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VA Intertrading

Structure as of December 1993 after ÖIAG-act. ÖIAG. 75%. 75%. 72.3%. VA Technologie. VA STAHL. Böhler-Uddeholm. ÖMV. AMAG. ÖBAG. Others. 25%. VAIndustrie-anlagenbau. VA STAHL Linz. Böhler AG. ÖMV Energie. AMAG Metall. GKB. VA AG. ÖMV Werkstoffe. VA M.C.E. VASchienen.

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VA Intertrading

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  1. Structure as of December 1993 after ÖIAG-act ÖIAG 75% 75% 72.3% VA Technologie VA STAHL Böhler-Uddeholm ÖMV AMAG ÖBAG Others 25% VAIndustrie-anlagenbau VA STAHL Linz Böhler AG ÖMV Energie AMAG Metall GKB VA AG ÖMV Werkstoffe VA M.C.E. VASchienen Uddeholms Interess. AB AMAG Walzwerke WTK VAMED Elin Energie-versorgung VA Intertrading Uddeholms AB ÖMV Chemie AMAG Preßwerke VA Erzberg GIWOG Elin Energie-anwendung AMAG Formprod. VA Steinel Austrian Energy AMAG Systeme Schoeller-Bleckmann 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% ElektroBau AG AT&S AI Informatics VA Bergtechnik VA Vertrieb

  2. January 2000 Ö I A G 35% 38.8% 25% 24% OMV AG VA Stahl AG* Böhler Uddeholm VA Tech* 100% 41.1% 100% 39.7 % 17.38% 100% Austria Tabak AG Dorotheum Austrian Airlines (AUA) Flughafen Wien AG ÖBAG Others ÖSD GmbH PMA * VA Technologie AG holds 19.93 per cent in VA STAHL AG. VA STAHL AG holds 19.05 per cent in VA Technologie AG.

  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. International Domestic IPOs and SPOs 1994 - 1997 DEMAND (164 million shares) ALLOCATION(43 million shares) 53% 47%

  6. Allocation

  7. International allocation 1994 - 1997 (Average of six transactions) = 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. Volume of new issues and new capital 1992 - 1997 in EURO mio. All issues 1992- 1997:ATS 70.6 bn of which ÖIAG issues:ATS 30.7 bn = 43.5 %

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