Hamburg, Germany -- June 30, 2004 -- According to Continental AG's statement more than 75 per cent of Phoenix AG's issued shares were tendered by the deadline of the tender offer on June 28, 2004. Thus one requirement of the public takeover bid is met. "The shareholders have followed the judgement of Phoenix AG's Managing Board and Supervisory Board, that the price of 15 Euro per share is a fair offer. Insofar our expertise was correct“, said the Spokesman of the Managing Board, Meinhard Lie-bing, on Tuesday. The EU Commission's approval by the antitrust authorities is still open; it is, however, expected to be granted shortly.

Phoenix AG' Managing Board reckons that after the approval by the Commission Continental AG will bring about a control agreement by means of an extraordinary shareholders' meeting, which will put Continental AG into the position to accomplish structural changes. This would be necessary to gain the benefits of the expected syner-gies.

On March 29, 2004-- Continental AG of Hanover announced its intention to submit a voluntary public takeover bid to it's shareholders. According to Continental AG´s statement the offer would be $ 15,00 per share.

Continental AG announced the public tender offer on April 26. The Management Board, the Supervisory Board and the group Works Council of Phoenix AG issued a detailed statement after thoroughly studying the offer. This statement appeared online at www.phoenix-ag.com as well as in an official publication of record.

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