11.01.2007 – 08:01

OMV Aktiengesellschaft

Redemption of the outstanding convertible bonds

Wien (euro adhoc) -

  ots.CorporateNews transmitted by euro adhoc. The issuer is responsible for
  the content of this announcement.

-Outstanding convertibles now less than 10% of
the amount originally issued -Conversion rights may be exercised
until February 14, 2007 -Redemption on February 21, 2007 at the
principal amount (EUR 306.60) plus accrued interest -No dilution:
Buyback of convertibles and use of treasury shares to serve the bonds

OMV, Central Europe's leading oil and gas group, announced today that
it will redeem the outstanding convertible bonds (1.50%, due 2008,
ISIN: AT0000342647) on February 21, 2007.  As of December 31, 2006,
the number of bonds outstanding was 165,459, which is less than 10%
of the bonds originally issued in December 2004 (1,793,868).

The last day on which conversion rights may be exercised is February
14, 2007. One bond can be converted into 10 ordinary OMV shares.
Bond holders willing to exercise their bonds are advised to instruct
their respective custodian bank that both the duly completed and
executed exercise notice and the bonds have to be received by the
conversion agent by February 14, 2007.  In the event the bond holder
does not exercise his conversion right until this date, each still
outstanding bond will be redeemed at its principal amount of EUR
306.60 plus accrued interest on the redemption date.

In order to avoid dilution of existing shareholders and given the
strong balance sheet of the Group, OMV started a share buyback
program in 2006 to satisfy bond conversions.  As of December 31,
2006, 26% of the total amount of convertible bonds originally issued
have been converted already.  In addition, OMV repurchased further
65% of the convertible bonds.

Today's announcement in Financial Times and Wiener Zeitung:

OMV Aktiengesellschaft
                                     Vienna
                                EUR 549,999,928.80

1.50% Convertible Bonds of 2004/2008 Convertible into Common Bearer
Shares With                      No Par Value of OMV
Aktiengesellschaft

Terms and Conditions of the Convertible Bonds (the "Terms and
Conditions")

Notice pursuant to § 14 of the Terms and Conditions

As of December 31, 2006, the aggregate Principal Amount was EUR
50,729,729.40 and therefore less than 10% of the aggregate Principal
Amount of the Bonds                                originally issued.

Pursuant to § 5 (c) of the Terms and Conditions, the Company
redeems in whole                               the remaining Bonds.

The last day on which Conversion Rights may be exercised by Holders
pursuant to  § 8 (a) of the Terms and Conditions is February 14,
2007. Bond holders willing  to exercise their bonds are advised to
instruct their respective custodian bank  that both the duly
completed and executed exercise notice and the bonds have to
be received by the conversion agent by February 14, 2007.

     The date on which the redemption will take place is February 21, 2007.
      Vienna, January 11, 2007

The Executive Board

end of announcement                               euro adhoc 11.01.2007 08:00:00

Further inquiry note:

OMV
Investor Relations:
Ana-Barbara Kuncic
Tel. +43 1 40 440-21443; e-mail: investor.relations@omv.com
Press:
Bettina Gneisz-Al-Ani
Tel. +43 1 40 440-21660; e-mail: bettina.gneisz@omv.com
Thomas Huemer
Tel. +43 1 40 440-21660; e-mail: thomas.huemer@omv.com

Internet Homepage: http://www.omv.com

Branche: Oil & Gas - Downstream activities
ISIN: AT0000743059
WKN: 874341
Index: ATX Prime, ATX
Börsen: Wiener Börse AG / official dealing