1

VA Intertradin

g

Böhler-Uddeholm

ElektroBau AG

AMAG Metall

VAIndustrie-

anlagenbau

VA M.C.E. WTK

Schoeller-Bleckmann

VA Technologie

ÖIAG

AMAG

VAMED

AT&S

VA STAHLLinz

VA Vertrieb

Uddeholms AB

UddeholmsInteress.

AB

Böhler AG

ÖMVWerkstoffe

ÖMVChemie

ÖMVEnergie GKB

VA Erzberg

VA AG

GIWOG

72.3%75%75%

VA STAHL ÖBAG

AMAG Walzwerke

AMAG Preßwerke

AMAG Formprod.

AMAG Systeme

Others:VAE Eisenbahnsysteme 26.0%Austria Mikro Systeme 26.0%SGP Verkehrstechnik 26.0%Siemens AG Österreich 26.0%ÖIAG Pensionskasse 27.7%AMandA 35.0%

VA Steinel

VA Bergtechni

k

25%

Structure as of December 1993 after ÖIAG-act

VASchienen

Austrian Energy

OthersÖMV

Elin Energie-

versorgungElin

Energie-anwendun

g

AI Informatics

2

OMV AG

Austria Tabak AG

100%

VA Tech*VA Stahl AG* Böhler Uddeholm

24%

ÖBAG

41.1%

January 2000

38.8% 25%35%

Others

100%

Dorotheum

100%

* VA Technologie AG holds 19.93 per cent in VA STAHL AG. VA STAHL AG holds 19.05 per cent in VA Technologie AG.

Austrian Airlines (AUA)

39.7 %

Flughafen Wien AG

17.38%

Ö I A G

PMA ÖSD GmbH

3

Privatisation options

- Direct sale:

• Strategic industrial investor

• Management buy out (MBO)

- Share offering:

• IPO & SPO

• Private placement

• Strategic investor

4

IPOs and SPOs 1994 - 1997

(million of shares) Demand Allocation

Domestic 65.5 (40%) 20.1 (47%)

International 98.5 (60%) 22.9 (53%)

Total 164.0 (100%) 43.0 (100%)

Average subscription: 3.8 times

Total revenue: 2.75 bn US$

5

IPOs and SPOs 1994 - 1997

60%

40%

ALLOCATION (43 million shares)

International Domestic

53%

47%

DEMAND (164 million shares)

6

51

39

68

42

66

62

11

45

17

14

23 11

48

36

12

17

9

11

1

3

5

3

3

4

0% 20% 40% 60% 80% 100%

AT 97

OMV 96

BUAG 96

BUAG 95

VA Stahl 95

VA Tech 94

UK USA Cont.EU RoW

51

38

35

49

62

65

67

42

57

33

58

43

0% 20% 40% 60% 80% 100%

AT 97

OMV 96

BUAG 96

BUAG 95

VA Stahl 95

VA Tech 94

Domestic International

Allocation

7

International allocation 1994 - 1997(Average of six transactions)

UK54.7%

USA26.3%

RoW3.0%

Cont.EU16.0%

= Germany 6.4% Swiss 4.9% France 2.8% Rest of Europe 1.9%

8

Private shareholders of privatised ÖIAG-companies

OMV 30.000

VA Tech 26.000

BUAG 6.000

VA Stahl 21.000

Austria Tabak 62.000

9

Portfolio

A portfolio of a small investor. who invested in each ÖIAG privatisation approx. ATS 10.000 (US$ 850.-) consists of:

Value of portfolio as of Nov. 30, 1999

1987: 22 shares of OMV ATS 27,248.4 1994: 11 shares of VA Tech ATS 9,210.5 1995: 18 shares of BUAG ATS 10,303.7 1995: 35 shares of VA STAHL ATS 16,100.2 1997: 19 shares of Austria Tabak ATS 11,895.8 amount invested: ATS 67,944 ATS 74,758.6

Capital appreciation = + ATS 6,814.6 = + 10.03 %

10

101.74

726.73

348.8

610.5

406.97 406.97

36.34

334.3

421.5

428.8

385.17

450.6 879.34 879.34

0

100

200

300

400

500

600

700

800

900

1000

1100

1200

1300

1400

1992 1993 1994 1995 1996 1997 1997

Volume of new issues and new capital 1992 - 1997in EURO mio.

All issues 1992- 1997:ATS 70.6 bn of which ÖIAG issues:ATS 30.7 bn = 43.5 %