in the first half of 2004. In 2003 there were six public company loans with a total volume of EUR 830 offered primarily to Austrian investors. The RZB adopted prominent syndicate positions in all these transactions, in which it was possible to place a considerable proportion of the total volume via the strong Raiffeisen sales and marketing network.

Benchmark data of the offer:
Issuing company :   UNIQA Versicherungen AG
Volume of issue:    Nominal EUR 150 000 000
Units:    Nominal EUR 1 000
Interest rate:    To be determined on 25 June
Issue price:    To be determined on 25 June
Term:    5 years (total amount due for repayment)
Subscription period:    28-30 June 2004 (with reservation of right to end earlier)
Value date:    5 July 2004
Repayment:     5 July 2009 at nominal value
Paying agent:      Raiffeisen Zentralbank Österreich AG
Admission to stock exchange:    Notice in Official Gazette of Vienna Stock Exchange
ISI number:     AT0000342340

Subscriptions are invited by:
Lead Manager: Raiffeisen Zentralbank Österreich AG
Senior Co-lead Manager:
Bank Austria Creditanstalt AG
Erste Bank der oesterreichischen Sparkassen AG
Raiffeisenlandesbank Niederösterreich-Wien AG
Co-manager:
Investkredit Bank AG
VB Investmentbank AG
Vorarlberger Landes- und Hypothekenbank Aktiengesellschaft
as well as by all the Austrian banks.

A prospectus (capital market prospectus) compiled to comply with the Austrian Stock Exchange Act and approved according to the Capital Market Act was deposited at the registration office (Oesterreichische Kontrollbank AG) and published according to § 10, Para. 2 of the Capital Market Act in the Official Gazette of the newspaper, the Wiener Zeitung on 17.6.2004. The capital market prospectus is on display at UNIQA Versicherungen AG, Praterstraße 1-7, 1020 Vienna, as well as at the Raiffeisen Zentralbank Österreich Aktiengesellschaft, Am Stadtpark 9, 1030 Vienna, during normal office hours. In conjunction with the offer of securities from UNIQA Versicherungen AG, only the statements in the capital market prospectus are legally binding.

Queries should be addressed to:
UNIQA Versicherungen AG
Norbert Heller
Presseservice
1020 Wien,Praterstr. 1-7
Tel.: +43-1-21175-3414
Fax: +43-1-21175-79-3414
E-Mail:norbert.heller@uniqa.at
www.uniqagroup.com

Raiffeisen Zentralbank Österreich AG
Marion Dreßler, MBA
Public Relations
1030 Wien,Am Stadtpark 9
Tel.: +43-1-71707-1955
Fax: +43-1-71707-761955
E-Mail:marion.dressler@rzb.at
www.rzb.at