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RZB Group issues EUR 200 million tier-1-capital

Further strengthening of capital base. Capital Notestransaction. Listed at Euronext Amsterdam.

Raiffeisen Zentralbank Osterreich AG (RZB)increased itstier-1-capital by issuing Capital Notes via its subsidiaryRZBFinance (Jersey)III Ltd, Jersey. The issue comprises EUR 200million in non-voting securities, which are attributable to the RZBGroups''s tier-1-capital. The issue was significantlyoversubscribed.

"This issue further broadened our capital base, therefore theRZB Group has an even more comfortable capital reserve to prolongits dynamic growth", says Walter Rothensteiner, Chairman ofRZB''s Managing Board. The tier-1-capital of the RZB Group wasEUR 2.11 billion at the end of 2003, its total own funds were EUR3.1 billion; the tier-1-capital ratio amounted to 7.5 per cent andthe own funds ratio to 10.2 per cent. The excess cover ratio was27.4 per cent.

"The great demand for the Capital Notes has confirmedRZB''s excellent reputation at the international capitalmarkets", says Karl Stoss, Member of RZB''s Managing Boardwith responsibility for Treasury, Investment Banking andTransaction Services.

The securities pay a variable coupon linked to the Euro Swap Ratewith a ceiling of nine per cent from June 2005. For the year beforethe coupon is six per cent. The so called"PerpetualNon-cumulative Subordinated Floating Rate Capital Notes" havea denomination of EUR 1,000, are sub-subordinated and listed atEuronext Amsterdam. ABN AMROandBNP Paribaswerethe issue''s Lead Manager and Arranger.

Raiffeisen Zentralbank Osterreich AG (RZB),Vienna, is thecentral institution of the AustrianRaiffeisen BankingGroup, the country''s most powerful banking group. RZB alsoconsiders CEE as its home market and via Raiffeisen Internationaloperates a network of 15 subsidiary banks with more than 800banking outlets, as well as two representative offices, in 16markets of the region. In September 2003, Financial TimesmagazineThe Bankerhas awarded the prestigious prize"Bank of the Year 2003" to RZB in Austria and its networkbanks in Albania, Belarus, Bosnia and Herzegovina, Serbia andMontenegro and Slovakia. In March 2004, Global Finance announcedthat RZB and its Network Banks were selected as winners of the"Best Bank in Eastern Europe and Central Asia"-award.Banka e Kursimeve(Albania),Priorbank(Belarus),Raiffeisen Bank d.d.(Bosnia and Herzegovina),Raiffeisen Bank S.A.(Romania),Raiffeisenbanka.d.(Serbia and Montenegro) andTatra banka a.s.(Slovakia) won the"Best Bank" awards for theirrespective countries.

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