During the past financial year, the Supervisory Board was ...

During the past financial year, the Supervisory Board was regularly informed of the business development and the situation of the Group and the company by the Management Board. It also supervised the Management Board‘s conduct of business. In the Supervisory Board meetings held in 2008, the Management Board presented detailed quarterly reports and provided additional oral and written reports to the Supervisory Board. The Supervisory Board was given timely and comprehensive information about those measures requiring its approval.

Focus of the meetings

The meetings focussed on the Group’s earnings situation and its further strategic development. The Supervisory Board had six meetings in 2008. In the meeting on 11 March, the Supervisory Board mainly discussed the companies’ 2007 results. The meeting of the Supervisory Board on 24 April focussed on a discussion of the annual financial statements and the Group’s consolidated financial statements as at 31 December 2007, as well as the report of the Management Board about the development of the Group in the 1st quarter of 2008. Changes were made to the Supervisory Board at the Annual General Meeting, calling for a reorganisation of the Supervisory Board which took place on 19 May. In addition, the acquisition of treasury shares as part of the 4th buyback programme was approved and the takeover of UNITA in Romania was agreed. At the meeting on 16 September, the Supervisory Board dealt essentially with the development of the company in the 1st half of 2008 and approved the founding of a life insurance company in Russia. At the Supervisory Board meeting on 29 October, it was decided to increase the share capital by issuing 11,895,192 new shares from the approved capital. Aside from reporting on the results of the Group in the first three quarters of 2008 the Supervisory Board discussed the business plan for 2009 at its meeting on 25 November.

Committees of the Supervisory Board

To facilitate the work of the Supervisory Board and to improve its efficiency, additional committees were set up in addition to the mandatory Audit Committee. The Working Committee mainly talked about the development of the Group‘s earnings and the company‘s long-term strategy, and made various decisions. They had five meetings in 2008, and made eight decisions by circulating them in writing. The Committee for Board Affairs met once to deal with the legal employment formalities of the members of the Management Board. The Investment Committee had four meetings about the capital investment strategy and questions of the capital structure. In its meeting, the Audit Committee concentrated on all audit documents and the Management Board‘s proposed appropriation of profit, and reported to the Supervisory Board. The various chairmen of the committees informed the members of the Supervisory Board about the meetings and their committee‘s work.

Financial statements and consolidated financial statements

The financial statements prepared by the Management Board and the management report of UNIQA Versicherungen AG, as well as the consolidated financial statements prepared according to the International Financial Reporting Standards (IFRS) and the Group management report for the year 2008, were audited by KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft and given an unqualified audit opinion. The Supervisory Board noted the results of the audit with approval.

The Supervisory Board consented to the consolidated financial statements and the financial statements of UNIQA Versicherungen AG, and agreed to the Group management report and the management report. The 2008 financial statements were thereby adopted in accordance with Section 125 of the Stock Corporation Act.

The proposed appropriation of profit submitted by the Management Board to the Supervisory Board was examined and approved by the Supervisory Board. On this basis, a dividend distribution of 40 cents per share will be proposed at the Annual General Meeting on 25 May 2009.

The Supervisory Board thanks the Management Board and all staff members for their commitment and the work they have done.

Vienna, April 2009

On behalf of the Supervisory Board

Christian Konrad