EANS-Adhoc: Vienna Insurance Group / Intended issue and repurchase of bonds

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ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this
announcement.
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other/Intended issue and repurchase of bonds
11.02.2015

The management of Vienna Insurance Group AG Wiener Versicherung
Gruppe ("VIG") is planning, subject to a positive overall capital
market environment, to issue subordinated notes under its EUR
400,000,000 Subordinated Notes Programme as well as to invite holders
of certain notes to tender these notes for repurchase by VIG for
cash.

The tender offer is addressed to holders (the "Noteholders") of notes
of the Supplementary Capital Bond which was issued in 2005 (EUR
180,000,000 Supplementary Capital Notes 2005-2022 / ISIN:
AT0000342696) and of the Hybrid Bond issued in 2008 and 2009 (EUR
500,000,000 Deeply subordinated fixed-to- floating rate perpetual
notes / ISIN: AT0000A09SA8, together, the "Notes").

Tenders of Notes for repurchase may be rejected in the sole
discretion of VIG for any reason and VIG is not under any obligation
to Noteholders to furnish any reason or justification for refusing to
accept a tender of Notes for purchase. It is expected that offers may
be delivered during the offer period from and including 12 February
2015 to presumably 26 February 2015. Noteholders will be informed by
their custodian about the details of the tender offer.

Distribution Restrictions

This information does neither constitute an offer to sell or buy nor
the solicitation of an offer to sell or buy securities of VIG nor an
offer to tender Notes for repurchase for cash in any jurisdiction, in
particular in Belgium, the Republic of France, the Republic of Italy,
the United States of America and the United Kingdom, in which such
offer or solicitation would be unlawful and tenders of Notes will not
be accepted from Noteholders of such jurisdictions.

The distribution of this announcement may be restricted in certain
jurisdictions by law. Persons into whose possession this announcement
comes are required to inform themselves about, and to observe, any
such restrictions.

An offer of the New Issue is being made exclusively by means of and
on the basis of the base prospectus which was approved by the FMA on
4 February 2015 together with the relevant final terms (together the
"Prospectus"). The Prospectus is available in electronic form on the
website of the Issuer (http://www.vig.com/
Subordinated-Notes-Programme-2015). In connection with the Offer only
the Prospectus is legally binding.

The Invitation to tender Notes for repurchase for cash is being made
exclusively by means of and on the basis of a Tender Offer Memorandum
dated 12 February 2015. In order to receive a copy of the Tender
Offer Memorandum and to participate in the Invitation, as the case
may be, Noteholders have to contact the Dealer Manager and Tender
Agent, Erste Group Bank AG by fax or by e-mail.

The following securities of VIG are admitted for domestic trading on
a domestic regulated market:

Issue title ISIN Trading segment of the Vienna Stock
Exchange
Aktie AT0000908504 Official Market
VIG nachrang.Schuldv.13-43 AT0000A12GN0 Second Regulated Market
Wr.Staedt. Hybridkap-Anl 08 AT0000A09SA8 Second Regulated Market
Wr.Staedt.Vers. EK-Anl. 05-22 AT0000342696 Official Market
Wr.Staedt.Vers. var EK-Anl. 05 AT0000342704 Official Market

Further inquiry note:
VIENNA INSURANCE GROUP AG
Wiener Versicherung Gruppe
1010 Wien, Schottenring 30

Alexander Jedlicka
Head of Public Relations, Spokesperson
Tel.: +43 (0)50 390-21029
Fax: +43 (0)50 390 99-21029
E-Mail: alexander.jedlicka@vig.com

Nina Higatzberger
Head of Investor Relations
Tel.: +43 (0)50 390-21920
Fax: +43 (0)50 390 99-21920
E-Mail: nina.higatzberger@vig.com

end of announcement euro adhoc
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issuer: Vienna Insurance Group
Schottenring 30
A-1010 Wien
phone: +43(0)50 390-21919
FAX: +43(0)50 390 99-23303
mail: investor.relations@vig.com
WWW: www.vig.com
sector: Insurance
ISIN: AT0000908504
indexes: WBI, ATX Prime, ATX
stockmarkets: official market: Wien, stock market: Prague Stock Exchange
language: English